Whilst public bodies become more and more constrained by shrinking budgets and higher expectations, it is important for them to understand the importance of governance.

Governance should not be viewed as an overhead; it should be an organisational priority.

With table stakes increasing in significance and reach, combining good governance into political commitment, institutional frameworks and ethical behaviour are paramount. These guardrails, over time, will reduce financial waste, incrementally grow trust, increase access to public services and result in positive outcomes for citizens.

Despite the regulations and oversight mechanisms public entities are bound by, there are several lessons that they can learn from the private sector, allowing them to become more agile and responsive to constituents.

The contribution of effective corporate governance is more apparent in the loss than the gain, and this holds true for both the public and the private sector. Claims that corporate governance has little to offer to the public sector are mistaken in their understanding of what it sets out to achieve.

Although organisations in the public sector are unique in being tasked with public interest goals and having politically accountable leadership, the contribution of corporate governance should be as beneficial as in the private sector. When the principles of good governance are not followed, the consequences in the public sector can be disastrous.

Ultimately, corporate governance is focused on the proper and accountable management of an organisation, and the public or political status of an organisation cannot excuse a failure to fulfill this.