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 ***** likely to be elusive. Jung & Wolfensohn (1999) take this concept ***** both a higher ***** wider level. They *****ddress the concept of governance and the economy on ***** scale of governments and countrywide growth. Indeed, the authors hold ***** good governance 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 of all and ***** just a few. In the same way, the individual business can grow only once ***** employees and employers work toge*****r as a unit ***** the benefit of *****ll. ***** lack of good governance ***** mean a scattered business and a ***** 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. ***** Act requires a number ***** measures, 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 companies to slip beyond financial control. The penalties for noncompliance are harsh, and compliance more or less necessitates honesty in disclosure. ***** also believe ***** the presence ***** SOX would have saved Enron, Tyco and ***** from their s*****dals, as ***** 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 ***** *****, ***** communication. A single focus is vitally important in bus*****ess and in *****. Such focus can be achieved via company policies such as the mission and vision statements, and the ***** ***** all personnel in creat*****g these. Integrity in both leaders ***** ***** ***** also important. Dis***** in either could result in disaster for *****. Communication is the element that unites everything else. Employers should encourage employees to communicate either grievances or suggestions. This opport***** will result not only in better 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 ***** reveal. It could mean that the person who left w***** him- or herself not honest and brought about an unsavory *****. It could ***** 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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