Corporate Governance Practices and Implementation

This assignment delves into the critical aspects of corporate governance, focusing on its definition, importance, and practical implementation within organizations. It examines the roles and responsibilities of different stakeholders, including the Board of Directors, management committees, and shareholders, in ensuring effective corporate governance. The assignment also explores the impact of clear decision-making processes, risk management systems, and information accessibility on fostering a culture of responsible governance.

HOW TO IMPLEMENT AND IMPROVE GOOD
GOVERNANCE IN AN ORGANIZATION

ACKNOWLEDGEMENT
Dissertation is prepared on ways that can be adopted to implement and improve corporate
governance in the organization. During the time I was working on my dissertation there were lots
of problems and it is guidance of some people that help me in completing research work. First of
all, I am thankful to all my friends and relatives that give proper guidance to me in preparing
dissertation. It was there support which help me in completing my dissertation on time. Finally, I
intend to give thanks to teacher who support me in entire research work.

ABSTRACT
Corporate governance is one of the most important part of the organization. If, it will be
developed than firm will be able to develop good and reliable relations with stakeholders. In this
report multiple ways that can be adopted to implement above discussed thing in the organization
will be discussed. Along with this, steps that can be taken to improve same will be described in
detail. The role that leadership can play in implementation and improving governing body at the
workplace will be discussed in report. It is strong leadership that ensures that all activities are
performed by following rules and regulation in the organization. In order to improve governing
body there are some steps that can be taken by an organization. In this regard, in this report role
of administration committee in bringing changes in corporate governance will be discussed.
Apart from this management committee and importance of its autonomy in improving same will
be evaluated in the report. There are many other points that are related to improvements in
corporate governance. These points will be discussed in detail in different sections of the report.

TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION....................................................................................................5
Aim & objectives....................................................................................................................5
Rationale of research..............................................................................................................6
Significance of study..............................................................................................................6
Research issue........................................................................................................................6
Structure of report ..................................................................................................................7
CHAPTER 2: LITERATURE REVIEW.........................................................................................8
CHAPTER 3: RESEARCH METHODOLOGY...........................................................................13
3.1 Research introduction or overview.................................................................................13
3.2 Research type..................................................................................................................13
3.3 Research design..............................................................................................................13
3.4 Research approach..........................................................................................................14
3.5 Research philosophy.......................................................................................................14
3.6 Data collection methods.................................................................................................15
3.7 Data analysis...................................................................................................................15
3.8 Validity and reliability....................................................................................................16
3.9 Ethical consideration......................................................................................................16
3.10 Limitation of study.......................................................................................................17
CHAPTER 4: RESEARCH METHODOLOGY...........................................................................18
CHAPTER 5: CONCLUSION AND RECOMENDATION.........................................................28
REFERENCES..............................................................................................................................31
APPENDIX....................................................................................................................................33
ILLUSTRATION INDEX
Illustration 1: Do you know about corporate governance..............................................................19
Illustration 2: People response on question whether policies can be implemented only by
preparing rules and regulations......................................................................................................19
Illustration 3: People response on use of infrastructure to implement CG in the systematic way 20
Illustration 4: Respondents response on effectiveness of management committee in evaluating
decisions of BOD and its role in proper implementation of rules and regulations........................21

Illustration 5: People response on appointment of effective chairperson for effective
implementation of administration system .....................................................................................22
Illustration 6: People response on impact of selection of right person as member of executive
committee on implementation of CG.............................................................................................23
Illustration 7: Role of CG committee in implementing determined procedures............................24
Illustration 8: Respondents response on development of risk management system by using which
stakeholders can be treated in systematic way...............................................................................25
Illustration 9: People opinion on improving relevant system by making available required
information to the stakeholders......................................................................................................26
Illustration 10: People comments on effectiveness of the clear differentiation of roles and
responsibility at different level of management in order to improve corporate governance.........27
Illustration 11: People response on contribution of change in culture in improving relevant
system ...........................................................................................................................................28

CHAPTER 1: INTRODUCTION
Governance is one of the buzzing words in today’s business world because most of the
firms irrespective of their size are focusing on developing their corporate governance. It is a set
of rules and regulations that are followed while dealing with different stakeholders. It is basically
used to maintain balance between interests of different stakeholders (Tricker and Tricker, 2015).
In order to implement corporate governance in better way, it is very important for the business
firm to make sure that who is there key stakeholders and to what extent they have importance in
the business (Galbreath, 2010). In order to deal with them in better way, rules and regulations
can be prepared, which will be followed in order to treat stakeholders in a better way. It is very
important for the firms to make sure that their administration given in proper way and helping it
in managing its operations that are related to different stakeholders. With passing of time, it is
important to bring changes in the control system and procedures because with improvement in
same, firm will be more capable to serve interest of its stakeholders in systematic way (Van den
Berghe, 2012). It is a well-known fact that good administration ensures economic growth of the
firm. If relevant system will be good, then firm will be able to treat its stakeholders in the best
way.
Mentioned entity is growth driver of the firm and if they will be satisfied, then business
firm will receive full cooperation from them and its growth rate will elevate at fast pace. Thus, it
is very important for the firm to improve its administration policies and procedures so that more
strong relationship can be built with stakeholders (Adachi, 2013). There are a number of steps
that can be taken to improve relevant system like ensuring that rules and regulations are followed
tightly (Krishnan, 2017). In other words, it can be said that many times in the firm governing
mechanism is developed, but it is not implemented strictly. In such a situation, managers must
make sure that rules and regulations are not only in book; they are also implemented at ground
level. The other improvements that needs to bring corporate governance is that role of Board of
Directors in strategy formulation must be confirmed (Haque. and Deegan, 2010). Similarly,
many other changes can bring governance for benefit of an organization.
There are number of steps that can be taken by the firms to improve corporate
governance by the business (Brickley and Zimmerman, 2010). Under corporate governance the
business firms prepare simple rules and regulation. There are people on the floor that are
responsible for implementation of corporate governance at the workplace. It is ensured that all

