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Corporate Governance in API Limited

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Added on  2020-04-07

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In accordance to Australian Pharmaceutical Industries Limited, the goal of corporate governance is usually to enhance entrepreneurial, prudent and effective management that can provide the long-standing achievement of the business. Under ASX rules of the listing and ASX corporate governance council recommendations and standards, API is needed to basically divulge the degree of its conformity with the standards since the details of the standards by the consolidated company are completely provided in Australian Pharmaceutical Industries Limited annual statements that are listed in the corporate governance reports.

Corporate Governance in API Limited

   Added on 2020-04-07

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Accounting theory and current issues 1ACCOUNTING THEORY AND CURRENT ISSUESBy NameCourse TitleInstructor’s nameName of InstitutionName of Department
Corporate Governance in API Limited_1
Accounting theory and current issues 2How corporate governance is important to API LimitedCorporate governance is the system of rules, practices, and processes by which a firm is controlled and directed. It essentially encompasses harmonizing the interests of several company stakeholders such as customers, shareholders, management, suppliers, community and the government (Deegan, 2012). In accordance to Australian Pharmaceutical Industries Limited, the goal of corporate governance is usually to enhance entrepreneurial, prudent and effective management that can provide the long-standing achievement of the business. Australian Pharmaceutical Industries Limited board often recognizes the significance of a strong governance culture and framework throughout the organization. According to API annual reports, the board of directors continues to shape on and heighten the fully established governance structure to ensure that the company maintains its culture. The responsibilities and roles of the company board are provided in the board agreement. In order to help with the establishment of its duties, the board has created a risk and audit committee, remuneration committee and a nomination committee that have detailed charters (Ferrell, & Fraedrich, 2015). Under ASX rules of the listing and ASX corporate governance council recommendations and standards, API is needed to basically divulge the degree of its conformity with the standards since the details of the standards by the consolidated company are completely provided in Australian Pharmaceutical Industries Limited annual statements that are accessible in the corporate governance reports. Generally, the duties of the board involve making the firm strategic purposes, offering the management to put them into force, overseeing the company management and reporting to stakeholders on their leadership. According to API, the directors have also instigated control procedures for evaluating, ascertaining and managing substantial risks to the attainment of the first goal (Khan, Muttakin, & Siddiqui, 2013). The company internal control practices often cover operating, compliance and financial risks that may affect the company operations.
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Accounting theory and current issues 3In this case, the API directors also obtain and consider the yearly control documentation by the CEO and CFO in conformity with the ethics that relate to operating and financial risks. This aspect is vital because it will ensure that the company production and management are in accordance with the set rules and responsibilities by the governing bodies (Australian Pharmaceutical Industries annual reports, 2016). Impact of corporate governance in the companyGood corporate governance can have a broader impact on both listed and no listed because it is essentially about enhancing transparency and accountability within prevailing systems. According to the company, one of the most fascinating developments in the last decade has been the manner in which the aspect of corporate governance label has been employed to define accountability and governance issues being the business sector (Deegan, 2013). This can be misleading and confusing as Australian cooperate governance has been developed andbuilt so as to deal with the governance of registered corporations bodies and not intended to cover all forms of organizations that might have a different framework of accountability. Australian Pharmaceutical Industries Limited basically promote holistic practices of working that includes but not restricted to continuing to provide worker assistance programs, eldercarekits, childcare kits and supporting a parental sabbatical return to work measures and providing a parental sabbatical return to work gear (Schroeder, Clark, and Cathey, 2013). APIs corporate governance structures often include the following documents:Corporate governance report that stipulates the roles and responsibilities of the board and management (Mason, & Simmons, 2014). Australian Pharmaceutical Industries Limited ConstitutionAgreements for Risk and Audit Committee, Board, Remuneration commission and Nomination commission (Australian Pharmaceutical Industries annual reports, 2016).
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