What Are The Nexus Between Good Governance?

Today, to do everything, even to create a Performance-oriented organization one should have good governance but before talking about the, ‘Good Governance - the path ahead for India’, it’s important to understand that what does ‘Good Governance’ and ‘Bad Governance’ exactly mean. ‘Good governance’ refers to the process of decision-making and the process by which decisions are implemented (or not implemented). Governance can be used in several contexts such as corporate governance, international governance, national governance and local governance. Whereas, the ‘Bad Governance’ is just opposite of good governance, it is the term used when one of the roots causes of all evil within our societies has increased

Someone who is abusing the power that is given to him or her defines corruption, however, the word in its self is more than a simple idea; it is an intricate network. Since people’s views about ethical and moral behavior affect the way corruption is examined, the word has a slightly different meaning to each person. Additionally, misconduct across various societies is viewed differently due to social and cultural borders. The criminal justice system has had many instances where corruption had affected the outcome of a case and has inserted itself into the legal process.

Corporate governance is a commonly used phrase to describe a company’s control mechanisms to ensure management is operating according to

First, it is important to define what corruption is. The term, “corruption” covers a broad range of human actions,

Fraud and corruption is one of the biggest issues that the society is facing and is also one of the most challenging issues that have yet to be tackled worldwide. Organizations end up losing a lot of profits due to the scrupulous nature of its employee’s fraudulous

The Oxford English Dictionary defines ‘governance’ as ‘the act, manner, fact or function of governing, sway, control’. ‘To govern’ is ‘to rule with authority’, ’to exercise the function of government’, ‘to sway, rule, influence, regulate, determine’, ‘to conduct oneself in some way; curb, bridle (one’s passions, oneself)’, or ‘to constitute a law for’.

Corruption happens when somebody thinks of their personal gain and misuses their power to manipulate the rules and policies of the companies. As a professional one can avoid this by think institutionally. Heclo, in his book “On Thinking Institutionally” describes about thinking about others rather than self. He illustrates this with great examples one of them being Barry and Cal. Although both of them are great players, one plays for glorifying himself and the other plays for glorifying the game itself. As a manager or a professional one should think about the entire team or organization rather than just about themselves.

The concept of Governance is simple the system designed to control and distribute power within an organization. According to Hoel (2011), good corporate governance involves having a good leadership structure and the complex system of incentives, checks and balances that makes sure that the organization creates long-term

Understand and provide effective fiduciary oversight – While appropriate policies and procedures may be in place, it is essential for board members (or committees) to review financial statements, audits, investments and compensation either monthly, quarterly or annually as appropriate.

The relationship among the many stakeholders and the way an organization is directed and governed is therefore created. Stakeholders might include customers, employees, creditors, suppliers and distributors, the community and the owners at large. The principle stakeholders are the board of directors, managements and employees. The first model of government and non-profit implementation often involves three groups: - executive board, supervisory board, and advisory board whose are appointed by shareholders to run the organization except the last group are bought in as independent experts to assist the company. Hence, what are good practices of corporate governance? How to ensure the directors act in the interests of the public?

2.1 Definition: Defined as process of action towards reaching the goal and the activities derived legally and the policies are framed with respect to social responsibilities and provide effective service to the community (Rosenau, 1990). Governance mainly focuses on decision making, framing the policies and utilization of resources to the nation. Universally governance is the system where the citizens of the nation are controlled and influenced by the government and also responsible in providing services (Smerdon 1998, p. 1) (Aoki 2000, p. 11)

However, employees should take note that “bribery and corruption undermine society and can have a devastating impact on the economic prosperity of local communities” (WorleyParsons, 2014, p. 8). As noted by Shulman (2014), “bribery in international commercial transactions is an issues that deserves attention because of its far-reaching negative repercussions” (p. 719). Corruption involves the fraudulent acts performed by those typically with some authority, and using their power to undermine the legal business practices. Corruption and bribery could lead to fines and imprisonment for those who are involved, as well as it will tarnish the reputation of WorleyParsons. Therefore, it is in the best interest of employees to know the difference between accepting gifts and bribes and prevent corruption and bribery from

It would be convenient to start this research paper by stating that corruption is a challenge mainly for businesses in developing countries and that it is unrelated to the current affliction of the economy in the United States. It would also be convenient to claim corruption has declined in America as a result of awareness raising campaigns and the numerous anti-corruption laws. But none of those aforementioned statements would be true. Corruption is not the exception, but rather the rule in today’s business practices. In 2004, Daniel Kaufmann, a senior fellow at Brookings Institution and former director at the World Bank, calculated an index of "legally corrupt" manifestations which is defined as the extent of undue influence

Corruption can be distinguished regarding to where it happens: at the political or management levels of the public sector, or in the private sector between customer and supplier. It can be identified regarding

Corporate Governance refers to the way a corporation is governed. It is the technique by which companies are directed and managed. It means carrying the business as per the stakeholders’ desires. It is actually conducted by the board of Directors and the concerned committees for the company’s stakeholder’s benefit. It is all about balancing individual and societal goals, as well as, economic and social goals. Corporate Governance is the interaction between various participants (shareholders, board of directors, and company’s management) in shaping corporation’s performance and the way it is proceeding towards. The relationship between the owners and the managers in an organization must be healthy and there should be no conflict between the