Challenges and Best Practices in Corporate Governance_A Reaction
Tubeo_Roselie.Reaction on the Article: Challenges and Best Practices in Corporate Governance .Feb 25, 2014
Before I started this article, I looked up the meaning of the term governance in the dictionary to ensure that I have captured the real meaning of it, in the real sense of the word. More so, I wanted to make sure that the way I understand the term is in the same context as what Prof Mansibang is pointing out in his article. As intrinsically depicted in the article, Corporate governance is the framework, the set of rules, the system by which the organization is being governed, directed or controlled based on the four facets of good corporate governance: accountability, fairness, responsibility and transparency.
The article started out with the need for reforms in the aspects of corporate governance and the responses to it, first by the Philippine government itself, then by various other humungous companies that, due to their inherent influence has already established reforms into the realms of their organization. Prof Mansibang aptly interpreted the challenges of these reforms by way of engaging the other companies that haven’t enforced these best practices into their own organizations. He said that reforms should be systemic and should sprout from the perspective of corporate social responsibility. Once again, he attached another subject matter to CSR as a consistent way of driving the whole idea of value creation and good governance.
Some of the major hurdles that an organization would undertake to achieve corporate governance reform are: Systemic definition of corporate governance, Defining it from a reporting perspective, Rapid extension of governance codes worldwide, increasing focus on board professionalism, Assessing and redesigning corporate leadership roles, Re-assessing corporate reporting needs and a lot more. There are recommendations also as to how a company could undertake the challenging reforms for corporate governance.
Foremost, I think
Before I started this article, I looked up the meaning of the term governance in the dictionary to ensure that I have captured the real meaning of it, in the real sense of the word. More so, I wanted to make sure that the way I understand the term is in the same context as what Prof Mansibang is pointing out in his article. As intrinsically depicted in the article, Corporate governance is the framework, the set of rules, the system by which the organization is being governed, directed or controlled based on the four facets of good corporate governance: accountability, fairness, responsibility and transparency.
The article started out with the need for reforms in the aspects of corporate governance and the responses to it, first by the Philippine government itself, then by various other humungous companies that, due to their inherent influence has already established reforms into the realms of their organization. Prof Mansibang aptly interpreted the challenges of these reforms by way of engaging the other companies that haven’t enforced these best practices into their own organizations. He said that reforms should be systemic and should sprout from the perspective of corporate social responsibility. Once again, he attached another subject matter to CSR as a consistent way of driving the whole idea of value creation and good governance.
Some of the major hurdles that an organization would undertake to achieve corporate governance reform are: Systemic definition of corporate governance, Defining it from a reporting perspective, Rapid extension of governance codes worldwide, increasing focus on board professionalism, Assessing and redesigning corporate leadership roles, Re-assessing corporate reporting needs and a lot more. There are recommendations also as to how a company could undertake the challenging reforms for corporate governance.
Foremost, I think