The paper “Governance Regulations and Ethics in the UK” brings into focus the dishonest by the investment companies when they undertook to promote internet stock companies they were quite aware would fail. This was in an attempt to precipitate the crisis…
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Governance Regulations and Ethics Task 1: Economic Recession 1.0 Introduction In the book, in chapter one, there is a lot of emphasis on corporate responsibility towards ethical issues in management so as to conform to international set standards where the guidelines and management principles that conform across countries and cultures. In the film, it is clear that most countries especially America made attempts to set into place control mechanisms through various acts so as to ensure honest and moral conduct in business. The book brings into focus the dishonest by the investment companies when they undertook to promote internet stock companies they were quite aware would fail. This was in an attempt to precipitate the crisis by, in fact, defrauding innocent investors. This resulted in derivatives. This is an outright case of dishonest as business terms require such loyalty and obligation in the management of the corporations by people charged with the responsibility whether CEOs or employees. 2.0 Issues in the Movie Covered in the Existing Corporate Codes 2.1 The UK Corporate Governance Code of the year 2010 The UK Cooperate Governance Code of the year 2010 is mainly included with the aim of establishing a well a created board of governors for accompany or corporation through principles and rules, as opposed to rigid rules. The main Aim of the code is to ensure proper directorship of companies through the underlying principles of accountability, transparency, probity, and insight into sustainable success. It is clear that the financial crisis as reported in the movie, “The Inside Job’ was as a result of management of the business with the aim of success but without consideration of the eventual effect of such practices, which were fraudulent, in nature. This is in the book which defines better and acceptable ethical practices in the corporate world 2.2 Flaws in the Implementation of the Code Although the code in section 4 about governance sets out the moral practices of an organization through sound and upright board behavior, implementation, and adherence are not a guarantee. This is evident in the movie since the CEOs of the investment companies did not actually follow the guidelines, though they existed. The Lehman Brothers, for instance, ignored the moral and ethical guidelines and continued promoting borrowing to firms without the capability to remain in the market with that clearly in their knowledge. The firm had to crumble and come down in 2008. 2.3 Role of corporate Leadership in Disregarding the Code Leadership of the chairman of a board, the support is given to and by the chief executive officer and the openness and frankness to discussions by the directors is the key in this endeavor according to the governance code.
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In fact, the economy was at its worst performance; companies went on a downsizing trend that rendered so many people jobless. This was done to cut down on the operation costs of the companies. Consequently, so many people lost their homes since they could no longer pay their mortgages.
This paper will critically analyse the different aspects of the corporate governance practices in the UK and will compare them with those of other countries. The concept of corporate governance underwent tremendous changes over the last few decades, especially after the emergence of globalisation and associated industrialization.
There has been a gradual evolution of business dynamics from government and state sponsored businesses and industries to individual powerhouses dominating the field till the later part of the 20th century. However, the business system that has been dominant for the last 40 years or so has been that of the shareholder – centric approach.
This means that government intervenes in the contractual freedom of parties and imposes regulations on the dealing between suppliers or manufacturers and consumers. This is premised on the fact that the manufacturers have a higher bargaining power as compared to the consumer and in such a position the consumers are vulnerable and exposed to exploitation (Halbert, Ingulli 2003, p.94).
The recent revisions made in the Law were required to ensure a greater application of the law, both in the letter and in the spirit, and a greater ease of flow of information between the shareholders and the board.
higher road tax for higher-emission vehicles).
Business ethics can be both a normative and a descriptive discipline. As a corporate practice and a career specialization, the field is primarily normative. In academia descriptive approaches are also taken. The range and
levels, violation of the basic scientific spirits etc., all with the sole intention of maximizing the profit levels (Callahan, 2005; Mallor et al, 2005; Cowe and Williams, 2000). Against this backdrop this paper briefly attempts to evaluate the relevance of ethical standards in
In the collapse of the corporate, executive members were involved in making wrong decisions, through their desires to keep the factual financial position of the company hidden from the general public. The non-executive members failed on their part to monitor the financial performance and relied on information provided by Watson members, which was mostly untrue.
Hence, align with the legal environment whereby they will result to the right choices. In their quest to result to the appropriate choices, these codes inquire marketers religiously embrace basic professional
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