This document discusses business ethics and corporate governance in Romania. It notes that corporate governance aims to responsibly manage companies to create economic and social value. Laws and codes have been developed to increase transparency and accountability following financial scandals. In Romania, state-owned companies' poor performance was addressed by delineating the state's shareholder role from management. The document outlines Romania's recent improvements to corporate governance laws and policies, including requiring state-owned companies to adopt business ethics codes by the end of 2016 to build integrity and trust.
Ensuring that the integrity of government decision-making is not compromised by public officials’ private interests is a growing public concern. New forms of partnership between government and the private and non-profit sectors present new challenges for policy-makers and public managers.
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Ensuring that the integrity of government decision-making is not compromised by public officials’ private interests is a growing public concern. New forms of partnership between government and the private and non-profit sectors present new challenges for policy-makers and public managers.
If you want to help or donate please donate at my paypal:
dyokimura@gmail.com
For Business presentation
SUPPORT ME:
https://www.buymeacoffee.com/dyokimura6
CHECK MY GAMING CHANNEL:
https://www.youtube.com/channel/UCoKOObshfyyxhVkw1VjyQNA
EFFECTIVE AND EFFICIENT CONCEPT IN ORDER TO ESTABLISH GOOD CORPORATE GOVERNANCEheru septian
Issue of Good Corporate Governance becomes an interesting discussion over the last several years. Along with the increasing business competition at the global level, principles of Good Corporate Governance have to be applied by each business entity with the hope that the company's strategic objectives can be achieved effectively and efficiently. There are two things of great urgency emphasized in this concept: First, shareholders deserve to receive accurate, punctual and transparent information. And second, the company is obliged to honestly and openly provide information regarding the company to all units of the company with the aim to achieve good and efficient corporate governance.
1, BE&GG, Wahyudi, Hapzi, concepts and theories of business ethics, Universit...Wahyudi SSi MM CPC CPHR
Pedoman Tata Kelola Perusahaan PT Pertamina (Persero) berdasarkan prinsip Good Corporate Governance (GCG)yang menjadi kaidah dan pedoman bagi pengurus Perusahaan dalam menjalankan aktivitas bisnisnya. Penerapan prinsip-prinsip GCG (Transparency, Accountability, Responsibility, Independency dan Fairness) diperlukan agar Perusahaan dapat bertahan dalam menghadapi persaingan yang semakin ketat. GCGdiharapkan dapat menjadi sarana untuk mencapai visi dan misi Perusahaan.
Pedoman Tata Kelola Perusahaan ini mengatur struktur badan tata kelola perusahaan (RUPS, Direksi dan Dewan Komisaris), proses tata kelola perusahaan, organ pendukung badan tata kelola perusahaan serta proses tata kelola Perusahaan.
Summary Executive : Concepts and Theories of Business Ethics
The Significance of Effective Corporate Governance for Businesses in Papua Ne...Stanley Valliath Thomas
This is an extract of my article from the Business Assessment Magazine 2011 of IBBM Enterprise Centre, Papua New Guinea. The article that is titled 'The Significance of Effective Corporate Governance for Businesses in Papua New Guinea'. The Assessment Magazine 2011 consists of the profiles of PNG companies assessed in 2011 along with some articles.
Panel 4: Dr. Ahmed EL-KASMI Magistrat – Conseiller Maître, Président de Section Cour des Comptes du Maroc
MOROCCAN SOEs GOVERNANCE; Enhancing Integrity for Business Development in the Middle East and North Africa,
18 April 2016, Paris, France, session 4
EFFECTIVE AND EFFICIENT CONCEPT IN ORDER TO ESTABLISH GOOD CORPORATE GOVERNANCEheru septian
Issue of Good Corporate Governance becomes an interesting discussion over the last several years. Along with the increasing business competition at the global level, principles of Good Corporate Governance have to be applied by each business entity with the hope that the company's strategic objectives can be achieved effectively and efficiently. There are two things of great urgency emphasized in this concept: First, shareholders deserve to receive accurate, punctual and transparent information. And second, the company is obliged to honestly and openly provide information regarding the company to all units of the company with the aim to achieve good and efficient corporate governance.
