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Corporate Governance the Need of the Hour - Report Example

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The author of the "Corporate Governance the Need of the Hour" paper analyses the need for organizations to abide by the ethical codes and also probes into the reasons for crisis and failures because of bad corporate governance and suggests remedial measures. …
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Corporate Governance the Need of the Hour
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Download file to see previous pages A corporation has to be fair in all its transactions. It is rather a compulsion than the choice to organizations especially, in the epoch of globalization where they need to pool resources from across the globe and win the confidence of the global people. These corporations are therefore governed by a set of codes of values and principals. Top management responsibilities, especially those of the CEO, involve getting things accomplished through and with others in order to meet the corporate objectives (Wheelen and Hunger, 2007. p.33). So, good governance is wholly and solely the responsibility of the top management. 

Corporate governance is about ethical conduct in business. Ethics is concerned with the code of values and principals that enables a person to choose between right and wrong and therefore select from an alternative course of action. The Cadbury report 1992 describes corporate governance as “the system by which companies are directed and controlled”. “Corporate governance is the system by which companies are directed and managed” (Kumar, 2007)

Corporate governance results in the proper functioning of the organization and hence would result in profitability to the delight of its investors and its financial publics and provide for better socio-economic growth. So good governance will result in an all-round benefit to those directly and indirectly concerned. The activities related to corporate governance has a direct influence on the financial health of the corporate entities and thus has tremendous significance. Today corruption is an all-embracing phenomenon in many parts of the globe; as a result, suspicion has become an inherent quality of those concerned with the corporate. Winning the trust of its employees, customers, bankers, and society is imperative to do business. As the world become borderless and cross border business has become the order of the day, ensuring ethical and accepted way of doing business will ensure goodwill and profits to organizations. ...Download file to see next pagesRead More
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