Code of Corporate Governance

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The cultural grammar of governance: The UK Code of Corporate Governance, reflexivity, and the limits of 'soft' regulation

The cultural grammar of governance: The UK Code of Corporate Governance, reflexivity, and the limits of 'soft' regulation

The third contribution has been to note the existence and significance of the design and operation of corporate governance that is wider-ranging and more penetrating. By enabling critical reflection upon the ‘variables’ (assumptions, goals, values) (see Argyris and Schön, 1978) that condition contemporary corporate governance practices, there is the prospect of recognizing how it was only in the 1980s that agency theory began to assume centre stage in thinking on corporate governance (Aglietta and Rebérioux, 2005), company law (Collison et al., 2014: 15) and accounting (Biondi et al., 2007). As a con- sequence of the Code’s reliance on agency theory, a dyadic model (Jackson, 2000) has become hegemonic in which the participation of wider constituencies in the creation and maintenance of corporate assets (Berle and Means, 2007 [1932]; Biondi et al., 2007; Blair, 1995; Zingales, 2000) is effectively denied or dismissed. When adopting a double loop approach, contemporary notions of accountability and fiduciary duty may be sub- jected to critical scrutiny. It also becomes possible to examine the role and significance
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Investigating The Effectiveness Of Corporate Governance Code Revisions On The Perspective Of The Revision Interval

Investigating The Effectiveness Of Corporate Governance Code Revisions On The Perspective Of The Revision Interval

CG code revisions give the improved CG guidance to the firms. For example, the recent revised Malaysian Code of Corporate Governance in 2012 (MCCG) emphasized the responsibility of the board to formalize ethical standards through a code of conduct, and ensure its compliance. Also, the MCCG 2012 additionally emphasized on the responsibility of the board to monitor the company’s strategies are parallel with corporate sustainability growth (The Security Commission Malaysia, 2012). Another example is shown in The Norwegian Code of Practice for Corporate Governance revised in 2014. The Code had made the changes on several aspects of governance, including the aspect of equity and dividends, the role and structure of nomination committee, the matter of corporate assembly and the structure of board of directors with respects to composition and independence, and remuneration of executive personnel (The Norwegian Corporate Governance Board, 2014). Although no empirical evidences are found in the literature showing code revisions significantly improve firm value, however, this study hypothesizes that the improved CG guidance should improve the efficiency of CG and bring positive effect on firm value.
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Women on Boards: Progress following the 2012 Corporate Governance Code

Women on Boards: Progress following the 2012 Corporate Governance Code

Diverse boards, and by that I not only include gender but diversity in its widest sense – including race, background and experience – encourage better leadership and governance, contribute to better all-round performance, engagement and innovation, and ultimately improved performance for the company and its shareholders� The report highlights that the UK Corporate Governance Code’s requirement for the annual report and accounts to include diversity policy information has encouraged companies to look at how they are managing their talent pipeline� Indeed there has been a slight increase in female executive appointments in the FTSE 100� There continue to be areas where further improvements would be beneficial� Too many FTSE 250 companies are falling short of full Code compliance� However, there are many good examples of reporting by FTSE 250 companies highlighted in the report, which I encourage their peers to emulate�
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Relationship between Corporate Governance and Firm Performance

Relationship between Corporate Governance and Firm Performance

Reasons for absence of relationship -The final draft of the provisions of the Code of Corporate Governance for Mauritius has seen the day in 2004 and one cannot create a legitimate expectation to adopt this type of behavior overnight. Sufficient bridging space has to be given for the companies to accommodate to this new framework and change their internal systems and conduct of businesses. As such, compliance has not been met at the highest level but this does not mean that these transitional provisions will affect the performance levels in a jiffy. Indeed, before the implementation of the Code, have the companies with their own internal systems put in place been always bankrupt and unprofitable? Of course the answer is no and thus the lack of relationship can be understood as another culture has been present to ensure profitability at high levels. This is concurrent with the argument of Roche (2005) who considers that an extended time period is a sine qua non to observe the influence of CG on shareholder value. -To be seen as being compliant with the governance standards may be seen as a way to lure investors in financing their projects and investing massively in their businesses without in fact imbibing the governance provisions in their day to day activities. The aftermath will be an upsurge in operating performance without any consequential amendment to their ‘actual’ level of compliance.
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Corporate Governance and Financial Performance of Banks: Evidence from Nigeria

