Corporate governance is often considered a business practice for larger companies, which can often land it at the bottom of an agency's list of priorities. However, planning and executing an effective corporate governance framework has helped agencies to grow faster and more profitably, according to the MarshBerry Corporate Governance Survey.
Businesses of all sizes encounter roadblocks as a natural part of the business life cycle. MarshBerry claims that agencies with corporate governance plans are better equipped to overcome these obstacles and are more likely to continue down a path of prosperity compared to agencies without a strategy.
Perpetuating ownership can be one of these obstacles, but if handled correctly, the business will not only survive, but continue to profit in the meantime. But implementing the proper strategy also means properly delegating the responsibilities and rights among the different participants in a company. Many agencies struggle to properly perpetuate ownership when it comes time for owners to transfer leadership, duties, and stock, the study notes.
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