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Corporate governance question and answers

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Due to the continued failure of companies in Zimbabwe and the world over, this paper sought to understand how non-executive directors who preside over these failing companies are nominated and selected to sit on boards of directors. An interpretive and qualitative enquiry using forty-two (42) interviewees purposively selected from among corporate governance practitioners was carried out. Semi-structured interviews and document review were mainly used to gather data. Opinions of various people were also sought from Social Media like LinkedIn, NVivo, Researchgate and @cut intranet. Content from social media discussions was saved in folders in NVivo software through the NCapture function. The study established that when selecting directors, interests of all stakeholders need to be considered, selected non-executive directors serve interests of those who nominated them, chairpersons of boards and CEOs nominate board members at the expense of shareholders. The study recommends that a skills matrix is required before nominating board members. Vacancies on the board should be advertised to tap from a large pool. Ethics in leadership was found to be a basis for cultivating leaders with repute who are not selfish and can take companies to greater heights. Abiding by the Code of Corporate Governance and shareholder activism would improve the process of selecting non-executive directors.

International Journal of Research in Marketing

1 1 o os si if fi il le e@ @g gm ma ai il l. .c co om m, +263772410226, PhD Student, Binary University, Malaysia (Corresponding Author) 2 2 s su us se el la a@ @u un ni it ta ar r. .e ed du u. .m my y 3 3 d dc ch ha av vu un nd du uk ka a@ @g gm ma ai il l. .c co om m ABSTRACT Due to the continued failure of companies in Zimbabwe and the world over, this paper sought to understand how non-executive directors who preside over these failing companies are nominated and selected to sit on boards of directors. An interpretive and qualitative enquiry using forty-two (42) interviewees purposively selected from among corporate governance practitioners was carried out. Semi-structured interviews and document review were mainly used to gather data. Opinions of various people were also sought from Social Media like LinkedIn, NVivo, Researchgate and @cut intranet. Content from social media discussions was saved in folders in NVivo software through the NCapture function. The study established th...

The Corporate governance practices are important components in the management and control of an organization affairs. It is concerned with the rules and procedures for making decisions on corporate affairs and provides the structure through which the company objectives are set as well as the means of attaining and monitoring the performance of those objectives. The literature on corporate governance has stirred a lot of debate and led to the large body of theoretical and empirical research. The study examined the effect of corporate governance on the financial performance of SACCO's in Kiambu County. The outcomes from this study indicate that board's compensation will positively contribute to farm's performance. The study thus concludes that compensation of the board positively influence the financial performance of deposit taking Sacco's. The study also found out that structure influences the financial performance of deposit taking Sacco's. It was established that structure of the Sacco positively influenced the financial performance of deposit taking Sacco's. The study thus concludes that 'structure of the firm positively influence the financial performance of deposit taking Sacco's. It was also established that structure of the Sacco positively influenced the financial performance of deposit taking Sacco's. The study thus concludes that structure of the firm positively influence the financial performance of deposit taking Sacco's. The outcomes from this study also indicate that board's compensation will positively contribute to firm's performance. As a result, this study recommends that it is necessary or Sacco's to consider an appropriate and competitive compensation level of board's members. The compensation will provide abettor link between shareholders and firm's management and this link will enhance firm's performance to maximize shareholders " value.

Abstract: Corporate governance is increasingly becoming important in organization as an approach of improving performance. Corporate governance is the system through which organizations are directed and controlled. It is concerned with transparency, accountability and power relationship within and outside the organization. There has been an increasing importance in corporate governance in organizations in recent years. Some studies have argued for a positive relationship while others argued that there is a negative relationship between corporate governance and organizational performance. This study sought to determine the effect of corporate governance on organizational performance of sugar manufacturing firms in western Kenya. The research employed correlation survey design. The population of the study constituted of eleven sugar manufacturing firms in Western Kenya. A convenience sample of sugar manufacturing firms in Western Kenya was used for the study. Primary data was collected using structured questionnaires. Descriptive statistics was used to summarize the data. Pearson’s correlation coefficient was used to determine the relationship between corporate governance and organizational performance of sugar manufacturing firms, multiple regression analysis was used to determine the effect of corporate governance on organizational performance. Findings revealed that the corporate governance practices were positively related to the performance of sugar manufacturing firms in western Kenya, although not very strongly (r = 0.587, p < 0.05). This means that the corporate governance practices which involve board characteristics, board size, Top management characteristics and Shareholders communication policy and Continuous disclosure had an impact on the performance of Sugar firms in Western Kenya. The study recommended that there are other factors which influence performance of sugar manufacturing firms such as trade liberation and government intervention which normally introduce new variables that have an effect on the performance of Sugar firms in Western Kenya. The study also recommended areas of further research. Key Words: Corporate governance, Performance, Sugar firms