Corporate Governance and Financial Performance of Banks: Evidence from Nigeria

Abstract: Banks are the backbones of any economy therefore it is of immense importance for economies to possess a healthy and buoyant banking system with effective corporate governance practices. In Nigeria, the Central Bank replaced the past governance codes with the CBN code (2012). Therefore this study examines corporate governance and financial performance in Nigerian banks, using this new code. The main issues in this study are: what is the relationship between board size and financial performance of banks in Nigeria? What is the effect of the proportion of non- executive directors on the financial performance of banks in Nigeria? To what extent is the corporate governance disclosure of banks in Nigeria in compliance to CBN governance code (2012)? Does a relationship actually exist between banks that disclose on corporate governance and their financial performance in Nigeria? These questions were answered by examining the yearly published reports of the listed banks in Nigeria. In examining whether or not there is a relationship between corporate governance and the financial performance of the banks, this research employed the regression analysis method to determine the relationship. However, the variables that was employed for corporate governance are: board size, board composition (the ratio of non-executive directors to total directors), and corporate governance disclosure index. Variables used in this study for examining the financial performance of these banks were the financial accountant measure for performance. These measures are return on equity (ROE) and return on asset (ROA). In examining the level of compliance of the banks in this study to the CBN (2012) governance code, the research employed the content analysis method. Employing the content analysis, a disclosure index was formed and the annual report for each bank was examined using the CBN code of corporate governance (2012) as a guide. The results of the study showed that a positive relationship exists between the corporate governance variables and the performance variables.
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Corporate Governance And Banks Profitability In Nigeria

Corporate Governance And Banks Profitability In Nigeria

The mean for Board Committee (BDCOMT) is approximately 9 with maximum and minimum values of 5 and 7 respectively. The standard deviation of 2.80 which indicates that the board committee for most banks in the sample may not deviate significantly from the mean board committee. Furthermore, Audit Committee Composition (ADCOMP) had a mean value of 6.14 and a standard deviation is 0.35355. The minimum and maximum values are 6 and 7 respectively. The implication of this is that audit committee composition of the sampled banks is revolved around the mean. Also, the mean value of Directors Remuneration (DRM) N177,37l.1, standard deviation of N183,993.4 and the minimum and maximum values are N2,876 and N465,008 respectively. The high mean and standard deviation recorded was due to the fact that directors were adequately remunerated, an indication that the governance code on directors remuneration was adequately complied with. This is because the Code of Corporate Governance stipulates categorically that directors (executive and non-executive directors) should be adequately remunerated. Firm Size (FZIE) has a mean value of N574,267,076.2 with minimum and maximum values of N465,2109 and N1,680,302,005 respectively. The Age of the bank was measured by the number of periods banks have been in business. The mean and standard deviation values for the age of bank are 39 years and 33years respectively. The minimum and maximum values were 18 years and 121 years
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Perspectives of Corporate Governance in Croatian Banking Sector

Perspectives of Corporate Governance in Croatian Banking Sector

As all of the banks are listing their shares on the Zagreb Stock Exchange, they have the obligation to comply with the defined Code of Corporate Governance issued by Zagreb Stock Exchange. The main scope of the Code of Corporate Governance is to establish high corporate governance standards and to enhance transparency of the corporations (banks) in order to facilitate the access to capital with lower costs. The main principles of the Code of Corporate Governance are: (1) transparency of the business conduct, (2) clearly defined procedures for the activities performed by the Supervisory Board, Board of directors and other organs and structures that are included in the decision-making process, (3) avoidance of the conflict of interests, (4) effective internal control and (5) effective system of responsibilities (Zagreb Stock Exchange and Croatian Financial Services Supervisory Agency, 2011).Survey showed that 50% of banks have accepted the internal code of conduct - as a set of principles which define the behavior of the corporation and guidelines for improved accountability, enhanced conduct and better performance which is good because they use external and internal factor in strategic orientation. Also managers of the banks think that Code of Conduct is really applied into practice and that it provides clear indications to the bank. The formal policy of corporate governance covers the following elements: statement of compliance of the formal policy with current legislation (33,3%), the remuneration framework and performance evaluation of the members of board of directors/supervisory board, CEO and senior executives (0%), independency statement of board of directors/supervisory board (16,7%), attendance of board of directors/supervisory board (0%), biographies, CVs of the members of board of directors/supervisory board disclosed (33,3%), and 50% does not know. In 50% of the banks the formal policy of corporate governance exists, whilst 16, 7% it does not and in other banks there is no such policy. In the majority of the banks (66,7%) the remuneration/compensation of the board members, members of the supervisory board and executive managers is not externally communicated, whilst in 33,3% of the banks, the remuneration is communicated on aggregated level for the board of directors/supervisory board, while in 16,7% the remuneration is communicated on individual level for each member of the board.
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What is the role of an independent non executive director on the board of a National Governing Body of Sport?

