Notes to Chapter 1 and Chapter 2 of Corporate Governance
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Course
Corporate Governance (MGT209)
Institution
Batangas State University
Book
Corporate Governance
This note contains the introduction of Corporate Governance and its responsibilities and accountabilities. It will discuss the Major characteristics of Good Governance, Basic Objectives of Corporate Governance, Basic Principles of Good and Effective Corporate Governance, and all Parties that is inv...
corporate governance responsibilities and accountabilites
major characteristics of good governance
basic objectives of corporate go
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Chapter 1
INTRODUCTION TO CORPORATE GOVERNANCE
GOVERNANCE – a process whereby elements in society wield power, authority,
and influence, and enact policies and decisions concerning public life and social
upliftment - process of decision-making and the process by which decisions are
implemented (or not implemented) through the exercise of power or authority by leaders
of the country and/or organizations
MAJOR CHARACTERISTICS OF GOOD GOVERNANCE
1. Consensus Oriented – best interest of the whole community; broad and long-
term perspective on what is needed for sustainable human development
2. Law – impartial enforcement of legal frameworks; full protection of human rights
3. Equity and Inclusiveness – opportunities for everyone
4. Accountability – to everyone who may be affected by its decisions or actions
5. Responsiveness – serving the needs of all stakeholders within a
reasonable timeframe
6. Participation – informed and organized; freedom of association and expression
7. Effectiveness and Efficiency – meeting the needs of the society and making
the best use of resources
8. Transparency – freely available and directly accessible information;
enough information in easily understandable forms and media
Efficiency – doing things right
Effectiveness – doing the right things
CORPORATE GOVERNANCE – system of rules, practices, and processes by
which business corporations are directed and controlled
Greatly contributes to financial market stability and economic growth
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