Linda Bounds
Vice President of Financial Services
GOVERNANCE ?
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
WHY IS GOVERNANCE IMPORTANT?
1.
2.
3.
4.
5.
Allows for quicker decision-making
Fewer embarrassments – “unauthorized”
Increases transparency
Lesson in delegation of authority
Creates sense of trust – well defined and fair
treatment - empowerment
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 ABOUT
GOVERNANCE?
• All employees in the organization
• Used every day in decision process
• Posted on “Great Wall” and on
departmental intranet site
HOW ARE THEY USED?
• All Organizational Governance
items are part of the Board Agenda
HOW ARE THEY USED?
• Provides transparency
– Legal, Ethical, Regulatory Report
– Audit Report
“Corporate governance is
– Risk Management Report
about shining a light
throughout the whole
– Compensation Review
organization.”
How are they effective?
Effectiveness of Governance Documents
themselves is not measured. However,
various measures are aligned as they relate
to processes and reporting.
RESULTS
• Performance improvement
– Profitability
• Efficiency
• Effectiveness
– Reputation
• Creating Value
– Employee Satisfaction
– Sustainability
Linda Bounds
Vice President of Finance