rules, regulations and policies that are prepared at the workplace will be implemented in proper
manner. There are number of steps that can be taken by the managers to improve corporate
governance at the workplace (Kolk and Pinkse, 2010). Under this first of all it must be ensured
that good governance cannot be bring in the firm just by complying with rules and regulations.
Employees needs to be responsible for their work. Role that board of Directors will play in
formulation of strategy must be clearly determined at the workplace so that scope of authority
and liability as well as responsibility of Board of Directors can be determined at the workplace
(Adjaoud and Ben‐Amar, 2010). Time to time performance of the business firm must be
measured and areas where performance need to be improved must be determined. In order to
ensure that corporate governance will be implemented effectively at workplace sufficient amount
of information must be provided to the Board of Directors (Khan, Muttakin and Siddiqui, 2013).
Further, steps must be taken to ensure that corporate governance structure must be improved. In
this regard, competent chairperson must be employed at the workplace. By doing so it can be
ensured that relevant person, will make necessary changes in corporate governance structure at
workplace. There must be a separate team that time to time evaluate Board members
performance. By doing so corporate governance can be improved at workplace.
Aim & objectives
Aim – The main aim of the research is to identify the ways in which corporate governance can be
improved and implemented in an organization.
Objectives – Following are the research objectives:
 To analyses improvements that must bring in corporate governance structure.
 To investigate the effective ways that can be adopted to implement administration system
in the firm.
 To explore relationship between corporate governance and improvement in organization
performance.
Research questions
What are the improvements that must bring in corporate governance structure?
What are the effective ways that can be adopted to implement administration system in the firm?
What is the relationship between corporate governance and improvement in organization
performance?

Rationale of research
It was important to conduct this research study, because corporate governance is an
integral part of an organization and plays an important role in its growth. When one tries to
identify reasons behind slow growth of an organization, then many thing's comes in mind but
often governance is not counted in such reasons. Hence, this is one the main reason due to which
it is assumed that research on selected topic is necessary to be carried out. By bringing good
changes in policies and procedures of organization performance can be improved to a great
extent. Hence, in this report, different ways are identified that can be adopted to improve firm
performance by evolving rules and regulations. Along with this, ways that can be followed to
implement same are also identified in the report.
Significance of study
There is lot of significance of this study and one of them is that this report will help
readers in understanding the importance of corporate governance. Research work will provide
information about the several ways that can be adopted by corporate in order to improve their
governance. Mere preparation of rules and regulations is not sufficient and due to this reason
information about ways that can be adopted for effective implementation of administration
related infrastructure is also provided in this report. It can be said that this study will analyze lot
of things and its results will be helpful to managers in their business decision-making.
Research issue
The main issue is that small-scale firms are not taking sufficient steps to improve their
corporate governance. It is an issue now because these firms’ managers, in meeting identify
number of factors due to which performance is poor. But, they do not consider above mentioned
element as a factor which is affecting their performance. This research will shed light on the
ways that can be adopted to improve governing body and steps that can be taken to implement it.
Structure of report Introduction – It is a part of the report in which research topic and issues related to same
are discussed briefly. Rationale of research and related issues are important part of this
section of the report as they provide information about the reasons due to which it is
necessary to conduct study on specific topic. This section gives an overview of entire
work that will be done on research.

 Literature review – In this section, various literature's are reviewed which aids in
identifying the thoughts that various scholars think in relation to research topic. This
creates broad understanding about the topic. Hence, this is also one of most important
part of present work. Research methodology – In this part of report, various tools and techniques that will be
used to conduct research will also be determined. Accordingly, data will be collected and
analyzed in research. Data analysis – On the basis of research methodology section, specific method will be
adopted to analyze data and to arrive at specific result. On the basis of results of this
section of study, conclusion and recommendation section will be prepared. Discussion – In this section of the report, detailed discussion will be carried out on the
results of analyzed data, which will help in arriving at specific conclusion.
 Conclusion and recommendation – This is last section of the report and in this
conclusion will be prepared on the basis of discussion section. Finally, at end of the
report, recommendation will be prepared on the basis of conclusion.

CHAPTER 2: LITERATURE REVIEW
In every organization whether it is a large scale or medium sized, there are some rules
and regulations that govern entire internal process which is related to decision-making and
managing business operations. According to Adjaoud and Ben, (2010), corporate governance
provides overall direction in which all leaders and managers needs to work. In an organization,
authority and responsibility mechanism is established since its commencement year. All
employees have to work under set limits in an organization. If there will be vague policies in the
firm, then activities will overlap between different designations which can create confusion
among the employees. Clear rules and procedures help managers in smoothly running the
business operations, which benefits enterprise. When an organization starts its operations it must
carry out detail work on determining roles and responsibilities in respect of job. In case this will
do fundamentals of corporate governance will be more strong. From inception year business
internal and external operations will be performed smoothly which lead to improvement in
market efficiency level.
As per views of Minnick and Noga, (2010) corporate governance aids white-collar
workers in performing their management functions in effective way. Control is one of important
element of functions of the management. In large size company, different entities are present like
Board of Directors and CEO or Chief executive officer under a structure. In mentioned type of
business firms, board always evaluates decisions taken by the CEO. If former entities have any
objection, then it communicates the same to the latter entity and demand clarification from CEO.
This model of governance ensures that organization will take care of interest of its stakeholders.
It can be said that it is very important to develop corporate governance in proper way when an
organization is established by entrepreneur. By doing so firm can maintain good relationship
with shareholders and suppliers as well as financial institutions. Thus, it is very important to
maintain good administration system in an organization. It can be seen that when new leader
come and old one exit, matter of discussion comes in existence among stakeholders specially
when firm size is large. This situation arises because stakeholders are concerned about the way
and approach that new leadership will follow to treat them. Every leader mentality is different
from other in respect to ways that can be adopted to tackle a situation. Hence, due to change in
situation with advent of new leadership stakeholders som times receive a different treatment in
comparison to same that they received in earlier time period.

