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 governance, 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 to both a higher and wider level. They address the concept of ***** ***** 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 the correct actions in terms of *****tegrity and accountability. A country's economy can only grow when ***** country's government works *****gether with ***** in a transparent and 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 together as a unit for the ***** of **********. ***** lack of good ***** ***** 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 ***** resp*****se to such disasters as Enron, Tyco and Worldcom. The Act 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 ***** company's financial 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. ***** ***** believe that the presence of SOX would have saved Enron, ***** ***** ***** 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 to conduct business ***** *****, and communication. A single focus is vitally important in business and in governance. Such focus can be achieved via company policies ***** as the mission and vision statements, and the ***** ***** all personnel in creat*****g these. Integrity in both leaders ***** ***** 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 ***** grievances or suggestions. This opportunity will ***** 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 company ***** 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 ***** mean that the person who left was him- or herself not honest and brought about an unsav*****y situation. It could also however ***** that working conditions be***** such that the person had no other choice than ***** leave, even if it meant that

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