Linda Bounds Vice President of Financial Services.
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Transcript of Linda Bounds Vice President of Financial Services.
WHAT IS GOVERNANCE?
• Provides guidance for authority (Who)• Communicates accountability and authority
for important decisions. (What)• Empowers employees to do the right things• Protects the interest of stakeholders
1. Allows for quicker decision-making2. Fewer embarrassments – “unauthorized” 3. Increases transparency4. Lesson in delegation of authority5. Creates sense of trust – well defined and fair
treatment - empowerment
WHY IS GOVERNANCE IMPORTANT?
WHAT IS OUR MIDWAYUSA’S APPROACH?
• Formal Organizational Governance• Formal Departmental Governance• Does not replace Company policy or
job descriptions• Part of overall Leadership System
WHO SHOULD KNOW ABOUTGOVERNANCE?
• All employees in the organization• Used every day in decision process• Posted on “Great Wall” and on
departmental intranet site
HOW ARE THEY USED?
• Provides transparency – Legal, Ethical, Regulatory Report – Audit Report– Risk Management Report– Compensation Review
“Corporate governance is about shining a light
throughout the whole organization.”
Effectiveness of Governance Documents themselves is not measured. However,
various measures are aligned as they relate to processes and reporting.
How are they effective?
RESULTS• Performance improvement
– Profitability • Efficiency• Effectiveness
– Reputation• Creating Value
– Employee Satisfaction– Sustainability