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  • Linda Bounds Vice President of Financial Services

  • GOVERNANCE ?

  • WHAT IS GOVERNANCE?

    • Provides guidance for authority (Who)

    • Communicates accountability and authority for important decisions. (What)

    • Empowers employees to do the right things

    • Protects the interest of

    stakeholders

  • 1. Allows for quicker decision-making

    2. Fewer embarrassments – “unauthorized”

    3. Increases transparency

    4. Lesson in delegation of authority

    5. Creates sense of trust – well defined and fair treatment - empowerment

    WHY IS GOVERNANCE IMPORTANT?

  • WHAT IS OUR MIDWAYUSA’S APPROACH?

    • Formal Organizational Governance

    • Formal Departmental Governance

    • Does not replace Company policy or job descriptions

    • Part of overall Leadership System

  • WHO SHOULD KNOW ABOUT GOVERNANCE?

    • All employees in the organization

    • Used every day in decision process

    • Posted on “Great Wall” and on departmental intranet site

  • HOW ARE THEY USED?

    • All Organizational Governance items are part of the Board Agenda

  • HOW ARE THEY USED?

    • Provides transparency – Legal, Ethical, Regulatory Report

    –Audit Report

    –Risk Management Report

    –Compensation Review

    “Corporate governance is about shining a light

    throughout the whole organization.”

  • Effectiveness of Governance Documents themselves is not measured. However,

    various measures are aligned as they relate to processes and reporting.

    How are they effective?

  • RESULTS • Performance improvement

    – Profitability

    • Efficiency

    • Effectiveness

    – Reputation

    • Creating Value

    – Employee Satisfaction

    – Sustainability

  • Linda Bounds Vice President of Finance