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BUSI 1594 Corporate Governance And Ethics

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BUSI 1594 Corporate Governance And Ethics

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BUSI 1594 Corporate Governance And Ethics

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Course Code: BUSI 1594
University: University Of Greenwich

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Country: United Kingdom

Question:

‘Good corporate governance goes hand in hand with a director’s role, either as a manifestation of how a director’s duties are fulfilled or as a support in fulfilling these duties?’ Discuss.
 
ASIC encourages directors to embrace corporate governance, beyond the ‘ticking of boxes’ when it comes to compliance and that good governance should be part of a director’s mindset. The task invites students to explore role of directors duties in promoting good corporate governance.

Answer:
Introduction:

The term corporate governance can be defined as the relationships between different participants in determining the performance and direction of the corporations. ASX Corporate Governance Council has recently consulted for updating the Corporate Governance Principles and Recommendations and this topic was the center of their focus. It further provided that an important role is played by the directors in various aspects of governance but it is not solely the responsibility of the board. The main objective of good corporate governance is the maximization of shareholders’ wealth. The chairman of the board also has the duty of diligence and care at the time of discharging their duties and exercising their powers. They are also refrained from making the improper use of their position.  
All the directors are familiar with the principles of corporate governance. The role of the director ultimately defines good corporate governance in an organization. It can be either in the form of manifestation of the manner in which the duties of the directors are fulfilled or as a support in fulfilling these duties. There are two factors which are considered to be most important in case of corporate governance. These include the quality of information flow supported within the organization. The level of information flow highlights the oversight of the role performed by the board within the company. Another important point includes the manner in which conflicts of interest, accountability and transparency are dealt within the organization. This provides that it is the duty of the director to act in the best interest and good faith of the company.
It is very easy for the board to make relevant decisions regarding the benefits and costs of a specific strategy if the risk appetite is already understood by the company and there are some processes through which these risks can be appropriately assessed.  Directors are encouraged by ASIC for not regarding corporate governance as compliance box ticking. Instead, directors should keep the performance of good governance in their mind at the time of discharging their functions. In other words, good governance culture should be ensured by the directors in the company for performing the job of a director in a better way.
Therefore, it can be concluded that an important role is played by corporate governance in improving growth and economic efficiency along with enhancing the confidence of the customers. A structure is also provided by corporate governance through which company’s objectives are set. Along with this, corporate governance also offers a means with the help of which such objectives can be attained and performance can be monitored from time to time. Proper incentives should also be offered by good corporate governance for management and the board so that the objectives in the interest of shareholders and the company can be pursued and effective monitoring can be facilitated.
References
Australian Securities and Investments Commission, The Directors Role in Corporate Governance Australian Securities and Investments Commission,
Deakin Law Review, Special Responsibilities of the Chairman: ASIC v Rich & Ors
Legg, Michael and Dean Jordan, ‘The Australian Business Judgment Rule After Asic V Rich: Balancing Director Authority And Accountability’ (2014) 34(2) Law Review 405
Ramsay, Ian, Corporate Governance and the Duties of Company Directors (Centre for corporate law and securities regulation 1997)

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