Trust in business is at an all-time low. Trust in governments is rock bottom as well. At the same time, huge challenges remain to create sustainable societies. While laws and regulations are necessary foundations, truly good governance that takes organisations to new levels of performance over the long term goes far beyond the law to instil trust and effectiveness.
In this context, ISO’s committee of experts that specializes in governance (ISO/TC 309) has just been given the green light to develop an ISO international guidance standard that will help organizations establish good governance practices, going beyond the avoidance of risk and contributing to their long-term value overall. It is expected that this standard will be compatible with the quality management system requirements of ISO 9001.
This standard will fill a gap in standardization, allowing it to be accessible and useful for any organisation, whether it crosses different sectors and geographies or is simply a small business that feels it can benefit from better governance. The proposed new standard has the potential to increase the number of socially, environmentally and economically sustainable organisations, providing multiple benefits for investors and society as a whole.
The new guidance standard for the governance of organizations is due to be published by 2020.