A Study on Corporate Governance Policies

May 29th, 2015
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Abilene Christian University
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In the United States, corporations are governed under common law, the Model Business Corporation Act, and Delaware law since Delaware, as of 2004, was the domicile for the majority of publicly-traded corporations.[3] Individual rules for corporations are based upon the corporate charter and, less authoritatively, the corporate bylaws.[3] In the United States, shareholders cannot initiate changes in the corporate charter although they can initiate changes to the corporate bylaws.[3] In the UK, however, the analogous corporate constitutional documents (the memorandum and articles of association) can be modified by a supermajority (75%) of shareholders.[3] Shareholders can initiate 'precatory proposals' on various initiatives, but the results are nonbinding. Precatory proposals which have received majority support from shareholders, even for several consecutive years, have historically been rejected by the board of directors.[3]

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Corporate governanceFrom Wikipedia, the free encyclopediaNot to be confused with acorporate state, a corporative government rather than the government of a corporationCorporate governanceis the set ofprocesses,customs,policies,laws, andinstitutionsaffecting the way acorporation(orcompany) is directed, administered or controlled. Corporategovernancealso includes the relationships among the manystakeholdersinvolved and the goals for which the corporation is governed. The principal stakeholders are theshareholders, theboard of directors,executives,employees, customers,creditors, suppliers, and the community at large.Corporate governance is a multi-faceted subject.[1]An important theme of corporate governance is to ensure theaccountabilityof certain individuals in an organization through mechanisms that try to reduce or eliminate theprincipal-agent problem. A related but separate thread of discussions focuses on the impact of a corporate governance system ineconomic efficiency, with a strong emphasis on shareholders' welfare. There are yet other aspects to the corporate governance subject, such as thestakeholder viewand the corporate governance models around the world (see section 9 below).There has been renewed interest in the corporate governance practices of modern corporations since 2001, particularly due to the high-profile collapses of a number of large U.S. firms such asEnron CorporationandMCI Inc.(formerly

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