...Topics: Role of Media in improving corporate governance. Environmental concerns and corporate governance CSR of any organization Prepared for: Mr.Sohail Tahir Prepared by: Altaf-Hussain (FA11-MBA-004/VHR) M.Sajjad (FA11-MBA-011/VHR) The Media Role in Corporate Governance Improvement What is media? Communication channels through which news, entertainment, education, data, or promotional messages are disseminated Types of Media Print Media Electronic Media Importance of media Media is the most powerful tool of communication. It helps promoting the right things on right time. It gives a real exposure to the mass audience about what is right or wrong. Even though media is linked with spreading fake news like a fire, but on the safe side, it helps a lot to inform us about the realities as well. "The world is moving towards progress in every walk of life. But when we look towards societies, it feels as if some thing is still missing. Money, power, lust, etc., is the wish of every human being to attain. But we can't deny this fact that we all are bounded with loads of social problems, which are hard nuts to crack. Social issues are matters which directly or indirectly affect many or all members of a society and are considered to be problems, controversies related to moral values, or both. Social issues include poverty, violence, corruption, bribery, suppression of human rights, discrimination, and crime, killing in the name of honor, etc. "Media has a constructive...
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...Review Volume 15 Issue 1 Special Issue: Comparative Corporate Governance 7-1-2003 Article 13 Corporate Governance in Malaysia Kamini Singam Recommended Citation Singam, Kamini (2003) "Corporate Governance in Malaysia," Bond Law Review: Vol. 15: Iss. 1, Article 13. Available at: http://epublications.bond.edu.au/blr/vol15/iss1/13 This Article is brought to you by the Faculty of Law at ePublications@bond. It has been accepted for inclusion in Bond Law Review by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Corporate Governance in Malaysia Abstract This article examines the corporate governance system in Malaysia. A sound corporate governance system should help create an environment conducive to the efficient and sustainable growth in the Malaysian corporate sector. Since the Southeast Asian financial crisis in 1997 – 98 (‘financial crisis’), corporate governance has become a key policy issue confronting many Southeast Asian countries, including Malaysia. This article considers the distinctive problems of corporate governance in Malaysia, despite several steps for reform that have taken place since the financial crisis. There will be a brief discussion on the meaning of corporate governance and an overview of the present status of corporate governance in Malaysia, in particular after the financial crisis. Keywords corporate governance, Malaysia, Southeast Asian financial crisis ...
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...Introduction Good corporate governance (GCG) in a corporate set up leads to maximize the value of the shareholders legally, ethically and on a sustainable basis, while ensuring equity and transparency to every stakeholder - the company's customers, employees, investors, vendors-partners, the government of the land and the community (Murthy, 2006). GCG is a must for ensuring the required values to different stakeholder groups. It enhances the performance of corporations, by creating an environment that motivates managers to maximize returns on investment, enhance operational efficiency and ensure long-term productivity growth. Consequently, such corporations attract the best talent on a global basis. It also ensures the conformance of corporations with the interests of investors and society, by creating fairness, transparency and accountability in business activities among employees, management and the board (Oman, 2001). Again, GCG increase public confidence in a corporation, and lowers the cost of capital for investment. According to a McKinsey study (2002), over 60% of investors cite Good Governance practices in a corporation as a key factor in their investment decisions. Today, GG becomes a slogan and a pride. Here, we can uses accounting as a mean for establishing and retaining corporate governance. Accounting is a process of compiling information for reporting the internal affairs of any entity to different stakeholders at the end of a certain interval. It is defined as...
