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Steps to ensuring good corporate governance in New York

On Behalf of | Feb 16, 2022 | Business Litigation

As a business owner in New York, you know it is essential to put systems in place to ensure good corporate governance. This will help protect your company from any potential legal issues and keep things running smoothly. Here are some steps you should consider.

Establish a code of conduct and ethics policy

A code of conduct is a document that outlines the standards of behavior that are expected of all employees. It will also include information on reporting any unethical or illegal behavior. This will help ensure that everyone in your company is following the same set of rules and guidelines.

Implement a system for tracking employee performance

Tracking employee performance will help you identify any potential issues early on and address them before they become bigger problems that could even lead to business litigation. Furthermore, you should establish benchmarks for each position and track how often employees meet these benchmarks.

Establish a system for financial reporting

To ensure good corporate governance, establish a system for tracking expense, revenue and other financial data. As you know, money is the heart of any business. If you have outdated systems or one that your key associates and employees can’t assess, your company is likely to go through turbulence or even fail.

Hold regular meetings

Meetings help you connect with your employees, listen to them and update them on anything new happening in your company. In addition, they help foster a sense of transparency with your team. This can help improve productivity because your employees will feel more connected to your business and your goals.

While there are many tips and steps you could use, the ones listed above will help lay a solid foundation for good corporate governance. Keep in mind that your success greatly depends on your relationship with your staff and their general behavior.