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The Forum was formed in March 2010 in response to questions raised about the effectiveness of corporate governance as a result of the financial crisis and the subsequent reviews by Sir David Walker and the Financial Reporting Council (FRC). The Forum brings together a number of key businesses, organisations and individuals to explore what good governance means, to make practical recommendations to company boards and policy makers.
The purpose of the Forum is:
to develop specific ways forward following the recommendations arising from Tomorrow’s Innovation Risk and Governance, in particular those where input may be most valued by the FRC, the Department for Business Innovation and Skills (BIS) and the participating companies, individuals and organisations
to consider in detail the deeper set of issues which are strategically critical to the well-being of companies over the longer-term. These include:
risk, innovation and governance, and how best to develop and implement good practice within boards in relation to these linked issues at a strategic level
the relationship between companies, their boards, and major shareholders and how that relationship can be strengthened through greater transparency
how in practice to define, differentiate and reward effective ‘stewardship’ by boards of all stakeholder interests.
The key outcomes arise from two distinct forms of engagement:
engaging with and influencing boards, with a particular focus on the strategic effectiveness of board behaviours and procedures, in part through the membership of the Forum
engaging with government and other relevant bodies to influence reforms of corporate governance in the light of the Forum’s findings and recommendations.
This publication is the fourth in a series of guides and tool-kits from the Tomorrow’s Good Governance Forum for use by chairmen, boards and advisors, to help achieve practical change. The first in the series was ‘The case for the Board Mandate’ which advocated the creation of a formal mandate by boards as a useful framework for internal strategic decision-making and subsequent communication. This was followed by ‘Improving the quality of boardroom conversations’ which focuses on the importance of, and how to get the right level of engagement in board conversations to get the very best from the skills and abilities around the board table. The third focused on ‘Boardroom and Risk’ aimed at helping boards achieve a more risk resilient organisation.
Further publications in this series will focus on key roles and development, board composition and board evaluation.
Other useful information can also be found on www.tomorrowscorporategovernance.com
“Tomorrow’s Company is to be congratulated on its timely initiative in creating the Tomorrow’s Good Governance Forum. We need a place where the natural leaders from companies and investment can come together and create the stewardship and governance solutions to the problems which my report identified. New rules and codes can only get you so far – what we now need is innovation and leadership and through its work Tomorrow’s Company is ideally placed to maintain the momentum.”
Sir David Walker