A Summary On Corporate Governance - 1227 Words

Like de Kluyver argued in his publish (A primer on Corporate Governance, 2009), â€Å"there is a presumption that, in making a business decision, the directors acted on an informed basis, in good faith, and in the honest belief that the action was taken in the best interest of the corporation.† However, even though the bar has been set, the definition of â€Å"best interest of the corporation† is open for every business directors to interpret. In the case of Enron, the rule had been bent so hard that it finally broke. The company was originally established as an energy provider in the US. In 1970s, the CEO of Enron seized the chance of US energy market deregulation and navigated the company into a new and attractive business – energy trading.†¦show more content†¦Because of the massive company structure, when the bubble broke in 2001, a numerous amount of people took the hit. The stockholders of Enron scandal include company employees, board of directors , Arthur Anderson accounting firm, Vinson Elkins law firm, and the general public of the society. There were specific internal control protocols and external audit agreements designed to prevent the tragic from happening. However, just like my classmate Likhita said during the class discussion (Thought and Discourse, September 16, 2015), â€Å"People will always find the loophole†. In terms of internal control failing, first of all, the malfunction of the board of directors would be our primary concern. Enron Board of Directors clearly failed to oversight company operations. In United States Senate Subcommittee report (The role of the board of the directors in Enron’s collapse, Permanent subcommittee on investigations, 2002), committee memebrs indicated that â€Å"The Board witnessed numerous indications of questionable practices by Enron management over several years, but chose to ignore them to the detriment of Enron shareholders, employees and business associates.† Moreover, the Board of Directors directly violated Enron’s code of ethics and agreed the company from trading with several SPE (includes LJM1) run by its own CFO, Andrew Fastow. Such transactions were not designed to generate legit business profit, nor providingShow MoreRelatedcorporate governance1590 Words   |  7 PagesExecutive Summary: Corporate governance is an essential part of modern company operations and management , it relates to business ethics, code of conduct and system to manage a company. However, there are many corporate scandals due to the failure of corporate governance. This report analyzes the corporate governance from multiple aspects. It is through the understanding the relationship between corporate governance and business ethics, evaluating the ASX principles as a guidelines to corporate governanceRead MoreThe Importance Of Disclosure And Transparency Within The Corporate Governance Structure1673 Words   |  7 PagesCurrent Evidence While specific corporate governance rules often are controversial, most observers agree on the importance of disclosure and transparency within the corporate governance structure. Some could argue that disclosure may be costly and so effort and money spent on disclosure should be reduced to save costs during times of financial difficulties and limited resource availability. Yet, Isenmann Lenz (2000) show that the use of new information technologies has had an enormous impact onRead MoreU.s. Corporate Governance System990 Words   |  4 PagesThis review intends to explain the author’s U.S. corporate governance system. Moreover, it tries to explain the system and rules for making decision of the board of directors, managers, stakeholders, and shareholders. In â€Å"A Primer on Corporate Governance†, author Cornelis A. de Kluyver, dean of the University of Oregon, provides an explanation of the American system on corporate governance. De Kluyver writes this book for stu dents and executives who wish to enter the world of management; that includesRead MoreBehavior1561 Words   |  7 PagesINTRODUCTION Corporate Governance / PUNB 413 students are required to prepare an individual assignment which is includes preparing summary of at least two articles that related to ISSUES IN CORPORATE GOVERNANCE focusing on Directors Remuneration and CEO Compensation. The article that I selected is mainly focus on Directors Remuneration, Corporate Performance, Board Characteristics and factors that influence in determining the Directors Remuneration and CEO compensation. This assignment plays a vitalRead MoreSample Resume : Corporate Goverance Essay1733 Words   |  7 PagesTRANSPARECY OF CORPORATE GOVERANCE By MANSI AGARWAL A3104614002 B.Com. (Hons.) 2014-17 Under the Supervision of MRS. PUNEETA GOEL In Partial Fulfilment of the Requirements for the Degree of Bachelor Of Commerce (Honours) at AMITY COLLEGE OF COMMERCE AND FINANCE AMITY UNIVERSITY UTTAR PRADESH SECTOR 125, NOIDA - 201303, UTTAR PRADESH, INDIA 2015 DECLARATION BY CANDIDATE I hereby declare that the project report entitled ‘TRANSPARECY OF CORPORATE GOVERANCE’Read MoreFinancial Analysis : Japans Financial Markets1191 Words   |  5 PagesINTRODUCTION In March 2015, Japan’s Financial Markets Agency for the first time in its history set out Corporate Governance Code and a year earlier Stewardship Code. Even though some efforts towards corporate governance and transparency have been made in Japan previously, specifically introduction of dual system in 2003, they did not gain popularity. Only 40 out of 3,000 firms adopted this system immediately rising to 112 five years later. However, these codes were necessary due to the pressureRead MoreOwnership And Control Of A Country s Corporate Governance System1003 Words   |  5 Pagesincreasingly complex, with corporate governance frameworks meant to minimise agency issues, arising through the separation of ownership and control. In lieu of high profile collapses and the global financial crisis, governments have seen fit to introduce mechanisms aiming at governing the modern corporation, in an effort to quell any further issues. Legislative reform in Australia resulted in the implementation of Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (Cth)Read MoreInformation technology for managers1289 Words   |  6 Pages and Japan. Locate your local office at: international.cengage.com/region Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your lifelong learning solutions, visit www.cengage.com/coursetechnology Visit our corporate website at www.cengage.com Microsoft, Windows 95, Windows 98, Windows 2000, Windows XP, and Windows Vista are registered trademarks of Microsoft ® Corporation. Some of the product names and company names used in this book have been used for identificationRead MoreSplitting the Ceo Chairman1305 Words   |  6 PagesCorporate Governance: Separating the CEO and the Chairman Roles Reference: Millstein Center Publication Name: D O Diary Publication Date: Tuesday, April 14, 2009 Article by : Kevin LaCroix Article summary: Many voices are calling public companies to separate the Chairman and CEO functions and to make this model a default governance structure and many evidences shows advantages of that. Pushing to separate the two roles is not a new idea, but it has gained support from many sources latelyRead MoreCorporate Governance : A Troubled Economy Essay1372 Words   |  6 Pagesconcept of corporate governance. The Institute of Financial Auditors said that the Corporate Governance is constituted of processes and structures implemented by the board of directors to inform, direct, manage and monitor the operations of an organization towards reaching its goals. Internal audit tells us that an organization reach its objective by bringing a disciplined, systematic approach to improve and evaluate the effectiveness of risk management, internal controls and governance process. The

