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Work Related Learning: Puddingdown Playhouse - Essay Example

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Work Related Learning: Puddingdown Playhouse

One of the more important issues that are dealt with through corporate governance is the amount and extents of power available to central figures in organisations. (Shleifer & Vishny, 1997) Moreover corporate governance promotes accountability and transparency within an organisation to ensure that business processes are not tainted in favour of one group, individual or lobby. In recent years the appearance of large corporate scandals such as Enron Corporation, HIH, One Tel etc. have focused attention to corporate governance again. (Bowen, 2008) This particular study of corporate governance practices in Puddingdown Playhouse and its parent company Sparkling Theatres Limited is aimed at highlighting inept corporate governance strategies in order to warrant their improvement. Recommendations are included with each piece of critique in order to achieve relevance. Nature, Purpose and Structure of Organisation The Puddingdown Playhouse is a small company that is based within a small community setting. The company is aimed at providing cheap and sustainable entertainment to local residents while providing chances to socialise at the same time. Moreover the company aims to protect the legacy of a historical theatre that was established in 1266. The company is structured rather haphazardly and powers are concentrated within the upper tier management. The middle and lower tier management is without much power. This infuses strict morale problems for the middle tier employees and especially for the lower tier employees. The Board of Directors is not highly organised for the parent firm or for Puddingdown Playhouse and this represents a huge challenge for corporate governance. Internal and External Stakeholders and their Information Needs The internal stakeholders of the company are without doubt its employees who work to make the company a success. The overall process in place does not consider the acting functions of the company and does not provide any information to them. This is a discriminatory practice as the actor’s skills are largely utilised to drive business but they are kept without information. The actor’s should be apprised of the company’s performance and should be encouraged through bonuses. The other internal stake holders are the accounting staff who have the information but fail to place it successfully enough. This could be improved by automating the process better and by utilising better tools. The external stakeholders of this company are the share holders who need to be apprised of the internal workings better. This would ensure their constant input to ensure accountability and transparency as well as economic efficacy. Another major external stakeholder is the community of Puddingdown that is served with the theatre’s presence. In case that the theatre relapses or closes its business down the quality and level of entertainment would decrease significantly which would have a direct bearing on the community. The community needs to be told how their efforts are keeping the theatre in business and where the theatre might need their support. Moreover, the community could be used to identify groups that do not frequent the theatre often and targeted marketing for these groups could ensure their increased participation in the theatre. Identification and Evaluation of Corporate Governance Systems in Place plus Ethical Dilemmas faced by the Staff The Operations Director, Johnny Dee is also on the board of “Feature Foods” and this poses an ethical dilemma. He may choose to promote theatres that respond best to his other company’ ...Show more

Summary

Corporate governance is critical to managing the affairs of an organisation. The intricate nature of relationships between the various stakeholders of a business ensures that managing such relationships is critical to business. These relationships are better managed by utilising sets of customs, laws, policies and processes…
Author : russell94
Work Related Learning: Puddingdown Playhouse essay example
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