Good practices are key for businesses

The distribution of rights and responsibilities of the different company participants and the rules that govern the decision making process is known as corporate governance. 

This type of practice allows companies not only to operate but also have a better performance, be more solid, have a greater stability, and be in better conditions to compete in the diverse markets. 

When an organization shows a high standard of corporate governance, it is perceived as a reliable company, and this influences the "business climate" of the economy as a whole, while at the same time it impacts its growth process and the development of the country. 

In general, in a context which evidences best practices, companies have "more adequate" financing possibilities both in the financial system and in international markets. In addition, it protects them from the contagion of economic crises and prevents the effects of banking crises. 

The principles needed for companies to stand out with corporate governance best practices are: 

• Efficiency: trying to generate the maximum value with the minimum possible resources.
• Equity: treating all of those who belong to a same group in the same way.
• Respect rights: making the rights of the participants prevail (especially property rights).  
• Responsible compliance: complying with its obligations and other commitments.
• Transparency: providing all the relevant information to the participants.