What is Corporate Governance?
Corporate Governance refers to the way an establishment or an entity or (any business body-to be more specific) is administered. It is the practice by which companies are engaged and managed. It means carrying the business as per the stakeholders’ longings. It is actually conducted by the board of Directors and the concerned committees for the company’s sponsor’s benefit. It is all about harmonizing individual and communal goals, as well as, commercial and shared goals.
Corporate Governance is the collaboration between various participants (shareholders, board of directors, and company’s management) in shaping corporation’s performance and the way it is proceeding towards. The relationship between the possessors
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An effective corporate governance confirms corporate accomplishment and economic progress.
2. Strong corporate governance maintains investors’ confidence, as a result of which, company can raise capital efficiently and effectively.
3. Decrease in cost of capital
4. Strong impact on share price of market.
5. The owners and managers are induced with the common goal for the common objective of the organization.
6. The rigidity of a good corporate governance ensures the transparency, communication and inculcation of the best organization practices.
7. It helps in brand formation and development.
8. It ensures strong foundation in ethics management and enforcing codes of conduct creates the ideal framework for the implementation of the same.
The Corporate Governance framework outlines the commitment to each of the stakeholders, including the communities in which they operate, and it is their guiding light when they are sometimes faced with business predicaments that leave them at ethical crossroads. The structure is also dynamic in that it has been intermittently revitalized in order to remain contemporary and contextual to the changes in law and regulations. However, it remains intact at its
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A company must be committed to operating their businesses conforming to the highest moral and ethical standards. They do not tolerate bribery or corruption in any form. This commitment supports everything that they do.
2. They are committed to good corporate citizenship. They treat social development activities which benefit the communities in which they operate as an integral part of our business plan.
3. They seek to contribute to the economic development of the communities of the countries and regions they operate in, while respecting their culture, norms and heritage. They pursue to avoid any project or activity that is detrimental to the wider interests of the communities in which they operate.
4. They shall not negotiate safety in the pursuit of commercial benefit. They shall strive to provide a safe, healthy and clean working environment for their employees and all those who work with them.
5. When representing their company, they shall act with proficiency, morality and integrity, and conform to the uppermost moral and ethical standards. In the countries we operate in, we shall exhibit culturally appropriate action. Their conduct shall be fair and transparent and be perceived as fair and transparent by third
Unit 3 – Retail Operations Jack Wightman Introduction I will be writing about a local independent department store called EIAr Sports, bases in a small market town. EIAr Sports sell martial arts equipment and have had some issues and are about to make some huge changes. I have to investigate what these issues are and how they can be resolved. Functional Areas AC1.1 Sales is transferring property, goods and services for a sum of cash.
Under work health and safety laws workers and other people at our workplace must take reasonable care that they do not adversely affect
The Code of Ethics encourages trust, and helps to assess the perception and adequacy of public policies put in place to
Businesses should have a code of ethical conduct for the employees of the company to follow to ensure their activities are in compliance with their standards and any laws that need to be followed. There are key areas of the businesses code of conduct that are of significant importance to the business. There are steps the business can take to help ensure their employees follow the code of conduct. There are ways the restaurant can engage in socially responsive activities within the community. Chipotle has become more popular in the recent years and being in the news for being more like a casual restaurant but at the speed of fast food.
Just earlier this very year, there was a horrible fire at the Triangle Shirtwaist Factory where 146 workers perished. Some died from the fire and others from jumping from the windows in order to escape it. Triangle Shirtwaist has brought the plight of these poor workers to the forefront as the public takes notice of the lack of safety measures in place at not just this factory, but many similar workplaces, and demands that something be done to prevent such a tragedy from occurring again. I believe one of the first steps to creating a safer workplace is having government regulations in place that prevent the mistreatment of workers and ensure that employees can escape in case of emergency. The regulations themselves should not be just broad, but address the many issues that workers face in order to give the workers the safest and healthiest working environment possible.
They are required to respect the rights of service users while ensuring the fact that their behaviour is not required to harm physically or emotionally. They are required to uphold the confidence level
Health and safety legislation applies rules to persons conducting a business or undertaking (PCBU). A key part of legislation is to make these people officers and apply rules towards these individual’s duty of care. They cannot opt out of this responsibility. In short, duty of care refers to a work environment being safe and secure. Legislative documents include the regulations, which are specific documents giving information provided under the Work Health Safety Act.
Q 3 Describe the agreed ways of working for health and safety, including the key points of policies and procedures. Employer?s have a legal duty to provide a safe working place. They do this by: ? Having in place environment and organisational risk assessments in
Employers must make the workplace/premises safe, this includes keeping all materials and machinery stored safely and when used with caution.
All businesses have an obligation to guarantee, so far as is sensibly practicable, the wellbeing, security and welfare of their representatives. They additionally have an obligation to shield non-representatives from dangers emerging out of their work exercises". Target makes sure that they give practicable and health and safety at work to their
They also believe it is their duty to serve the communities in which they do business in so that they help improve the quality of education, employment, safety and future prospects etc. Their overall mission is to transform the role that businesses will play in society by acting as a government instead of a sole entity. They will do this by promoting small businesses in their area which will support their
o Employers must ensure all work equipment is suitable for the intended use and is only used by employees, with the correct training. o Employers must follow manufacturer’s instructions. o Suitable health and safety measures should be put in place ( e.g. warning signs).
This means they are responsible for the safety of children, young people and also the staff. There should be a clear ‘lines of responsibility’ for all workers etc to read in order for them to know who they must report to with any important information and to be accountable for. 1.2- Explain how to monitor and maintain the awareness of risks and hazards- It is important that we maintain a safe environment in order to be aware and prevent accidents that may occur depending on the following factors: The environment-
This also evident from above discussion that ethical leadership is also crucial in developing the ethical culture within an organization. The employee performance can also incredibly increased by ethical and moral behavior in a workplace that practice good ethics. Finally, the overall performance of an organization in term of its financial outcomes is also benefited from the ethic practice. The case study of L’Oreal also provides a good example of all
A system to check and balances the benefit of all the board of directors and to avoid some of top management from making decisions that only benefit themselves is created and named corporate governance. Corporate governance means the system of rules, practices and processes by which a company is directed and controlled. The set of rules provided as a guidelines for the board of directors to make sure that accountability and fairness in a company’s relationship with its stakeholders such as financiers, customers, management, employees, shareholders and also society in order to achieve company’s goals and targets in a manner that add a value to the company. All of the stakeholders play an important role in corporate governance to ensure that