On a general level, modern corporate governance can be described as the management policies and processes that companies use to ensure efficient operations and fair and timely decision making. In the past, corporate governance was more narrowly defined as the specific policies in place to protect shareholder interests, but today the term has evolved to mean a framework of policies and practices that ensure accountability and fairness in the relationship between corporate management (especially the board of directors) and all company stakeholders. And while corporate governance used to be thought of as a business school concept that applied only to large public companies, today it is increasingly being seen and applied as a basic management practice in companies of all sizes.
Research corporate governance structures and practices. Analyze the current organizational structure of your company and decide what type of corporate governance philosophy and structure will work best with your corporate culture.
Organize several brainstorming sessions on corporate governance policy among all stakeholders in the company, and then divide into breakout sessions to tackle specific issues. This process is likely to take at least several weeks, but after you are done, you should have hashed out a set corporate governance policies that represent the interests of all stakeholders.
Assemble representatives from all company stakeholders for final discussions of the results of the specific corporate governance breakout sessions. The goal of these discussions is to finalize a set of corporate governance policies that ensure fairness and transparency for all stakeholders in any corporate affairs.
Write up the governance policies. Consider working with a corporate governance expert or human resources specialist during this process, as there may be important legal considerations to consider.