A social media policy is as important as your branding guidelines, style guide or marketing plan. It will govern the use of social media, the type of information you communicate, the people within your organization who participate in your social media efforts, outline appropriate responses to negative feedback, and address any legal issues associated with your efforts. One of my favorite social media policies is the one developed by Microsoft's Channel Nine.
An effective social media policy will help your organization get the maximum benefit out of your social media efforts and help prevent embarassing situations or legal issues.