ࡱ> zakW7{y3T( Q(m YN/ 0|DTimes New RomanllD1T0DArialNew RomanllD1T0 DWingdingsRomanllD1T00DVerdanasRomanllD1T0"@DTahomasRomanllD1T0 C0.  @n?" dd@  @@`` '  DH ,,**HH**>>() //.. HG HG//**//!()2345789:;<=?@ACFGIJKLNOQRSVZ [ ` abcde,r$kW7{y3Ti <AA`33f@%I&JTKULVQWRl R ʚ;U_8ʚ;g4KdKdk T0ppp@ <4!d!d8!0l 1<4dddd8!0l 1 <4BdBd8O$0lNg4LdLdm T0p6 p]z0___PPT10 pp:___PPT9n3n)/ypf}I[ePNG  IHDR asRGB`PLTEkjjjUU@@@??@??+++**+**#g cmPPJCmp07128I tRNS@fAIDAT 0 ~{[8([Pz2S82(\dXP< zIENDB`0n&WvlHMU+vnPNG  IHDR asRGB`PLTEkjjkjjUUTU@@@??@++*+**M#A cmPPJCmp07128I tRNS@f>IDAT1W}{{J %s4!u61QJuRW&x&vxIENDB` ne!(mPɈPNG  IHDRysRGBPLTEffffffff̙̙O) cmPPJCmp0712 jtRNS ADIDATcP, SVA%6AC!P.iuD!".l`)SbPbL@]KIENDB`,!"6 *  , ,? %O  ==2Governance Systems; Towards an integrated approach33(Professor Peter Little Executive Dean Faculty of Business Queensland University of Technology Special Counsel McCullough Robertson, Lawyers"(wI# ?What might some famous people think of Good Governance@@6J$8The recalcitrant director's view of corporate governance99(   I can't understand it. I can't even understand the people who can understand it - Queen Juliana (1909 - ), of the Netherlands (V/L&"Message to the overzealous manager##(  Society has always seemed to demand a little more from human beings than it will get in practice - George Orwell, A Collection of Essays e*M'#Who to target when changing culture$$(  Reasonable people adapt themselves to the world. Unreasonable people attempt to adapt the world to themselves. All progress, therefore, depends on unreasonable people - George Bernard Shaw 4O)-The philosophical approach to good governance..(  Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws" - Plato (427 - 347 B.C.) sP*$The truth about corporate governance%%(p  All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident - Arthur Schopenhauer (1788 - 1860) % Key IssuesGood corporate Governance and compliance systems are often conceptualised negatively  Restricting behaviour to meet legal and ethical standards Less attention is paid to positive benefits Creating value Developing better culture Prolonging the life of the organisation Maintaining organisational reputation Avoiding or reducing the negative effects of litigation and regulatory intervention UP<3P,P3PPUB<B,B@BG!FThe demand for good governance and systems will intensify not diminishGG(pRegulation / over regulation Demands for accountability from communities, governments, stakeholders and victims 6p3p $H" BackgroundPImportant Developments 1992  Cadbury Report (UK) 1999  OECD Principles of Corporate Governance 2002  Sarbanes-Oxley Act (United States) 2002  ASX Corporate Governance Council   Principles of Good Corporate Governance and Best Practice Recommendations (Australia) 2003  CLERP (Australia) 2003  The Combined Code on Corporate Governance (UK) (Based on the Higgs Review) 2003  Standards Australia suite of 5 Standards BZ3Z8 BackgroundFThe principles of good governance apply to all organisations Private sector Public sector Not-for-profit sector Universities Even Regulators  increasing pressure& :=g3=gA)Does Good Governance and Compliance Cost?**(Good compliance and governance systems cost Now part of cost of doing business Initial costs more intense Ongoing costs reduced when embedded into day-to-day systems and activities Not a choice between making profits and box ticking9Creating ValuevGood governance can increase firm value McKinsey Quarterly studies (2000, 2002) KPMG study (2003) Harvard study (2003):(O3(O: PerformanceWGood governance may improve profitability and overall performance Harvard study (2003) NB3B;#Benefits of Managing Critical Risks$$(Organisations that have governance systems adequately prepared for crises: Suffer significantly fewer crises Perform better financially Have higher return on assets 2003 Study  Harvard Business ReviewPKZ3&KZ&<Insurance BenefitsA good governance system and risk management may assist to obtain fair price insurance Alternatively insurance may be declined without appropriate governance:WG3WG)Staying