Contrary to this Claessens and Yurtoglu, (2013), state that there are many firms wherein
there is a culture that Board members can ask questions from CEO but such kind of practices
was failed many times many times. This is because CEO and Board of Directors works together
and have friendly relations and due to this reason, they does not go opposite to each other. Due to
this reason, corporate governance in the firm become weak. Thus, it is not necessary that if
there Board of Directors have right to ask question to CEO then corporate governance can be
made better.
As per views of Johnstone, Li and Rupley (2011), executive committees that are prepared
in an organization must have right type of people in terms of experience and skills. This is
because related members look after day-to-day management activities. If there will not be right
type of employees in the executive committee, then it will be impossible to deliver effective
leadership to the former entity. Mere preparation and implementation of rules and regulations
under corporate governance is not sufficient; it is also very important for managers to give
effective leadership to the employees. If there will be effective leadership, then rules will be
implemented effectively at ground level. Hence, in order to improve above mentioned system, an
organization must lay down special emphasis of recruitment of right person as member of
executive committee. In this regard top managers of the firm can laid down some parameters
and same can be followed for recruiting a right candidate for the Executive committee. It is
possible that single person can select wrong candidate as member of the mentioned committee.
In order to prevent occurrence of above discussed scenario two stage interview process can be
followed in every firm. In respect to this on first stage top manager can take interview of an
individual for the post that is vacant in executive committee. In second stage of interview CEO
or owner of the firm can take interview in order to ensure that candidate that is refereed to them
is eligible for the post that is vacant in executive committee.
Opposite to this Bruno and Claessens, (2010) state that term effective leadership must be
clearly defined in the organization. Effective leadership does not mean that an individual is
giving very tough direction to its employees. Such kind of leadership may prove effective and
ineffective both for the firm. This is because some times such practice will prove beneficial in
terms of implementation of corporate governance. But some times manager by showing adamant
behavior prevent employees from following rules and regulations tightly. Thus, corporate

governance does not implement in proper manner. Due to this reason, it is necessary to define
term effective leadership at workplace.
According to Gillan, Hartzell and Starks (2011), corporate governance is a set of rules,
procedures and practices by using which firm operations are controlled and employees are
directed in the specific way. Risk management is one of the important domains in which top
managers and executive committee works consistently. Business conditions are uncertain and
due to this reason firm is exposed from various types of risks in its business. Executive
committee members prepare strategies to handle various types of risks that are faced by concern
in its internal as well as external operations. By making changes in policies and procedures,
appropriate system can be prepared to oversight risk. In this regard, number of steps can be taken
by the top managers. They can prepare a rule that at the end of every month board meeting will
be organized under which discussion will be carried out on changes that are coming in the
business environment. Similar type of meetings can be conducted by executive committee. This
change in corporate governance will ensure that each and every change that comes in the
business environment within one month is identified. By preparing strategy in new way, firm
will deal with its stakeholders according to change in situation. This will help firm in managing
good relationships with the stakeholders by keeping in mind changes that are observed in the
business environment.
Frésard and Salva (2010), claims that good corporate governance bring transparency in
the firm. This is because under these rules are prepared in respect to the flow of information.
More will be flow of information; top management will be able to make wise business decisions.
If provision is prepared in respect to availability of information to stakeholders and to managers,
then there will be effective management and good relationship with the stakeholders. In this
regard, rules can be bring in an organization under which it will be liability of the accountants to
prepare financial statements in such a way that provide sufficient information about the firm.
Firm by altering its rules and regulations can make it mandatory for relevant employees to follow
international reporting standards strictly. In order to implement this change in the firm
modification can be done in the guidelines that are followed to prepare annual report. In annual
report information can be provided in respect to the threat that were faced by the firm in
business. Along with this, strategies that were formulated to counter threat and capitalize
opportunities can also be provided in mentioned type of report. Along with this notes can be

made available in annual report which will reveal the values related to various things that are
taken in to account to compute values of revenue and expenses. In this way changes in corporate
governance can be made and implement in an organization.
As per views of Spitzeck and Hansen, (2010) Board of Directors are solely responsible
for the actions and decisions of an organization. Thus, it is very important to make sure that
effective policies are there to guide employees behavior in the firm. Changes must be made in
the corporate governance to ensure that line of responsibility is clearly differentiated between
different tiers of management level. In this regard policies related to delegation of authority and
responsibility must be clear in the firm to the managers. If there will be clear line of rights and
accountability then management will be effective and there will be no overlapping of activities.
In an organization more effective process and procedures in respect to performance of tasks must
be determined. This will make sure that internal operations are performed in legitimate way in
the firm. Moreover, it will bring transparency in the firm. It has been observed that those firms in
which there is poor internal process and procedures managers face lots of problems. Due to lack
of proper process managers have lack of access to information. Moreover, in absence of proper
process there is poor communication and uninformed decision-making in an organization which
create clash among Board of Directors. This not only affects management operations but also
badly effect morale level of managers. If there will be proper process in relation to board
meeting, determining agenda of meeting and board committee structure then performance of the
firm can be improved. This reflects that there is due importance of corporate governance in an
organization. If there will be unity and consensus among Board of Directors in respect to
decisions taken by BOD committee then stakeholders will be treated in proper way. This will
boost growth rate of the firm because it will receive full cooperation from its stakeholders.
Hence, organization needs to make alterations in its policies, procedures and practices that
enhancing its performance.
Contrary to this Chung, Elder. and Kim, (2010) state that differentiation of roles and
responsibilities are not sufficient for every designation. This is because top management at its
own level differentiate between both but same are not communicated to the employees. Due to
this reason each and every employee interpret situation and its roles as well as responsibility in
its own words. Hence, conflict comes in existence among employees and dissatisfaction originate
among them, which have negative impact on the business firm. Thus, differentiation between

