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reduction of risk
is fundamental in all definitions of good governance. 
(b) 
Overall performance enhanced
by 
good supervision
and 
management
within 
set best practice 
guidelines
underpins most definitions. 
(c) 
Good governance provides a 
framework 
for an organisation to pursue its strategy in an 
ethical 
and effective
way from the perspective of all stakeholder groups affected, and offers safeguards 
against misuse of resources, physical or intellectual. 
(d) 
Good governance is not just about externally established codes; it also requires a willingness to 
apply the spirit
as well as the letter of the law. 
(e) 
Accountability
is generally a major theme in all governance frameworks. There is a free flow of 
information in the form of accounts and other reports. However, issues of commercial 
confidentiality can get in the way of too much 'openness'. 
Extensive abuses have led to a variety of measures intended to improve the quality of corporate 
governance.
(a) 
The development of 
accounting standards
has been driven in part by the need to prevent abuses 
in financial reporting. 
(b) 
The various professional bodies all have their own 
codes of professional conduct
. 
(c) 
A series of major financial scandals has led to government intervention in the UK in the form of 
commissions on standards of behaviour
, each producing its code of conduct. 
1.2 Definitions 
1.2.1 Integrity 
Integrity in business means dealing honestly with employees, customers and all business contacts.
1.2.2 Accountability 
Accountability means the business being answerable for its actions. 
1.2.3 Independence 
Independence in this context means that there must be independent people within the organisation 
checking that the business is complying with its code of governance. 
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