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Corporate Governance in Financial Services - Essay Example
Finance & Accounting
Pages 8 (2008 words)
Topic: Corporate Governance in Financial Services Institution Affiliation: Date: Introduction Corporate governance is undoubtedly fundamental in the organizational setting. Practices of corporate governance influence and inform the interactions and relations between various stakeholders within and across an organization or industry…
This paper presents agency and other related issues which explain banks’ governance failings in the UK. It further looks into stakeholders’ responsibility as far as the identified failings are concerned. In conclusion, the paper highlights several recommendations that could essentially enhance corporate governance in the UK’s banking sector. Bank Governance Failings in the UK The effectiveness and efficiency of corporate governance influences almost all operations undertaken by a business enterprise. Just like any other business enterprise, banks in the UK are profit-driven. This means that the set organizational goals and objectives are designed on a profit-motive platform. All the stakeholders involved relate and interact in a way that fosters business continuity. Whilst this process may be marred with operational and functional challenges, supervision and control relative to stewardship, fiduciary duties, and accountability define the corporate governance pursuit (Gordon & Roe, 2004, p.168). Board of Directors The board of directors stands at the top of organizational hierarchy. The role and responsibility played by the board acts in the best interest of all stakeholders. ...
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