roles and responsibility is not sufficient but same also be communicated to employees at
workplace.
Estrin and Prevezer, (2011) claims that there are many other things that needs to be done
in order to improve corporate governance and to make sure that it will be implemented
effectively in the firm. Research studies revealed that board structures and rules related to
governance are less effective in controlling breach of same. In simple word, it can be said that
managers prepared rules and regulations related to implementation of policies and procedures
then also there is no guarantee that same will be followed accurately. In the firm it is possible
that corporate do wrong things against its culture and value system like seen in case of Toshiba
in Japan. Hence, in order to ensure that relevant plan of action will be implemented effectively
and it will not confine merely to books it must be ensured that chairperson will give powerful
leadership to all employees. Such kind of person must be appointed as chairperson who can lead
others and is fully committed towards operating an organization in ethical way according to
determined rules as well as regulations.
Inverse to this Hoitash, Hoitash and Bedard, (2009) state that mere preparation of rules
and regulations are sufficient in the business firms. This is because corporate governance is a set
of rules and regulations. Employees of an organization from top to lower level of management
knows that it is there responsibility to follow every rules that comes in scope of there job.
Employees understand that it is there ethical liability to comply with every relevant rules and
procedure that is laid down in the organization. Hence, even single time rules will be
communicated to the employees they will take steps from their own side in respect to compliance
with rules and regulations.
In order to improve corporate governance managers must give due importance to the
culture and ethics. As per views Dallas, (2011) in the firm there must be culture under which
responsible decision making must be promoted at the workplace. If there will be responsible
decision making in the firm then the managers will understand there liability and will make
decision which is best for the firm. If one will be responsible for his work from his own side then
he will automatically follow all rules and regulations that are formulated in an organization. This
means that employee behavior and thinking if will develop in right direction then automatically
relevant thing will be implement effectively at the workplace.

Contrary to this Jackson, (2010) state that an organization can not every time on ground
of ethics can expect proper implementation of corporate governance at ground level. This is
because in today era, increasingly people believing on the fact that by following ethics success
can not be achieved in life. Thus, by developing a culture of responsible decision-making to
some extent corporate governance can be implement in proper way. No manager can take
guarantee that this approach will lead to 100% effective implementation of corporate
governance. Hence, it is very important to make sure that there is strong leadership on top which
have full control and is able to give strong lead to the below level employees.
As, per views of Harford, Mansi and Maxwell, (2012) the main function of management
committee is to define, implement and evaluating strategic plans that are approved by the
members of Board of Directors. If members of management committee do its work seriously and
closely operate is liaison with the Board of Directors then operational strategies can be
implemented effectively. Moreover, loopholes in them can be identified on primary stage which
will ensure effective implementation of these strategies. Thus, all decisions will be taken in the
business firm with full consensus which will lead to effective governance in the firm. If there
will be lack of consensus on decisions taken by top management then there will be less
cooperation between them and management committee members. Hence, there will be lack of
coordination between both groups and due to this reason firm may failed to treat its stakeholders
in appropriate way. In case if this happens in business then it means that firm corporate
governance to some extent is weak.
Erkens, Hung and Matos, (2012) claims that there must be corporate governance
committee in every organization irrespective of its size. The main task of mentioned committee
will be monitor entire administration system that is in the firm. Time to time monitoring of the
mentioned system will help firm in identifying the weak points that are in same. By formulating
strategies and tactics these weak points can be convert in strong areas and corporate governance
can be improved to great extent. This committee also look after effective implementation of the
corporate governance in the organization. In case same is not implementing effectively
committee identify the reasons due to which same is not happened at the workplace. By taking
relevant steps issues that firm was facing in proper implementation of administration related
policies can be eliminated. CG committee also evaluate the evolution of the international
corporate governance practices. By doing evaluation firm become able to identify the changes

that it must bring in mentioned system in order to make it stronger. CG committee closely
monitor governance that is in the firm. In this regard there is matrix which is approved by the
Board of Directors. This matrix are used to evaluate firm administration and on that basis areas
where improvement required is identified. Progress related to all these things progress are
communicated to the Board of Directors. Top managers on the basis of communicated
information if required proposed some modifications that can be done in the policies and
procedures All these things to great extent ensures that corporate governance will not only
implement in proper way at the workplace but it will help firm in evolving same.

CHAPTER 3: RESEARCH METHODOLOGY
3.1 Research introduction or overview
In present study from multiple sources huge quantity of data is collected. Along with this,
different aspects related to the research are also evaluated in order to ensure that research study
will be conducted in better way. Present study is undertaken in relation to corporate governance.
In order to run an organization support of different entities is required. Along with this, it is also
necessary to ensure that operations of the firm will be performed smoothly which will ensure
completion of each and every business activity on time and in systematic way. In order to
manage balanced relationship with all stakeholders and to perform internal operations smoothly
it is important to develop good procedures in the organization. In case if, there will be good
governance then organization will grow at rapid rate in its business. In this report different
aspects that are related to improvement and implementation of governance structure are
evaluated. In this regard sufficient amount of primary and secondary research is done which
ensure that results produced by present study are highly reliable.
3.2 Research type
In present research work primary and secondary research is done. Primary research is
conducted by collecting a data which is done by distributing questionnaire among relevant
people. On other hand, secondary research is done by collecting and reviewing a relevant
literature. Secondary data is collected by extracting facts, figures and information from books,
journals and magazines. In this research work it was important to collect both type of data
whether it is primary or secondary. This is because proper understanding of specific topic is very
important. Due to broad comprehension of research topic one is in position to conduct research
in the best way (Adams, Hermalin and Weisbach, 2010). Hence, it was very important collect
and evaluate secondary from reliable sources. Thereafter, primary research is done by collecting
and analyzing facts and figures. On the basis of analysis of primary and secondary data
conclusion section will be prepared in the report.
3.3 Research design
Selection of appropriate research design is very important in the research. This is because
in each research design varied data collection methods are included. Every individual have
different knowledge level in relation to specific topic. There are two people out of which one

