Governance - Middle East and Africa - Royal Charter Company
Corporate governance framework
The BSI Board of Directors is committed to the highest standards of corporate governance which are fundamental to the success of the business.
The British Standards Institution is a Royal Charter Company and is governed by its own Royal Charter and Bylaws. As the corporation is not an equity shareholder, BSI is what is called a "distributive not-for-profit corporation" because profits are reinvested back into the business.
As a royal charter company, BSI is investor-supervised in the same way as a joint-stock company, but nonetheless applies the principles of UK Corporate Governance Code issued by the Financial Reporting Board wherever applicable, and has established internal governance procedures to ensure best practice.
BSI's interest in governance began with the establishment of the Board of Directors, which mostly includes non-executive directors, and the Board can rely on the experience of well-known individuals from many business fields. The Board is supported by formal audit, remuneration and nomination committees, in which non-executive directors are the main participants, and by a Strategy, Policy and Standards Committee and a Social Responsibility Committee.
Strengthening the foundations of the frameworks of internal control and financial management and the associated monitoring and compliance systems are the rules of business ethics of the British Standards Institution (BSI), which puts ethical values in mind in all aspects of its business.
The BSI Annual Report details the company's corporate governance framework.
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