What is the role of an independent non executive director on the board of a National Governing Body of Sport?

On the other hand, one of the interviewees argued that all things considered, and bringing both his corporate and NGB experience to bear, the Chair should come from the sport itself. They stated that this had been the subject of some debate at their orgamisation, but that the consensus at the moment was that ‘sport should be led by sport’ and that INEDs can and should play more of a supporting role than a front and centre role. They were also of the view that whoever was selected as Chair, the Chair/Chief Executive dynamic was very significant, and that this was perhaps easier to have clarity on in a corporate organisation, where the goals are presumed to be clearer than in an NGB, which by necessity has a wide range of objectives. Another interviewee tended to concur with this, noting that on balance it was a good thing for the sport to have someone from the sport as the Chair figurehead. They mentioned that having a Chair from the sport itself ensued that endless networking contacts would naturally be available, and that having an independent Chair was more important in the public sector; although they agreed that as NGBs become more connected to public sector bodies for matters such as funding, the possible increased assurance provided by an independent Chair might be valuable. It was noted by one of the interviewees that there could be differences on the board with regards to the Chair of an NGB being from the INEDs. Their view was that if an organisation such as an NGB was completely committed to good governance, it would follow the current UK Corporate Governance Code (Financial Reporting Council, 2014) and select an independent Chair, however they also noted that in the general NGB world, that would mean finding an appropriate role for the person who currently chairs the NGB board, often the President of the sporting body, and that this would require sensitive positioning.
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RISK AVERSION IN THE BOARD ROOM. AN ANALYTICAL APPROACH ON CORPORATE GOVERNANCE OF GERMAN STOCK-LISTED COMPANIES

RISK AVERSION IN THE BOARD ROOM. AN ANALYTICAL APPROACH ON CORPORATE GOVERNANCE OF GERMAN STOCK-LISTED COMPANIES

examined a set of 113 companies from the DAX30, TecDax, MDAX and SDAX regarding firm–specific characteris­ tics. He argues that the implications of his study are valid for all German listed companies. He has measured firm performance in terms of profitability using the return on assets (ROA), total shareholder return (TSR) and return on equity (ROE). Stiglbauer (2010, p. 4) mentions six prior studies examining the effect of corporate governance on firm performance among German com­ panies whereas all these studies have an observation period prior to 2005 which is three years after the introduction of the first version of the German Corporate Governance Code. Stiglbauer (2010), however, has not examined the effect of single corporate governance characteristics and their cumulative effect on firm performance. Ebeling (2015) has examined the implementation degree of the corporate governance code and its effect on firm value among companies of the German Real Estate Index (DIMAX) including 75 companies with an observation period of just a single year (2010).
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Corporate governance in Greece: developments and policy implications

Corporate governance in Greece: developments and policy implications

The Athens Stock Exchange conducts a study on corporate governance OECD Principles on Corporate Governance Corporate governance code voluntary by the Committee on Corporate Governance in[r]

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Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse

Enterprise Risk Management and Value Creation: Initial Findings amongst Non-Financial Public Listed Companies in Malaysian Bourse

In October 2007, MCCG 2000 was revised from lessons learned since induction. In essence the Malaysian Code on Corporate Governance revised 2007 (MCCG 2007), recognizes the importance of the internal audit function by requiring all companies to have an internal audit function. In order to preserve the independence of the internal audit function, the head of internal audit should report directly to the audit committee. Moreover, MCCG 2007 strives to strengthen the role of audit committees by requiring the committees to comprise fully of non-executive directors. In addition, all its members should be able to read, analyze and interpret financial statements so that they will be able to effectively discharge their functions. Although at a glance, MCCG 2007 seems to be a minor improvement from MCCG 2000. Nonetheless, it is a significant move as it is now mandatory instead of voluntary initiative for a company to have its own internal auditing committee which includes its risk management team.
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Saudi Arabia Regulations on Corporate Governance

