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Corporate Governance for SMEs

Corporate Governance for SMEs. SME Success Series – September 2013 Rami Raslan - GradICSA Senior Corporate Secretary. Corporate Governance – What is it?. Law. Code. So how do we apply good governance?. Conclusion … ?. Corporate Governance is a mindset . Want to … Vs. Have to ….

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Corporate Governance for SMEs

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  1. Corporate Governance for SMEs SME Success Series – September 2013 Rami Raslan - GradICSA Senior Corporate Secretary

  2. Corporate Governance – What is it? Law Code

  3. So how do we apply good governance? Conclusion … ?

  4. Corporate Governance is a mindset Want to … Vs. Have to …

  5. Don’t break it … Yes, you can fix it if its broken, but you’ll always see the cracks in the reflection Yes, you can fix it if its broken, but you’ll always see the cracks in the reflection

  6. What needs to be done • Preparation should be done by management, in most cases by the owners of the business. • Company objectives need to be established • Management structure and process to be identified. • Processes for establishing pay and other benefits to employees to be developed. • Develop process to handle potential risks. • Identifying key areas of compliance. • Regularizing financial audits and disclosure of audit findings. • Gain knowledge of corporate governance (its not an expense, its an investment). • Formalize business practices formalized (analyzed and documented). • clear roles and responsibilities should be communicated to all staff. • Set up an advisory board continuous assessment , ensure integrity of financial data and holding management accountable.

  7. Facts • Carl Bates, CEO of Sirdar SA, an organisation that helps small businesses to grow says "Sustaining a small business is about separating the roles of shareholder, director and manager. Yet 99% of business owners say ‘I’m the owner, therefore I’m the director.’ Investors would not accept that. Small businesses will struggle unless they truly understand the roles of shareholder and director. Unless you understand this, you will lose the game.“ • Bloemfontein Chamber of Commerce chairwoman Wilma Richter says “smaller businesses are running much faster than the bigger guys”. • H.E. Sami Dhaen Al Qamzi Director General, Department of Economic Development - Dubai says “The small and medium enterprises (SMEs) sector of Dubai comprises 95% of the businesses, 42% of the workforce and contributes to 40% of value add to the Dubai Economy. Dubai’s reputation as a well-diversified economy also owes largely to the SME sector. One critical enabling factor for SME development is corporate governance. Indeed, practicing good governance will help SMEs establish robust business processes and prepare them for future expansion. In short, corporate governance lays the foundation for SMEs to be more accountable and transparent in their operations, thus enabling them to be more bankable and investable”

  8. Thank you!

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