in Business~Risk of business failure Increasingly responsive stakeholder environment Eg. HIH, One.Tel, Arthur Andersen, NSW Grains Board bd3d  >Improving Work EnvironmentAttracting and retaining quality staff Employee wellness and job satisfaction The absence of a culture of compliance exposes employees to the threat of workplace, safety or product failures Calamities (eg. NASA):N3ND4Value of a Culture of Compliance and Good Governance55(bNSW Grains Board investigation identified five specific integrity risks: Leadership allowed a culture of fear and intimidation to operate within the organisation Leadership failed to fulfil responsibilities in fraud prevention The organisational culture which developed as a result of the actions of the leadership valued commercial imperatives over public duty interests, outcomes over process, expediency over accountability and autocratic direction over participatory decision making Failure of a number of staff to provide strong ethical leadership Poorly implemented and ineffective operational proceduresBIP3PIE4Value of a Culture of Compliance and Good Governance55(NASA  Columbia Accident Investigation Board  In the aftermath of the Challenger accident& contradictory forces prompted a resistance to externally imposed changes and an attempt to maintain the internal belief that NASA was still a  perfect place & managers strove to maintain their view of the organisation, they lost their ability to accept criticism, leading them to reject the recommendations of many boards and blue-ribbon panels& External criticism and doubt, rather than spurring NASA to change for the better, instead reinforced the will to  impose the party line vision on the environment, not to reconsider it ...This in turn lead to  flawed decision making, self deception, introversion& the board views this cultural resistance as a fundamental impediment to NASA s effective organisational performance . Source: Columbia Accident Investigation Board Report Volume 1, August 2003 [102]v-P3PPTP-T -.? Other ValueZReducing Corporate Liability Leniency of Regulators and Court Avoiding Personal Liability 2ZZ0 !Building a Good Governance System"" !Standards Australia 5 new governance standards Holistic approach to good governance AS8000 Good Governance Principles AS8001 Fraud and Corruption Control AS8002 Organizational Codes of Conduct AS8003 Corporate Social Responsibility AS8004 Whistleblower Protection Programs for Entities T@3 . "$  "1 !Building a Good Governance System"" ,Elements Structural Operational Maintenance  #`3        2 !Building a Good Governance System"" Structural Elements Commitment to effective governance from people at all levels Clearly documented governance policy Board should accept responsibility for overall governance Philosophy and strategy of continuous improvement `3 "("$<  $  9  1 3 !Building a Good Governance System"" Operational Elements Identification of governance issues and operating procedures Integration of requirements of laws and codes of best practice into day-to-day operations Systems to detect, record and deal with governance breaches Record keeping Identification and rectification of recurring governance breaches Reporting governance failures to those with sufficient authority to correct them Zvp3U ""<""Y"";""""A""P""4!Building a Good Governance System""  Maintenance Elements Initial and ongoing education and training for board members and senior management System should be visible and communicated through out the organisation Ongoing monitoring and review of system Our assessments show that this area is the weakest 3""R""F""[" 5Role of Leadership cLeadership and commitment are the key elements in the development of a successful governance systemdd7"Why Integrate Governance Systems? ##(Many standards promoting quality, good governance, compliance, risk management etc follow similar ideology and methodology An integrated or holistic approach should be more effective Allows more co-ordinated training, monitoring and