This document discusses corporate governance, accountability, and corporate social responsibility. It begins by explaining how modern governance frameworks were developed in response to stakeholder pressures. It describes directors' fiduciary duties to shareholders and stakeholders. The document also discusses threats to good governance like conflicts of interest. It emphasizes the importance of developing an ethical corporate culture through codes of conduct and CSR programs. The motivations for CSR reporting are explained, and the pyramid of CSR illustrates different levels of CSR practice from performance-driven to stakeholder-driven.
corporate governance and role in strategic managementzeba khan
describes the concept of corporate governance along with need and benefits of corporate governance. highlights the role and importance of corporate governance in strategic management.
corporate governance and role in strategic managementzeba khan
describes the concept of corporate governance along with need and benefits of corporate governance. highlights the role and importance of corporate governance in strategic management.
the importance of corporate social responsibility and business ethicsijtsrd
Corporate social responsibility CSR and ethical behavior have come in front these years in both developed and developing countries to bring the effective results for the overall growth of any organizations. These two concepts bring important benefits to a business. This paper will highlight the basic concepts and how these two concepts works along with its importance and need in today’s time for the organizational overall growth and success. As organizations know and accepted business ethics lead to positivity among the employees, customer and for public relations. As not everyone accepted them but also it will help to create overall image, loyalty, strong and healthier community relations which ensure of benefits and present themselves as corporate as well as socially responsible. Jamshed "The Importance of Corporate Social Responsibility and Business Ethics" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd32967.pdf Paper Url :https://www.ijtsrd.com/management/marketing/32967/the-importance-of-corporate-social-responsibility-and-business-ethics/jamshed
Elizabeth Homes offered the world a miracle technology which would have changed medicine forever in the same beautiful package as many other Silicon Valley giants.
1)Why have concerns over pollution become so important for managemen.pdfarjunhassan8
1)Why have concerns over pollution become so important for management and directors?
2)How can corporations ensure that their employees behave ethically?
Solution
1) Stakeholders increasingly expect that a company\'s activities are in the best interest of the
society and the people. Stakeholders want their companies to work not just to increase their
wealth but also their standard of living by keeping the pollution to a level which is well below
the environmental guidelines and which is not harmful to the people (ie: responsible for smog,
polluted water, acid rain). Also, now it has become the corporate social responsibilty to keep the
pollution level well below the guidelines and rules. This helps to increase the goodwill of the
company which in turn increase the faith of investors in the company.
2) Corporations can ensure the same by taking various steps and incentives. Following are
certain ways by which corporations can esure the same:-
There should be a proper code of conduct within the company which says that employees should
behave in a certain way. Employees must be motivated and trained and be given incentives to
work hard in the interests of stockholders. Their behavior must be observed to ensure they do not
behave illegally or unethically that threaten the trust of stockholders and public in the compny. In
many companies employees focus on maximizing their own wealth. In an effort to prevent
scandals the Securities and Exchange Commission (SEC), continues to increase regulations that
increase transparencies and eliminate conflicts of interest. The SEC’s goal after each major crisis
is to prevent the unethical behavior and illegal behavior. Corporations can ensure that their
employees behave ethically by creating segregation of duties where appropriate, creating an
incentive program that doesn’t encourage unethical behavior, having control systems in place, a
proper hiring process, and athorough training process. There should be proper system in place to
ensure that such unethical behaviour will be caught. Corporations need to ensure that their
employees understand their responsibilities in carrying out their duties and responsibilities..
Important IPCC chapters by CA classes in Mumbai.seomiamia
This is one of the most important chapters for the students appearing for IPCC exam.Mia Mia is one of the best listing website for IPCC Classes in Mumbai. We are also known for our systematic listing of various IPCC, CA Final and CPT CLasses in Mumbai. QLI is a class where each student is our priority. We are one of the best listing website for CA Classes in Mumbai.
the importance of corporate social responsibility and business ethicsijtsrd
Corporate social responsibility CSR and ethical behavior have come in front these years in both developed and developing countries to bring the effective results for the overall growth of any organizations. These two concepts bring important benefits to a business. This paper will highlight the basic concepts and how these two concepts works along with its importance and need in today’s time for the organizational overall growth and success. As organizations know and accepted business ethics lead to positivity among the employees, customer and for public relations. As not everyone accepted them but also it will help to create overall image, loyalty, strong and healthier community relations which ensure of benefits and present themselves as corporate as well as socially responsible. Jamshed "The Importance of Corporate Social Responsibility and Business Ethics" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd32967.pdf Paper Url :https://www.ijtsrd.com/management/marketing/32967/the-importance-of-corporate-social-responsibility-and-business-ethics/jamshed
Elizabeth Homes offered the world a miracle technology which would have changed medicine forever in the same beautiful package as many other Silicon Valley giants.