A strong financial reporting system erected on the sound foundation of good corporate governance helps to build trust in the minds of the investors, which in turn leads to better business confidence and image of a nation in this scenario of globalization. There is no denying to the fact that by adopting the four basic principles of corporate governance: fairness, transparency, accountability and responsibility, the improved functioning of business will help increase the company " s competitiveness and performance. The focus of corporate governance in India is to improve disclosures and compliance, upgrade corporate governance practices and facilitates the integration of Indian business with global counterparts. Disclosure and accountability are very important aspects of corporate governance, because in addition to shareholders, other publics interested in the working of the company should also know how the company functions. The moot point here is whether to exert muscle, apply brain or wield chaste.

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Ethics and corporate governance Essay

Introduction, decision making.

Jacobs (2004, p. 17) defines corporate governance as an arrangement where organizations are guided and managed, and the emphasis of this description is generally accountability. During the last five years, corporate governance has attracted more concentration from public interest due to its evident significance for the economic stability of corporations and communities in general.

Likewise, corporate governance is the process in which corporate boards administer the operation of an organization by its managers, and the way the board members are held answerable to the organization and shareholders. This contains some inferences for organization or company behaviour not just to shareholders, but also to workers, clients, company’s sponsors, and the stakeholders, as well as the society where the company operates.

The corporate governance system states the sharing of roles and rights among various members in the corporation, for example managers, shareholders, corporate panel, and other groups. It also identifies the processes and guidelines for decision making in corporate issues.

Through this process, it also gives the arrangement where the organization goals are set and the way of achieving those goals and assessing performance (Solomon, 2011, p. 219). This paper discuses a corporate governance and its situation in an organization with studies of leadership behaviours that maintain and overcome the principles of corporate governance in particular company and society in general.

Corporate governance is mostly experienced in companies or organizations. Workplace behaviour is possibly among the most complex elements of the entire corporate governance interest to manage and monitor. However, leaders should have certain values, such as transparency, truth and integrity as a normal element of daily functions so that corporate governance will be achieved.

Company’s managers must start to focus critically on roles to manage efficiently with definite and perceived unsuitable and corrupt conducts if they want to prevent the possible effects and consequences of legal, society, company, and judicial impact.

The possible attack on corporate governance occurs in companies that employ particular number of workers that come from wide cross section of environment and cultures. A company may have a good status among its associates since it addresses the issues that govern the employees and truly kind with wage packages.

A good example occurs when particular employee is called to handle issues like sexual harassment plan since there have been incidences with certain employee or manager. A company may want to zip this issue and can expect that through training they could transform employee or manager’s behaviour and keep the person often considered helpful employee. Actually, the employee may have been set aside for the company’s leadership plan and may be in risk since the victim may affirm that he will resign if the incident is not tackled instantly.

It is possible that different situations of racial harassment or discrimination, similar to sexual harassment, are addressed since they are partly aligned. A company often recruits all workers from different races and cultures, which may cause hatred and discrimination.

Some employees often accuse other employees and request them to return to their home countries or regions. Certainly, managers or employers state that they declined to recruit based on nothing, but only that they did not want them since they identify them to be non-conformist to the company’s culture and principles.

Personally, I could advise the company that it should persist that the behaviour is illegal under the company’s Act. The situation may turn more complex if the clients, working with the section of the company, do not want certain employees to be recruited in its projects. Therefore, the companies should receive the explanation that as contractors they are often accountable based on the Act. The company should understand that it is poorly exposed and could undergo severe consequences.

They should eventually decide to assess and reform the company’s policies and to offer training for employees and level training for every operation they undergo. They should recruit extra employees to cope with the raised workload and to offer advice to administration to make sure that it abides by the company’s policies. The accused employee should leave the company and the victim should be promoted after the leadership training plan.

This incident is common in most companies since discrimination or harassment is common on an occasion where employees have different backgrounds, cultures, or nationalities. It may continue unless employees are provided with their rights and roles and are placed through an informative procedure. Companies can often focus on certain issue that has been exposed as bringing about a violation of the ethics Act of the company (Giroud & Mueller, 2011).