1, BE&GG, Wahyudi, Hapzi, concepts and theories of business ethics, Universit...Wahyudi SSi MM CPC CPHR
Pedoman Tata Kelola Perusahaan PT Pertamina (Persero) berdasarkan prinsip Good Corporate Governance (GCG)yang menjadi kaidah dan pedoman bagi pengurus Perusahaan dalam menjalankan aktivitas bisnisnya. Penerapan prinsip-prinsip GCG (Transparency, Accountability, Responsibility, Independency dan Fairness) diperlukan agar Perusahaan dapat bertahan dalam menghadapi persaingan yang semakin ketat. GCGdiharapkan dapat menjadi sarana untuk mencapai visi dan misi Perusahaan.
Pedoman Tata Kelola Perusahaan ini mengatur struktur badan tata kelola perusahaan (RUPS, Direksi dan Dewan Komisaris), proses tata kelola perusahaan, organ pendukung badan tata kelola perusahaan serta proses tata kelola Perusahaan.
Summary Executive : Concepts and Theories of Business Ethics
The Significance of Effective Corporate Governance for Businesses in Papua Ne...Stanley Valliath Thomas
This is an extract of my article from the Business Assessment Magazine 2011 of IBBM Enterprise Centre, Papua New Guinea. The article that is titled 'The Significance of Effective Corporate Governance for Businesses in Papua New Guinea'. The Assessment Magazine 2011 consists of the profiles of PNG companies assessed in 2011 along with some articles.
Panel 4: Dr. Ahmed EL-KASMI Magistrat – Conseiller Maître, Président de Section Cour des Comptes du Maroc
MOROCCAN SOEs GOVERNANCE; Enhancing Integrity for Business Development in the Middle East and North Africa,
18 April 2016, Paris, France, session 4
1. Business Ethics:
a Cornerstone of
Corporate Governance
Sorana Baciu
Secretary of State
Chancellery of the Prime – Minister, Government of Romania
Bucharest, November 10
2. “Corporate governance is a system of well considered principles and
procedures aimed to responsibly manage and supervise a company with
the objective economic and societal value creation, as well as to
transparently give account internally and externally to all stakeholders
about the enterprise strategy, results and risks”
Development of corporate governance codes and legislations driven by
the need for more transparency and accountability to help restore
investor confidence after damage caused by financial scandals
In Romania, the poor performance of state-owned companies in the last
two decades could only be addressed through a proper delimitation
between the state as a shareholder and the (professional) management
based on clear rules
Corporate Governance enables value
creation
3. State-owned companies still play an
important role in the Romanian economy
State owned companies have a share of 6-8% GDP, and 4% in
total employment in Romania
1300 state-owned companies, of which 253 under central
public authorities and the rest under local public authorities
The rationale for the state-owned companies
Public service
Natural monopoly
Control over natural resources
4. State Ownership Policy approved by the
Government of Romania in September
2016
Law 111/2016 on Corporate Governance
in force since June 2016
Detailed secondary legislation to support
the implementation of Law 111/2016
Corporate Governance system in Romania
has significantly improved in 2016
5. State Ownership Policy approved in
September 2016 …
The State should be an active and informed shareholder
Governance of State Owned Enterprises (SOE) should be transparent,
with a high degree of professionalism and effectiveness
The State should allow SOEs full operational autonomy to achieve
their defined objectives and refrain from intervening in SOE
management
The State has clear expectations from the management regarding:
Business performance (financial and operational)
Risk management and internal control
Environmental protection, and health and safety
Business ethics
6. Shareholder recognition and equal treatment
Stakeholders interest
Board responsibilities clearly outlined
Ethical behavior
Transparency and integrity
Value creation
Accountability and supervision
…and clearly defines Corporate Governance
Principles in line with OECD guidelines
7. Business Ethics is a cornerstone of
corporate governance
Business ethics can be defined as the principles, norms and standards
that guide the way an organization conduct of its activities, internal
relations and interactions with external stakeholders
Maintains high standards of integrity
Protects the reputation of the business
Builds trust
Ensures the sustainability of a business
Increases productivity and the overall employee morale
Increases the profitability of the company
8. All state-owned companies should adopt a Business Ethics Code by the end of
2016
Public available on the company’s website
Training provided to all employees
A compliance and business ethics department should be set up in each
company
Same rules and requirements apply to public authorities
Strict monitoring from all stakeholders
Challenges ahead:
Embed the Business Ethics Code into the corporate culture
Implementing business ethics in SOEs