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...Examination Paper of Certified Corporate Governance Professional 1 IIBM Institute of Business Management IIBM Institute of Business Management Examination Paper MM.100 Certified Corporate Governance Professional Guidelines for paper Total No. of Questions is 100. The minimum passing marks is 40%. Each Question carries 1 mark. Answer all the Questions. Multiple Choices: 1. Corporate Governance is________. a) About ethical conduct in business b) Direct or indirect concerns in the organization c) A manufacturing system d) None of the above 2. The term corporate governance is derived from the__________. a) Greek word b) English word c) French word d) Latin word 3. The definition “Corporate Governance is the system by which business directed and controlled” is given by a) SEBI committee b) OECD committee c) Cadbury committee d) All of the above 4. Internal control is implemented by the________. a) Board of directors b) Audit committee c) Management d) All of the above 5. OECD stands for_______________ 6. Which of the following have the power to hire fire and compensate the top management? a) Board of directors b) Audit committee c) Shareholders d) Management 7. CII stands for _________________ Examination Paper of Certified Corporate Governance Professional 2 IIBM Institute of Business Management 8. The managers are expected to act in the interest of: a) Audit committee b) Stakeholders c) Employees d) Customers 9. To endorse the...
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...au/files/Report_on_Governance_at_5_Failed_Companies_031028.pdf By way of a recent example to illustrate my point, Jim Psaros and Michael Seamer in a recent Charter article 7 make the observation that, while the Corporate Governance Statement contained in the Harris Scafe’s 2000 financial statements indicates that the ‘directors are committed to the principles underpinning best practice in corporate governance’ their analysis, however, suggests that ‘the corporate governance practices of Harris Scarfe were less than ideal’.8 Organisations can have very good corporate governance structures and policies on paper but the substance of good corporate governance is clearly more important than the form. Another important ingredient that cannot be glossed over is the ‘soft’ subjective factors such as composition of boards and the quality of directors. At this point I turn to the audit role and particularly to the role and independence of external auditors which have recently received unprecedented scrutiny following the collapse of HIH, OneTel, Harris Scarfe and Ansett. I have already touched upon the critical issue of the independence for audit committees and my comments are equally applicable here. However, the increased scrutiny of the auditor’s role has meant that the general community and the media are again raising questions of audit effectiveness as well as about the ‘audit expectation gap’. Today it is rare for public accounting firms to advertise themselves as auditing firms, but...
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...conduct may choose to establish or join formal communities to advocate their values and expectations. 5. Stakeholders’ ability to withdraw—or to threaten to withdraw—valuable needed resources gives them power over businesses. B. Identifying Stakeholders 1. Stakeholders can be divided into two categories. a) Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include employees, customers, investors, and stockholders, as well as the governments and communities that provide necessary infrastructure. b) Secondary stakeholders do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special-interest groups. c) Although primary groups may present more day-to-day concerns, secondary groups cannot be ignored or given less...
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...Whole Foods Market [ACTG 4760 Case Project 1] [Xiaofei Liao] History of Corporate Governance at the Firm Whole Foods Market was founded in Austin, Texas. 1980, with merely 19 people. There are four founders of the company, John Mackey, Rene Lawson Hardy, Craig Weller and Mark Skiles. John and Renee dropout from college and borrowed a total of $45,000 from their families and friends to open Saferway Natural Foods. Two years later, the couple partnered with Craig and Mark, owners of Clarksville Natural Grocery, to merge Saferway with their Clarksville. This action resulted the opening of the original Whole Foods Market in 1980. Whole Foods goes public in January 1992, trading shares on the NASDAQ Stock Market as WFM. It has become a public company for 23 years since then. The Appendix A shows a list of key dates in the development history of the company. Today, there are over 410 stores of Whole Foods throughout the United States, U.K., and Canada. There are more than 88,000 team members and the company is awarded as “100 Best Companies to Work For” by FORTUNE magazine for 18 years since the list’s inception. It listed 218 in the Fortune 500 list and all the accomplishments by Whole Foods ties closely with its strong corporate governance policies, including the Board, its Committees and the individual directors. Roles and recent challenges of the Board The Board of Directors is responsible for monitoring management’s operation...
