Governance is about how commodity boards operate and make sound decisions in accord with their regulatory duties and responsibilities. Effective, strategic and accountable delivery of legislated regulatory responsibilities by the commodity boards requires good governance and sound decision-making.
The governance measures in the PARP Summary Report were developed by BCFIRB, in consultation with the boards, to assess and demonstrate the establishment and use of good governance tools and sound decision-making. Measures focus on:
- Governance tools and practice
- Financial accountability
- Stakeholder consultation
The table below summarizes commodity board progress on implementing good governance practices.