reportingX,"Why Integrate Governance Systems? ##(Allows better management of complexity Should give directors greater assurance that governance, compliance and ethical obligations, like core-business, are being properly managed Should promote a better culture through consistency and transparencyaR+"Groucho's view of corporate values##( Those are my principles. If you don't like them I have others AA/Zz7 0` flf3` 3f{FEɄ` OY?HsLp` nk3cR` Td4HV,{nR|:U^` N/qTʉ` ̙Ԝν@f` xfmR׍Ƴ~` [4>?" dd@,?lZd@  d lZ@ d`lZ n?" dd@   @@``PT $   @ ` `0p>> 22..1(  B,T   "  c BlC DE F* @ y   l l y y @`" ~   c BC DE F*y @ [    [ [ @`"~   c BCDEF" @ @`"i (  c BCBDEF"@ B<0BB@`" ~:   0e0e     ?BCIDEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||IMkII@`S"  BCeDEF" 0e00@`"v~   B]CDEF ]]] @`"#~    c B'C\DEF& @ \7\'*'\\@`"#   B CDEF"  @`"1   c B}CzDEF"d @ }~}z}~}~@`"~   BCDEF  @`"O ~?   c BCDEF"y @ HHH@`"U   c BC>DEF"d@ >86>>@`" ~'   c BCDEF" @ V@`"   c B[ C DEF"y @ I [ f@`"M   c BCC+DEF"yd @ C+CC+C+@`"; ~   BCODEF" O`ZOO@`"e ~k   c B2 Cx DEF"vy @  x 2  @`" v   BCDEF  @`" ~j   c B C DEF"y @  B@`"(     0e0e     ?BC DEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||  =@`S" 6   c BTC`DEF"yd @ T`TZ T`T`@`"* ~   BCDEF" M@`"R~V  c B>CDEF" @ >S@`"0  c BUCDEF" @ U@`"#x  B<C8DEF" <8<6@`"B~  c BlCHDEF"y @ slHl*ss@`"Az   BCDEF  @`"z    c BlC9DEF"y @ nl9l3nn@`"hz    c BlCDEF" @ 0ll00@`"i z ! c B`Ci DEF"|y @ `i `Q }@`"zi  " c B| C6 DEF"y @ | 6 | 0 B@`" z6   # c BC DEF& @  @`"nz  $ c BCDEF"y @ *@`"z % c B"CDEF"y @ ""6@`"Vz & c BCDEF"y @ *@`"uz\ `~  ' "`~   ( c BKC!DEF& @ n3!?K@`"`V   ) c B9CDEF&d @ 9 H999@`"> ~  * 6$ " `  T Click to edit Master title style! !$ + 0 " `  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S , 6ܴ #" `] `}  b*0  - 6 #" ``   d* 0  . 6 #" `] `}  d* 0 Z  By޽h @ ? flf3<0___PPT10. ,/___PPT9BpBB BeamQ2 I0 11..?1(  B,T   "  c BlC DE F* @ y   l l y y @`" ~   c BC DE F*y @ [    [ [ @`"~   c BCDEF" @ @`"i (  c BCBDEF"@ B<0BB@`" ~:   0e0e     ?BCIDEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||IMkII@`S"  BCeDEF" 0e00@`"v~   B]CDEF ]]] @`"#~    c B'C\DEF& @ \7\'*'\\@`"#   B CDEF"  @`"1   c B}CzDEF"d @ }~}z}~}~@`"~   BCDEF  @`"O ~?   c BCDEF"y @ HHH@`"U   c BC>DEF"d@ >86>>@`" ~'   c BCDEF" @ V@`"   c B[ C DEF"y @ I [ f@`"M   c BCC+DEF"yd @ C+CC+C+@`"; ~   BCODEF" O`ZOO@`"e ~k   c B2 Cx DEF"vy @  x 2  @`" v   BCDEF  @`" ~j   c B C DEF"y @  B@`"(     0e0e     ?BC DEF"  @ 5% 8c8c     ?1 d0u0@Ty2 NP'p<'p A)BCD|E||  =@`S" 6   c BTC`DEF"yd @ T`TZ T`T`@`"* ~   BCDEF" M@`"R~V  c B>CDEF" @ >S@`"0  c BUCDEF" @ U@`"#x  B<C8DEF" <8<6@`"B~  c BlCHDEF"y @ slHl*ss@`"Az   BCDEF  @`"z    c BlC9DEF"y @ nl9l3nn@`"hz    c BlCDEF" @ 0ll00@`"i z ! c B`Ci DEF"|y @ `i `Q }@`"zi  " c B| C6 DEF"y @ | 6 | 0 B@`" z6   # c BC DEF& @  @`"nz  $ c BCDEF"y @ *@`"z % c B"CDEF"y @ ""6@`"Vz & c BCDEF"y @ *@`"uz\ `~  ' "`~   ( c BKC!DEF& @ n3!?K@`"`V   ) c B9CDEF&d @ 9 H999@`"> ~  * 65> " `p  T Click to edit Master title style! ! + 0> " `   > W#Click to edit Master subtitle style$ $ , 6" #" `] `} > b*0  - 6& #" ``   d* 0  . 6+ #" `] `}  d* 0 Z  By޽h @ ? flf380___PPT10. ,/C  0` !3̙` Q.<ffff3` 3333fff` 3K=̙fff` 3fffff` ff3ff3` aNR>ff` 3fY33` 3f3f>?" dd@&?oAd(@n<)o<6=nA+7%Z', n?" dd@   @@``PR   = 7 ,`(p>> (    <W #" `j  T Click to edit Master title style! !$  0Z "Pe  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     SLB  # `BCE6FGIIQU*VWX @`@$ G"   `B  s *Dg "00  0d "^`  `*0   0lj "^   b*0   0m "^   b*0   dA"޽h ?Light horizontal"` 3f3f___PPT10u.. "+D=' == @B + Profile K0 +(    < #" `p  T Click to edit Master title style! !  0t "p`   W#Click to edit Master subtitle style$ $  0 "``  `*0   0 "`   b*0   0 "`   b*0 LB  # tBCE6FGjIQU*VWX @`@$ G")    dA"޽h ?Light horizontal"` 3f3f___PPT10u.. "+D=' == @B + 0` gg3` ___ff3` ffB` 3f33f̙` JHBDXb`ff`  F-"nff` fBDXff33` 9 oVPc}` r!Lf.