corporate policy

Definition

A formal declaration of the guiding principles and procedures by which a company will operate typically established by its board of directors or a senior management policy committee. Imbedded in corporate policy are the company's mission statement, objectives and the principles by which strategic decisions are to be made. It also forms the basis for measuring performance and ensuring accountability at all levels of the company.

Use corporate policy in a sentence

It was a corporate policy and we had to follow it because if we did not, then we could get fired.

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Even though he wanted to wear sandals to work, Eric knew the corporate policy would not allow him to do so.

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The corporate policy was explained to each new employee during the first week, by the human resources representative who could also answer any questions.

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