Saudi Arabia Regulations on Corporate Governance

In a related study, Branson (2012) states numerous benefits to corporations for having women among the directors of a company. Among the benefits of having women on board include: results in constructive role models for women in the intermediate and lower ranks of companies; brings boardroom diversity aids in avoidance of “groupthink,” or the phenomenon where a desire for conformity or harmony in the group results in an illogical or dysfunctional decision-making result. It also brings about “market reciprocity” and high performance, especially where the target markets include women; and female representation on boards is in conformity with the international laws and conventions by upholding equal job opportunities for men and women (Branson, 2012). Therefore, these benefits mentioned above for having women on the Board are lacking in Saudi Arabia corporate sector. This is because the SRCG 2017 does not prescribe certain quota to women regarding Board and Senior Management positions as obtained in other jurisdictions. For instance, Norway introduced a ground breaking quota for women on Board with 40.9%; then followed by Sweden (27%); Finland (26.8%); UK and South Africa (17%); USA (16.9%) among others (Hill et al., 2015). Similarly, in promoting gender diversity agenda in Malaysian corporate sector, the new Malaysian Code on corporate governance 2017 requires each company to make efforts to guarantee that “women candidates” are included in its employment exercise for Board and Senior Management Positions (Guidance 4.4 of the Principle A Board Composition II MCCG 2017). The Malaysian Code on corporate governance 2017 further requires the Board of large companies to have at least 30% women directors (Guidance 4.5 of the Principle a Board Composition II MCCG 2017).
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CORPORATE GOVERNANCE IN ZIMBABWE: THE ZIMCODE AND STATE OWNED ENTERPRISES CONNECTION

CORPORATE GOVERNANCE IN ZIMBABWE: THE ZIMCODE AND STATE OWNED ENTERPRISES CONNECTION

The authors for this study define Zimbabwe national code on corporate governance (ZIMCODE) as the yardstick that guides companies in Zimbabwe to adhere to the code of “Best Practice” (Strenger, 2004) in organizational performance and its implementation of corporate governance in Zimbabwe. The state owned enterprise is a form of an organization whose origin is the state. Like private public enterprise where suppliers of finance are separate from managers that run the enterprise, so is the state owned enterprise. The state that provides the initial funding allows board of directors appointed by the state to run the enterprise. Corporate governance has long been adopted by the countries in developed economies in order to improve the performance of organizations. However this has not been the case in Zimbabwe’s state owned enterprises (SOE). As has been previously mentioned, most countries that implement corporate governance start by preparing a code of best practices on the basis of which the enterprises in the respective countries measure their performance with respect to corporate governance. There are various approaches that have been developed and used by different countries to measure the implementation of corporate governance. For example, USA and UK use market-oriented model (Liu, 2006), Germany uses scorecard model (Sprenger, 2004), China employs control-based approach (Liu, 2006), and Spain uses power indices approach (Leech and Manjon, 2002), among others.
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Situation and Corporate Governance Framework in Public Enterprises in Kosovo

Situation and Corporate Governance Framework in Public Enterprises in Kosovo

The main participants are 1) shareholders, 2) management, and 3) the board of directors (Monks & Minow, 2001), and other definitions (Keasy & Wright) and ( Shleifer & Vishny, 1997). In summary, we will provide the following definition: CG is a system of relationships, defined by the structures and processes, (IFC, 2009). Kosovo government supported by international institutions operating in Kosovo: International Development Agency of the United States (USAID), IFC, World Bank (WB), OECD, etc., has shown a commitment to CG improved. The Government of Kosovo has achieved inter alia approved the Law on Commercial Companies ( Law No. 02 / L-123, 2007) , the Law on Public Enterprises (PE), (Law No. 03 / L- 087, 2008) which was amended later ( Law No. 04 / L-111, 2012), Code of Ethics and Corporate Governance for PE 2010, the amended and published in (July 2014),and has established, Policy and Monitoring Unit of PE (PMUPE).
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Corporate Governance of State owned Enterprises: A Framework for Addressing Board Accountability Deficit in State owned Enterprises

Corporate Governance of State owned Enterprises: A Framework for Addressing Board Accountability Deficit in State owned Enterprises

Grant Thornton took the view that a company is fully compliant with the Code where they have provided an explanation for every principle for which there was non-compliance. 494 The report concluded that only 26% of Irish plcs listed on the main securities market were fully compliant with the Code in 2011. However, Grant Thornton found that the amount of plc’s that were fully compliant with the Code was decreasing each year, going from 51% in 2009 to 36% in 2010. 495 However, if this is the only basis for measuring compliance with governance standards, the basis is flawed. There are problems with the subjective process of a board having the freedom to provide explanations it considers suitable as this leaves the threshold of governance at a low level if the explanations are not scrutinised by any other parties. In their report, Grant Thornton found that while explanations for non- compliance were improving in 2010 there was still a significant decline in the quantity of companies complying with the Combined Code. 496 The ISE / IAIM Report 497 found that there was high level of companies complying with corporate governance standards. However, compliance is measured on companies providing reasons when not complying with governance principles. 498 This suggests that companies are not incentivised to provide adequate explanations for governance standards they do not implement as compliance is measured by simply providing explanations. It is apparent the comply or explain principle alone is insufficient to measure application with governance standards. It is unclear if providing better explanations for not applying standards will result in a better application of governance codes. It is recognised that fully complying with all governance principles would be a challenging task as the board would have to:
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The Impact of Ownership Types on the Value of Discretionary Accruals: What is the Role of Audit Committee? Evidence from Pakistan

