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For industry regulators, the ability to measure and benchmark the governance standards of industry participants supports regulatory bodies in ensuring that companies not only comply with statutory requirements but also align with best practices that underpin sector integrity and stability.

Effective governance is a linchpin in the sustainable operation of industries; it influences corporate ethics, risk management, and legal compliance. By measuring governance standards, regulators can assess how well companies are managed and whether they adhere to the principles of good governance such as transparency, accountability, and fairness.

Benchmarking these standards against the industry average, median or best practices enables regulators to identify outliers and encourage them to elevate their governance approaches, thereby enhancing overall industry health.

Benchmarking governance standards aids in fostering a competitive industry environment. When companies know their governance practices are being assessed and compared, it motivates them to innovate and strive for better standards to not only meet regulatory requirements but also to stand out among peers. This drive for excellence can lead to improvements in company performances and, by extension, contribute positively to the industry’s reputation and stakeholder confidence.

Regulators also use these benchmarks to protect the interests of stakeholders, including investors, customers, and employees. Effective governance can mitigate the risks that lead to financial scandals, mismanagement, or corporate failures that harm stakeholders and the broader economy. By setting and monitoring governance standards, regulators can intervene before problems escalate, ensuring stability and continuity in the sector.

By establishing clear benchmarks, regulators provide a framework for continuous improvement. This ongoing process encourages companies to regularly review and enhance their governance structures, adapting to new challenges and changes in the regulatory landscape. Dynamic regulatory oversight ensures that governance standards evolve in tandem with both market conditions and international best practices, thereby safeguarding the sector’s long-term sustainability.

Governance Manager can play a role in supporting regulators to gather key market intelligence and distilling this into actionable insights that guide and inform both regulator functions and industry development.

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