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


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1. Good governance is an essential component of economic success. Without good *****, particularly in large bus*****esses, it is unlikely that cohesion will result, *****d hence ***** success is likely to be elusive. Jung & Wolfensohn (1999) take this concept to both a higher ********** 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 the correct actions in terms of *****tegrity and accountability. A country's economy can only grow when that country's government works *****gether with businesses in a transparent ***** honest manner, for the benefit ***** all and ***** just a few. In the s*****me way, the *****dividual business can grow only once all employees and employers work toge*****r as a unit for the ***** of *****ll. A lack of good governance ***** 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 ***** requires a number ***** me*****sures, 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 (*****formation Guide, 2006). I believe that these provisions will make it much more difficult for companies to slip beyond financial control. The penalties for noncompliance are harsh, and compliance more or less necessitates *****y in disclosure. I ***** believe that the presence of SOX would have saved Enron, Tyco ***** ***** from their s*****dals, as financial wrongdoing would have been detected long before reaching critical mass.

3. The most important elements of ***** governance include the ability to create unity among workers, the ability to conduct business ***** *****, 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 ***** of all personnel in creat*****g these. Integrity in both leaders ***** ***** ***** also important. Dishonesty in either could result in disaster for *****. Communication is the element ***** unites everything else. Employers should encourage employees to communicate ***** grievances or suggestions. Th***** opportunity will ***** not only in *****tter mutual understanding, but ***** 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. *****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 also however mean that working conditions became such that ***** person had no other choice than ***** leave, even if it *****t tha*****

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