>?" dd@&?lPd@ F lA@" d` n?" dd@   @@``PR    @ ` `,p>>    h (  NT `y  "`y2 B BX¡o " x : 2 B Bšo "`x : 2 B Bȡo "Zy : 2 B B̡o "Gx : 2 B Bϡo "x : $  0ӡ " `  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S   0ء "` `  `*0    0ޡ "`   b*0    0 "` `  b*0    6 " `}  T Click to edit Master title style! !H  0޽h ? gg3___PPT10i. o+D=' == @B + Watermark2  Q0 I A   (  T    " 2 B < "( : 2 B < "  : 2 B BD o "X  : 2 B B` o "X  : 2 B <@  "  : 2 B B o "(  :    0 "` `   `*0    0  "`    b*0    0  "` `   b*0    6X  "   T Click to edit Master title style! !   0  "    W#Click to edit Master subtitle style$ $H  0޽h ? gg3___PPT10i. o+D=' == @B +I0 @*(    0  @9    X*   0  y 9   Z* d  c $ ?Bx     0      RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  6<  3@l    X*   6  3y l   Z* H  09g ? 3380___PPT10.@_  d(  d d 0 2  @9    \*  d 0T6  z 9   ^*  d 6:  4@m    \*  d 6@  4z m   ^* H d 09g ? ̙3380___PPT10.Wy I0 00(  x  c $ >* `  > x  c $ >+9  > H  0޽h ? ̙33y___PPT10Y+D=' == @B + I0 d(  dr d S (+/9  H d 0޽h ? flf380___PPT10.Up * `  > r p S L|>+ ` > H p 0޽h ? flf380___PPT10.Up $ I0 t$(  tr t S >* `  > r t S >+ ` > H t 0޽h ? flf380___PPT10.Upq$ I0 |$(  |r | S 0>*2 `  > r | S >+ ` > H | 0޽h ? flf380___PPT10.Up`:`$ I0  $(  r  S @>* `  > r  S >+  > H  0޽h ? flf380___PPT10.Up0M`y I0 @ 0(   x  c $ؠ>* `  > x  c $>+] > H  0޽h ? ̙33y___PPT10Y+D=' == @B +$ I0 \$(  \r \ S 0>*'g  > r \ S L>+ ` > H \ 0޽h ? flf380___PPT10.Kp@U $ I0 `$(  `r ` S |>* `  > r ` S >+ ` > H ` 0޽h ? flf380___PPT10.Kp&+$ I0 $(  r  S ) * `   r  S ) + `   H  0޽h ? flf380___PPT10.#l?6 I0 0D6(  Dx D c $. *?*Z   ~ D s */ + `   H D 0޽h ? ̙3380___PPT10./pQI$ I0  $(   r   S 8 * `   r   S d9 + `   H   0޽h ? flf380___PPT10.%l u$ I0 $$(  $r $ S B * `   r $ S B + `   H $ 0޽h ? flf380___PPT10.'lP-D$ I0 ($(  (r ( S J * `   r ( S K + `   H ( 0޽h ? flf380___PPT10.'l+Bg$ I0 ,$(  ,r , S T * `   r , S T + `   H , 0޽h ? flf380___PPT10.'l쌇$ I0 $(  r  S Y * `   r  S XZ + `   H  0޽h ? flf380___PPT10.j^$ I0 4$(  4r 4 S _ * `   r 4 S \` + `   H 4 0޽h ? flf380___PPT10.'l $ I0 `P$(  Pr P S ,g * `   r P S g + `   H P 0޽h ? flf380___PPT10.2pP~$ I0 pT$(  Tr T S , * `   r T S  +] `<   H T 0޽h ? flf380___PPT10.2p$ I0 8$(  8r 8 S p * `   r 8 S H +9    H 8 0޽h ? flf380___PPT10.'lڳ$ I0 $(  r  S (c * `   r  S - + `   H  0޽h ? flf380___PPT10.jj`$ I0 $(  r  S H * `   r  S  + `   H  0޽h ? flf380___PPT10.jPN I0  <(  ~  s *( * `   ~  s *찴 +'gY   H  0޽h ? ̙33y___PPT10Y+D=' == @B + I0 0<(  ~  s *\ * `   ~  s *4 +/   H  0޽h ? ̙33y___PPT10Y+D=' == @B + I0 @<(  ~  s *˴ * `   ~  s *˴ +T    H  0޽h ? ̙33y___PPT10Y+D=' == @B + I0 P <(   ~   s *״ * `   ~   s *lش +P9    H   0޽h ? @Eff؂oy___PPT10Y+D=' == @B +$ I0 p$(  r  S  * `   r  S  +    H  0޽h ? flf380___PPT10.j0 I0  0(  x  c $ * `   x  c $ +    H  0޽h ? flf380___PPT10.j$ I0 0$(  r  S L *   r  S $ + `   H  0޽h ? flf380___PPT10.Up` ,0 P(  X  C Bx     S x+      H  09g ? 3380___PPT10.@r % Qw)0`^"$&C)+].7`0h *V> 2 A D G@<L O 7cRN5Tpл3z7X9Z1Oh+'0T hp    University GovernancesmithfcBeamMario Pennisi43Microsoft PowerPoint@М݄@/J@%GSg  )'    """)))UUUMMMBBB999|PP3f333f3333f3ffffff3f̙3ff333f333333333f33333333f33f3ff3f3f3f3333f33̙33333f333333f3333f3ffffff3f33ff3f3f3f3fff3ffffffffff3ffff̙fff3fffff3fff333f3f3ff3ff33f̙̙3̙ff̙̙̙3f̙3f333f3333f3ffffff3f̙3f3f3f333f3333f3ffffff3f̙3f3ffffffffff!___www&&4'A x(xKʦ """)))UUUMMMBBB999|PP3f3333f333ff3fffff3f3f̙f3333f3333333333f3333333f3f33ff3f3f3f3333f3333333f3̙33333f333ff3ffffff3f33f3ff3f3f3ffff3fffffffff3fffffff3f̙ffff3ff333f3ff33fff33f3ff̙3f3f3333f333ff3fffff̙̙3̙f̙̙̙3f̙3f3f3333f333ff3fffff3f3f̙3ffffffffff!___www<<<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___________________________________________________________________<_______<________________________<_<_<_<_<_<_<_<_<_<_<_<_<______________________________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<___<___<___<___<___<___<___<___<___<____________________________________________________________________________________<_______<_____<_<_<_<_<_<___<___<___<________________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<_______________________________________________<____________________<___<___<___<___<___<_______<_______________<__________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<_______________<_______<____________________________________