have sufficient knowledge of research topic and other have less knowledge of same. Hence, both
will make use of different techniques so that they squire complete knowledge related to specific
topic. There are three research designs namely exploratory, descriptive and experimental
research design. Exploratory research design is used when an individual does not have any
knowledge of specific topic (Flood, 2010). Contrary to this, descriptive research design is used
when one have limited knowledge of research subject and he wants to enhance same to higher
level. At last experimental research design comes which is used when researcher is going to
conduct scientific research. In present research study lots of details are already explored about
corporate governance and due to this reason descriptive research design will be used in present
study.
3.4 Research approach
In order to do any complex thing it is very important to follow specific approach. This is
because if there will be approach then specific way will be followed by one to perform specific
task. In case there will be lack of presence of specific approach then it is not possible to perform
specific activity in systematic way. In case of research also same thing is applied and this is the
reason due to which it is important to follow appropriate research approach. Usually, in research
there are two approaches inductive and deductive. Both these approaches are totally different
from each other. In case of inductive approach in first stage observation is done and thereafter
hypothesis is framed to prepare a theory (Hillier, Grinblatt and Titman, 2011). According to
requirement of observation specific data will be collected which may be qualitative or
quantitative in nature. In opposite to inductive there is deductive approach. In this approach first
of all theory is identified and then hypothesis is prepared. Prepared hypothesis are tested to
evaluate theory practical application. In this also first of all data is collected. Then on the basis of
prepared aims and objectives hypothesis is prepared and testing of it is done. In present study
indicative approach will be used because quantitative data will be collected in present study.
Same will be evaluated to frame theory.
3.5 Research philosophy
It is inevitable to select appropriate research philosophy because it gives guidance to the
researcher for conducting research. Interpretative or positivism philosophy can be used in
relation to collection of data and which of them will be selected by researcher depends on the
requirements of research study. It is research philosophy through which researcher reflects the

sources from which data will be collected. It is very important for one to choose most suitable
research philosophy so that he can select relevant method for data collection. Positivism
philosophy is employed in research when one intends to collect scientific data (Anderson, Adey
and Bevan, 2010). In Interpretivism philosophy data is collected by using methods like
distribution of questionnaire or extraction of figures and information from books and journals
etc. In present work interpretative philosophy will be used because in study is non-scientific in
nature. On this basis it can be assume that Interpretivism philosophy is best for the research.
3.6 Data collection methods
There are number of data collection methods that are available to researcher. One needs
to use the best method for collecting relevant data. One needs to determine cautiously that from
which sources he will collect primary and secondary data for the research. In case one intends to
collect primary data, observation technique can be employed by the researcher. By observing
sample units one can collect primary data (Wåhlberg, 2012). Contrary to this, in case one wants
to collect secondary research then he can do be extracting facts and figures from books, journals
and magazines. One of the most important thing that researcher needs to ensure that he is
considering appropriate method for data collection. Apart from this he also needs to make sure
that data is collected from reliable sources. This will make certain to researcher that study that he
is carrying out will produce reliable results.
3.7 Data analysis
There are different methods of data analysis. It is very important for researcher to ensure
that he is making use of appropriate method for analyzing the data. It is very important to
analyze data because on single sight from bunch of information each and every significant thing
can not be identified by the researcher. In present study for analyzing data thematic analysis will
be done. Under this method data that is collected in respect to each and every question of
questionnaire will be analyzed individually (VanPatten and Williams, 2014). Charting of data
that is collected for each question of questionnaire will be prepared. Thereafter, interpretation of
same will be done. In this way thematic analysis will be done in the report. It can be assumed
that this method of data analysis split entire questionnaire in multiple parts and helps in
analyzing it's each section very deeply. Conclusion will be prepared on the basis of data that is
analyzed in this section of the report.

3.8 Validity and reliability
One needs to consider number of things in order to conduct research in the best way.
There must be validity and reliability of data that is collected in the research. Any research
irrespective of type of research he is going to conduct must ensure that he is collecting a reliable
data. It must be ensured that correct data will be collect there will be high reliability of the
research results. Validity must be one of the most important characteristic of research because it
indicates that facts and figures are collected from reliable sources. This means that such kind of
information must be taken from the reliable sources (Cecez-Kecmanovic, 2011). Apart from this,
collected facts and figures must be reliable which means that facts are collected after visiting
multiple sources. Such kind of practice ensures that after doing detail investigation facts are
collected. Hence, they are highly reliable in nature. Some time's researcher does not do detail
investigation and he collect information from single source. Due to this reason some wrong facts
and figures are taken in to account in the research. Due to this reason study produce wrong
results. Hence, it is very important for one to make sure that he is collecting valid data from
reliable sources.
3.9 Ethical consideration
Ethics are integral part of any work irrespective of its importance and level of
management where it is performed. In research also ethics are followed. This is because one
collect data from people. Some times research are conducted on the issues that are very sensitive
and people abstain from giving as response as it is very important to keep information secret. It is
ethical responsibility of an individual to make sure that he is keeping collected information secret
(Veresov, 2010). Along with this, he also needs to ensure that personal information of people are
not in access of other people. In this regard one must take sufficient steps that will ensure that
collected data and other information's are safe out of reach of other people. It is also ethical
responsibility of an individual to make sure that he is conducting research in systematic way. All
procedures will be followed systematically and due to this reason research will produce reliable
results. One carry out research work then he review previously published research papers. In case
if, previous research paper is producing wrong results the one who is considering same will also
carry out research in wrong direction. Hence, it is very important to make sure that all procedures
are followed to carry out research work. It is ethical responsibility of an individual to make sure
that he is considering reliable and authentic data for the research. If, same will not be done then

also research will produce wrong results. Hence, it can be said that there are lots of ethical issues
related to the research.
3.10 Limitation of study
There are some limitations of current research work that is carried out. Each and every
research that is done by the researcher have some limitations. In present study appropriate
sample is not taken in to consideration and it is one of major limitations of the research. In
present study 30 people sample is taken from population by using specific sampling method.
Every attempt is made to make sure that those from which data is taken have good knowledge
about research topic (Snyder, 2012). Limited resources were available to conduct research study
and it is one of the main limitation of this research. Due to limited availability of resources like
time and money, limited data is gathered from respondents. Questions were framed in such a
way that each and every relevant aspect of corporate governance can be touched. Hence, these
were the limitations that are related to present research.

