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Business Law and Ethics - Assignment Example

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A paper "Business Law and Ethics" outlines that the efforts to redeem these institutions entailed the injection of government assistance into the management of the institutions, as organizational boards were blamed for being unable to uphold the oversight of the organizations…
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Download file to see previous pages The implementation of professional boards in Kuwait has already started, and will not be a hard task, as Kuwait-based companies have already worked on realizing compliance with the standards required from professional boards. These standards include that the boards should only have seven members. One example of a compliant company’s professional board is that of Kuwait Finance & Investment Company which has implemented the seven-member professional board standard (Kuwait Finance & Investment Company 1). The company has also met the standard that the board members should be highly experienced in the business areas of the company. For instance, from the case of KF & IC, the different members were selected on the basis of their knowledge of the Kuwait business environs, and their experience in the financial and investment business (KF & IC 1). Compliance with the professional board standards is also demonstrated from the case of Kuwait and Middle East Financial Investment Company (KMEFIC), which has implemented the seven board member system (KMEFIC 1). Further, the board members were selected on the basis of their experience in the finance and investment business environment of Kuwait and the Middle East. The new system has been working in Kuwait, mainly because the Kuwait-based companies share in the needs to downsize the number of board members, as well as to prioritize the capacity of the members, towards contributing to the effective oversight of the company. ...
Compliance to the professional board standards is also demonstrated from the case of Kuwait and Middle East Financial Investment Company (KMEFIC), which has implemented the seven board member system (KMEFIC 1). Further, the board members were selected on the basis of their experience in the finance and investment business environment of Kuwait and the Middle East. The new system has been working in Kuwait, mainly because the Kuwait-based companies share in the needs to down-size the number of board members, as well as to prioritize the capacity of the members, towards contributing to the effective oversight of the company. Qn. 2. The gatekeepers are economic players affiliated to senior regime leaders and players (Hertog 290). The gatekeepers are the brokers that are best studied and documented in popular writings and western press, as actors that played a critical role around the senior figures in the regimes – ordinarily sheikhs and prices. The gatekeepers control the access of the VIPs of the region to high-level individuals, and also to the resources that the senior regime members could dispose (Hertog 291). Gatekeepers already existed during the pre-oil time, at Kuwait and other nations like Arabia, although their relevance increased with increase in the administrative complexity, the centralization and the riches of the gulf nations. Among the famous gatekeepers of the 1970s, which was an oil-boom time include Ghaith Pharaoh of Saudi Arabia (Hertog 291). They acted as the mediators between royal personalities like King Fadh, who was a Prince before, and Sultan, who was a prince in charge of the defense ministry. The gatekeepers addressed the finer details of national contracts, and scooped a very large share – allowing Western contractors to engage the ...Download file to see next pagesRead More
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