The Need for Corporate Governance

May 29th, 2015
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The broader applicability of corporate governance is captured well in the chart on page 17. This World Bank chart illustrates both internal and external mechanisms that make up an effective corporate governance framework. The traditional structure of corporate governance captured on the left side of the chart addresses conventional issues: the relationship among shareholders and between shareholders and the board of directors, the relationship between the board and managers, board composition procedures, management operation, etc. All these different parts, important in their own right, make up the internal, or governance, function of a corporation.

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INTRODUCTIONCorporate governance is traditionally thought of in the framework of large corporations, shareholders, and broad private sector issues in developed economies and some of the major emerging markets. Many of these issues may seem to bear little relevance to broader development concerns, that deal with day-to-day issues of poverty, job-creation, anti-corruption, education, media, and political reform. What Is Corporate Governance: Defining the Framework The broader applicability of corporate governance is captured well in the chart on page 17. This World Bank chart illustrates both internal and external mechanisms that make up an effective corporate governance framework. The traditional structure of corporate governance captured on the left side of the chart addresses conventional issues: the relationship among shareholders and between shareholders and the board of directors, the relationship between the board and managers, board composition procedures, management operation, etc. All these different parts, important in their own right, make up the internal, or governance, function of a corporation. Within a company, whether publicly-held or not, corporate governance provides directors the tools they need to ensure efficiency, accountability, and sound decision-making. Strengthened reporting requirements demand improved accounting procedures and stronger internal control systems, which in turn provide managers and directors the tools they need to control expen

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