Who is responsible for ensuring compliance with corporate governance codes?

The responsibility for ensuring compliance with corporate governance codes lies collectively with all board members. Effective corporate governance requires a commitment to ethical leadership and accountability, which is a shared obligation among the board. Each member plays a vital role in overseeing the organization's adherence to governance practices and ensuring that the company operates within legal and ethical boundaries.

While the chair may lead discussions and initiatives related to governance, and the chief executive is responsible for implementing strategies in line with the governance framework, it is ultimately the collective responsibility of the entire board. This approach encourages diverse perspectives and emphasizes the importance of collaborative oversight in maintaining high standards of governance. The nomination committee, while significant in selecting board members and assessing their skills and contributions, does not singularly bear the responsibility for compliance, as that falls to the whole board. This ensures accountability and promotes a culture of governance throughout the organization.