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


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

2. The Sarbanes-Oxley Act (SOX), has been implemented to promote accountability in publicly traded US companies. This came in response to such disasters as Enron, Tyco and Worldcom. The ***** requires a number of me*****sures, including the involvement ***** external auditing professionals to ensure the integrity financial reports, as well as the almost real-time disclosure of any material changes in ***** company's f*****ancial situation (*****formation 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 *****y in disclosure. ***** also believe ***** the presence ***** SOX would have saved Enron, Tyco and Worldcom from their s*****dals, as financial wrongdoing would ***** been detected long before reaching critical mass.

3. The most important elements of good governance include the ability to create unity among workers, ***** ability ***** conduct business ***** integrity, and communication. A single focus is vit*****y ***** in bus*****ess and in *****. Such ***** can be achieved via company policies such as the mission ***** vision statements, and the ***** of all personnel in creat*****g these. Integrity in both leaders ***** employees are also important. Dishonesty in either could result in disaster for companies. Communication is the element that unites everything else. Employers should encourage ***** to communicate ***** grievances or suggestions. This opportunity will ***** not only in ********** 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 was him***** or herself not honest and brought about an unsavory *****. It could also however mean that working conditions became such that the person had no other choice than to leave, even if it *****t *****

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