The board of directors is generally described in terms of its prominent structural attributes, including size, composition, and independence.
This Quick Guide examines the importance of these and whether they contribute to board effectiveness and shareholder value.
It answers the questions:
• What is the composition of a typical board?
• Which factors improve governance quality?
• Which factors do not?
• Can a board’s quality be determined by its structure?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
The board of directors is generally described in terms of its prominent structural attributes, including size, composition, and independence.
This Quick Guide examines the importance of these and whether they contribute to board effectiveness and shareholder value.
It answers the questions:
• What is the composition of a typical board?
• Which factors improve governance quality?
• Which factors do not?
• Can a board’s quality be determined by its structure?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Corporate collapses, misinformation, fraud and the failure of many watchdog institutions, from auditors to investment analysts, have driven the need for change beyond the self-policing business arena and into the realm of politics - as had happened to Enron and Worldcom - as well as lesser corporate debacles, such as Adelphia Communications, AOL, Arthur Andersen, Global Crossing, Tyco, created an atmosphere of doubt and among the investing public. Practical applications of corporate governance in the US now mean compliance with the law - not just compliance with a "softly" enforceable voluntary code.
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Jointly in our roles advising the Boards of a range of organisations, and the Directors who sit on them, we
are often asked what information a new Non-Executive Director should be aware of. Through combining our experience and perspective in providing Board advice, we have attempted to provide a Guide that answers both the ‘obvious’ questions to ask and issues to be aware of, together with the detail and summary of the working mechanics of the Board and the key legislation Non-Executive Directors need to understand.
Internal and external institutions and influences of corporateGrace Fatima Abelida
Corporate governance refers to the mechanisms, relations, and processes by which a corporation is controlled and is directed. It involves balancing the many interests of the stakeholders of a corporation. Thus, it is important to know and determine what are the internal and external institutions and influences of a corporate governance.
Corporate collapses, misinformation, fraud and the failure of many watchdog institutions, from auditors to investment analysts, have driven the need for change beyond the self-policing business arena and into the realm of politics - as had happened to Enron and Worldcom - as well as lesser corporate debacles, such as Adelphia Communications, AOL, Arthur Andersen, Global Crossing, Tyco, created an atmosphere of doubt and among the investing public. Practical applications of corporate governance in the US now mean compliance with the law - not just compliance with a "softly" enforceable voluntary code.
Fiduciary Duties Owed by Boards of Directors to Both Solvent and Insolvent Co...Polsinelli PC
This webinar will focus on fiduciary duties owed by a board of directors to a company not only when the company is healthy, but also as the company heads towards insolvency. The panel will also discuss the current state of the zone of insolvency. The focus will be on Delaware corporations, but the panel will contrast how other jurisdictions address fiduciary duties, zone of insolvency, and deepening insolvency.
On the agenda:
-Summary of Fiduciary Duties of a Board of Directors
-Applicable Standards of Review for Transactions Under Delaware Law
-The Origins of the Zone of Insolvency
-Current Status of the Zone of Insolvency
-Other Jurisdictions View on Fiduciary Duties, Zone of Insolvency, and Deepening Insolvency
Role of board of directors -Corporate GovernanceRehan Ehsan
This Presentation states the role of board of directors in respect of corporate governance of Pakistan. Reviewing this clear the concept of their legal role in Pakistan.
The role of the Non-Executive Director can appear to those sitting outside of Boards to be shrouded in secrecy. What is a Non-Executive Director? What do they do? And why be a Non-Executive Director?
Jointly in our roles advising the Boards of a range of organisations, and the Directors who sit on them, we
are often asked what information a new Non-Executive Director should be aware of. Through combining our experience and perspective in providing Board advice, we have attempted to provide a Guide that answers both the ‘obvious’ questions to ask and issues to be aware of, together with the detail and summary of the working mechanics of the Board and the key legislation Non-Executive Directors need to understand.
Internal and external institutions and influences of corporateGrace Fatima Abelida
Corporate governance refers to the mechanisms, relations, and processes by which a corporation is controlled and is directed. It involves balancing the many interests of the stakeholders of a corporation. Thus, it is important to know and determine what are the internal and external institutions and influences of a corporate governance.
What's your dream? Mine is build my own bookstore.
So this was an mid-test assignment for my design graphic class. I made a bookstore named SHELF, and designed it from concept to branding.