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...Corporate Governance Blueprint 2011 Towards Excellence in Corporate Governance Suruhanjaya Sekuriti Malaysia 3 Persiaran Bukit Kiara Bukit Kiara 50490 Kuala Lumpur Malaysia Tel: 603-6204 8000 Fax: 603-6201 5078 www.sc.com.my Copyright © July 2011 Securities Commission Malaysia All rights reserved. No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (graphical, electronic, mechanical, photocopying, recording, taping or otherwise), without the prior written permission of the Securities Commission Malaysia. Perpustakaan Negara Malaysia Corporate governance blueprint 2011 : towards excellence in corporate governance Bibliography : p. 77 ISBN 978–983–9386–67–7 1. Corporate governance--Malaysia. 2. Industrial management. 1. Suruhanjaya Sekuriti Malaysia. 658.4009595 Cataloguing-in-Publication Data This book is printed using eco-friendly recyclable and bio-degradable paper CONTENTS FOREWORD BY MINISTER OF FINANCE II, MALAYSIA MESSAGE FROM CHAIRMAN OF THE SECURITIES COMMISSION MALAYSIA INTRODUCTION CHAPTER 1 v vii 1 5 SHAREHOLDER RIGHTS CHAPTER 2 13 ROLE OF INSTITUTIONAL INVESTORS CHAPTER 3 21 THE BOARD’S ROLE IN GOVERNANCE – – – – ROLES AND RESPONSIBILITIES INDEPENDENCE OF THE BOARD COMPOSITION OF THE BOARD COMMITMENT OF BOARD MEMBERS 43 CHAPTER 4 DISCLOSURE AND TRANSPARENCY CHAPTER 5 53 ROLE OF GATEKEEPERS AND INFLUENCERS CHAPTER 6 61 PUBLIC AND...
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...BUSM4157_1510 Corporate Governance and Regulation Individual Assignment: David Jones Adam Golding S3468032 Words: 2156 Executive Summary This essay examines the example of two former directors of retailer David Jones – Leigh Clapham and Steve Vamos. The two directors made the decision to purchase shares in the company during a delicate period for the company and while decisions were being made about it’s future. Discussion on the damage this decision caused to David Jones and the ensuing fallout, whereby the two directors and the chairman of the board were put in a position where they had no choice but to resign. This essay will address the role of a board within a company and the value-add component, as well as addressing the requirements for a company under the Corporations Act 2001. We will also examine the issue of insider trading and whether the actions of these board members could amount to a breach of the law, as well as speaking about ASIC and their investigation into the men. ASIC conducted a thorough, two month long investigation, only to find themselves no choice but to declare no further action could be taken. The area of risk management frameworks and whether the David Jones board members even followed their own stated frameworks, as set out in their constitution and printed yearly in their annual report were followed to the best of their ability. Finally, continual disclosure as a provision of the Corporations Act and the issue of...
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...Conceptualizing Self-Governance in Post-Modernity: In the modern world, power is increasingly exercised by individuals upon themselves, that is, through forms of self-governance. The authority of major institutions such as the government, church, and economy, is critical to understanding the relation of personal lives and societal development. These associations shape the development of individual identities. Self-governance is demonstrated by one’s identity dovetailed with the role one might take in society. Irrespective of major institutions or other outside influence, individuals will govern their lives autonomously to some degree. In post-modernity no outside force can completely control every thought an individual has, due to the desire for independence and convenience of social networking. According to Severyn Bruyn, an individual’s sense of ‘duty, obligation, privilege, conscience, and beliefs’ is formed in society’s associations (p. 34, 2011). Therefore the history of such major associations as the family, government, the corporation, and the church, show much about one’s identity. This essay will critically examine the idea that power is increasingly being exercised by individuals upon themselves, through forms of self-governance in the modern world. The roles of self-governance in relation to political and religious orders will be explored to demonstrate sociological theory and modern world societal development with focus on Western culture. Regardless of outside...
