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Quote of the Day

One of the things I've had the advantage of, growing up and being close to the top management of this company and other companies for most of my life, is seeing how CEOs start to believe in their own infallibility. And that really scares me.

Bill Ford

Corporate Governance

Concept Briefing:

Corporate governace or CG is the set of processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the goals for which the corporation is governed. The principal players are the shareholders, management and the board of directors. Other stakeholders include employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large.

Corporate governance is a multi-faceted subject. An important part of corporate governance deals with accountability, fiduciary duty, disclosure to shareholders and others, and mechanisms of auditing and control. In this sense, corporate governance players should comply with codes to the overall good of all constituents. Another important focus is economic efficiency, both within the corporation (such as the best practice guidelines) as well as externally (national institutional frameworks). In this "economic view", the corporate governance system should be designed in such a way as to optimize results, as well as to detect and prevent fraud. Some argue that the firm should act not only in the interest of shareholders, but also of all the other stakeholders.

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