The importance of corporate governance in organizations With the recent financial crisis‚ companies’ defaults and crushes‚ the importance of corporate governance has risen significantly. Corporate scandals that have impacted companies all over the world have led to the re-examination of the role of corporate governance in their day to day operations. The Organization of Economic Cooperation and Development (OECD‚ April 1999) defines corporate governance as follows: "Corporate governance is the
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Two main theories dominate discussion of corporate responsibility: stockholder theory and stakeholder theory. Stockholder theory maintains that profit for stock owners represents the main moral obligation of the corporation. Stakeholder theory takes the view that groups other than the stockholders‚ such as the community at large‚ have a vested interest in the management of the corporation. The types of corporate social responsibility typically align with the stakeholder theory that corporations have
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CORPORATE GOVERNANCE What is Corporate Governance? It is a set of systems‚ principles and processes by which a company is governed. It provides guidelines as to how the company can be directed or controlled so that it can fulfil its goals and objectives in a manner that adds to the value of the company and is also beneficial to all the stakeholders in the long run. The term was first used by Robert Ian in his book in the year 1984. It addresses the issues facing the Board of Directors such as
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Corporate Governance is essential to be followed in any country and economy for its economic welfare. In Pakistan‚ Security and exchange commission of Pakistan is the core authority to assure the implication of corporate governance. The SECP issued the code of corporate governance which has been revised in 2012. This code includes all the details of the corporate governance practices to be followed in Pakistan. On having a study of this code‚ Following were the points as seen also in the Anglo-American
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Offering incentives for charitable acts can be acceptable depending on the true motivation of the person that is being charitable. It is morally unacceptable if the person does it only for the intention of receiving a reward; however‚ if their motivation is out of kindness‚ then it becomes morally acceptable to receive an incentive. Charity is a neat way to help out people in need. Society presents opportunities every now and then when the time or donation would be highly appreciated. Charities
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People volunteer for many motives. Studies indicate that there is always a mix of altruism and pure self-service. From serving a meal at a homeless shelter‚ to enlisting in the military‚ this force has become an instrumental tool for the healthy growth of society. The question is: Why do some individuals do it...? A volunteer is defined as a person that offers him or herself for a service or activity. Altruism is basically the most studied element of spontaneous help when facing situations of
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Andrew Carnegie was one of the wealthiest men of the 19th century. Born in Scotland and migrated to the United states‚ Carnegie was a true self made businessman. After coming to the States Carnegie got a job working for $1.20 a week‚ and from there he went on to create Carnegie Steel Corporation and making millions. Andrew Carnegie grew up in a family that believed in self learning so Carnegie new the importance of knowledge from a young age. This helped drive him to pursue his dreams and make money
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Patron and Community A patron is one that supports and protects someone or something‚ such as an institution‚ event or cause without specifying the product or service he wants in return. Thus he is a sponsor or benefactor. He is someone who understands the person or institution being supported and believes that the object or service produced will be worthwhile. In return‚ he is rewarded with honour and status rather than economic benefits. In the essay I will expound upon the various arguments
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Early American Industrialists An industrialists is someone who manages or has significant financial interest in an industrial enterprise. In the eyes of many‚ the early American industrialists were cruel and selfish people who lacked concern for others and took advantage of the worker; but to my way of thinking‚ they were smart people who worked hard to make it to where they were and without some of them we would not have some of the things we have today. Andrew Carnegie‚ the richest man in the
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SAMPLE SPONSOR SOLICITATION LETTER Date Name Organization Address City‚ State‚ Zip Code Dear Name: Please allow this letter to introduce you to and for which we are seeking your support. EXAMPLE: “The Detroit Institute for Children is the oldest organization providing comprehensive medical care and therapy for disabled children in Detroit. In fact‚ over 1‚600 physically and neurologically disabled children come to The DIC an astounding 21‚439 times each year. This is the care and treatment
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