Concepts and working instruments for corporate governance

Enterprises seem to entirely operate on their management. But behind the scenes directors play a very important role. On a strategic level (in the long term) they will determine the direction of the company. Even though on the level of daily management a great deal of quality instruments and control systems exist, this is not the case on the highest level, the board. It is in this specific area that the idea of corporate governance must be situated. In 2000 the Association of Christian Employers and Executives in Flanders (VKW) facilitated the formation of a consultation committee consisting of leading employers and business executives, having the task to translate this idea of corporate governance into useful working instruments. The author of this paper was the secretary to this consultation committee. One of the main questions in this area considers the ethics of the board. The other way around corporate governance is a very important instrument realising more responsible business, because it depends on the specific business model in the board and the firm. The first results were presented in February 2001. In February 2002 a first update was published, with some new insights, information and working instruments.