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Corporate Governance Master - Assignment Example
Pages 12 (3012 words)
Corporate Governance is described as conscious adherence, by an organization, to a set of guidelines and code of conduct in carrying out its organizational transactions with the primary object of making adequate disclosures to its various stakeholders that not only their stakes are safe with the organization but also that such stakes are being kept protected in a manner which is ethical and above the board.Most jurisdictions have devised and implemented corporate governance principles in the activities of all organizations having a corporate form…
The Financial Services Authority has evolved a refurbished code on corporate governance replacing the1998 intending that the new Code will apply for reporting years beginning on or after 1 November 2003. This Code supersedes the earlier Combined Code issued by the Hampel Committee on Corporate Governance in June 1998.The highlight feature of the new code is the leveraging on the work of Derek Higgs on the role and effectiveness of non-executive directors and a review of the structure and functions of audit committees by a group led by Sir Robert Smith. The Code has substantial prescriptions on the Board, Chairman and chief executive, Board balance and independence etc (Combined, 2003). "At The Body Shape the Board meets formally six times a year and is responsible amongst other things for strategy, allocation of financial resources, annual and interim results, acquisitions and disposals and risk management. ...
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