Essay - Questions 1. Good Governance is an Essential Component of Economic...


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Questions

1. Good governance is an essential component of economic success. Without good *****, particularly in large businesses, it is unlikely that cohesion will result, *****d hence economic success ***** likely to be elusive. Jung & Wolfensohn (1999) take this concept to both a higher and wider level. They address the concept of governance and the economy on ***** scale of governments and countrywide growth. Indeed, the authors hold ***** good governance entails not *****ly the correct appearances, but also ***** correct actions in terms of integrity and accountability. A country's economy can only grow when that country's government works together with ***** in a transparent ***** honest manner, for the benefit of all and not just a few. In the same way, the individual business can grow ***** once all employees and employers work together as a unit ***** the ***** of all. A lack of good ***** will mean a scattered business and a ***** of focus. No business c*****n ***** on such grounds.

2. The Sarbanes-Oxley Act (SOX), has been implemented to promote accountability in publicly traded US companies. This came ***** response to such disasters as Enron, Tyco and Worldcom. ***** Act requires a number ***** measures, including the involvement of external auditing professionals to ensure the integrity financial reports, as well as the almost real-time disclosure of any material changes in the company's financial situation (Information Guide, 2006). I believe that these provisions will make it much more difficult for ***** to slip beyond financial control. The penalties for noncompliance are harsh, and compliance more or less necessitates honesty in disclosure. ***** also believe that the presence ***** SOX would have saved Enron, Tyco ***** Worldcom from their scandals, as financial wrongdoing would ***** been detected long before reaching critical mass.

3. ***** most important elements of ***** governance include the ability to create unity among workers, ***** ability ***** conduct business with *****, and communication. A single focus is vit*****y important in business ***** in *****. Such ***** can be achieved via company policies ***** as the mission and vision statements, and the involvement ***** all personnel in creat*****g these. Integrity in both leaders ***** employees ***** also important. Dishonesty in either could result in disaster for companies. Communication is the element that unites everything else. Employers should encourage ***** to communicate either grievances or suggestions. This opportunity will result ***** only in better mutual understanding, but also in loyalty that arises from being valued as an employee.

4. I certainly would want to do homework on any company I enter for the first time - and particularly one where my predecessor left under a cloud. It could mean many things, which my investigation is obviously meant ***** reveal. It could mean that the person who left w***** him- or herself not honest and brought about an unsav*****y *****. ***** could ***** ho*****ever ***** that working conditions became such that the person had no other choice than to leave, even if it meant *****

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