The Louisiana Purchase A Deal Between the US and France - Free Essay Example

Sample details Pages: 1 Words: 393 Downloads: 6 Date added: 2019/08/16 Category History Essay Level High school Tags: The Louisiana Purchase Essay Did you like this example? The Louisiana Purchase (1803) was a land deal between the United States and France, in which the U.S. acquired approximately 828,000 square miles of land west of the Mississippi River. The territory stretched from the Mississippi River to the west of the United States. Don’t waste time! Our writers will create an original "The Louisiana Purchase: A Deal Between the US and France" essay for you Create order Its southernmost tip was the city of New Orleans and the North included Minnesota, North Dakota, and Montana up to the border of Canada. Today, the land included in the purchase comprises about ? of the United States territory. The louisiana purchase is significant in American history because it helped the U.S. acquire almost half of the land we live on today and nearly doubled the size of the U.S. It also helped the U.S. because it helped them gain control of the Mississippi River. The U.S. had been growing rapidly. In search of new land to plant crops and raise livestock. Napoleon Bonaparte Napoleon Bonaparte was who sold the Louisiana property and he sold it because his attention was being consumed by the war and began to saw the territory as a burden. In 1803 Napoleon sold the territory. He decided to sell 828,000 square miles to the U.S. for the amazing price of 15 million U.S. dollars. At first Napoleon refused to sell. He had hopes of creating a massive empire that included the Americas. Soon, Napoleon began to have troubles in Europe and need money desperately and ended up selling the territory. Napoleon also didnt mind selling the land as he thought it would hurt his enemy, England. Thomas Jefferson The Louisiana purchase occurred during the third presidency of the United States, The president at this time was Thomas Jefferson. In 1803 the Louisiana purchase added Creoles and French settlers to the U.S. population. The Louisiana purchase also re-ignited controversy over the spread of slavery in the U.S. The Louisiana purchase was a treaty. Why? Because the Constitution grants the president the power to negotiate treaties which is exactly what Thomas Jefferson did. Lewis and Clark Expedition The Louisiana territory was so big that Jefferson sent Meriwether Lewis and William Clark on an expedition to explore the newly bought territory. Tragedy; Slavery and the Civil War The issue of slavery in the Western land of the territory became a major issue in later years and part of the cause of the American Civil War.

