Basic principles of corporate governance
Rather than enforcing rules rigidly, strategic planning is more about providing direction, as well as ensuring a fair and equitable allocation of resources to sustainably achieve goals. Governance essentially speaks to the proper management of business affairs.
A company’s board, management, shareholders, and other stakeholders are assigned different rights and responsibilities, and rules and procedures are in place for corporate decisions. A business plan serves as a way to set and measure company goals, as well as monitor how well they are being achieved.
