The Need for Corporate Governance

May 29th, 2015
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Arcadia University
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Corporate governance is one of the key elements in improving economic efficiency and growth. It serves as a deterrent to mismanagement and infuses discipline in the decision making process of boards of directors. Good corporate governance encourages companies and those who own and manage them to achieve their corporate aims through a more efficient use of resources.

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Submitted to: Sir Jawad DilawarTable of contentsCorporate governance definition..IntroductionNeed of Corporate Governance.Code of Corporate GovernanceBoard of directorsQUALIFICATION AND ELIGIBILITY TO ACT AS A DIRECTORTENURE OF OFFICE OF DIRECTORS RESPONSIBILITIES, POWERS AND FUNCTIONS OF BOARD OF DIRECTORS MEETINGS OF THE BOARDKEY INFORMATION TO BE PLACED FOR DECISION BY BOARD OF DIRECTORS ORIENTATION COURSESCHIEF FINANCIAL OFFICER (CFO) AND COMPANY SECRETARYQUALIFICATION OF CFO AND COMPANY SECRETARYREQUIREMENT TO ATTEND BOARD MEETINGSCORPORATE AND FINANCIAL REPORTING FRAMEWORKFREQUENCY OF FINANCIAL REPORTINGRESPONSIBILITY FOR FINANCIAL REPORTING AND CORPORATE COMPLIANCEDISCLOSURE OF INTEREST BY A DIRECTOR HOLDING COMPANYS SHARESAUDITORS NOT TO HOLD SHARESCORPORATE OWNERSHIP STRUCTUREDIVESTURE OF SHARES BY SPONSORS/CONTROLLING INTERESTAUDIT COMMITTEEATTENDANCE AT MEETINGSTERMS OF REFERENCEREPORTING PROCEDUREINTERNAL AUDITEXTERNAL AUDITORSCOMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCECorporate GovernanceMarch 2002 Corporate governance was defined in the Cadbury Report as:The system by which companies are directed and controlled INTRODUCTIONIn December 1998, the Institute of Chartered Accountants of Pakistan (the ICAP) took the initiative to develop a framework of good governance in Pakistan. A comm

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