Corporate governance in housing finance (LIC) Corporate governance is the mechanisms, processes, and relations by which corporations are controlled and directed. . Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and include the rules and procedures for making decisions in corporate affairs.
Opportunities for CAs as independent directors to enhance the credibility and...CA. (Dr.) Rajkumar Adukia
The concept of Independent Directors is a welcome step for corporate governance in India. Independent directors are expected to use their capacity, knowledge, and resources towards the maximization of stakeholders’ value and well-being. They ensure the progress of mankind through transparency, accountability, and truthful disclosure of the state of affairs of the company. The Companies Act, 2013 has conferred greater empowerment upon Independent Directors to ensure that the management and affairs of a company are being run fairly and smoothly.
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Notes of Module 5 Corporate Governance
Content
Concept of Corporate Governance
Corporate Governance in India
Objective of Corporate Governance
Features of Corporate Governance
Elements of Corporate Governance
Importance of Corporate Governance
Important Issues in Corporate Governance
Corporate Governance and Agency Theory
Reforming Board of Directors
*Birla Committee
*Naresh Candra Committee
*Narayana Murthy Committee
Bibliography
www.google.com
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2. INTRODUCTION
The board of directors is the fulcrum of corporate governance: the critical nexus in
which the fortunes of the company are decided.
At the beginning of a company’s life the board often represents the DNA from which
the company will grow and succeed.
In maturity the board represents the source of values and objectives that will sustain
the vigor of the company.
The board is therefore responsible internally for the leadership and guidance of the
corporate entity.
However, the board has a wider set of external responsibilities, firstly towards
investors, ‘The board is the link between the shareholders of the firm and the
managers entrusted with undertaking the day-to-day operations of the
organisation’ (Stiles and Taylor 2001: 4);
Secondly towards the wider stakeholders who are the essential partners of the entity.5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
2
3. WHAT DO BOARDS DO?
According to Carter and Lorsch (2004: 67)
“Boards are essentially involved in three distinct activities: monitoring
the company and management performance; making major decisions;
and offering advice and counsel to management, especially the CEO”.
Therefore the key roles of the board can be conceived as:
Control: Monitoring the management of the company and ensuring
accountability.
Strategy: Approving and monitoring the strategic direction of the
company.
Counsel: Providing advice and counsel to the company executives on
critical matters.
Institutional: Building institutional relationships with investors,
stakeholders and the community (Zahra and Pearce 1989; Johnson et
al. 1996; Daily et al. 2003). 5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
3
5. A DISCUSSION ABOUT BOARD OF
DIRECTOR
Legally, the board is the highest authority in the company, the
‘fountain of power,’ yet top management naturally tends to
exercise that power … Board members are expected to
provide critical judgement on management performance –
which requires an in-depth knowledge of, and intimacy with
the affairs of the corporation – and at the same time to assure
that this judgement is independent – which requires
detachment and distance … The working style of the board
must build its collective strength: the board needs the trusting
familiarity of a close-knit group, yet members must be
independent personalities who can resist ‘groupthink’ and
raise critical questions of colleagues. (Demb and Neubauer
1992: 13–16) 5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
5
6. Directors Duty
In the UK directors’ duties are largely
embedded in the common law established
over time, with some statutory interpretative
overlay. The Company Law Reform Bill (2005)
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
6
7. Directors Duty
1. To act within the powers conferred;
2. To promote the success of the company for the
benefit of its members. Directors must have regard
to the long term and wider factors such as
relationships with employees, suppliers, customers
and the impact of the company’s operations on the
community and environment;
3. To exercise independent judgement;
4. To exercise reasonable care, skill and diligence;
5. To avoid conflicts of interest; 5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
7
8. Directors Duty
6. Not to accept benefits from third parties;
7. To declare an interest in a proposed transaction
with the company.
Under this legislation shareholders will enjoy a
statutory right to pursue a claim on behalf of the
company against a director for negligence,
default, breach of duty or breach of trust.
(Linklaters 2005: 2). 5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
8
9. Board Duties and Functions
(OECD)
The OECD Principles of Corporate Governance (2004)
specifies the board’s key functions as:
1. Reviewing and guiding corporate strategy, major plans of
action, risk policy, annual budgets and business plans; setting
performance objectives, monitoring and implementation and
corporate performance; and overseeing major capital
expenditure, acquisitions and other divestitures.
2. Monitoring the effectiveness of the company’s governance
practices and making changes as needed.