However, it is essential that managers in these companies assume holistic plans and address all issues that arise. They should examine all elements of the legislation and allocate an appropriate process, plan, and method ready to make sure that a violation should not happen under all other positions of the Act. Plans that comprise integrity and ethical decision making are essential as basis to follow and achieve appropriate corporate governance conducts (Klein, 2005).

Certain measures should be followed in all situations of corporate governance if the company needs to help employees and managers demonstrate and transform behaviour by using ethics and integrity. Consequently, they can follow acceptable corporate governance regulations.

Employees and managers are expected to translate policy and legislation into substantial activities and conducts. Formalised plans in themselves will never offer admirable results, mainly a sheep dip way, and it is immature for leaders to consider that this will provide the intended outcome.

Present employees in the organizations are required to be provided clear indications that describe unsuitable and corrupt conducts since they are not tolerable by management. A sticking point in the public sector is that employees are operating on an ethical stiff rope. This sector’s institutional environment creates it nearly impracticable for them to sustain a sturdy sense of ethics and resulting in a conduct that supports appropriate corporate governance.

Generally, the above approaches are among the main elements that I will use to tackle some instances of corporate governance in any company I will participate in. It is the similarity of legislation with workplace behaviour that in the future will attain achievement for corporate governance as a global project. This occurs when every sector of the society adopts certain values, such as transparency, sincerity, and truth as a common element of daily actions.

Corporate governance is among the major elements in decision making and supports the assessment and understanding of financial statements, as well as directs the sensible investment of finance to exploit net profits and income. Various ethical theories are present and can be used in various situations to update company’s thinking and to sustain acceptable decision making. The essential function of corporate governance is to make sure that tactical decision making is provided in the interest of people with a stake in thriving results.

These functions have an impact on the company’s decision making and important during assessment of the investment decisions and asset investment to a great coverage. Some major ethical theories involved in decision making are Consquentialism, Principlism, and Deontology.

Consquentialism proposes that the only element that matters ethically is the consequence of an activity in the company. Deontology states that the essential element is not the consequences of actions, but the moral responsibilities that make the people to do these actions. Principlism enables the people to address almost all ethical issues, and it involves four principles. The four principles include justice, respect for autonomy, non-malaficence, and beneficence.

The ethical virtues are implanted character traits that are considered socially important, such as honesty, reliability, humanity, and sincerity (Parnell, 2009, p. 99). Practical wisdom connects the manner in which virtues are used or passed, and virtue focuses on a person of good character performing an appropriate action (Porta & Lopez-de-Silanes, 2008).

Failure in corporate governance is a serious risk to the opportunities of all companies or firms. Efficient corporate governance, which abides by the core values of reliability and honesty, helps firms have competitive benefit in drawing and sustaining talent, as well as producing constructive responses in the market.

If a company follows a status for ethical behaviour in the current market environment, it provokes not just customer loyalty, but also employee loyalty. Efficient corporate governance may be attained through following a range of guidelines and greatest practices. A great deal relies upon equality, truth, integrity, and the way the firms carry out their businesses. Ethics is really an important element for business success and will go on to act as the outline for success in the current competitive market setting.

Giroud, X., & Mueller, H. (2011). Corporate Governance, Product Market Competition, and Equity Prices. The Journal of Finance , 2(1): 563-600.

Jacobs, J. (2004). Corporate Governance Reform: What It Means for Associations. Association Management , 56(1): 1-36.

Klein, P. (2005). Entrepreneurship and Corporate Governance. The Quarterly Journal of Austrian Economics , 2(2): 19–42.

Parnell, J. (2009). Strategic Management: Theory and Practice. Mason, OH: Cengage/AtomicDog.

Porta, R., & Lopez-de-Silanes, F. (2008). Investor protection and corporate governance. Journal of Financial Economics , 58: 3-27.

Solomon, J. (2011). Corporate Governance and Accountability. New York: Solomon.