The World s Leading Spokesman On The Holocaust - 908 Words

Wiesel once said, â€Å"†¦I swore never to be silent whenever wherever human beings endure suffering and humiliation. We must take sides. Neutrality helps the oppressor, never the victim† (Wiesel par. 9). The inspiring man known as Elie Wiesel was born on September 30, 1928 in Sighet, Romania. He was declared chairman of â€Å"The President’s Commission on the Holocaust†. Wiesel earned the reputation of â€Å"world’s leading spokesman on the Holocaust† because of his extensive discussions about the Holocaust and the impact it had on Jews (â€Å"Elie Wiesel-Facts† par. 1). Wiesel’s early life was unfortunate; his parents and his sister died in the concentration camps that were held by the Germans. Fortunately, Wiesel survived the harsh conditions of the camps. He believed he survived because it was â€Å"nothing more than chance† instead of it being a miracle; regardless, he lived to tell his story about the Holocaust (Wiese l 7). Elie Wiesel’s efforts on portraying how bad the Holocaust was allowed him to change people’s perception by fighting against indifference and by showing the severity of his experiences. Due to the fact that the Germans created concentration camps during the course of WWII, many people were tortured and murdered to death. Wiesel’s family was captured and brought to the camps; unfortunately, his mother and sister perished before they could escape the camp. His father died as soon as the camp became liberated. However, Wiesel was able to endure the camp long enough to surviveShow MoreRelatedNehru and Partition5844 Words   |  24 PagesCongress behind him he could never rule India†. And Gandhi did indeed oblige; he made sure Nehru was elected President of the Congress in 1929, 1936 and 1946 at the expense of Patel and Subhash Chandra Bose. However during the late 1930s and early 1940’s, Nehru would begin to increasingly undermine his mentor. Nehru’s socialist beliefs lead him to believe that the Hindu-Muslim conflict was a result of economic disparities and the British ‘divide and rule’ policy, rather than dogmatic religious beliefsRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesLinda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Read MoreOrganisational Theory230255 Words   |  922 Pagesinteresting and valuable. Peter Holdt Christensen, Associate Professor, Copenhagen Business School, Denmark McAuley et al.’s book is thought-provoking, witty and highly relevant for understanding contemporary organizational dilemmas. The book engages in an imaginative way with a wealth of organizational concepts and theories as well as provides insightful examples from the practical world of organizations. The authors’ sound scholarship and transparent style of writing set the book apart, making it an ingeniousRead More1000 Word Essay85965 Words   |  344 PagesPage 8 / 389  © Copyright 1999-2012 ArmyStudyGuide.com Version 5.3 2. 3. 4. 5. 6. 7. 8. 9. 10. Advanced Skills Education Program (ASEP) High School Completion Program Service members Opportunity Colleges Associates Degree Program (SOCAD) Veteran s Educational Assistance Program (VEAP)/Montgomery G. I. Bill (MGIB) Skill Recognition Programs Command Language Programs (Head start - Gateway) Defense Activity for Non-Traditional Education Support (DANTES) Education Counseling Services Learning Resource