The Impact of Ownership Types on the Value of Discretionary Accruals: What is the Role of Audit Committee? Evidence from Pakistan

The research paper attempts to investigate the connection between Ownership Structure and Audit Committee Effectiveness on discretionary accruals in Pakistan. This study analyzed 5 years of data over the period of 2013-2017 of 169 listed firms of the Pakistan stock exchanges (PSX). The data is panel and it is analyzed with the random-effect regression to check the association between ownership structure and audit committee effectiveness on discretionary accruals. The findings of this article show that the effectiveness of an audit committee is very instrumental in bringing down the value of discretionary accruals. This paper confirms the view that audit committee effectiveness mitigates discretionary accruals in PSX listed firms, Furthermore, this study found no clue that blocks ownership, management ownership, foreign ownership and institutional ownership constrain discretionary accruals. To the best of researchers’ knowledge, this empirical study is first of its kind in Pakistan. The present research study recommended and supports the recent amendment in Pakistan Corporate Governance Code about audit committee independence and expertise in reducing discretionary accruals. Keywords: Ownership Types, Audit Committee Effectiveness, Corporate Governance, Discretionary Accruals, Pakistan Stock Exchange JEL Classifications: G34, M4
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The political economy of corporate governance

The political economy of corporate governance

Since the 1970s, this dominant variety of corporate governance based mostly on agency theory has succeeded in shaping the accepted standard for ‘good governance’ in practice and conquered research (e.g. Aguilera and Cuervo- Cazzura, 2004) – notwithstanding critiques articulated for example in critical management and organization or business ethics literature (e.g. Fleming and Spicer, 2007). It has thereby come to influence political, legal, and economic decision-making worldwide through a normativity – a set of norms and prescriptions derived from questionable conceptual assumptions and empirical observations – programmed into law and policy by means such as: strong common law-inspired formal investor protection and limited influence of blockholding shareholders (e.g. La Porta et al., 1998; Lele and Siems, 2007); fair- value accounting and extensive disclosure (e.g. Pesqueux and Damak-Ayadi, 2005); high-powered equity-based executive compensation (e.g. Ezzamel et al., 2008); and elements of corporate board and control structures such as independent or non-executive directors (Gordon, 2007). More recently, this model has inspired governance codes that institutionalize a very limited model of financial accountability of boards to shareholders, e.g. in the UK Corporate Governance Code (Veldman and Willmott, 2016). Both corporate elites and regulators around the world now regularly take this model into account when acting and representing their actions for fear of repercussions by transient international capital (Westphal and Zajac, 1998; Yoshikawa and Phan, 2001; Rose and Meyer, 2003; Bednar, 2012).
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Role and Authority: An Empirical Study on Internal Auditors in Malaysia

Role and Authority: An Empirical Study on Internal Auditors in Malaysia

three directors, the majority of whom are independent, with written terms of reference that deal with its authority and duties. External auditors, on the other hand, are the parties that should independently report to shareholders in accordance with statutory and professional requirements, and independently assure the shareholders with regards to the financial statements. Finally, for the internal audit function, the major descriptions are for the audit committee to review the adequacy of the scope, functions and resources of the internal audit function and, among other duties, to consider the major findings of internal investigations and management’s response. The description in the code on the four cornerstones of corporate governance implies that internal auditors may not understand the power of the appropriate authority for their work. Based on the issues discussed, this paper examines the relationship between the roles of the internal auditors and the authority given to them. This paper also investigates the varying roles of the internal auditors and their relationship to having authority. This is done through responses derived from the internal auditors themselves on how they perceive their work. On the whole the objectives of this paper are specified as follows: i) to determine the perception of internal auditors of their role; ii) to discover the factors that contribute to internal auditors’ roles and their relationship to having authority; and, iii) to determine the differences between the perceived roles of internal auditors who work under conditions where an Audit Charter exists, and those who do not. The next section provides an overview of the literature that forms the underlying framework for the hypothesis. Then it is followed by a description of the research methodology. The findings are discussed in section 4 and, section 5 closes with the conclusion and recommendations. 2. