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Improve Corporate Governance in the Organization - Doc

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Added on  2020-01-28

Improve Corporate Governance in the Organization - Doc

   Added on 2020-01-28

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HOW TO IMPLEMENT AND IMPROVE GOODGOVERNANCE IN AN ORGANIZATION
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ACKNOWLEDGEMENTDissertation is prepared on ways that can be adopted to implement and improve corporategovernance in the organization. During the time I was working on my dissertation there were lotsof problems and it is guidance of some people that help me in completing research work. First ofall, I am thankful to all my friends and relatives that give proper guidance to me in preparingdissertation. It was there support which help me in completing my dissertation on time. Finally, Iintend to give thanks to teacher who support me in entire research work.
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ABSTRACTCorporate governance is one of the most important part of the organization. If, it will bedeveloped than firm will be able to develop good and reliable relations with stakeholders. In thisreport multiple ways that can be adopted to implement above discussed thing in the organizationwill be discussed. Along with this, steps that can be taken to improve same will be described indetail. The role that leadership can play in implementation and improving governing body at theworkplace will be discussed in report. It is strong leadership that ensures that all activities areperformed by following rules and regulation in the organization. In order to improve governingbody there are some steps that can be taken by an organization. In this regard, in this report roleof administration committee in bringing changes in corporate governance will be discussed.Apart from this management committee and importance of its autonomy in improving same willbe evaluated in the report. There are many other points that are related to improvements incorporate governance. These points will be discussed in detail in different sections of the report.
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TABLE OF CONTENTSCHAPTER 1: INTRODUCTION....................................................................................................5Aim & objectives....................................................................................................................5Rationale of research..............................................................................................................6Significance of study..............................................................................................................6Research issue........................................................................................................................6Structure of report ..................................................................................................................7CHAPTER 2: LITERATURE REVIEW.........................................................................................8CHAPTER 3: RESEARCH METHODOLOGY...........................................................................133.1 Research introduction or overview.................................................................................133.2 Research type..................................................................................................................133.3 Research design..............................................................................................................133.4 Research approach..........................................................................................................143.5 Research philosophy.......................................................................................................143.6 Data collection methods.................................................................................................153.7 Data analysis...................................................................................................................153.8 Validity and reliability....................................................................................................163.9 Ethical consideration......................................................................................................163.10 Limitation of study.......................................................................................................17CHAPTER 4: RESEARCH METHODOLOGY...........................................................................18CHAPTER 5: CONCLUSION AND RECOMENDATION.........................................................28REFERENCES..............................................................................................................................31APPENDIX....................................................................................................................................33ILLUSTRATION INDEXIllustration 1: Do you know about corporate governance..............................................................19Illustration 2: People response on question whether policies can be implemented only bypreparing rules and regulations......................................................................................................19Illustration 3: People response on use of infrastructure to implement CG in the systematic way20Illustration 4: Respondents response on effectiveness of management committee in evaluatingdecisions of BOD and its role in proper implementation of rules and regulations........................21
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Illustration 5: People response on appointment of effective chairperson for effectiveimplementation of administration system .....................................................................................22Illustration 6: People response on impact of selection of right person as member of executivecommittee on implementation of CG.............................................................................................23Illustration 7: Role of CG committee in implementing determined procedures............................24Illustration 8: Respondents response on development of risk management system by using whichstakeholders can be treated in systematic way...............................................................................25Illustration 9: People opinion on improving relevant system by making available requiredinformation to the stakeholders......................................................................................................26Illustration 10: People comments on effectiveness of the clear differentiation of roles andresponsibility at different level of management in order to improve corporate governance.........27Illustration 11: People response on contribution of change in culture in improving relevantsystem ...........................................................................................................................................28
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CHAPTER 1: INTRODUCTIONGovernance is one of the buzzing words in today’s business world because most of thefirms irrespective of their size are focusing on developing their corporate governance. It is a setof rules and regulations that are followed while dealing with different stakeholders. It is basicallyused 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 businessfirm to make sure that who is there key stakeholders and to what extent they have importance inthe business (Galbreath, 2010). In order to deal with them in better way, rules and regulationscan be prepared, which will be followed in order to treat stakeholders in a better way. It is veryimportant for the firms to make sure that their administration given in proper way and helping itin managing its operations that are related to different stakeholders. With passing of time, it isimportant to bring changes in the control system and procedures because with improvement insame, firm will be more capable to serve interest of its stakeholders in systematic way (Van denBerghe, 2012). It is a well-known fact that good administration ensures economic growth of thefirm. If relevant system will be good, then firm will be able to treat its stakeholders in the bestway. Mentioned entity is growth driver of the firm and if they will be satisfied, then businessfirm will receive full cooperation from them and its growth rate will elevate at fast pace. Thus, itis very important for the firm to improve its administration policies and procedures so that morestrong relationship can be built with stakeholders (Adachi, 2013). There are a number of stepsthat can be taken to improve relevant system like ensuring that rules and regulations are followedtightly (Krishnan, 2017). In other words, it can be said that many times in the firm governingmechanism is developed, but it is not implemented strictly. In such a situation, managers mustmake sure that rules and regulations are not only in book; they are also implemented at groundlevel. The other improvements that needs to bring corporate governance is that role of Board ofDirectors 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 corporategovernance by the business (Brickley and Zimmerman, 2010). Under corporate governance thebusiness firms prepare simple rules and regulation. There are people on the floor that areresponsible for implementation of corporate governance at the workplace. It is ensured that all
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rules, regulations and policies that are prepared at the workplace will be implemented in propermanner. There are number of steps that can be taken by the managers to improve corporategovernance at the workplace (Kolk and Pinkse, 2010). Under this first of all it must be ensuredthat 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 informulation of strategy must be clearly determined at the workplace so that scope of authorityand 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 bemeasured and areas where performance need to be improved must be determined. In order toensure that corporate governance will be implemented effectively at workplace sufficient amountof 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. Inthis regard, competent chairperson must be employed at the workplace. By doing so it can beensured that relevant person, will make necessary changes in corporate governance structure atworkplace. There must be a separate team that time to time evaluate Board membersperformance. By doing so corporate governance can be improved at workplace. Aim & objectivesAim – The main aim of the research is to identify the ways in which corporate governance can beimproved 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 systemin the firm.To explore relationship between corporate governance and improvement in organizationperformance.Research questionsWhat 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 organizationperformance?
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Rationale of researchIt was important to conduct this research study, because corporate governance is anintegral part of an organization and plays an important role in its growth. When one tries toidentify reasons behind slow growth of an organization, then many thing's comes in mind butoften governance is not counted in such reasons. Hence, this is one the main reason due to whichit is assumed that research on selected topic is necessary to be carried out. By bringing goodchanges in policies and procedures of organization performance can be improved to a greatextent. Hence, in this report, different ways are identified that can be adopted to improve firmperformance by evolving rules and regulations. Along with this, ways that can be followed toimplement same are also identified in the report. Significance of studyThere is lot of significance of this study and one of them is that this report will helpreaders in understanding the importance of corporate governance. Research work will provideinformation about the several ways that can be adopted by corporate in order to improve theirgovernance. Mere preparation of rules and regulations is not sufficient and due to this reasoninformation about ways that can be adopted for effective implementation of administrationrelated infrastructure is also provided in this report. It can be said that this study will analyze lotof things and its results will be helpful to managers in their business decision-making. Research issueThe main issue is that small-scale firms are not taking sufficient steps to improve theircorporate governance. It is an issue now because these firms’ managers, in meeting identifynumber of factors due to which performance is poor. But, they do not consider above mentionedelement as a factor which is affecting their performance. This research will shed light on theways 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 sameare discussed briefly. Rationale of research and related issues are important part of thissection of the report as they provide information about the reasons due to which it isnecessary to conduct study on specific topic. This section gives an overview of entirework that will be done on research.
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