The system of rules, practices and procedures by which a business is directed and controlled.

It essentially involves balancing the interests of a business’s many stakeholders, including shareholders, owners, management, employees, customers, suppliers, financiers, government and the community.

This may include policies on:

• ethical trading
• social responsibility and
• carbon reduction.

Dealing with such things as:

• regulatory compliance e.g. the Provision of Services Regulations;
• supplier payments and
• credit control and debt management including late or non-payment of invoices.