In 2004, the Australia Council and the Australian Federal Government arts funding and advisory body established eight principles of corporate governance and good practice for the Major Performing Arts Board. I propose that these are helpful "live by" principles for nonprofit boards everywhere to consider, use and possibly adopt, even in their bylaws toward describing the board's approach to fulfilling its fiduciary duties.
Principle 1 Lay solid foundations for management and oversight
Principle 2 Structure the board to add value
Principle 3 Promote ethical and responsible decision making
Principle 4 Safeguard integrity in financial reporting
Principle 5 Recognize and manage risk
Principle 6 Encourage enhanced performance
Principle 7 Remunerate fairly and responsibly
Principle 8 Recognize the legitimate interests of stakeholders