1)Why have concerns over pollution become so important for managemen.pdfarjunhassan8
1)Why have concerns over pollution become so important for management and directors?
2)How can corporations ensure that their employees behave ethically?
Solution
1) Stakeholders increasingly expect that a company\'s activities are in the best interest of the
society and the people. Stakeholders want their companies to work not just to increase their
wealth but also their standard of living by keeping the pollution to a level which is well below
the environmental guidelines and which is not harmful to the people (ie: responsible for smog,
polluted water, acid rain). Also, now it has become the corporate social responsibilty to keep the
pollution level well below the guidelines and rules. This helps to increase the goodwill of the
company which in turn increase the faith of investors in the company.
2) Corporations can ensure the same by taking various steps and incentives. Following are
certain ways by which corporations can esure the same:-
There should be a proper code of conduct within the company which says that employees should
behave in a certain way. Employees must be motivated and trained and be given incentives to
work hard in the interests of stockholders. Their behavior must be observed to ensure they do not
behave illegally or unethically that threaten the trust of stockholders and public in the compny. In
many companies employees focus on maximizing their own wealth. In an effort to prevent
scandals the Securities and Exchange Commission (SEC), continues to increase regulations that
increase transparencies and eliminate conflicts of interest. The SEC’s goal after each major crisis
is to prevent the unethical behavior and illegal behavior. Corporations can ensure that their
employees behave ethically by creating segregation of duties where appropriate, creating an
incentive program that doesn’t encourage unethical behavior, having control systems in place, a
proper hiring process, and athorough training process. There should be proper system in place to
ensure that such unethical behaviour will be caught. Corporations need to ensure that their
employees understand their responsibilities in carrying out their duties and responsibilities..
Important IPCC chapters by CA classes in Mumbai.seomiamia
This is one of the most important chapters for the students appearing for IPCC exam.Mia Mia is one of the best listing website for IPCC Classes in Mumbai. We are also known for our systematic listing of various IPCC, CA Final and CPT CLasses in Mumbai. QLI is a class where each student is our priority. We are one of the best listing website for CA Classes in Mumbai.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
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What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Putting the SPARK into Virtual Training.pptxCynthia Clay
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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2. LEARNING OUTCOME
Describe Modern Governance & Accountability
Explain Corporate Governance & Accountability
Understand The Importance Of CSR
Understand The Motivation For CSR Reporting
3. MODERN GOVERNANCE AND ACCOUNTABILITY
(NEW EXPECTATION – NEW FRAMEWOK TO
RESTORE CREDIBILITY)
Stakeholder give impact on corporation markets, capital markets and support offer to the
corporation.
Any boycotts, reduced revenue, profit streams or turn down by recruiting employee give
effect to corporation’s reputation
Therefore, Director and Executives found that stakeholder was essential to the optimal
achievement of medium-term and long-term corporate objectives.
How to get support from stakeholder ?
= a new governance and accountability framework is developed with new tool & new
technique
How to restore the credibility of corporation & Profession Accountants and capital
market ?
By reform Sarbanes-Oxley Act ( SOX)
as the standard and framework used around the world
4. ACCOUNTABILITY TO SHAREHOLDER OR
STAKEHOLDERS ? (Pg 221-222)
Company legally accountable Shareholder
Strategic accountable Stakeholders
The SOX is designed to refocus on responsibility of directors on their
fiduciary duty beyond their own self-interest to shareholders as a whole and
to the public interest.
3 Types of Fiduciary
Obligation for
directors
Duty to
obedience
- To avoid
committing
act beyond
the scope
Duty of loyalty
- Must act good
faith
- not allow
personal interest
over the interest
corporation
Duty to care
Director have
to be diligent
and prudent in
managing the
corporation’s
affair
5. GOVERNANCE FOR BROAD STAKEHOLDER
ACCOUNTABILITY
( Governance Process Based on Stakeholder Interests)
Stakeholder Accountability Oriented Governance Process
Governance process should be based on Stakeholder interests
According to Stakeholder-accountability oriented governance process
(SAOG), BOD must take all stakeholder interests into account and embedded
into company’s vision, mission, policies, codes, practices, compliance &
feedback arrangements.
