Factors to Consider Before Hiring Governance Consultation in Canada

In an organization, having a dependable and organized corporate governance consultant is an advantage for the entire operation. That is because you can efficiently control and manage the system of rules, processes, and practices.

However, if you have less idea when it comes to board evaluations in Canada, it would be a nice idea to hire a governance consultant to help you balance the interest of your company’s stakeholders, management, suppliers, customers, government, as well as the community. Besides, it will be easier for you to create a more effective framework for attaining the objectives and goals of your company.

Consider the factors below, and you will end up with the right governance consultant who can help you with your governance requirements.

Disciplined Approach

With the help of governance consultation in Canada, you can take advantage of a disciplined approach for governance compliance management. A consultant will use a combination of model creation, assessments, review, process improvement, and validation to measure your performance.

Flexible Governance Solutions

Depending on your corporate governance needs and areas to be improved, you will need a flexible solution. A governance consultant may need to build and implement a corporate governance framework and manuals and procedures, board and board committee’s affairs and charters, and business and control functions roles.

Service Focus

When hiring services for governance consultation in Canada, you need to determine the specific focus of the service approach. The focus may be on overall governance efficiency, legal or fiduciary responsibility, risk management, executive compensation, compliance, organizational development, or interpersonal skill development.

Type of Governance Review and Project Scope

Before hiring a governance consultant, you need to know first the types of governance review that the board wants, including committee effectiveness and practices review, director peer review, current practices audit, current board effectiveness analysis, or director self-evaluation. As for the project scope, you need to determine whether it is about the implementation of the recommendations, education of the board when it comes to governance trends, resolving known issues like confusion over the role of the board, and focus on substantive areas.

Approach for Conducting Board Evaluations or Governance Reviews

When it comes to board evaluations in Canada or governance reviews, you need to know what will be the approach of the consultant. For example, the consultant may use tailored or standardized questionnaires, peers or trend comparisons, oral interviews, online responses, and written recommendations. There are also instances that a consultant may take advantage of using oral presentation of the findings along with recommendations and tally of responses.

Given the fact that there are plenty of firms offering governance consultations in Canada, it is necessary to know what you are really looking for and the types of approach that a consultant has. That way, there is no way for you not to get the improvements you want for your company.

Body:

In an organization, having a dependable and organized corporate governance consultant is an advantage for the entire operation. That is because you can efficiently control and manage the system of rules, processes, and practices.

However, if you have less idea when it comes to board evaluations in Canada, it would be a nice idea to hire a governance consultant to help you balance the interest of your company’s stakeholders, management, suppliers, customers, government, as well as the community. Besides, it will be easier for you to create a more effective framework for attaining the objectives and goals of your company.

Consider the factors below, and you will end up with the right governance consultant who can help you with your governance requirements.

Professor David R. Beatty of chairmanofboard.com provides corporate governance, board evaluation and CEO consultation in Canada. He offers valuable experience working with global boards and CEOs.