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Global Governance Mechanisms - Essay Example

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In the UK, board of directors mainly controls the functions of a company while non executive directors do not have a significant role in the company and the role of a chairperson and a CEO is separated. There is no as such internal mechanism to attest the management reports…
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Global Governance Mechanisms
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Running Head: Global Governance Mechanism Global Governance Mechanism s Following is a brief about variation of governance mechanism in the globe:
Internal Mechanism
In the UK, board of directors mainly controls the functions of a company while non executive directors do not have a significant role in the company and the role of a chairperson and a CEO is separated. There is no as such internal mechanism to attest the management reports (Julian and Colin, 2002).
In the US, non executive directors play their role in disciplining the functions. Internal auditors have the due authority to attest the management report for their validity (Steven and Mike, 2005).
External Mechanism
The minority shareholders in UK are protected by the City Code of Takeovers and Mergers. Financial Reporting Review Panel has authority to acquire any information required for auditing. Company Directors Disqualification act may forbid anyone to hold a position in the company due to partiality or any other reason (Julian and Colin, 2002).
In the US, majority shareholders can impose their decision of takeover or merger upon the minority shareholders. PCAOB performs auditing for the public companies subject to law of US security while it is mandatory to rotate the external auditors to refrain from close liasoning. SEC can forbid any person to position as CEO/CFO in a company to retain impartiality (Marlene and Bernadette, 2008).
There is no significant variation in the governance mechanism around the globe and there are certain acts that substitute the similar provision existing in another country. Conclusively, corporate governance evolves with circumstances providing equitable rights of the stakeholders within the law.
References
Julian F. And Colin M. (2002) Corporate Governance In The Uk – Contrasted With The Us System Retrieved from www.suerf.org/download/studies/study1.pdf‎
Steven T. & Mike W. (2005) Divergence and Convergence within Anglo-American Corporate Governance Systems: Evidence from the US and UK, 1950–2000 Business History. Volume 47, Issue 2, pages 267-295
Marlene D.and Bernadette S. (2008) The impracticality of an international “one size fits all” corporate governance code of best practice, Managerial Auditing Journal, Vol. 23 Iss: 6, pp.532 - 544 Read More
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