Corporate good governance is consequently given even more attention as a result of the emphasis on ESG reporting, which has led publicly listed companies like Nickel Asia Corp. (NAC) to open up more about their good business practices.
Directors and key company officers are required to attend corporate governance seminars (ACGS) every year. In a statement, NAC said it has done more than just meet this requirement. For the past few years, it has been holding ACGS sessions for all of its directors, officers, and senior managers in the NAC Group.
NAC stated that it has made its ACGS sessions more inclusive and set up a session for directors and officers and another for managers and supervisors in recognition of how crucial it is to put good governance and ethics into practice.
NAC believes that cultivating good corporate governance must involve as many people as possible so the company takes a step further and will soon extend ACGS sessions to all regular employees within the organization.
Atty. Georgina Yambao-Martinez, SVP for Compliance and Support Services Group said “at NAC we believe that understanding good governance is not just for compliance, but more significantly for a clearer focus on ethics within our corporate culture so all employees could see the benefits of integrating integrity with good governance as NAC champions its license to operate as a mining company.”
As NAC intensifies the involvement of employees in monitoring good governance, the company has reached out to Good Governance Advocates and Practitioners of the Philippines (GGAPP), an association of good governance advocates and practitioners from various sectors, to assist NAC on how to involve everyone in the company in monitoring organizational performance; sharing information by advocating transparency; and to help ensure that business is going the right direction which NAC believes is a sure way to ensure sustainability.
Flor G. Tarriela, NAC lead Independent Director, said involving all employees is a sound business practice.
She furthers that while “senior management leads employees to carry out corporate plans, the employees will in turn implement and give feedback about the execution of corporate strategies, and provide information to enable management and the Board to review corporate plans vis-a-vis their execution and refine those plans if necessary”.
In corporate governance, sharing of information is a critical business strategy. It is vital for management to disseminate and enforce corporate and governance policies, but these policies only become meaningful and effective if communicated clearly and regularly to all employees.
“Obtaining employee feedback provides valuable information for management and the Board to review the relevance and effectiveness of existing policies,” Tarriela clarified.