________________________________<___<_______<__________________________________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<_______<_______________<___<___<___<___<___<____________________________________<___<___<___<___<___<___<___<___<___<___<_____________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<____<___<___<___<___<___<___<___<__________<_______________________________________________________<___<___<___<___<___<___<_______<____________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<<________<_______________<____________<___<___<___<___<___<___<___<___<__<_______________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<<_______________________________________________________<___<___<___<_______<_______________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<___<___<___<___<___<____________________________<_<_<_<_<_<_<___<___<___<___<___<___<___<_______<______________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<___<___<___<___<___<___<___<___<___<___<_______<______________________________________________<_<___<___<___<___<___<___<_______<_______________________________________________________`__`__`__`__`__`__`__`__`__`__`_`_`__`_________________<_<`<_<_<_<`<_<`<_<`<_<`<_<`<_<`<_<`<_<`<_<`<_<`<__`<__`<__```_`_`_`_`_`_`_`_`_`_`<___<___<___<___<_______<_______<___________`<`_`<`_`<`_`<`_`<`_`<`_`<`_`<`_`_`_`_`_`_`_`_`_`_`_`_`_`_`_`___________________________________________________________<`<_<`<_<`<`<`<_<`<`<`<_<`<`<`<_<`<`<`<_<`<`<`<`_`<`_`<`_`__<_<<_______<_______<_________________________________________`_`<`_`<`_`<`_`<`_`_`_`<`_`_`_`__________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<_<_<_<_<_<_<_<<_<_<_<_<_<_<___<______<___<___<___<___<___<___<___<___<___<___<___<______f_____<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<_______<___________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<___<___<___<___<___<_______<__________________________f_f_________<_<_<_<_<_<___<___<___<___<___<___<_______<_________________________________________________________________________________________________________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<_______<______f___f____<_______<____<_<_<_<_<_<_<_______<_______<___<___<___<___<___<___<_______<__________________________________________________________________________f__f___________`______<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<___<_______<_______<______f___f___________`_______________<_<_<_<_<_<___<___<___<___<___<___<_______<_________________________________________________________________________________f_____________`______`_____<<<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<_______________<___<__`____<____`__<____<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<___<________________________________________________________f_f__f___________`_________________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<___<___<___<___<___<___<__________f____<________`_`_______`___________<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<___<___<_______<_________________________________________________________f_f_f______________`_______`_____________<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_______________<___<___<____`_`____<____`__<___<___<____<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<___<___<___<___<___<_______<_______<___________________________________f_____________`_________`_`_______________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_____<<<_<____<<_<_<__<__________`__<______`___________________<_<_<_<_<_<_<_<_<_<_<_<___<__<_______________`____________________<<<_<<<_<<<_<_<_<<<_<_<_<_<_<_<_<<_______<__`___`<___<_______<________<_<_<_<_<_<_<_<_<_<_<_<_<_<__<_<_<_______________`_`_________________f_____<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<_<_<_<_<__<<__<_<_<_<_<_<_<_<_<_____________<___<__<___<`_`_``____<___<`_`_`__________<______________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<_<_<_<_<_<_<___<___<___<_________________________________