The Need for Corporate Governance

May 29th, 2015
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Arcadia University
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The increased accountability of corporate directors through the duties of care and loyalty required by good governance means that strategic decisions affecting performance and risk are made with greater care and consideration for owners. What duty of care and duty of loyalty mean is that directors should make best-informed decisions in the interest of a company. As seen in recent years, the markets, shareholders, and regulators have increased their scrutiny of director performance, creating demand for qualified directors and institutions that can provide them with training, information, and networking opportunities.

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CORPORATE GOVERNANCE: THE CONCEPTThe conceptofcorporate governanceisgaining momentum becauseofvariousfactorsaswellas thechanging business environment.TheEEC,GATTandWTOregulationshavealso contributed to the risingawarenessand arecompellingusto thinkintermsofadhering to thegoodgovernancepractices.Corporategovernance,bythe very natureofthe concept,cannotbeexactlydefined. However, there canbenotwoopinionsthateffectiveaccountability to allshareholdersisthe essenceofcorporategovernance.Thefollowingdefinitionshouldhelp usto understand the conceptbetter.Corporate governanceisnot just corporate management; itissomethingmuch broader to includeafair,efficientandtransparentadministrationtomeet certainwell-defined objectives.Itisa systemofstructuring,operatingand controlling acompanywith aviewto achieve long-termstrategic goalstosatisfy shareholders,creditors, employees,customers andsuppliers,andcomplyingwith thelegal andregulatoryrequirements, apartfrommeetingenvironmentalandlocal communityneeds. When itispractisedunder a well-laid outsystem, it leads to thebuildingofa legal, commercialandinstitutionalframeworkand demarcates the boundaries within whichthese

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