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WHAT DOES ACCOUNTABILITY MEAN FOR DIRECTORS AND CORPORATIONS?
NON-FINANCIAL ACCOUNTABILITY
HOW DOES ONE ACCOUNT
WHY ACCOUNT
SPECIFIC MANDATES FOR ACCOUNTING

What Does Accountability Mean for Directors and Officers of Corporations (private, public, not-for-profit)?
Officers and Directors of an organisation are legally liable for negligence e.g., not exercising due diligence regarding sexual harassment, health and safety, etc., criminal acts e.g., fraud and corruption, and violations of legal requirements e.g., employment equity, taxation, environmental pollution.
They must make sure that information and reporting systems exist to determine the impact of the organisation’s performance and opportunities for continuous improvement.
Information and reporting systems must be reasonably designed to provide Information about the organisation’s performance – reports must be substantiated and not just good “form” for marketing purposes.

Senior management and the board must rely on this quality Information for informed decision making.

The information generated by an accountability system must be timely, accurate and sufficient to support decisions that are in the organisation’s best interests.
Officers and Directors must make informed decisions within their scope of responsibility and accountability.
 

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