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Corporate Governance - Assignment Example

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In the paper “Corporate Governance” the author looks at the corporate body as an entity, which is impersonal and individuals may function in different capacities within an organization with their financial activities being shielded from the public eye, by virtue of the corporate veil…
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Corporate Governance
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Download file to see previous pages Such a legal personality for a corporation also goes hand in hand with limited liability being placed upon the directors and shareholders of the corporation for debts that can be said to belong to the Company. The corporate body as an entity is impersonal and individuals may function in different capacities within an organization with their financial activities being shielded from the public eye, by virtue of the corporate veil. (Watson, 2002:202). They are liable to the corporation only to the extent of their ownership of shares and as a result, any extra risky financial activities they engage in are not subject to the scrutiny of the public or the law.
The net result of such a legal identity for a corporation is that it has created circumstances where personal greed may override ethical considerations. It also allows business firms to avoid liability to members of the public for financial activities that may be geared towards enhancing individual profits rather than benefiting the organization and its shareholders. The facility provided under the group mantle of limited liability of a corporation has often resulted in an abuse of this power behind the protection of the corporate veil, with the corporation evolving into a wealth sucking monster.
According to Korten, “money is its blood. It is at its core an alien entity with one goal: to reproduce money to nourish and replicate itself.”(Korten, 1995:16). Corporate self-interest has placed the generation of profits and protection of that profit from creditors on a plane far higher than the obligation to function in a moral, ethical manner, deserving of the status of personhood granted to it under the law.  ...Download file to see next pagesRead More
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Corporate Governance Assignment Example | Topics and Well Written Essays - 3000 words.
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Corporate Governance Assignment Example | Topics and Well Written Essays - 3000 Words.
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