… is “accountability to providers of capital.” - from Bruce Weber, dean of the Lerner College of Business at the University of Delaware. (Peter Crow, On ‘corporate governance’: Is our understanding flawed?, ) Regulators (to set rules), proxy advisers (lobbyists on behalf of shareholders and other interests), and shareholder meetings (communications) are all important, but none is corporate governance. It does not describe and is not a proxy for the board itself, nor any other party or activity outside the boardroom. The act of steering, guiding, and piloting-describes what boards do when in session. (Bob Tricker, The Future of Corporate Governance: A Personal Odyssey, 2022) – – James McRitchie, 12/2020 Corporate Governance: Academic DefinitionsĬorporate governance describes the way trust is shown, power exercised, and accountability achieved in corporate entities, for the benefit of their members, other stakeholders, and society. Both terms address control of corporations but governance has always required an examination of underlying purpose and legitimacy. Whereas the 20th century might be viewed as the age of management, the early 21st century is predicted to be more focused on governance. The corporate governance framework also depends on the legal, regulatory, institutional, and ethical environment of the community. Additional participants include employees, customers, suppliers, and creditors. Its relationship to the other primary participants, shareholders, and management, is critical. The board of directors is central to corporate governance. James McRitchie, Corporate Governance Publisher Corporate Governance DefinitionĬorporate governance is viewed as both the structure and the relationships which determine corporate direction and performance. Universal Elements and Democratic Governance.
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