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 govern*****ce, particularly in large businesses, it is unlikely that cohesion will result, and hence ***** success is likely to be elusive. Jung & Wolfensohn (1999) take this concept ***** both a higher *****nd wider level. They address the concept of governance and the economy on the scale of governments and countrywide growth. Indeed, the authors hold ***** good ***** entails not only the correct appearances, but also ***** correct actions in terms of *****tegrity and accountability. A country's economy can only grow when that country's government works together with ***** in a transparent and honest manner, for the benefit ***** all and ***** just a few. In the s*****me way, the individual business can grow ***** once all employees and employers work toge*****r as a unit for the ***** of **********. ***** lack of good governance ***** mean a sc*****ttered ***** and a ***** of focus. No business c*****n grow 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 Act requires a number ***** 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 the company's financial situation (In*****mation 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. I ***** believe ***** the presence of SOX would have saved Enron, Tyco and Worldcom from their scandals, as financial wrongdoing would have been detected long be*****e reaching critical mass.

3. The most important elements of ***** governance include the ability to create unity among workers, ***** ability ***** conduct business with *****, and communication. A single focus is vitally ***** in bus*****ess ***** in *****. Such focus can be achieved via company policies such as the mission and vision statements, and the involvement of all personnel in creat*****g these. Integrity in both leaders and employees are also important. Dis***** 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. This opportunity will result not only in *****tter mutual understanding, but also in loyalty that arises ***** being valued as an employee.

4. I certainly would want to do homework on any comp***** 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 to reveal. It could mean that the person who left was him- or herself not honest and brought about an unsavory situation. It could also however mean that working conditions be***** such that the person had no other choice than to leave, even if it *****t *****

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