The Backgrounds of the Code

So, it is very important to follow the organisations rules and procedures because rules and procedure is the main key that completes a business for instance; many big businesses these days are still

Corporate governance in itself has no single definition but common principles which it should follow. For example in 1994 the most agreed term for corporate governance was “the process of supervision and control intended to ensure that the company’s management acts in accordance with the interest of shareholders” (Parkinson, 1994)1. Corporate governance code is not a direct set of rules but a self-regulated framework which businesses choose to follow. This code has continued to change in the past 20 years in accordance with what is happening in the business world. For example the Enron scandal caused reform in corporate governance with the Higgs Report which corrected the issues which were necessary. Although it does not quickly fix problems, it gives a better framework to

Gill puts forth his four pillars of excellence in which he thinks every good board possessed. These pillars are Board Development, Management of board work and meetings, decision making and . board and organizational culture.Throughout this paper I will show how after the departure of sarah the league designed and created a good board by implementing each pillar.

Ethical code guidance initiates with one’s individual standards, views, and integrity. I must live our lives balanced with what I’ve been shown to be correct. The Principles are the ideologies of what I consider to be ethical or unethical that are revealed through my decisions, actions and interpretations of what is right or wrong. The Florida Code of Ethics involves one’s values and beliefs to indicate a set of policies that standardize the bearing of entities or groups of people (FLDOE, 2005).

1. The main legal requirements that need to be considered, including Codes of Practice, explain the impact that these have on the organisation.

1. Use the table below to describe the main principles, policies and procedures of your chosen organisation. You should also include details of documentation used to support these principles, policies and procedures.

To ensure that the company thrives and overcomes the crisis that may come on the way, the company has various strategies and ways to overcome that and to keep the company on the track which includes constitution and board of directors which has various roles and responsibilities. The company has got a constitution and also corporations’ act. The companies’ values are the trust, integrity and honesty. The board carries out the duties in regard to the interest of the companies’

It is essential that the role, duties and responsibilities of directors are clearly defined. The Combined Code (2006) states that “the board’s role is to provide entrepreneurial leadership of the company within a framework of prudent and effective controls which enables risk to be assessed and managed”.

The code will direct all officers and employees while conducting company business to: obey all rules, regulations and laws, conduct themselves with honesty and integrity and to avoid all conflicts of interests with the company business, report to work in condition to work and be free from the influence of alcohol or drugs, respect the rights and deal fairly with all clients, keep honest and accurate records and reports of company information, respect the diversity of all and not engage in discrimination or harassment, preserve the confidentiality of all company information entrusted to them, maintain

To the extent of prevention of corporate failure, I argue that three ASX principles and recommendations could halt the demise of Dick Smith. Firstly, the 2nd principle which is “Structure the board to add value” by structuring the board with a majority of independent directors would prevent CEO dominance because some suggest that independent outside directors can reduce the influence of dominant individuals (ASX, 2014, p. 17). In accordance with Gallagher and Bennie (2015, p. 20), the independent directors are likely to focus on the company’s objectives and not to make decision relying on others. Furthermore, an addressing of independent directors would reduce the reliance on management, and create the effectiveness on monitoring (Dechow et al. 1996 cited in Christensen, Kent, and Stewart (2010)), as well as capability to lessen the conflict of interest between managers and shareholders (Hardjo & Alireza, 2012, p. 4). Thus, DSE’s board would be more active to monitor the CEO’s performances because independent directors pay attentions to the interest of company (Gallagher & Bennie, 2015, p. 20) and shareholders (Hardjo & Alireza, 2012, p. 4)

In large corporations the success or failure of the company is the responsibility of the board of directors. According to Richard DeGeorge, “The members of the board are responsible to the shareholders for the selection of honest, effective managers, and especially for the selection for the CEO and of the president of the corporation.” (p. 202). The board members have a moral responsibility to ensure the corporation is run honestly, in respect to its major policies, and to ensure the interests of the shareholders are satisfied. The next responsibility within a corporation is the responsibility management has to its board of directors. DeGeorge writes, “It must inform the board of its actions, the decisions it makes or the decisions to be made, the financial condition of the firm, its successes and failures, and the like.” (p. 202). The management of the corporation is morally obligated to

Explain the purpose of guidelines, procedures and codes of practice that are relevant to own work

Code must take into account the context in which it is being considered and the possibility of conflicts among the Code’s values, principles and standards.” (NASW, 2008, p. 2).

This report sets out to review corporate governance at a private company, namely, Paramount Insurance Company. The specific objectives were to identify the relevant codes the organisation follows, why they are important and review the structure, process and

Corporate governance is founded on laws, policies, processes, systems and behaviours and together they provide a system for the way in which an organisation is directed, administered and controlled. As such, the Charity Commission, (the ‘Commission’) recognises that to deliver its strategic aims, objectives and priorities successfully, it needs sound corporate governance arrangements in place, (Charity Commission UK). Corporate Governance is not - or should not be - about debate and discussion on executive compensation, shareholder protection, legislation and so on. In recent times, corporate governance became not only a subject of fierce debate and public outcry, but also, as a result of this and arising legislation, a subject which been wearisome for many company directors. The hidden gem here is to a great