GOVERNANCE

The structure of corporate governance expresses the rules and processes with which the decisions are taken in a company.

It also gives the structure with which company aims are decided and also the means to achieve and measure the results obtained.

More generally, governance embraces a series of company rules, relations, systems and processes through which the authority of the company is exercised and controlled. The laws of the country and the internal corporate policies are among the rules. Relations include those among all the parties involved in the company such as the owners, managers, directors, agents, executive officers and auditors, regulatory authorities as well as employees and society in the widest meaning. The processes and systems are concerned with the mechanisms of delegation of authority, the measurement of performance, safety and security, reporting and accounting.