Corporate Governance - Introduction, Meaning, Definition, And Principles and Importance of OECD
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This document provides an introduction to corporate governance, including its meaning, definition, principles, and the importance of the Organisation for Economic Co-operation and Development (OECD). Corporate governance refers to the relationship between owners, directors, and managers, and covers issues like legal rights of investors. The key principles of corporate governance discussed are ethics, accountability, trusteeship, empowerment, fairness to stakeholders, external audit, and oversight. The OECD is important as it provides a way for governments to work together to solve common economic problems and communicate issues to the public.
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- 1. Alice Mary 1St M. Com Corporate Governance - Introduction, Meaning, Definition, And Principles and Importance of OECD Under the guidance of Sundar B. N. Asst. Prof. & Course Co-ordinator GFGCW, PG Studies in Commerce Holenarasipura
- 2. Contents :- 1) Introduction 2) Meaning 3) Definition 4) Principles of Corporate Governance 5) Importance of OECD 6) Conclusion 7) Reference
- 3. Introduction:- In recent years the word Corporate Governance has received greater importance Corporate Governance refers to the relationship between Owners, directors and managers it covers issues like legal rights of Investors. Corporate Governance is an increasingly significant aspect of business and oganisational management. Meaning :- Concept of Corporate Governance has been used in different perspective. It started as maximising shareholders. And Corporate Governance has been defined as many different ways to scholar and agencies. It is not just good managaement such broader, it includes fair, efficient, transperent and instration to meet well-defined objectives of organisation.
- 4. Principles of Corporate governance :- 1). The Ethics 2). Accountability 3). Trusteeship 4). Empowerment 5). Fairness to all stake holders 6). External audit 7). Oversight 8). Whistle blower policy According to the Cadbury Committee “ Corporate Governance is the system by which companies are directed and controlled”. Definition :-
- 5. • The Ethics :- A company must observe ethical standards deviation from ethical principles organized culture and underminess stake-holder value. • Accountability :- It signifies that the board of directors are accountable to share-holders and management is accountable to the board of directors. • Trusteeship :- There exists the principle of trusteeship on board of directors who must act to protect and enhance share-holders and stake-holder value.
- 6. • Empowerment:- It unleashes creativity and innovation throughout the organisation by truely wasting decisions. • Fairness to all stake-holders :- It involves a fair and equitable treatment of all stake-holders who participate in the corporation governance structure. • Oversite :- It means the existence of a system of cheques and balances and facilitate timely management.
- 7. importance of organisationof economiccorporation and development(oecd):- The name purpose of the OECDis to improve the Global Economy and promote World trade. The importance of OECD are mentioned below:- • It provides an outlet for the Governments of different countries to work together to find solution to common problems. • It is important to have a Well-informed view on this issues and to communicate them properly to the public. • Globalisation has also been signaled as the cause of higher income disparties. • It is true that in more competitive markets, the less prepared individuals and regions will suffer. • It is necessary to equip this people and regions with the instruments to make the best out of it.
- 8. Conclusion:- The annual financial report commonly contain a statement on Corporate Governance. So it is useful to have an awareness of what this involves. This has important implication for interpriting the financial statement; a company with a weak system of Corporate Governance will provide greater opportunities for the manipulation of financial statement, with adverse consequences for users.
- 9. Bibliography :- 1) Importance of OECD (Retrieved from, https:||www.oecd.org>surveys>ro....) Date :- 12|04|2021 2) Principles of Corporate Governance (Retrieved from, https:||nscpolteksdy.ac.id>files.... https:||www.nottinghamshire.gov.uk>....) Date :- 12|04|2021
- 10. Thank You