59-05-032 Proceeding

6 Proceedings of the Princess Maha Chakri Sirindhorn Congress all these practices, good governance will be achieved. Results and performance will be measured against objectives, strategies will be formulated on the basis of purposes with social responsibility, and all practices will be in the realm of legal, social, and ethical compliance. It is not difficult to differentiate between a corporate with good governance and another without good governance. A corporate without good governance practices with social exclusion, inefficiency, a lot of red tape procedures, and corruption. On the other hand, a corporate with good governance practices with transparency, participatory engagement among stakeholders, decentralized decision making, empowerment, accountability, codes of ethics for workforce conducts, and sustainability mindset. In conclusion, we have to realize that there are many key concepts in the development of good governance in any organization. They are as follows: l Participatory engagement of all stakeholders l Transparency of information disclosure l Accountability for all activities with due responsibility for money and any entrusted properties l Compliance with legal and ethical rules and regulation l Result orientation for all performance l Value for money and budget monitoring l Risk management to prevent crises and any disaster to happen l Workforce cultivation for good governance mindsets and practices l Good governance cultivation at all level to achieve integration l Public monitoring, scrutinizing, and feedbacks l Collective actions among all individuals involved Good governance is not a buzz word. It is not a fad, but it is a trend that all leaders must take this phenomenon seriously, andmust make utmost efforts to develop and achieve good governance mindsets and practices among all individuals involved. Not only does the concept lead to highly efficient and effective performance, but it also leads to sustainability. It is an essential part for any corporate that will be built to last.