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 ***** success ***** likely to be elusive. Jung & Wolfensohn (1999) take this concept ***** 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 that good governance entails not *****ly 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 together with businesses in a transparent and honest manner, for the benefit ***** all and not just a few. In the same way, the *****dividual business can grow ***** once all employees and employers work toge*****r as a unit for the benefit of all. A lack of good ***** will mean a sc*****ttered ***** and a l*****ck 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 resp*****se to such disasters as Enron, Tyco and Worldcom. The 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 the 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. ***** also believe ***** the presence ***** SOX would have saved Enron, ***** ***** Worldcom from their s*****dals, as ***** wrongdoing would have been detected long before reaching critical mass.

3. ***** most important elements of good governance include the ability to create unity among workers, the ability ***** conduct business with integrity, and communication. A single focus is vit*****y important in bus*****ess and in *****. Such focus can be achieved via company policies ***** as the mission ***** vision statements, and the ***** ***** all personnel in creating these. Integrity in both leaders ***** employees are ***** important. Dishonesty in either could result in disaster for companies. Communication is the element that unites everything else. Employers should encourage ***** to communicate ***** grievances or suggestions. This opportunity will result ***** 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 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 was him***** or herself not honest and brought about an unsavory *****. It could also however mean that working conditions became such that ***** person had no other choice than to leave, even if it *****t that

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