Efficacy of Corporate Governance Contents 1. Definition of Corporate Governance 2. History of Corporate Governance – Pre and Post Liberalization 3. Objectives of Corporate Governance 4. Need of Corporate Governance 5. Framework of Corporate Governance 6. Principles of Corporate Governance in India and in the World 7. Merits and Demerits of Corporate Governance 8. Impact of Violation of Corporate Governance Laws 9. Case Study – a) Satyam b) Pfizer c) 3rd Company
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A Primer on Sarbanes-Oxley The Sarbanes-Oxley Act was declared a law in 2002 (Orin, 2008). The primary purpose of this new law was to convey meaning to restoring faith in corporate America’s financial endeavors (Orin, 2008). The Sarbanes-Oxley Act was meant to aid and protect investors, who suffered extreme losses because of corporations having poor financial performances, which was the case before the law was enacted (Orin, 2008). Distinctively, the Sarbanes-Oxley Act was meant to concentrate
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Commissioner for Refugees (UNHCR) and Organisation of Islamic Co-operation (OIC) chaperone comparative studies on Islamic Refugee Law and International Refugee Law. As I studied a book relating to this by Abou-El-Wafa, I realised that both laws have similar humanitarian principles and seem to be able to complement each other to improve the current laws although Islamic Refugee Law exists greatly in theory but is invisible in practice today. What further strikes me is there are insufficient legal advancements
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Corporate Compliance Plan for Riordan Manufacturing University of Phoenix Riordan Manufacturing is a profitable plastics manufacturer with annual earnings of $46 million. The company is wholly owned by Riordan Industries, a Fortune 1000 company with revenues over $1 billion. The following are some of the products produced by Riordan Industries: plastic bottles, fans, heart valves, medial stents, and custom plastic parts (Virtual Organization, 2009). This compliance plan will state the company's
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The role of ethics and compliance in Starbucks is set in place to ensure that all of Starbuck’s staff from the baristas working the front counter to the corporate staff are all abiding by federal laws and regulations. Ethics in financial practices are sometimes hard to believe. The agency problem is the result of conflict of interest between stockholders and the managers of a firm (Titman & Keown, p. 15, 2011). “A conflict of interest is a situation in which a person has a private or personal
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So that means that most people viewed and believed that the corporate law should be “deliberately responsive to public interest concerns,” which includes health and safety considerations. (Should Corporations Serve Shareholders or Society?) For example, Walmart helped a lot of people when Hurricane Katrina hit they donated
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Mr. AADIIEETYA KUMAR JHA Corporate Governance: Need & Significance in Nepalese Banking System Meaning and General Concept Corporate governance is a combination of corporate policies and best practices adopted by the corporate bodies to achieve its objectives in relation to their stakeholders. It is also the field of economics, which studies the many issues arising from the separation from ownership and control. The fundamental objective of corporate governance reforms is to enhance transparency
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no 40/2007” Executive Summary Piercing the corporate veil is the judicial act of imposing personal liability on otherwise immune corporate officers, directors, and shareholders for the corporation’s wrongful act (Black Law Dictionary). In other words, courts may pierce the "veil" that the law uses to divide the corporation (and its liabilities and assets) from the people behind the corporation. The veil creates a separate, legally recognized corporate entity and shields the people behind the corporation
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1-36 a. The objectives of an independent audit. Because audits involve examinations of financial information by independent experts, they increase the credibility of the information contained in the statement. Decision makers both within and outside the organization can use audited financial information with confidence that it is not likely to be materially misstated. And also they reduce the overall risk of making various types of economic decisions. The nature and emphasis of auditing has
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