________`__`___________`____________________________<<<_<<<_<<<_<<<_<_<_<<<_<_<_<_<_<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<_______<___<_<_<___<_<_<__`_`_`_`__<___<__`_`_`<_______<___<___<___<________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<______________________________________`_`_`____________`_`_`_____________________________<_<_<_<<<_<_<_<_<_<_<_<<<_<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<__________________<_<_<___<___<__`_`_`_`__<___<___<`_`_`__<___<_______<_______<__________<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<________________`___________`_`_`_________________________________<<<_<<<_<<<<<<<<<<<<<<<<<<<<<<<_<<<<<<<_<<<_<<<_<<<_<<_<__<<`<_<_<_<_<_<`___`____<___<___<___<___<___<_______<____<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<______________`_`_`_`_____________________________________<<<<<<<<<<<<<_<<<<<<<_<<<_<<<_<<<_<<<_<<<_<_<_<_<_<_<<_<___<<__<___<____`_`_`_`<_______<_______<___<___<_______<______<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_______________________<__________`_`_`_`_`_`___________`_`_`_`_________________________________________<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<_<_<_<_<_<`<`_`<`_`_`__<_<_<_<_<__`_`_`_`<_<___<_<_<___<___<___<_______<___<______`_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_______________________<___<___<___<__`_`_`_`_`_`_`___________`_`_`_`_`__________________________________________<<<<<<<<<<<<<<<<<_<<<<<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<_<_<_<_<_<_<_<_<_<__`_`_`_`_`_`<_<_<_<_<_<__`_`_`_`____<___<___<___<___<___<___________<____`___`_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_______________________<___<___<________`_`_`_`_`_`_____________`_`_`_`_`_________________________________________`___`_<<<<<<<<<<<<<<<<<<<_<<<_<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_`___<_<<_`<__`<`__<___<_<_<_<_<___<_<_<___<___<___<___<___<`___`_`<<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<_____<_<<`_<`_`_`_`___________________________________________`___`__<<<<<<<<<_<<<_<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<__<_`_`_`<_<___<___<_<_<___<___<___<___________<___<`__<`_`___<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<_____<_<_<_<_<_`______`_`_____________________________________________`___`__`_<<<_<<<<<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<<<_<__<_<_<`<_<`<_`<__`<_<_<_<_<__`<__`<__`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<`__<`_`_`___<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<_<_<_<_<_<_<_<_<_<_<`_`_`_`_`_`_`_`____<___<___<__`_`_`_`_`_`_____________________________________________`______`___<_<<<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<<<_<_<_<_<_<`<`<_<`<`<`<`_`<_<_<_<_<_<_<_<`<`_`<`_`_`__<___<_<_<_<_<_<_<___<___<_______<_______<___<___<__`_`__<__<_<_<_<_<_<_<_<_<_<_<_<___<___<___<_<_<_<_<_<_<_<_<_<_<`_`_`_`_`_`_`_`_`__<___<________`_`_`_`_`_`_____________________________________________________`_____<<<_<<<_<<<_<_<_<<<_<_<_<_<_<_<_<<<_<<<<<<<_<_<_<<<_<_<`<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<`<_<`<__`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<__`<__`___`<____<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<__`<`_`<`_`_`_`_`__<_<_<_<_<___<__`_`_`_`_`_`__<_______<________________________________________`___`_`_`_____<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<<<<<_<_<_<_<_<_<`<_<`<`<`<_<`<`<`<_<_<_<_<_<_<_<`<`_`<`_`<`_`<_<_<___<_<_<_<_<_<_<_<_<_<_<___<_<_<___<___<______`<__`_`_`<___<__<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<__`<`_`<`_`_`_`_`_`__<_<___<___<____`_`_`_`_`_`_____________________________________________________`____`_`_______<<<_<<<_<_<_<<<_<_<_<<<<<<<<<<<_<<<_<<<_<<<`<_<`<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<__`___`_`_`____<____<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<_<_<_<_<`<`_`<`_`<`_`<`_`_`<_<_<_<_<_<_<_<__`_`_`_`_`_`__<_______<___<_______<________________________________`_____`_`_`_______<_<_