CHAPTER 4: RESEARCH METHODOLOGY
Do you know about corporate governance ?
Yes 30
No 0
Interpretation
On the basis of analysis of data it is identified that all respondents have knowledge about
asked system. This means that there is no single respondent in sample that does not have any
knowledge about the corporate governance.
Good governance can be implemented merely by preparing rules and regulations.
Strongly agree 1
Agree 2
Somewhat agree 2
Disagree 15
Highly disagree 10
Yes No
0
5
10
15
20
25
30
35 30
0
Column C
Illustration 1: Do you know about corporate governance

Interpretation
On the basis of analysis of data it is find out that corporate governance can not be
implemented merely by preparing rules and regulations. This is because for effective
implementation steps needs to be determined that will be followed for implementation of same in
the organization. 1 respondent is strongly agreed, 2 agree and same numb er of respondents are
somewhat agreed on same statement. Contrary to this, 15 are disagreed and 10 are highly
disagreed on statement that administration can be implemented effectively by preparing rules and
regulations. Thus, it is very important for the managers to laid down clear set of steps after
preparing rules so that they can be implemented effectively at the workplace. This is because if
there will be procedures in which there will be different stages then rules will be implemented
effectively at the workplace. This is because it will be necessary for the employees to follow
specific procedure. Rules and regulations are related to these procedures and if same will be
followed then rules will be implemented effectively at the workplace.
In order to implement corporate governance effective infrastructure must be established.
Strongly agree 10
Agree 10
Somewhat agree 7
Disagree 2
Highly disagree 1
Strongly agree Agree Somewhat agree Disagree Highly disagree
0
5
10
15
20
1 2 2
15
10
Column C
Illustration 2: People response on question whether policies can be implemented only by
preparing rules and regulations

Interpretation
Most of the respondents are agreed on the fact that for implementing good corporate
governance in the organization there must be good infrastructure at the workplace. 10
respondents out of 30 are strongly agreed and same number of respondents are agreed on same
statement. 7 respondents to some extent are agreed on asked statement followed by 2 and 1
respondent that are disagreed and highly disagree on statement that was communicated to them
through questionnaire. It is clear from results that there must be sound, systematic and
interlinked management structure at the workplace. In case there will be good management
infrastructure then policies and procedures will be implemented effectively in the firm.
Do you think that by making arrangement under which management committee evaluate and
implement strategic decisions approved by Board of Directors corporate governance can be
implemented effectively.
Yes 25
No 5
10
10
7
2
1
Strongly agree
Agree
Somewhat agree
Disagree
Highly disagree
Illustration 3: People response on use of infrastructure to implement CG in the systematic
way

Interpretation
It can be observed from the analyzed data that majority of respondents think that practice
under which management committee is evaluating decisions of Board of Directors is effective in
implementing corporate governance in proper way at the workplace. 25 respondents out of 30 are
agreed with the asked statement and 5 respondents are disagreed with same statement. It is
possible that some times Board of Directors make wrong decisions related to stakeholders. In
that case management committee members on the basis of evaluation can attract attention of
members of BOD towards point where they made a mistake. This will act as control system in
the organization under which specific decision will cross from multiple stages before final
implementation. Even if, Board of Directors members will make a wrong decision there will be
management committee which will prevent implementation of wrong decision at workplace.
Do you think that it is inevitable to appoint effective chairperson for proper implementation of
corporate governance.
Yes 29
No 1
Yes
No
0 5 10 15 20 25 30
25
5
Column C
Illustration 4: Respondents response on effectiveness of management committee in evaluating
decisions of BOD and its role in proper implementation of rules and regulations

Interpretation
It can be seen from the table that if in an organization effective chairperson is appointed
then corporate governance can be implemented in proper way in the organization. 29 respondents
out of 30 state that if there will be good chairperson in the firm then discussed thing will be
implemented in legitimate way at the workplace. On other hand, there is only 1 respondent who
think that even effective chairperson will be appointed in the firm then also policies will not be
implemented in proper way at the workplace. It has been seen that if right person is appointed as
chairperson then employees will receive strong leadership in perfect direction. Thus, due to this
reason all rules, regulations and policies will be implemented in systematic way in the firm.
In order to develop good governance in the organization it is important to select right people as
member of executive committee.
Yes 28
No 2
Yes No
0
5
10
15
20
25
30
35 29
1
Column C
Illustration 5: People response on appointment of effective chairperson for effective
implementation of administration system

Interpretation
Above attached chart is clearly revealing that 28 are agreed on the fact that
selection of right person as member of executive committee plays a very important role in
effective implementation of corporate governance at the workplace. Only 2 respondents deny
from the fact that executive committee play any sort of significant role in effective
implementation of governance system. On the basis of findings of analyzed data it can be said
that executive committee play a very important role in effective implementation of
administration related decisions. Hence, it is very important to select right candidate as a member
of executive committee.
Corporate governance committee can play crucial role in implementing and improving same
effectively in the business. Do you agree.
Strongly agree 10
Agree 15
Somewhat agree 2
Disagree 2
Highly disagree 1
28
2
Yes
No
Illustration 6: People response on impact of selection of right person as member of executive
committee on implementation of CG

Interpretation
Analysis of results are clearly reflecting that most of the respondents think that
CG committee is playing a very important role in effective implementation of corporate
governance at the workplace. It can be seen from the chart that 10 respondents out of 30 are
strongly agreed on asked statement followed by 15 that are agreed on asked question. 2
respondents are somewhat agreed on statement that “CG committee play significant role in
implementation of corporate governance”. 2 respondents are disagreed and one is highly
disagreed with above mentioned statement. On this basis it can be said that majority of
respondents have opinion that mentioned committee play a significant role in implementing
relevant thing at the workplace.
In order to improve corporate governance an effective system can be prepared for addressing risk
management issues related to stakeholders. Do you agree.
Strongly agree 15
Agree 10
Somewhat agree 3
Disagree 1
Highly disagree 1
10
15
2
21 Strongly agree
Agree
Somewhat agree
Disagree
Highly disagree
Illustration 7: Role of CG committee in implementing determined procedures

