But significant parts are outmoded or have become redundant and they are enshrined in law that is often unnecessarily complicated and inaccessible."
In today's world, global companies are able to control more human and economic resources than many nation states. The economic influence of these firms goes far beyond stock markets; these organisations have a genuine impact on people's lives, as the case of Enron illustrated in the U.S. With this perspective, questions like, who governs corporations and how are top executives appointed, or is economic globalisation changing corporate governance practices, are worth asking.
Setting up and running a company in the UK is governed by the Companies Act 1985, but many other set of laws affect company operating procedures. These include the Sale of Goods Act 1979 that regulates the sale of any item; the Health and Safety at Work Act 1974 which regulates the minimum standards of health and safety for employees; and the Employers' Liability (Compulsory Insurance) Act 1969 which requires employers to have insurance against physical injury and disease sustained by employees. Likewise, there are two types of companies:
Private Company - this is usually a small or a family-run business. ...Show more