Aims and Objectives
Corporate Governance in Government
Corporate governance is the system by which Government directs and controls its functions and relates to the Island’s community.
- Effective government relies on the credibility of, and public confidence in, elected politicians and departmental officials. By making explicit the high standards Government expects itself to meet, it can give confidence to potential partners, the public, private, or voluntary sectors, and to the people of the Isle of Man. Adoption of the principles of corporate governance will assist in maintaining credibility and confidence in the public service
- All Departments should attempt to meet the highest standards and their governance arrangements should not only be sound, but be seen to be sound. To ensure this, governance arrangements need to be clear, effective and reviewed on a regular basis.
- This Code defines the minimum standards of corporate governance to be applied by Departments, but Departments may wish to further develop the code to take account of their individual circumstances and responsibilities.
- The purpose of this Code is to:
- define the principles that must underpin the governance of each Department;
- provide the framework within which each Department can ensure confidence and credibility, minimise risk, and manage change, and;
- assist Departments by articulating what is considered to be best practice.
- Each Department will be expected to:
- regularly review its corporate governance arrangements in line with the Code;
- establish arrangements for ensuring the Code is put into operation, and;
- report regularly, through Statements of Internal Control, on how the Department is complying with the Code.
- Statements of Internal Control will be required to be produced by Departments on an annual basis
and will contain :
- an explanation of the Department’s responsibility for financial probity;
- confirmation that the Department complies with the Code, and
- evidence to support compliance with the Code.
- The Chief Financial Officer will report corporately, on an annual basis, providing a Statement of Internal Control for Government as a whole, stating how it is applying and upholding the principles of corporate governance