Laissez Faire free essay sample

This idea reflects the concept that each person when works for his/her own benefit inadvertently helps to create benefit for all. This can only be done by creating an environment for free trade and free from any government intervention which can promote individuals and firms to maximize their returns by efficient utilization of resources. This concept of laissez-faire, leave it alone†, came into prominence with the advent of political and economic liberalism in Europe. As long as markets are free and competitive, the actions of private individuals, motivated by self-interest, would work together for the greater good of society. For past two centuries, two economic principles and policies have dominated the political debate, one being social democracy, which favours government intervention, and the other being liberalism, favouring laissez-faire. In general, liberals hold laissez-faire to be the key to economic growth, prosperity, and rising standards of living. Conservatives, on the other hand, favour regulation as a necessary means to achieve social justice, and to protect the weak from being quashed by the strong. We will write a custom essay sample on Laissez Faire or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the modern world today, some forms of government intervention are required even in laissez-faire to establish the ground rules for free enterprise. The role of government in today’s world cannot be eliminated even in countries which may seem to follow the policy of Laissez-faire but the extents to which these government policies have played their roles in such countries have differed. The main aim of government regulations and checks is to ensure that Capitalists, which follow the Laissez-faire concept, does not have unchecked power over the weaker sections of the society. Government regulation of private industry can be divided into two categories economic regulation and social regulation. Economic regulation seeks to control prices, designed to protect consumers and small businesses from more powerful companies. Social regulation, on the other hand, promotes objectives such as safer workplaces or a cleaner environment. Social regulations seek to discourage or prohibit harmful corporate behaviour and to encourage behaviour deemed socially desirable. As an example, the government sets emissions standards for factories and also provides tax breaks to companies that offer their employees’ health and retirement benefits that meet certain standards. Government has played a significant role in major economic reforms in the world, thus establishing that the Laissez-faire economic policy does not hold true in today’s world. All governments in the economy work towards allocation of scarce resources among competing users. Fiscal policy of government which includes government purchases of goods and services, taxes and transfers affect the distribution of income and aggregate demand and thus influences economic activity. During times of recession, the role of government is altogether more important since it works towards stabilizing the economy with its fiscal policy, also providing unemployment benefits during these times. Industries facing strong competition from abroad have long appealed for protections through trade policy. A look at US economy would reassure the significance of the role of government in easing hardships with the New Deal during the Great Depression. It created many   U. S. regulatory agencies that seem indispensable today like   the Food and Drug Administration, and the Federal Trade Commission, security and exchange commission, social security system etc. protecting the rights of workers and consumers. It Enforces workplace safety and health codes, regulates nearly every product sold in the US so that safety standards are met and consumers can’t be misled. American agriculture, almost totally in private hands, has benefited from government assistance with government providing subsidies to farmers and agribusinesses. In a country like India where there is huge disparity in terms of income, government can influence overall distribution of income and wealth by applying higher tax rates on the rich and increasing welfare benefits for the poor. Government action plays a role in improving information to help consumers and producers value the true cost of a product. It also protects the smaller industries as well as regulates FDI, etc. Historically the economic policy of  Hong Kong was based on Laissez-faire economic policy of positive non-interventionism which restricted the role of government to respond when  industries  with social obligations ran into trouble and when an institution needed regulation to prevent inequitable practices. However, Hong Kong has not been as non-interventionist as earlier. The government has intervened to create economic institutions such as the Hong Kong Stock Market which is the 6th largest by market capitalisation,  and has been involved in public works projects and social welfare spending. Also, certain restrictions to free trade between nations such as China and the U. S. helped Hong Kong to thrive. But it is also important to stress the fact that too much of government intervention can take away opportunities for the growth of the entrepreneurs and researchers. Innovations and new technology, which play a significant role in the progress of the economy, can get hampered too. Too much of government intervention also brings corruption in the economy and leads to politicization of business decisions in the private organizations. There is the risk that, in order to achieve political objectives (like preserving jobs), the government continues sinking money into certain companies money that would do a better job of creating jobs elsewhere in the economy. As a result, government positions in private companies need to be managed according to clear rules and with a high degree of transparency.