Avoiding the pitfalls
A practical guide for directors
ICAS issues guidance on the principles of governance and how these may be applied in the private company as it develops
In order to manage and grow a company successfully the members of the board need to know what is expected of them.
ICAS has prepared guidance using the well-established principles of corporate governance, which has been developed in the UK over the last fifteen years for listed companies, to set out a framework of governance that is suitable for private companies.
The guide is not intended to be prescriptive but simply to suggest ways in which private companies may develop good practice in governing their affairs.
The guide considers the collective responsibilities of the board, the role of each director, and risk management and internal controls. The practical implications of how each topic can be applied are also considered depending on the company's ownership.