Concept and Significance Of Corporate Governance

Ahmad Feizizadeh

Abstract


Corporate governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance."

However corporate governance has wider implications and is critical to economic and social well being, firstly in providing the incentives and performance measures to achieve business success, and secondly in providing the accountability and transparency to ensure the equitable distribution of the resulting wealth. The significance of corporate governance for the stability and equity of society is captured in the broader definition of the concept offered by Sir Adrian Cadbury (2002): "Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals

Key word: Corporate governance, Concept of corporate governance


References


^ Mallin, Christine A., "Corporate Governance Developments in the UK" in Mallin, Christine A (ed), Handbook on International Corporate Governance: Country Analyses, Second Edition, Edward Elgar Publishing, 2011, ISBN 978-1-84980-123-2

^ Bowen, William G, The Board Book: An Insider's Guide for Directors and Trustees, W.W. Norton & Company, New York & London, 2008, ISBN 978-0-393-06645-6

^ a b c Bebchuck LA. (2009).The Case for Increasing Shareholder Power. Harvard Law Review.

^ TD/B/COM.2/ISAR/31

^ "International Standards of Accounting and Reporting, Corporate Governance Disclosure". UNCTAD. http://www.unctad.org/Templates/Page.asp?intItemID=2920&lang=1. Retrieved 2008-11-09.

^ The Disney Decision of 2009 and the precedent it sets for corporate governance and fiduciary responsibility, Kuckreja, Akin Gump, Aug 2005

http://www.ccg.uts.edu.au/researchareas.

http://developmentinstitute.org/topics/corpgovernance


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ISSN : 2251-1547