Eamon Moore, Managing Director of E-MIT Solutions involved in the launch of the Corporate Governance Guide from the Institute of Directors in Ireland & Grant Thornton

The Institute of Directors in Ireland and professional advisory firm, Grant Thornton, today (30 November) launched a new corporate governance guide for private companies – Building Blocks for Business Success.

The Guide outlines the tangible benefits that privately owned companies - particularly small and medium sized ones - can gain from introducing corporate governance structures within their organisations.

Speaking at the launch of the Guide, Cian Blackwell, Partner with Grant Thornton said, "Traditionally privately-owned businesses have tended to view corporate governance as an issue for large listed and multi-national corporations.

"This approach to corporate governance is born out of a perception that introducing any reforms will be time and cost intensive.

“What many shareholders and managers in privately owned businesses should realise is that good governance can and should be used to maximise the return on investment to shareholders, and that the cost of introducing corporate governance reforms is greatly outweighed by the increased efficiencies and better performance such changes can deliver.”

From putting in writing the company’s strategy, to separating board meetings from management meetings, to putting in place a risk management process and establishing an audit function – the publication is one which can be referred to as the needs of the business demand.

Eamon Moore, Managing Director of privately-held IT Consultancy, E-MIT Solutions, said, "For a company of our size, with seven employees, it was at first difficult to see how corporate governance was relevant to our organisation. Yet when we examined the techniques outlined in the publication, we found that we were in fact already implementing many of the governance practices suggested.

“For instance, E-MIT Solutions has adopted a range of risk management processes to protect against data loss and ensure business continuity and we also have a series of company-wide policies in place which our employees can access, anytime and anywhere, through our company intranet, available through our cloud computing solution.

“The corporate governance practices we have introduced have made doing business far more effective and efficient. And as the needs of the business grow, we recognise the role and value of corporate governance in contributing to our long-term success."

Maura Quinn, Chief Executive, Institute of Directors in Ireland said, “For the IoD, the motivation for this publication was to provide a practical resource to private companies, in particular, small and medium sized businesses, on the benefits of implementing corporate governance practices and how such practices can contribute to the success of a business.

“Good corporate governance makes good business sense and is good for business. The practical examples outlined in this publication can make an organisation more resilient and aware of risks and changing circumstances.”

This Guide is a valuable resource to managers and executives in privately owned businesses and provides a roadmap of how governance structures can be implemented.