Please find attached a useful and interesting article, which was recently published by IFAC and CIPFA entitled “International Framework: Good Governance in the Public Sector”. This framework mainly aims to promote the development of robust governance in public sector entities by establishing a benchmark for good governance.
According to this paper, the Good Governance in the Public Sector is based on:
(a) Governance comprises the arrangements put in place to ensure that the intended outcomes for stakeholders are defined and achieved.
(b) The fundamental function of good governance in the public sector is to ensure that entities achieve their intended outcomes while acting in the public interest at all times.
In this light, acting in the public interest requires the following Principles:
A. Behaving with integrity, demonstrating strong commitment to ethical values, and respecting the rule of law.
B. Ensuring openness and comprehensive stakeholder engagement.
In addition to the overarching requirements for acting in the public interest in principles A and B, achieving good governance in the public sector also requires effective arrangements for:
C. Defining outcomes in terms of sustainable economic, social, and environmental benefits.
D. Determining the interventions necessary to optimize the achievement of the intended outcomes.
E. Developing the entity’s capacity, including the capability of its leadership and the individuals within it.
F. Managing risks and performance through robust internal control and strong public financial management.
G. Implementing good practices in transparency, reporting, and audit, to deliver effective accountability.