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Corporate Governance And Corporate Social Responsibility

1970 words - 8 pages

Unit Assignment
Shareholders in this company are crucial as they are the success and core of this company. Keeping the shareholders of this company happy will result in tremendous outcomes.
Shareholders will elect the Board of Directors which in turn, Board of Directors will hire the Chief Executive Officer. The CEO has the authority and responsibility of hiring and managing the Executives such as the VP, the Chief Financial Officer and other crucial positions. Of course a company is not a company without workers, these workers will be managed & hired by the Executives. Objectives of each position is simple, strive to make this ...view middle of the document...

All of these factors help with strive to maintain corporate governance.
The Boards will be independent from management as we do not want both positions clashing in order to make a decision. Obviously both parties are working in the best interest of the company however the management team works directly with the other key positions in this company. If the boards were also to clash with work place related positions, it would cause an issue amongst the parties involved and last thing a company needs is internal issues. Thus, the Boards strict job is to elect the management team and allow the management to make further changes within the company allowing for a smooth change in certain things within the company.
1.5.1 Transparency
It is important to communicate with all the stake holders of any upcoming changes. Being open with the public will allow the company to gain trust and build brand loyalty. It is highly important for the Board to clear and accurate reports of whatever is being changed, added, or removed. Failure to provide clear information will result in termination because there will be an eruption in shareholders thinking differently of the company.
1.5.2 Fairness
Within a company, keeping everything fair for everybody is a difficult thing to maintain. By educating employees and respective leaders within the company to be fair to one another will go a long way. Showing favoritism towards one employee can cause an uproar in other employees. Reaffirming that everyone will receive an equal opportunity to be recognized. If everybody receives an equal opportunity to achieve something, they will be more motivated and allows the company and every employee to advance in a positive direction.

1.5.3 Accountability
Accountability is crucial for both the Board of Directors and Management. Being an unreliable source calls for reputation loss and nobody in and out of the company will trust you. If there is a problem that occurs, the company must be ready to handle it and not slack off. Liability in the public sector is crucial and it is what can make or break a company. In a leadership role, accountability is the acknowledgment and assumption of responsibility for actions. All leadership positions are to be educated on being accountable and the ethics behind accountability.
1.5.4 Responsibility
A company has several responsibilities and the people within the company also have responsibilities. Without distribution of responsibility, it very difficult to run a company. Each position is responsible for something, if that person is unable to act responsible for the respective task at hand, he/she would be extracted from the position and face termination.
The board’s performance is crucial to this company. If the board fails to continue serving this company with their utmost efforts, they will be terminated. There are many issues that this company does not want to face and that is...

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