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Good governance is a critical success factor for any organization or institution to perform optimally. The eight basic elements of good governance are:
1. Transparency: This means one can easily access the operations and decisions that are made within an organization. It involves giving citizens input on the information they need as well as making actions, decisions, and policies transparent to the public.
2. Rule of Law: This principle ensures that the decision being made is made as per the guidelines of the law and the relevant regulations. It makes sure that fairness and justice are observed within the governance structures that exist.
3. Accountability: Adopting the principle of legal liability means that everyone and everything that acted in some certain way or made decisions shall bear the consequences. Accountability shifts responsibility for conduct and performance since it demands that those in authority be held accountable for their actions.
4. Participation: This element makes a clear point of notifying that various others within the system should be incorporated in the decision-making process. It makes sure that all sections of the population are taken into consideration and appreciated.
5. Effectiveness and Efficiency: Governance, therefore, can be defined as the technical process of managing available resources to realize set objectives most effectively. They place emphasis on the efficiency of the set objectives in terms of time and resources.
6. Equity and inclusiveness: This element highlights the aspects of accountability when managing public resources. It has the principle of making sure that everyone has an equal chance of being part and parcel of being in a position to benefit from governance.
7. Consensus Orientation: In good governance, therefore, decision-takers consult widely, engage in debate, and reach a consensus on every issue. Ideally, it aims at forging a broad and inclusive consensus in a quest for long-lasting solutions.
8. Responsiveness: Being people-oriented is another quality of good governance whereby the government takes into consideration the needs assessments and grievances of the public. Another form of proactivity is intervention, which is timely and relevant action to counter difficulties and problems that society encounters.
These eight pillars of good governance ensure that business organizations and institutions act inappropriately and are accountable to the public for their operations, thus producing a better result than having a worse performance.
