4-Have a structure to independently
the project manager to present a true
verify and safeguard the integrity of
picture of the status of a project at regu-
the company's financial reporting.
lar meetings to achieve this, a commit-
5-Promote timely and balanced
tee must develop an environment of
disclosure of all material matters
trust, respect and support with the
concerning the company.
project manager.
6- Respect the rights of shareholders
Governance Committee:
and facilitate the effective exercise of
The main role of the Governance
those rights.
Committee is to ensure that the board
fulfills its legal, ethical, and functional
responsibilities through adequate
7-Establish a sound system of risk
governance policy development,
oversight and manage and internal
recruitment strategies, training
control.
programs, monitoring of board activi-
8-Fairly review and actively encour-
ties, and evaluation of board
age enhanced board and manage-
members' performance.
ment effectiveness.
In the project, the members of
9-Ensure that the level and composi-
Governance Committee should
project governance defined by
tion of remuneration is sufficient and
review:
answering the following questions:
reasonable and that its relationship to
The Governance committee's roles &
Conclusion:
corporate and individual performance
responsibilities continue to evolve in
Every project, no matter what size, will
is defined.
response to the changing expecta-
require governance sometimes we
10- Recognize the legal and other obli-
tions of stakeholders and develop-
Don't think about it much or call it
gations to all legitimate stakeholders.
ments affecting Boards and organiza-
governance simply we follow the
!
Set strategic direction.
tions, the value of the governance
procedures of project governance with-
!
Set and monitor levels of perfor-
committee can be realized in the way it
out knowing that we apply all neces-
mance especially related to public
helps the board define its mandate,
sary rules of it or we didn't apply all the
sector accountability.
how it constitutes itself, how it acts to
requirements to gain the best practice
!
Provide finance and control finan-
shape the board's composition and
of project governance, it is very impor-
cial returns.
seeks to enhance the board's func-
tant to think about the structure of the
!
Provide technical expertise
tioning, and how it adapts to evolving
governance on the project before the
through centers of excellence.
roles that may help the board to
project start, Governance takes time
!
Provide an audit function.
perform more effectively.
and costs money, for that it should be
!
Control risk exposure.
Define the level of responsibilities
considered in the project manage-
The most important attribute that
in project governance
ment plan.
project governance should encourage
The level of responsibility in the
37
Issue 72 March 2014
2014
72

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