End to Population Growth: We are far from a world in which all births result from intended pregnancies. It is estimated that million women in developing countries are sexually active, but don't want to become pregnant; in other words, they have an unmet need for family planning.
Benefits of good corporate governance practice Implications of poor corporate governance practice Overview Corporate Governance has been defined as the system by which companies are directed and controlled — Cadbury Report Corporate Governance encompasses practices and procedures to ensure that a company is managed in such a way that it achieves its objectives.
In profit oriented enterprises, these objectives would be to maximize the returns to its shareholders. However, differing interest of other stakeholders is recognized.
In addition, the organization has to function within its evironmental guidelines and constraints which include behaving in an ethical manner and in compliance with laws and regulations.
Boards of directors have responsibility for the governance of their companies. The purpose of corporate governance is to facilitate effective, entrepreneurial and prudent management that can lead to the long-term success of the company.
The importance of sound corporate governance is especially relevant for large Public Companies. A company is a legal person controlled by a board of directors in the interest of shareholders.
Sometimes, the interest of both groups could be divergent; the challenge of good corporate governance is to find a way in which the interest of the shareholders, directors and other stakeholders can be sufficiently satisfied. In each case, there appeared to be serious accounting and financial reporting irregularities and inadequate internal controls and risk management.
As questions were asked about how such well established companies could collapse suddenly without warning, common grounds were found: Published financial statements were misleading External auditors were accused of failing to detect the warning signs.
The activities of powerful company chiefs who lacked business ethics Board failures to restrain self seeking company chiefs from acting improperly Financial controls had been inadequate or ineffective.
The stated aim of this committee was to help raise standards of corporate governance and confidence in financial reporting and auditing, by setting out what it saw as the respective responsibilities of those involved and what it believed was expected of them. The Cadbury report published in included a code of best practice and UK listed companies came under pressure to comply with the requirements of the code.
The significance of this report was that it urged institutional investors to reassess their role as shareholders and their responsibilities for ensuring good corporate governance and the success of the companies they invested in.
Following the Meyners report, representatives of the institutional investors organisation responded by issuing guidelines to members on corporate governance issues and principles of corporate governance.
Following the banking crisis ofrecognition of governance problems in UK Banks led to a review by Sir David Walker in the Walker Report of Industry specific codes have been published by the regulators for companies under their purview.
Myriad laws and regulations may never suffice without a corresponding willingness to act ethically. Several concepts apply to sound corporate governance, but best practice can be achieved where there is: Openness, Honesty and Transparency: Ethical conduct with regard to behaviour that is in accordance with a written or unwritten code of ethics and a set of moral values.
It is pertinent to observe that personal and business ethics underlie all the regulations and codifications in corporate governance. It should be emphasized that laws and regulations alone can never suffice to guarantee fair practices. Individuals in positions of influence and authority have to want to apply fair practice and abide by the rules.
Indeed, it seems that there is almost a belief that complying with the Code in itself constitutes good governance. The Code, however, is of necessity limited to being a guide only in general terms to principles, structure and processes.
It cannot guarantee effective board behaviour because the range of situations in which it is applicable is much too great for it to attempt to mandate behaviour more specifically than it does.
The benefits of sound corporate governance include the following: Elimination of the risk of misleading or false financial reporting Prevention of domination of companies by self seeking chief executives.
Strong reputation and therefore lesser likelihood of exposure to reputational risk Higher probability of achievement of commercial success. Good governance and good leadership in management often go together. The presence of an effective corporate governance system, within an individual company and across an economy as a whole, helps to provide a degree of confidence that is necessary for the proper functioning of a market economy.
There is growing consensus that corporate governance has a positive link to national growth and development. The importance of corporate governance is more pronounced for large public quoted companies PLCs where the separation of ownership from management is wider than for small private companies.
The degree to which corporations observe basic principles of good corporate governance is an increasingly important factor for investment decisions.warning against fraudulent use of the african development bank’s (afdb) name. After 40 Years: MASSOB Relocates Biafran War Veterans.
From VAL OKARA, Owerri.
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A widely accepted concept in corporate governance . Money. it is said is the root of all evils, and it is the only reason the current trend in the Christian community has been drawing many pastors farther from God every single day.
There was a time when Christian missionaries were renowned for their simple lifestyle. They would leave the comfort of their homes, often in western countries, to live in Africa.