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Current Approach To Corporate Governance Essay

1950 Words8 Pages

Task I
Current approach to Corporate Governance
Corporate Governance is a system of rules, practices and processes with which a company is controlled. Corporate Governance tries to balance the interest of the stakeholders. That is the shareholder, management, customers, regulators, community at large and the suppliers. This is the process by which the stakeholders ensures that the governance of company which people have a stake in is properly governed. It defines the goals of the company. It also includes the supervision, control and sanction that will help stakeholders accomplish their day to day work (Tutorial issues by the Oxford University). The Corporate Governance of an organization includes the duties of the organization towards the shareholders which are to act in good faith, care, due diligence, in the interest of the firm and …show more content…

Directors’ code of ethics
There is a code of ethics laid down for Director, employees and officers of the Banking industry. The company’s code ethics are compiled by the Companies Commission of Malaysia.

Duties and Responsibilities of the Board
The Board delegates the responsibility of managing day to day operations to the Board Executive Committee which includes the annual budget, approval of financials for the year, Group Corporate Governance of the ICAAP document, setting of the Risk Appetite, developing short and medium term business plan. In also includes the development of Credit policy and the appointment of Key Responsibility of chosen Senior Management. The strategic plan has to be reviewed quarterly.

The principle responsibility of the board
 Developing the Banks annual business plan. It is divided into short, medium and long.
 The preparation and approval of the annual budget
 The development of standards and appetite to fro credit and operation functions
 Overseeing other operational aspects of the

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