3. Selecting, compensating, monitoring and, when necessary,
replacing key executives and overseeing succession planning.
9
10. Board Duties and Functions
4. Aligning key executives and board remuneration with the longer
term interests of the company and its shareholders.
5. Ensuring a formal and transparent board nomination and
election process.
6. Monitoring and managing potential conflicts of interest of
management, board members and shareholders, including misuse of
corporate assets and abuse of related party transactions.
7. Ensuring the integrity of the corporation’s accounting and financial
reporting systems, including the independent audit and appropriate
systems of control are in place, in particular systems for risk
management, financial and operational control, and compliance with
the law and relevant standards.
8. Overseeing the process of disclosure and communications.5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
10
11. Model
Board Duties and Functions
The American Law Institute’s (1994) model of
directors’ duties indicates an evaluating and
reviewing role, with the duty to appoint the
senior executives who are responsible for
managing the business, and then to review
their progress:
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
11
12. Model
Board Duties and Functions
1. Select, regularly evaluate, fix the compensation of, and, where
appropriate, replace the principal senior executives;
2. Oversee the conduct of the corporation’s business to evaluate
whether the business is being properly managed;
3. Review, and, where appropriate, approve the corporation’s
financial objectives and major corporate plans and actions;
4. Review and, where appropriate, approve major changes in, and
determinations of other major questions of choice respecting the
appropriate auditing and accounting principles and practices to be
used in the preparation of the corporation’s financial statements;
and
5. Perform such other functions as are prescribed by law, or
assigned to the board under a standard of the corporation.5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
12
13. The Australian Stock Exchange
(ASX)
The Australian Stock Exchange (ASX) Principles
of Good Corporate Governance (2003: 16) adopts
the Cadbury formulation obliging companies to
comply or explain non-compliance, and requires
listed companies to ‘recognize and publish the
respective roles and responsibilities of board and
management’.
The principles do not specify an exact distribution
of functions, but suggest the board will usually be
responsible for:
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
13
14. The Australian Stock Exchange
(ASX)
1. Oversight of the company including its control and accountability
systems;
2. Appointing or removing the chief executive;
3. Ratifying the appointment and removal of the chief financial officer and
the company secretary;
4. Input and final approval of management’s development of corporate
strategy and performance objectives;
5. Reviewing and ratifying systems of risk management and internal
compliance and control, codes of conduct and legal compliance;
6. Monitoring senior management’s performance and implementation
strategy;
7. Approving and monitoring the progress of major capital expenditure,
capital management, and acquisition and divestitures; and
8. Approving and monitoring financial and other reporting.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
14
15. BOARD AND CEO
RELATIONSHIP
Though the various national and international corporate governance
principles on the role of the board are a helpful guide to the
essential duties of boards, they do not explain how the relationship
between the CEO and the board is to be arranged and managed.
This is of critical importance since this relationship has often proved
an uneasy frontier in which boards have often consciously or
unconsciously crossed into (often unhelpful) involvement in the
operational detail of management.
More worryingly, CEOs particularly in the United States, but
occasionally in all jurisdictions, have been known to usurp the
powers of the board of directors, leaving an enfeebled board with an
entirely nominal role.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
15
16. BOARD AND CEO
RELATIONSHIP
In appointing the Board, shareholders vest the
management and control of the business and
affairs of the Group in the Board.
The Board has reserved some matters to itself
for decision and, save for those matters, has
delegated authority for all other matters to the
CEO.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
16
17. POWERS RESERVED FOR THE
BOARD
1. Appointments to the position of CEO and approval
of the appointment of executives reporting to the
CEO.
2. Approval of strategy and annual budgets.
3. Determination of capital and non-capital items in
accordance with the Approvals Framework.
4. Determinations and adoption of documents
(including the publication of reports and statements
to shareholders) that are required by the Group’s
constitutional documents, by statute or by other5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
17
18. Delegation of Powers
Beyond the items above the Board delegates
to the CEO all authority to achieve the
Corporate Objective.
The CEO is free to take all decisions and
actions which further the Corporate Objective,
and which in his or her judgement are
reasonable having regard to the CEO Limits.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
18
19. Accountability and monitoring
The CEO is accountable to the Board for the
authority that is delegated to the CEO, and the
performance of the Group.