<_<_<_<_<_<<<_<<<<<<<_<<<_<<<_<_<`<_<`<`<`<_<`<`<`<_<_<_<_<_<_<_<_<_<`<`<`<`_`<`_`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<______`_____`_`_`__<___<__<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<`<`_`<`_`<`_`<`_`_`__<_<_<_<_<_<_<_<`_`_`_`_`_`_`_`__<_______<____________________________________________`_`___`_`_`_________<<<_<<<<<<<<<<<<<<<<<<<<<<<<<<<`<_<_<_<`<_<`<_<`<_<`<<<_<<<_<_<_<_<_<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<`_`<_<__`_`__<________<_<_<_<_<<<<<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`_`<_<_<_<_<_<_<_<_<`_`<`_`<`_`_`_`<_<_<___<___<___<___<___<___<___<________________________`_`___`_`_`___________<<<<<<<<<<<<<_<<<_<<<_<<<`<_<`<_<`<_<`<_<`<_<`<_<_<<<_<_<_<_<_<_<`<_<`<`<`<_<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<_<_<___<_<`_`__<`_`_`_`<___<___<__<_<_<<<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`_``_`<<_<_<<_<<<<`_`__`__<__<______<_______________________`_`___`_`_`_`___________<<<<<<<<<<<<<<<<<<<<<<<_<_<`<_<_<_<`<_<_<<<<<<<<<<``<_<_<_<<_<<_<_<_<<_<_<_<_<_<_<_<`_`__<__`_`_`__<_<___<_<_<<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<_<_<_<_`_`_`<_<_<_____<_<______<________`_`_____`_`_`_____________<<<<<<<<<_<<<<<_<`<_<`<_<`<_<`<_<`<_<`_<_`<_<`<_<_<__<_<_<__<_<_<_<_<_<`_`__<__`_`_`____<___<___<__<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<`_`<_<<_<```______<____________________`_`___`_`_`_`_____________<<<<<<<<<<<_<<<`<<<_<_<`<<<_<_<`<<<<<<<<<_<_<```<_<<_<_<__<_<<_<_<_<_<_<_<_<_<_<_<`_`<_<`<`_`<_<_<_<_<_<_<_<_<<_<_<`<`<`<`<`<`<`<`<`<`<`<`<`<_<_<_<<_<_<_<```<`<`<`<`_`<`<_<_<_<_<_<__<_<__<_<_<_<_<_<_<____<_<___<___<___<__`_`___`_`_`_`_______________<<<<<`<_<`<<<`<_<`<_<`<_<`<_<_<<<_<<<_<<<_<_<`<_`<_<`<_<`<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<_<<_<_<__<_<_<_<_<_<_<__`_`<_<`_`_`_`__<___<_<_<_____`<`<`<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<`<`<`<`_`<`_`<`_`<_<_<___<___<_<_<_<_<_<_<_<_<___<___<___<_______<___<_______<______`_`___`_`_`_`_`_______________<<<`<<<_<<<`<<<_<<<`<<<_<<<<<<<<<<<_<<<<<<<`<_<_<_<`<_<`<_<`<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<__`<_<_<__`<__`<_<_<_<_<_<_<_<``<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`__<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_____<_<_<_<___<___<___<__`_`__<__`_`_`_`________________<`<_<`<<<`<_<`<_<`<<<<<<<_<<<<<<<_<<<_<_<`<_<`<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<`_`__<_<`_`_`_`<_<_<_<_<___<____``<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<`<`<`<`<`<`_`<`_`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<___<___<___<_<_<_<_<_______<______`_`_____`_`_`_`_________________`_<<<_<<<`<<<_<<<<<<<<<<<<<<<<<<<<<<<_<<<`<<<_<_<`<_<_<_<_<<<_<_<_<_<_<<<_<<<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<_<_<_<_<_<_<__`<_<_<__`<__`<_<_<_<_<_<_<_<_<`_``<`<`<`<`<`<_<_<<<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<___<___<______`_`_`<__`_`_`_`_`____<__________`__<`<<<`<_<<<<<<<<<<<<<<<<<<<<<_<_<`<_<`<_<`<_<`<_<`<<<_<_<_<_<_<_<_<<<_<_<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<_<_<_<_<`_`<`<_<`_`<`_`<`<_<_<_<_<_<_<____`_``<`<`<`<_<_<_<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<___<_<_<_<_<___<___<______`_`_`_____`_`_`_`__________________`_<<<`<<<<<<<<<<<<<<<<<<<<<<<`<<<_<<<`<<<_<_<`<_<_<<<_<<<_<<<_<<<_<<<_<<<_<<<<<<<_<_<_<<<_<_<_<_<_<_<_<<<_<<<_<_<_<_<_<_<_<__`<_<_<__`<_<`<___<_<_<_<_<_<_<_<`_`__`<_<<<_<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<__<_<<_<_<_<_<_<___<_<_<______`_`_`_____`_`_`_`_`__<_____________`__<<<<<<<<<<<<<<<<<<<<<<<<<`<_<`<_<`<_<`<_<`<_<_<<<_<_<_<_<<_<<<_<_<_<<<<<_<_<_<_<_<_<_<_<_<_<<<_<<<_<_<_<_<_<_<_<`_`<`__<__`<`_`<`_`<_<_<_<_<_<_<____`_`___<_<_<_<_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<``_<<_<___<_<__<<_<_<__<___<____`_`____<`_`_`_`_`_________________`____<<<<<<<<<<<<<<<<<<<<<<<`<<<_<<<`<<<_<<<`<<<<<<<<_<<<_<<<<__<_<`<_<`<_<`<_<`<_<_<_<_<_<_<_<_<__`_`<`<<_<<<_<<<_<<<_<`<`<`<`<`<`<`<`<`<`<`<`<_<<____<___<_<<___`_`__<`_`_`_`_`__<_<_<___<________`_`__<