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Corporate Governance Essay

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Corporate Governance Essay INTRODUCTION Definition Corporate governance is a mechanism to control and monitor corporate behaviour. It comprises of the system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of a company&#039;s many stakeholders. Corporate Governance is a mechanism to monitor the behaviours and decision making of directors as they make decisions throughout the year; this contrasts to the mechanism of external audit, which evaluates impact of decisions throughout the year made, after the year-end. Why it is important Corporate governance has become increasing important in the aftermath of the financial crisis. Scandalous corporate failures caused colossal impacts on shareholders and stakeholders of the companies. Moreover, failures of large corporations can damage society and have a negative economic affects. Corporate governance must be built on trust, and corporate entities must be held to account for their actions. It can be argued that by following corporate governance can improve organisational performance and thus another reason to comply with such governance. Recent corporate scandals have raised awareness among all constituencies that illmanaged corporations harm both their shareholders and other stakeholders at large. It is widely believed that Enron CEOs&#039; did not only breach their fiduciary duty towards shareholders by misreporting earnings; they also deceived communities and workers by manipulating energy prices in California and getting rid of their shares, right before the company collapsed. These considerations suggest that shareholders&#039; and stakeholders&#039; interests may be more similar, to the extent that both have a common interest in favouring better management of corporations. Additionally the Bearings bank case that was later used to create a film named the Rogue Trader featured an employee in Singapore, Nick Leeson, who traded futures, signed off on his own accounts and became increasingly indebted. Due to the lack of corporate governance Leeson was able to hide losses and on challenge he was able to make excuses. The culture that the company operated was that failure was not accepted and whistleblowing was frowned upon. Also the poor systems, controls and complete lack of challenge from management meant that the risk of unethical acts were high. The result was that the company collapsed and stakeholders lost out, employees lost their jobs, shareholders lost their investment, competitors suffered losses themselves and so on. What is good corporate governance? Good governance must extend beyond basic compliance with external reporting and auditing requirements, to such areas as internal control, performance measurement and management, budgetary control systems, quality management, staff recruitment, training and development, and to reward and promotion systems within a business organisation. Directors should therefore circulate and teach within their organisations a climate of responsibility, accountability, and transparency. This can be achieved by the use of formal structures such as audit and remuneration committees, by appointing effective and independent non-executive directors, and by tightening up on auditing regulations, but it is mainly achieved by having a sustainable, longer-term and broader perspective and by encouraging all to act ethically. NARROW FOCUS Traditional view Under the narrowest of perspectives the principal objective of a company has traditionally been to maximise profits and thereby add to the wealth of its shareholders. This traditional view focuses on the relationship between management and shareholders. The purpose of CG is to facilitate effective, entrepreneurial and prudent management that can deliver the long-term success of the company. The UK Code is voluntary and compliance is disclosed in the annual report and accounts on a comply or explain basis. This traditional view also doesn’t see stakeholders as equal importance, the main focus for directors is maximising shareholder wealth. Principle-Agent Problem The main concern within corporate governance in this instance is the consequences of organisations being run by directors “Agent” rather than owners or the shareholders “Principles” of the organisation. This is referred to as the principle agent problem where there is a conflict of interest between the two parties and information asymmetry. The separation of ownership and control issue is mainly concerned with the concentration of power, and therefore its potential abuse. The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf, for instance the shareholders would appoint directors to run the company in a manner that would create wealth for them. The problem however occurs when the principal creates an environment in which an agent&#039;s incentives don&#039;t align with its own. For example if shareholders offered financial rewards for good performance then a director may seek to ‘cook the books’ in order to obtain a bonus on their own selfish basis. In practice a good example of the problem would be CEO of RBS also referred to as ‘Fred the shred’ was fired after the near collapse of the bank. Goodwin’s misuse of power and the fact that he remained unchallenged allowed him to go ahead with his ambition to buy ABN Amro, a Dutch bank. To do this is offered a rights issue to shareholders to raise finance for the acquisition, however later shareholders took legal action against the CEO since they felt that not all the facts were given to them at the time, they believed they were not given the full picture about the health of the bank, which would have put them off buying more shares. This effectively conveys an information asymmetry that caused a ripple effect that could have triggered the entire UK banking system to collapse. Moreover, Goodwin, despite all this, was awarded a large pension of £16 much to the shareholders dismay. Abuse of power Similar to the principle agent problem in that excessive power is in the hands of management, who may abuse it to serve their own interest at the expense of governance is to maximise shareholder wealth this does not mean there is any statutory duty to do so. The ‘success of the company for the benefit of its members’ clearly implies a duty to generate profit, or at least a positive cash flow only. Director’s remuneration has been a very controversial topic for many years. Shareholder activism takes a big part