The Role of Governance in Public Management - Essay Example

Public service Introduction Governance is essential in public management and the federal government has played a key role in regulating the internal governance of US corporations (Savas, 2005). Traditionally, the federal government's role was limited to controlling monopolies and price-fixation controls, but the stock market crash of 1929 led the federal government to take an active role in governance through the enactment of the Securities Act of 1933 and the Securities Exchange Act of 1934. The establishment of the Securities Exchange Commission (SEC) by federal laws ensured that corporations issue extensive disclosures in order to protect investor interests.

Federal laws prohibit insider trading and provide for the establishment of audit committees that ensure the accuracy of audited financial statements (Savas, 2005). The latest effort of governance at the federal level is the Sarbanes-Oxley Act which sets a code of conduct for senior financial officers and outlines director responsibilities thus creating more transparency in public corporations. The federal level has guidelines for service contracting in government agencies and the objective is to ensure the public interest is safeguarded and public goods and services are provided more efficiently and effectively (LeRoux, 2007).

The changing role of public management in serving the public interest is characterized by the need to ensure accountability, justice, and consultations with the public while respecting the rights and security of citizens as guaranteed in a democratic society (LeRoux, 2007). The federal government is supposed to provide the regulatory framework that safeguards public interest in corporate organizations through external regulation and internal structures that safeguard against illegal and unethical practices such as corruption or money laundering (LeRoux, 2007).

There are alternative ways that private and non-profit sectors are engaged in delivering public service such as empowering citizens and minimizing the impacts of market externalities such as pollution. The private sector can deliver public service through corporate social responsibilities that aim at enhancing the standards of living of surrounding communities such as building schools while the non-profit sector can deliver public service through advocacy and education programs that aim at minimizing the waste of natural resources and conservation of the environment (LeRoux, 2007).

The public-private partnerships can be formed in order to deliver essential public services such as infrastructure and health services to rural communities through outsourcing such services to private entities (Savas, 2005). As a future administrator in the field of public administration, this information will be very useful in executing my duties since I know and understand the public sector values and moral and ethical responsibilities that I should adhere to while undertaking my job. I have learned the different roles and responsibilities of government, corporations, and ordinary citizens in ensuring a prosperous society.

As a future administrator, I will ensure service delivery to citizens and accountability is critical in my work. Conclusion Governance plays a critical role in public management since it safeguards public interest and fosters prosperous and democratic societies. The federal level has undertaken active measures in enhancing governance in both corporations and public management through the enactment of legislation that guides decision-making in corporations and ensures that public funds are utilized efficiently and effectively in the delivery of public services to the citizens.