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Mc Bride Financial Services Problem Solution Essay

4457 words - 18 pages

Problem Solution: McBride Financial Services PAGE \* MERGEFORMAT 7
Running head: PROBLEM SOLUTION: MCBRIDE FINANCIAL SERVICESProblem Solution: McBride Financial ServicesProblem Solution: McBride Financial ServicesCorporations such as Enron, WorldCom and Tyco forced Congress to enact the Sarbanes-Oxley Act (SOX) because of mismanagement and fraud. This new law requires financial reporting and disclosure within corporate governance. McBride Financial Services, Inc. (MFSI) is a start-up regional "One-Stop Mortgage Provider", headquartered in Boise, Idaho. The company is controlled by the chief executive officer, Hugh McBride. Accordingly, Chew and Gillan (2004, p. 284) state, "The role of top management is no longer just control and coordination; it is anticipating, leading, and managing change-and articulating the rationale for such change to employees as well as to securities analysts." McBride needs to accept the board of directors as an independent oversight committee, instead he wants the board to follow his lead, displaying lack of corporate governance, (University of Phoenix, 2010). To meet the expectation of investors, the company needs to develop a corporate governance and find solutions that will address any issues of noncompliance that could hurt their reputation. To create the best practices in corporate governance, In this paper I will address the issues and opportunities, stakeholder perspectives and ethical dilemmas, problem statement, end-state vision, alternative solutions and analysis, risk assessment and mitigation techniques, optimal solution, implementation plan, and evaluation of results.Situation AnalysisIssue and Opportunity IdentificationMFSI specializes in conventional, FHA, and VA loans for home purchasing and refinancing, offering mortgages to homebuyers, specializing in first time buyers and problem credit clients. The company wants to be the preeminent provider of low cost mortgage services using state-of-the-art technology to let the customers sell themselves on the mortgages they want. The company intends to expand its operations into Wyoming, Montana, North Dakota and South Dakota (University of Phoenix, 2010). MFSI has partnered with Beltway Investments (Beltway) as the majority ownership investor. Beltway encourages the use of "best practices" in corporate governance and "will rely on recommendation made by Institutional Shareholder Services for any significant proxy votes" (University of Phoenix, 2010).One issue for MFSI is the shift in corporate power from the president and Chief Executive Officer (CEO) to other stakeholders. Hugh McBride writes in an e-mail to Betty and Beth that he does not plan on allowing the money men to dictate how he will run the company. He does not see the potential corporate governance can have on the company, (Lunday, 2010). Beltway Investments wants McBride to use best practices in corporate governance but McBride does not want the board of directors interfering. MFSI has the...

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