<<<<<<<<<<<<<<<<_<<<`<<<`<<<`<_<`<_<<<<<__<<<<_<<<<<_<<_`<`<_<`<`<`<__`<`<_<_<_<_<_<_<_<__`_`___`_<_<_<_<_<_<`<`<`<`<`<`<`<`<`<`<`<`<_<_<_<___<<<_<_<_<____`__<__`_`_`_`_`____<____________`_`_`_`_<<<<<<<<<<<_<<<_<<<`<<<_<<<`<<<_<<<<<<<<<<<<<<<_<_<_<<<_<<<<_<_<_<<`<_<_<_<`<_<`<_<_<<<_<_<_<_<_<_<`_`_`<`_`<<_<<<_<`<`<`<`<`<`<`<`<`<`<`<`<_<_<_<_<__<_<__<_<_<_<_<_<_<_<<<_<<_<_<_<_<_<_<_<_<_<_<<<_<<<_<_<_<_<_<___<__`_`__<__`_`_`_`_`____<___<___<___<__`_`___`_<<<<<_<<<`<<<_<<<`<<<`<<<`<_<`<<<<<<<_<<_<<<<<<<_<<<<<<<_<<<<<<<_<<<_<<<_<_<_<<_<_<_<_<<<<<<<<<_<_<_<_<_<_<_<_<`<<`<_<_<`<`<_<`<`<_<_<_<_<_<_<_<_<_<`_`__<`_`_<_<`<`<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<_<_<_<_<_<_<__`_`_`__<__`_`_`_`_`_`__<___<___<______`_`_`_`_`_<<<<<<<_<<<<<<<_<<<<<<<`<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_<<<_<<<<<<<<<<<_<<<_<_<_<<<_<_<`<_<`<_<_<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<`<_<__`__`<`<`<`<`<`<`<`<`<`<`<`<`<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<<<_<_<_<_<_<<<_<_<_<_<_<_<_<<<<<<<_<_<__<_<_<_<_<`_`<`_`<_<`<`_`_`_`<`__<___<___<___<____`_`___`_`_<_<<<`<<<_<<<`<<<<<<<<<<<<<_<<<<<<<<<<_<<<_<_<_<<_<<<<<<_<_<_<__<`<`<<<_<<`<<<_<_<<_`<`<`<`_`<_`<`<`<`<`<`<`<<<____<<_<<<<_<_<_<___<_<<_<_<_<_<_<`__<<`_<<___`_`___`___<<<_<<<<<<<_<_<<<<<<<<<<<<<<_<_<<_<<<_<<<_<`<<<_<_<_<<<_<`<__`<_<_`<`<`<`<`<`<`<`<__<_<<_<_<_<_<_<<<<_<_<_<____`_`<_<_<___<`_`<`_`<__<`<<<_<<<`<<<<<<<_<<<<<<<_<<<<<_<_<__<<<<<_<_<``<_<__<_<`<_<_<`<_<_`<`<`<`<`<`<`<_<<__<__<_<_<_<<_<_<_<_<_<__<__<<<<_<<<___<`_`___``______<<`_`<__`_`___<<<<<<<_<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_<<<_<<<<<<<_<<<__<_<<<`<_<`<_<`<_<`<_<_<_<_<_<_<_<_<_<_<`<_<`<_<_`<`<`<`<`<`<<<<_<_<_<<<_<<<_<<<_<<<_<<<_<_<<<<<_<_<_<_<_<_<_<_<_<_<_<_<<<<<<<<<<<_<_<_<_<<<_<___<_`<`<_<__`<`_`<`_`<`<_<<_<_<_<_<_<___<`<`<`__<`<_<__<_<<<`<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_<<<<<<<_<_<_<<<<<<<<<<<_<<<_<<<<<_<_<<<_<`<`<_<`<_<_<_<`<`<`<_<`<_<<<_<_<_<_<_<_<_<`<_<`<_<`<_<_<_`<`<`<`<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<<<<<<<<<_<_<_<_<_<_<___<__`_`_`<`<_<__`<`_`_`_`<`__<_<_<_<_<___<___<`<`<`<`<`_`<____<<<_<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_<<<<<<<<<<<_<<<_<_<`<_<`<<<_<_<`<_<`<_<`<_<_<_<_<<<_<_<_<_<_<<<`<<<_<_<_<_<_`<`<<<_<<<_<_<_<_<_<<<_<<<_<<<_<<<_<<<_<<<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<<<<<<<<<_<_<_<_<<<_<___<__`<`_`<`__<_<`<`_`<`_`<`_`<_<_<_<_<_<_<___<_<`<`<`<_<`<`__<__<`<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<_<_<<<<<<<<<<<<<_<<<_<<<<<<<_<<<_<`<`<_<`<_<_<_<`<`<`<_<`<`<_<<<_<_<_<_<_<_<_<_<`<_<_<_<`<_<_<__<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<_<_<_<_<_<_<_<_<_<_<_<_<_<_<_<<<<<<<<<<<_<_<_<_<_<_<___<__`_`_`<`__<_<`<`_`_`_`<`_`__<<<_<_<_<_<___<__`<`<`<`_`<`<_<___<՜.+,0    On-screen ShowQUTJd &Times New RomanArial WingdingsVerdanaTahomaBeamProfile Watermark3Governance Systems; Towards an integrated approachSlide 29The recalcitrant director's view of corporate governance#Message to the overzealous manager$Who to target when changing culture.The philosophical approach to good governance%The truth about corporate governance Key IssuesGThe demand for good governance and systems will intensify not diminish Background Background*Does Good Governance and Compliance Cost?Creating Value Performance$Benefits of Managing Critical RisksInsurance BenefitsStaying in BusinessImproving Work Environment5Value of a Culture of Compliance and Good Governance5Value of a Culture of Compliance and Good Governance Other Value"Building a Good Governance System"Building a Good Governance System"Building a Good Governance System"Building a Good Governance System"Building a Good Governance SystemRole of Leadership #Why Integrate Governance Systems? #Why Integrate Governance Systems? #Groucho's view of corporate values  Fonts UsedDesign Template Slide Titles%_r: 0Mario PennisiMario Pennisi  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesCurrent UserSummaryInformation(UPowerPoint Document(:DocumentSummaryInformation8