Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?

Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?
A . Determine the organization’s overall risk appetite.
B . Establish a governance committee.
C . Delegate authority to members of senior management.
D . Identify key stakeholders and their expectations.

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Answer: D