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 businesses, it is unlikely that cohesion will result, and hence economic success ***** 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 ***** entails not *****ly the correct appearances, but also the 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 only once all employees and employers work together as a unit for the benefit of *****ll. ***** lack of good governance will mean a scattered business and a ***** of focus. No ***** can grow on such grounds.

2. The Sarbanes-Oxley Act (SOX), has been implemented to promote accountability in publicly traded US companies. This came in resp*****se to such disasters as Enron, Tyco and Worldcom. The Act requires a number of me*****ures, including the involvement of extern*****l 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 ***** make it much more difficult for companies to slip beyond financial control. The penalties for noncompliance are harsh, and compliance more or less necessitates honesty in disclosure. ***** ***** believe that the presence ***** SOX would have saved Enron, ***** ***** ***** from their scandals, as ***** wrongdoing would have 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 vitally important in bus*****ess and in governance. Such focus can be achieved via company policies ***** as the mission and vision statements, and the ***** ***** all personnel in creating 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 employees to communicate either grievances or suggestions. Th***** opport***** will ***** not only in better mutual understanding, but also in loyalty that arises from being valued as an employee.

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


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