to play in this area. For example, in 2016 BP announced a £14m pay package for the chief executive. Almost 60% of shareholders voted against this pay package in a year in which it reported record losses, cut thousands of jobs and froze its employees’ pay. It did not seem justifiable to the shareholders to be agreed to issue out large finance to and executive who could be argued to have not done their job since substantial losses were incurred that year. BRIBERY/CORRUPTION Corruption is a corrosive drain on public trust and on the legitimacy of public and private sector institutions. Its toll can be devastating to a national economy, particularly at a time when open global markets can rapidly reverse investment and capital flows if confidence and trust are compromised by revelations of systemic corruption. The Resource Curse The resource curse is the correlation between the abundance of oil, gas and mineral resources and low economic growth and human development in many countries. It is a critical issue as, paradoxically; two-thirds of the world’s poorest people live in resource-rich developing countries. How to address the problem In dealing with corruption, there are no simple answers. In some instances business can be a source of corruption, while in others it is simply a victim. Crucially, corruption can be prevented in a multiplicity of ways. Externally, companies may engage in collective action to reform the business climate to make it more transparent. Others push for ethical standards and fair practices in dealing with the government, where this could be seen in the oil and gas industry. One key way of addressing corruption problem through internal measures is the establishment of strong corporate governance within companies. Good corporate governance is not only a tool that raises efficiency, improves access to capital, and ensures sustainability — it is also emerging as an effective anti-corruption tool. On the day-to-day transaction level it makes bribes more difficult to give and to conceal. At the decision-making level, corporate governance injects transparency and accountability, so that it is very clear how decisions are made and why. Consequences As well as being a criminal matter and a matter of business ethics, bribery and corruption poses a potential barrier to profitability and growth by distorting competition and putting at a commercial disadvantage those businesses that conduct their affairs honestly and fairly. Where businesses lose out on contracts because they have chosen not to engage in bribery or other corrupt behaviour, there can be consequences not only for the profitability of the businesses concerned but, indirectly, for their shareholders, employees and lenders of finance. At the same time, companies, which accede to bribery and corruption once, must consider the possibility that they will be faced with further demands of a similar nature in the future. This issue can therefore have an impact beyond the reach of criminal law and commercial morality. Given the market vulnerability of many SMEs, any barrier – especially an illegal one – to their ability to compete for contracts on fair terms must be treated as a matter of concern. Corruption Corruption includes any illegitimate use of office, and may include a range of different types of crime. Bribery is limited to the giving or acceptance of payment of other illegitimate advantages. Corruption is more prominent in countries where the anti-corruption laws and corporate governance are weak. Managers are more tempted to pay off government officials to get what they want to close the deal. Causes of such corruption are often directly related to the level of development within the country. Emerging market countries typically have issues with poor economic policies, deprived civil society, low levels of education, and weak accountability of public institutions. In government and public services there is a parallel concern that public officials and managers will use their power to build bureaucratic ‘empires’, which increase their status, and to promote their own careers, rather than seek to meet the needs of the public whom they nominally serve. Where SOE (State owned enterprises) exist, when government wholly owns a SOE there is a danger that politicians will interfere in the day-to-day management of the firm and distract it from its best strategic direction in order to obtain some short-term political advantage. Also if government is a major shareholder in an SOE then it may use its dominant holding to ignore or override the wishes of smaller shareholders. Tax-avoidance Starbucks, for example, in 2012 had sales of £400m in the UK, but paid no corporation tax. It transferred some money to a Dutch sister. Oil and gas Growing energy demand, alongside a tightening of access to reserves and advances in technology, have seen oil and gas companies increasing their exploration activities, reinvesting in capital projects and undertaking aggressive merger and acquisition (M&amp;amp;amp;amp;A) activity. The need for growth is driving companies to expand further into markets that may have traditionally been regarded as too difficult, too expensive or too risky. As natural resources in more established markets become scarce and companies look to access new reserves, there is an increasing requirement to explore and operate in countries where there is perceived to be a high level of corruption. Unstable political situations and the lack of infrastructure and controls necessary to combat corruption can make these locations inherently risky. their citizens. The vision is a world where all citizens benefit from their natural resources, today and tomorrow. Take Nigeria for example, despite a 50 year oil boom that helped it grow in to Africa’s largest economy 80% of citizens still live on less $2 a day. An estimated $400bn in oil revenues went missing because of deals that were conducted behind closed doors. This wealth that is lost has a knock on, adverse affect to things such as poverty, health care and education. In 2014 the UK Government required all EU-listed and large EU-registered oil, gas and mining companies to publish what they pay to governments in all countries where they operate. Therefore by knowing how much their government gets paid for the extraction of the counties natural resources allows an easier way to monitor how the revenue is spent. These proceeds can then serve as a basis for poverty reduction, economic growth and development. 

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