Interpretation
It is clear from the table that most of the respondents think that there must be effective
system in the organization that can be prepared for addressing risk management issues that are
related to the stakeholders. 15 respondents out of 30 are strongly agreed with asked statement
followed by 10 respondents that are agreed on same thing. 3 respondents are somewhat agreed
which indicate that they do not know whether by preparing effective system for risk management
related to stakeholders corporate governance can be implemented effectively at the workplace.
Apart from this, 1 respondent is disagreed and same number of respondent are highly disagreed
on same statement. Hence, it can be said that by developing risk management system procedures
can be implemented in proper way in the firm. This is because if there will be proper risk
management system then issues of the stakeholders will be addressed by the top managers in
systematic way. Hence, it can be said that by developing good risk management system at the
workplace improvements can be made in the relevant direction.
In order to improve corporate governance ease of availability of information to different
stakeholders like managers and shareholders must be made. Do you agree.
Strongly agree 8
Agree 10
Somewhat agree 7
Disagree 3
Highly disagree 2
Strongly agree Agree Somewhat agree Disagree Highly disagree
0
10
20 15
10
3 1 1 Column C
Illustration 8: Respondents response on development of risk management system by using
which stakeholders can be treated in systematic way

Interpretation
Analysis of figures are clearly reflecting that most of the respondents are agreed that with
the fact that if, required information will be easily made available to the stakeholders then
corporate governance system can be improved. 8 respondents are strongly agreed with the above
mentioned statement. Along with this, 10 respondents are agreed with the same statement. 7
respondents are somewhat agreed which means that they really does not know whether, if
information will be provided to the stakeholders then surely concerned system of the firm will
improve. 3 and 2 respondents disagreed as well as highly disagreed and they think that even
information will be easily made available to the relevant stakeholders then also CG will not
improve. They, think so because merely by making available required facts stakeholders issues
can not be resolved. Hence, overall conclusion is that firms must make available required
information to the stakeholders in order to improve control system.
Corporate governance can be improved by clearly differentiating between roles and
responsibilities as well as authority among different tiers of management.
Strongly agree 9
Agree 14
Somewhat agree 4
Disagree 2
Highly disagree 1
9
14
4
2 1
Strongly agree
Agree
Somewhat agree
Disagree
Highly disagree
Illustration 9: People opinion on improving relevant system by making available required
information to the stakeholders.

Interpretation
Above graph clearly revealed that majority of respondents think that there roles and
responsibilities must be clearly define at different level of the management. This must be done in
respect to improving corporate governance. It can be seen from the chart that 9 respondents out
of 30 are strongly agreed with the fact that clear differentiation of roles and responsibilities on
different job can bring improvement in administration. 14 and 4 respondents are agreed as well
as somewhat agreed with same statement. Out of sample of 30 people 2 and 1 respondent are
disagreed as well as highly disagree with above discussed statement. Hence, it can be said that it
is opinion of majority of respondents that by clearly defining and differentiating roles and
responsibilities CG can be improved at the workplace.
In the organization there must be culture of responsible decision-making. Do you think such kind
of value system can play any role in improving corporate governance in the firm.
Yes 29
No 1
9
14
4
2 1
Strongly agree
Agree
Somewhat agree
Disagree
Highly disagree
Illustration 10: People comments on effectiveness of the clear differentiation of roles and
responsibility at different level of management in order to improve corporate governance

Interpretation
Question related to role that responsible decision-making can play in improving corporate
governance was asked to respondents. It is observed that most of the respondents think that by
developing a culture of responsible decision making policies and procedures can be improved.
Only 1 respondent id disagreed from asked question. Culture of responsible decision making
make individual responsible for results of decisions that he made at his own level. If employees
of firm will be responsible for there actions they will prudently take decisions at their level in
order to protect interest of stakeholders. Hence, it can be said that by developing culture of
responsible decision-making accountability of employees can be determined and by doing so
system can be improved at the workplace.
29
1
Yes
No
Illustration 11: People response on contribution of change in culture in improving relevant
system

CHAPTER 5: DISCUSSION
Based on analysis of results it can be said that most of respondents think that corporate
governance cannot be implemented at the workplace merely by implementing rules and
regulations. This is because rules are prepared and implement but to what extent they are
implemented effectively by the employees determine success or failure of corporate governance
system. Literature review also support this fact. However, it is identified that few authors
believed that implementation of rules is sufficient to improve governance. This is because when
top management strictly follow rules subordinates are motivated to follow rules tightly. There is
need to develop effective infrastructure at the workplace in respect to implementation of
corporate governance. Means that there must be a team of specific employees that look after
implementation of rules at workplace. Findings of literature review also support this fact to large
extent and on this basis, it can be said that separate team must be surely prepared at workplace.
Most of respondents have consensus on the fact that chairperson that is appointed by the business
firm must be very effective individual. This is because whatever behavior leader shows
subordinate follow it. Thus, if CEO will not implement corporate governance effectively then in
that case employees that works on three level of management will not play any role in effective
implementation of governance at the workplace. It can be said that well qualified individual must
be appointed as CEO by the firm. This fact is also supported by literature review section under
which it is clearly stated that CEO must be cautiously selected by the business firms in order to
ensure that corporate governance system will be implemented effectively at workplace. It is also
identified in results that there is due importance of executive committee for the firms. This
committee ensure that all operations of firm are implemented in proper manner and corporate
governance is effective at workplace. If there will be right employees in executive committee
then they will ensure that all things are followed by applying relevant rules at workplace.
Literature review is also highlighting importance of executive committee in detail and reflect that
it is the group of people on which effective implementation of rules depend at workplace. There
is common assumption among people that an effective system must be developed to ensure that
risk management is done in proper manner at workplace. Risk management refers to the way in
which risk is addressed. If corporate governance is good then liability of failure of firm in respect
to addressing specific risk is clearly determined. Thus, there is need to develop and improve
effective system at workplace so that organization can be run smoothly without any problem.