The Board will monitor the decisions and actions
of the CEO and the performance of the Group to
gain assurance that progress is being made
towards the Corporate Objective within the spirit
of the CEO Limits.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
19
20. ACCOUNTABILITY AND MONITORING
(ANNUAL BOARD CYCLE)
Throughout the annual Board cycle, the CEO
will report systematically in a spirit of
openness and trust on the progress being
made by the Group’s businesses towards the
Corporate Objective and towards shorter and
medium-term plans.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
20
21. (Format and system of reporting)
The CEO will determine the format and system of
reporting, which will address material developments in
the following areas, and will describe for each of them
the potential impact on the achievement of the
Corporate Objective:
The development and implementation of strategy, and the
annual plan;
The business and financial performance of the Group, and
material events in markets which are critical to the
achievement of the Corporate Objective;
The activities covered by the CEO Limits.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
21
22. (KEEP THE BOARD
INFORMED)
The CEO will keep the Board informed in
writing of decisions and actions that the CEO
reasonably interprets to exceed the CEO
Limits but are necessary and appropriate for
the achievement of the Corporate Objective
and the medium and short-term plans of the
Group.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
22
23. (Monitor Performance)
The Board will also monitor performance
through the Board committees where it is more
effective to do so, or necessary to avoid
potential conflicts of interest.
The Committees will focus on gaining
assurance that the conduct and performance
of the CEO and the Group comply with the
CEO Limits. 5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
23
24. (BOARD AND ITS
COMMITTEES)
The Board and its committees will determine
the information required.
They may make direct requests for information
including from the CEO, any employee of the
Group, the external auditor or any third party.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
24
25. (THE CEO AND HIS OR HER
NOMINEES)
The CEO (and his or her nominees) will supply
the Board and its Committees with the
information in a form that is appropriate to
enable the Board and committees to make
assessments and judgements, to conduct
inquiries, and to gain assurance that the
decisions and actions of the CEO, and the
performance of the Group, are directed toward
the Corporate Objective and fall within the5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
25
26. (STRIVE COLLABORATIVELY)
The Chairman of the Board, the chairmen of
Committees, the CEO and the Company
Secretary will strive collaboratively to ensure
that effective systems are in place for the
production and transmission of information
and reports.
5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
26
27. (RELATIONSHIPS AND
DIALOGUE)
Relationships and dialogue between individual
members of the Board and the CEO and
senior executives that focuses on gaining a
better understanding of the Group’s business
will be encouraged but will not alter the roles,
accountabilities and divisions of authority in
this Board Governance Document. (BHP
Billiton 2006) 5/9/2015Corporate Governance - Engr M. Zeeshan Ahad
27
28. Part 2 will be discussed in the next lecture.
End of Part 1
5/9/2015
28
Corporate Governance - Engr M. Zeeshan Ahad
30. Assessment of CG Participants
(Distribution of Course Marks)
3 x Assignments/ Presentations (10 Marks)
Assgnments can be written in typed form and must be submitted in the next
class. There is no limit on the length of pages to be submitted. Each
participants will deliver one to two presentations on the assigned topic by
the instructor. Presentation may also be delivered in groups comprising of 3
students maximum .
3 to 4 x Quizzes (10 Marks)
At least three quizzes will be conducted without mentioning the date and
time in advance. Quizzez may comprise on short questions or include fill in
the blanks or true /false or multiple choice questions.
31. Assessment of SM Participants
(Distribution of Course Marks)
1 x One Hour thirty minutes Examination/ Class Test (30 Marks)
Participants are expected to demonstrate a basic understanding of Corporate
Governance subject material covered in class until the time of the examination,
which is of 1 hours duration. All questions of the class test shall be mandatory.
1 x Term Paper / Research Proposal (10 Marks)
Each participants will work on a term paper. Term paper may be in the form of
project report or preparation of a research proposal. Each student will present
his/her research proposal. Submission of the research proposal is one week in
advance of the presentation. Length of a research proposal may range from 5 to 15
pages maximum.
32. Assessment of SM Participants
(Distribution of Course Marks)
End Semester Examination/Final Exam (50 Marks)
Participants will be required to creatively apply their CG knowledge to
answer all mandatory questions. In preparing for this three-hour long
examination, note that the entire course material is relevant and that the
questions asked may relate to any part of it.
CG participants who demonstrate excellent command over all areas of the
course and who can present innovative ideas and approaches to problem
situations, can expect to perform very well in this examination which, given
its weightage, will primarily determine the SM participant‘s overall GPA. Do
not underestimate the difficulty level of this examination!