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...Title CORPORATE GOVERNANCE AND THE ROLE AND INTERNAL AUDIT WITHIN HIGHER EDUCATION IN UNITED ARAB EMIRATES (UAE) Why I am interested in this area I am working as Senior Internal Auditor in the Education Industry from last 4 years and for this reason, I consider it as a great opportunity to explore and research, that, any importance is available and provided in this aspect or not and what are the preventive and mitigating measures taken by the Institutions to overcome towards any shortfalls or problems. The term “Corporate Governance” is relatively new in this area and specially in the field of Education and it will not only be a great learning curve for me but will also help me understand the Industry practices, and for sure it will help towards my future development and getting more experience in this field. Introduction to the focus of study Similar to the counterpart of the industries, Educational institutes are facing increasing demand for accountability. Students for example requires a strong institutional commitment towards their future growth and quality teaching, agencies and donors requires assurance that institutions are contributing towards public good moreover they are also concern about the correct utilization of their funds/ donations i.e. are they being utilized according to their desires and requirements. For government and related agencies, they are concern with the implementation of regulations and other procedures. Alumni want an assurance...
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...Ethics February 05th, 2016 Best Practices of Corporate Governance The system of rules, practices and processes by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with its all stakeholders (financiers, customers, management, employees, government, and the community). The corporate governance framework consists of explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards, procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles, and procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances. The field of corporate governance is at a crossroads. Our knowledge of what we know about the efficacy of corporate governance mechanisms is rivalled by what we do not know. Good corporate governance helps to prevent corporate scandals, fraud, and potential civil and criminal liability of the organization. It is also good business. A good corporate governance image enhances the reputation of the organization and makes it more attractive to customers, investors, suppliers and in the case of non-profit organization contributors. The best practices of corporate governance are in the structure of the board of directors, the operation of the board of directors and the other corporate governance practices. When it comes to the structure...
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...Good corporate governance Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way in which a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the goals for which the corporation is governed. The principal players are the shareholders, management and the board of directors. Other stakeholders include employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large. Corporate governance is a multi-faceted subject. An important theme of corporate governance deals with issues of accountability and fiduciary duty, essentially advocating the implementation of policies and mechanisms to ensure good behavior and protect shareholders. Another key focus is the economic efficiency view, through which the corporate governance system should aim to optimize economic results, with a strong emphasis on shareholders welfare. Board members and those with a responsibility for corporate governance are increasingly using the services of external providers to conduct anti-corruption, auditing, due diligence and training. corporate governance means two things • The processes by which all companies are directed and controlled. • A field in economics, which studies the many issues arising from the separation of ownership and control. ...
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...mandate of the committee is to be the oversight body that drives the ethics and integrity agenda in the company particularly monitoring ethics related programmes and activities to ensure ethics and integrity become part of day to day business. The ethics committee is also the guardian and custodian of the code of conduct which enumerates and enforces acceptable business conduct. Some of the key initiatives spearheaded by the Committee in the last financial year include; • Safaricom signing up to the recently drafted Kenyan Businesses Code of Ethics. The Kenyan Business Community under the directorship of the UN Global Initiative has developed a code of ethics to guide Kenyan businesses on matters relating to ethics. Safaricom took an active role in drafting the code and was one of the first companies to sign up to the code. • Kicking of a review of Safaricom Ltd.’s ethical position and ethics management process to identify any improvement areas. • Reviewing and approving code of ethics and related policies such as anti-bribery policy, gift policy and the blacklisting policy. In lieu of the above, the company has considered the following ethical...
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... Module Outline: Auditing, Governance and Scandals (AGS) |Module Convenor |Dr. Kevin Dow, AB474 | |Lectures |Dr. Kevin Dow | | |TH 4:00-5:30, TB 329 | |Additional Staff |Cass Lai, AB247 | |E-mail addresses |kevin.dow@nottingham.edu.cn | | |cass.lai@nottingham.edu.cn | |Office Hours |Dr. Kevin Dow: Th, 2:00 pm - 4:00 pm, every Thursday until Exams (except December 11 and 25) | | |Cass Lai: Th, 2:00 pm - 4:00 pm | KEY POINTS • This is a Level 3, 10 credit module; • Assessment basis: a one and a half hour Examination (100%); • Keywords: Audit; Governance; Corporate Scandals; Audit Theory and Practice; Accountability; • Pre-requisite module: P12307 Financial Reporting. MODULE AIMS To use a mix of textual and case-based material to examine the role of the audit as a means of ensuring...
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