6. Identifying organizational values through the foundation of behaviour & integrity
Shareholders & stakeholders interests are incorporated and integrate into the
company strategies, planning and decision making
This will ensure risk identified can be managed through the establishment of
company’s vision, mission, strategies, policies & procedures
To incorporate or embedded the cultural values & hypernorms values
to ensure that all important values are included as an acceptance and respect is
guaranteed in dealings with many culture values
7. THREATS TO GOOD GOVERNANCE &
ACCOUNTABILITY
1) Misunderstanding objectives & fiduciary role
2) Failure to identify & manage ethic risks
3) Conflict of Interests
4) Management to avoid & minimize consequences
5) Agency Theory, Ethics & Sears
6) Chinese Wall/Firewalls
7) Forensic Experts & Evidence: 20/60/20 rule
8) GONE Theory
9) Duty depends on a person’s role
8. THREATS TO GOOD GOVERNANCE &
ACCOUNTABILITY
Misunderstanding
objective & Fiduciary
duty
Lack of proper guidance
or reporting mechanism.
As a result director and
personnel do not
understand their
fiduciary duties
For example :
Director looking their own
interest and not protecting
interest shareholder,
stakeholder
Failure to identify &
Manage Ethics Risks
The increasing complexity,
volatility, and risk inherent in
modern corporate interests and
operations, has led to the
requirement for risk
identification, assessment, and
management systems.
- Internal auditors will examine the
company’s assets and ensure its
compliance with policies
- External auditors examine the FS
and see that internal controls are
in place that will ensure accurate
financial reports.
Conflict of
interest
occurs when the independent judgment
of a person is swayed, or might be
swayed, from making decisions in the
best interest of others who are relying
on that judgment.
An employee is expected to make
judgments in the best interest of the
company
A director is legally expected to make
judgments in the best interest of the
company and its shareholders and benefit
to stakeholders and the public interest.
A professional accountant is expected
to make judgments that are in the public
interest.
9. How to avoid & Minimize Conflict of interest
Management of the
conflict interest so that
the benefits of the
judgement made
outweigh the costs
Disclosure to those
stakeholder relying on
the decision
Avoidance
10. KEY ELEMENTS OF CORPORATE
GOVERNANCE & ACCOUNTABILITY
DEVELOPING, IMPLEMENTING& MANAGING AN ETHICAL CORPORATE CULTURE
Directors, owners and senior management are in the process of realizing that they and their
employees need to understand that :
i. Their organizations will consider the interests of stakeholders, not just shareholders.
ii. Consider ethical value when made decision making
This can be achieved by ensuring commitment to the ethical principles or values
considered appropriate for the organization, and for that, the top management must
be fully supportive and that such support is evident throughout the organization’s
governance system.
To ensure an effective understanding and commitment to the organization’s ethical
principles, many companies design an ethics program.
11. CORPORATE CODES OF CONDUCT
PURPOSE , FOCUS & ORIENTATION
Company business ethics principles stress 2 objectives:
a) Improving employee capability for decision making in accordance with policy & legal
requirements
b) Provide concrete expression towards company’s mission through duties &
responsibilities
An effective code is the embodiment of an organization’s values.
It represents the major organizational structure in which to implement ethical policy
and to signal and communicate behavioral expectations and culture, as well as to
provide strategic and legal positioning for the organization.
It is an essential part of a modern system of internal control.
12. CORPOROTE CODES OF CONDUCT
The development
and maintenance
of an ethical
corporate culture
An effective
internal control
system
Effective
empowerment for
employees to make
ethical decisions
Sending proper
signals to
external
stakeholders
A due diligence
defense for
director and
officers
Effective
implementation:
A properly
functioning code is
essential to the
following
13.
14. CORPORATE SOCIAL RESPONSIBILITY
(CSR)
CSR means that an organisations must behave ethically and with
sensitivity toward social, economic and environmental issues.
Striving for social responsibility helps individuals, organisations and
governments have a positive impact on development, business and
society with positive contribution to bottom-line results (PLANET,
PEOPLE, AND PROFIT).
15. IMPORTANT OF CORPORATE SOCIAL
RESPONSIBILITY
Corporate
Reputation
Create and maintain a good image of the organisation.
May boost up the profit of the organisation.
Sustain
Environment
Preserve the environment for next generation.
Prevent the environmental issue from arise.
Respect
Human Right
Fair and equitable treat to the employees, customers, also society.
Motivate
Employees
CSR will improve the quality of the work in order to give a good
quality of service to the customer.
Retain
Customer
Trust & Loyalty
Customer tends to choose our product or services.
Create trustworthy relationship between customer & companies.
17. PERFORMANCE
-DRIVEN CSR
• A company
practice CSR for
financial returns &
competitiveness in
the market.
VALUE-DRIVEN CSR
• Corporate value or code of
conducts ethically guides
company’s behaviour
(decision making)
STAKEHOLDER-
DRIVEN CSR
• To treat them fairly
in order to retain
loyalty & trust.
• Maintain corporate
reputation.
MOTIVATION FOR CSR REPORTING