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What is Good Governance?
The definitions are based on normative assumptions about how decisions should be made within organizations and the functioning of formal and informal structures for implementing such decisions.
In 1997 the UN Development Program articulated eight principles of good governance.
https://www.unescap.org/sites/default/files/good-governance.pdf
This concept is being used in the development and management literature because “bad” governance is often identified as a root cause of social inequality, development failures, and corporate scandals.
Good governance is increasingly seen as essential for ensuring national prosperity by increasing:
accountability,
reliability, and
predictability of decision making
Good governance is based on democratic values that stimulate administrative reforms that affect a range of organizations.
A series of public-sector management reforms have been instituted on a global basis to improve the capacity of governments to respond to external demands for better and more responsive services, managing budget deficits and surpluses, and addressing competitive pressures resulting from globalization.
Additionally, these responses are often geared toward increasing the effectiveness of bureaucracies through a range of organizational, administrative, and policy reforms.
Good governance requires a systematic approach to ensure that organizations are transparent, honest, and oriented toward equity issues, its practice is uneven across organizations and sectors.
To ensure that good governance prevails, elected representatives, corporate executives and boards of directors, professional bodies, and civil society groups need to become more active in learning about the perils associated with “bad” governance and push for stronger laws and policies that protect the public interest.
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