Corporate Governance System Certification (CGSC) is granted to the companies that demonstrate compliance with regulatory and other stakeholders’ requirements. Cognicert will provide this certification which is a useful tool to add credibility, by demonstrating that your company meets the major criteria and is in conformance with corporate governance codes, regulatory requirements and international corporate governance best practices. CGSC is applicable to any organisation irrespective of sizes to improve company’s value, cost efficiency, internal connectiveness, investors and customers relationship. With this certification, companies will show compliance with the specific requirements implemented in their organisation, such as:
- The context of the organization
- Board role and responsibilities
- Leadership and independence
- Corporate and Remuneration structure
- Code of Business Conducts and Ethics
- Regulatory Reviews
- Corporate culture
- Ethical Values and Standard
- IT Governance
- Risk oversight
- Succession planning, appointment process and training mechanism
- Compliance and control structure
- Anti-bribery and anti-corruption policies
- Policies on insider trading and conflict of interest
- Management of OHS, environmental and quality risk
- Shareholder rights
- Monitoring and Reporting
- Financial, governance and system audit processes
- Corrective actions
Full Criteria for the CGS Certification is designed taking cognizance of relevant industry regulatory requirements of the auditee, international and local codes of corporate governance as well as International and local corporate governance best practices. The full requirement will be made available to interested client.
Benefits of CGSC
The benefits of this new certification scheme are to:
- Greater efficiency, accountability, and ownership by members of the Board and other top management.
- Improved relations with investors and prospective investors because of the board members’ in-depth understanding of corporate governance.
- Improved transparency and integrity of information among and from all stakeholders.
- The better strategic and operational direction towards the achievement of organisational objectives.
- Shift from a mere compliance mentality to a strategic, well-suited approach to defining processes and systems.
- Identification and implementation of best practices of other successful Boards
- A positive and ambitious Board culture
- Greater mitigation of risks and unethical practices
- Drive corporate accountability and business prosperity.
- Institutionalize corporate governance best practices in companies.
- Promote public awareness of essential corporate values and ethical practices that will enhance the integrity of the business environment.
- Build public trust and confidence in the company, thus facilitating increased trade and investment.
- Achieve business goals and contribute positively to society.
- Align the interests of the Board and management with those of the shareholders and other stakeholders.
- Promote compliance with regulatory requirements and corporate governance codes of regulatory agencies.
- Committed to customer satisfaction
- Ensuring confidentiality and impartiality
CGS Certification is granted by Cognicert, upon verifying through an audit that the organization has fulfilled the considered essential requirements. This certification is then maintained through scheduled annual surveillance audits by Cognicert with re-certification of the Corporate Governance System performance on a triannual basis.
Contact us to find out how we can assist you in attaining CGS Certification.