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The Institute views “fiduciary” governance, which is dominated by aspects of legal control, monitoring and reporting, as essential for maintaining the value of an organization but it is insufficient by itself.
The Institute believes that boards of directors should implement a new governance model that ensures better decision making and creates sustainable value for the organization and that they themselves should become value added.
“Governance should be a stimulus of high performance, an injection of energy; it should contribute to the creation of sustainable value for the organization.” Allaire and Firsirotu, 2003
The “value-creating”® governance model recommended by the Institute has been developed by Professor Yvan Allaire. Its structure is based on four fundamental principles:
• Credibility and legitimacy
• Management of strategic processes
• Quality of information and risk management
• Motivation and performance incentives
The Institute’s approach is guided by these four principles and it adapts them according to the environment particular to each organization.