corporate (adjective, cor-po-rate, \ ˈkɔːrpərət \) policy (noun, pol-i-cy, \ ˈpɑːləsi \)
Definition: is an official set of rough guidelines, recommendations, and rules developed on the basis of analyzing the internal and external aspects that affect a corporation’s goals, activities, procedures, and plans. The corporate policy is developed by the board of directors and includes the company’s response to most commonly-occurring situations and events. Additionally, such a policy determines how strategies are formulated and implemented, as well as directs a company’s planning and decision-making processes.
In a Sentence:
- To avoid making the mistakes the previous SEO did, Conwell decided to start his reign by changing the corporate policy and making sure that all employees were constantly informed of any changes in the corporation’s strategies.
- Without a well-formulated corporate policy, it’s impossible for the board of directors to direct and manage the company’s day-to-day activities properly.
- When I was first hired at HLT, I didn’t even read the corporate policy as it was two hundred pages long.
Synonyms and related words: policies and procedures, company policy, corporate governance
