Governance policies, transparency and a broader perspective than just the financial goals enhance the decision making process.
Critical views have to be taken into account and need to be addressed. This can sometimes be annoying, but also forces you to think better about your plans.
Governance policies ensure a thorough and clear process for decisions where all interests have been considered and prevents rash decisions and activities.
Of course, these policies have to be aligned with the size and scope of responsibility of your company. Otherwise it could lead to a bureaucratic overkill.
Long term trust
The financial crisis has shown what short term financial gain will lead to. It had a devastating effect on how companies are trusted.
Therefore, it is essential to consider the long term effects of decisions and activities, not only financially but also socially and environmentally. Not the least, as the last two undoubtedly will have financial consequences in the long run.