What is governance?

Governance is “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled.” Australian Stock Exchange Corporate Governance Council

Governance is a process undertaken by the directors of a board. Directors undertake this leadership process, and therein their respective roles and responsibilities as stewards or custodians of the organisation, on behalf of members or shareholders.

The board should develop and drive the organisation’s vision, mission, values and core business, leaving management to develop and deliver the products and services.