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Corporate Governance: The OECD Principles of 1999 - Term Paper Example

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"Corporate Governance: The OECD Principles of 1999" paper focuses on these principles which were set up before the corporate scandals such as Enron occurred, which rocked the world. These comprise a general set of principles that comprise the best practice that can be used to ensure governance. …
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Corporate Governance: The OECD Principles of 1999
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Download file to see previous pages The OECD report applies mainly to those corporations whose stock is publicly traded rather than to private corporations. However, the King Report on corporate governance that was put forth in 2002 takes into account the corporate scandals that have occurred. Therefore it focuses on corporate governance within individual firms and includes the scope of Director responsibilities and duties of the Board. It also allows for the impact of technology and its impact on corporate governance. Therefore, while the OECD approach is broad-based, the approach is company-specific in the King Report. Moreover, the OECD report does not take into account individual director responsibilities or the impact of technology like the King report.

The first King Report on Corporate Governance was published by the King Committee in 1994. This report advocated an integrated approach to corporate Governance in order that all stakeholders are benefited. However, the changes in the global economic environment and legislative framework resulted in the revision of the King Report to generate an updated version in 2002. The OECD principles, on the other hand, aim to generate a set of principles on corporate governance that can be universally applied across countries. These principles were first developed in 1999 but were later revised in the wake of corporate scandals such as Enron that revealed the need for increased corporate responsibility doe to the accounting irregularities that were revealed. The changes that have occurred have sought to expand the objective of good governance from being a solely profit-motivated one to one that also includes corporate sustainability and responsibility to the community, consumers, and suppliers of a corporation.

The OECD principles of corporate governance set out an international benchmark that governments and regulators can follow. (www.OECD.org). These standards of corporate governance comprised the first effort to develop an international standard including codes for good corporate governance that would hold good across all countries. ...Download file to see next pagesRead More
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