CHAPTER 6: CONCLUSION AND RECOMMENDATION
On the basis of above discussion it is concluded that it is very important for the firm to
develop corporate governance at the workplace. This is because it is a tool by following which
firm is in position from where it can treat its stakeholders in systematic way. These are those on
whom growth of entire organization to great extent depends. In case if firm will not have good
relationship with its stakeholders then it will face lots of problems in performing its operations.
Ultimate, result will be decline in profitability. For example in case of pharmaceutical company
Glaxosmithkline due to some reasons suppliers in some countries of Europe does not cooperate
with the firm. This directly affects mentioned firm products sales which ultimately result in
decline in profitability. Hence, firm can not grow its business on by breaking relationship with
the stakeholders.
Opposite to this, it is necessary for the company to maintain good relationship with
stakeholders so that there full cooperation can be received from them in respect to performance
of business operations. It can be said that stakeholders are growth drivers for the firm and by
developing sound regulations they can be treated in legitimate way. Thus, it is very important to
make sure that firm have developed infrastructure of governance system and it is implemented
effectively at the workplace. In order to implement above discussed thing in systematic way
there must be good leadership. Chairperson of the firm must be capable to give strong leadership
to the top managers. Along with this, there must be right people in CG, management and
executive committee. If there will be eligible people in these teams then rules and regulations
will be implemented effectively at the workplace. Ultimately, this will lead to systematic
implementation of corporate governance at the workplace. Stakeholders will be treated in
systematic way and business firm growth rate will accelerate.
There must be clear difference between roles and responsibilities that are related to the
different designations in the firm. This is because if there will not be clear difference between
both of them than each employee will think that specific task comes in scope of other
designation. Thus, delay will happen in performance of operations which will affect an
organization. Hence, it is concluded that it is very important to make sure that roles and
responsibilities of jobs are clearly defined and distinct from each other. CG committee can play a

very important role in implementing same in proper way in the organization. They can review
corporate governance of other firms and can determine changes that can be bring in existing
system.
It is recommended that in order to improve corporate governance system companies must
developed a culture under which due priority must be given to the stakeholders. Thereafter,
managers must identify the areas where they are making a mistake in respect to managing
relationship with the stakeholders. Strategy can be prepared in respect to changes that needs to be
bring in administration system. In this way in systematic way logically big changes can be bring
in the above discussed system of the venture. It is also recommended that sharing of information
must be made easy in the firm with the stakeholders. In case required information will be shared
with the stakeholders then they will be able to make decision quickly.
In many cases it has been seen that needed information is not shared with relevant entities
and due to this reason they get dissatisfied from the firm. This affects concern relationship with
stakeholder. Moreover, it also spread a message among them that firm is not bringing
transparency in its operations. Thus, it is very important for the firm to make available all
required facts and information to the stakeholders. By doing so trustworthy relationship can be
build with the stakeholders and business operations can be performed smoothly without any
problem.
It is also recommended that right people must be selected as member of executive,
management and CG committee. This is because they play a great role in implementing and
improving policies and procedures at the workplace. If there will be skilled and experienced
employees in these committees then great ideas can be received regarding improvements that can
be made in corporate governance in the firm. It is experience by using which top managers can
deeply evaluated administration of the organization. On the basis of identifying relevant weak
points areas can be identified where they need to work for benefit of an organization. Thus, with
passage of time administration system can be evolved in the firm and better relationship can be
build with the stakeholders.
It is also recommended that management committee must be independent in nature and it
must not be in control of any individual. This is because if management committee will be
controlled by individual that is member of Board of Directors then in that case of MC will not be
able to challenge decisions taken by members of BOD. Result will be that corporate governance

will become weaker in the firm. There must be full autonomy to the management committee
members in respect to performance of there duty. In case if this will happen then Board of
Directors will very cautiously take there decisions. If there will be loopholes in decisions that are
taken by BOD then management committee will identify same and will draw there attention
towards same. So, corporate governance can be implemented effectively only when management
committee can work independently in the organization. Finally, it is recommended that top
managers must promote members of CG committee to review different companies relevant
system. By doing so managers can identify different practices that are followed by other firms
that are if adopted in there company can help in improving administration system. It is very
important for firms to picked up good things that are in other ventures. This is because by doing
lots of things can be changed and made better. These were some recommendations that can be
followed in order to implement and improve corporate governance effectively in the firm.

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APPENDIX
Name:________________
Age: _________________
Do you know about corporate governance.
 Yes
 No
Good governance can be implemented merely by preparing rules and regulations.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
In order to implement corporate governance effective infrastructure must be established.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
Do you think that by making arrangement under which management committee evaluate and
implement strategic decisions approved by Board of Directors corporate governance can be
implemented effectively.
 Yes
 No
Do you think that it is inevitable to appoint effective chairperson for proper implementation of
corporate governance.
 Yes
 No
In order to develop good governance in the organization it is important to select right people as
member of executive committee.
 Yes
 No

Corporate governance committee can play crucial role in implementing and improving same
effectively in the business. Do you agree.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
In order to improve corporate governance an effective system can be prepared for addressing risk
management issues related to stakeholders. Do you agree.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
In order to improve corporate governance ease of availability of information to different
stakeholders like managers and shareholders must be made. Do you agree.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
Corporate governance can be improved by clearly differentiating between roles and
responsibilities as well as authority among different tiers of management.
 Strongly agree
 Agree
 Somewhat agree
 Disagree
 Highly disagree
In the organization there must be culture of responsible decision-making. Do you think such kind
of value system can play any role in improving corporate governance in the firm.
 Yes

 No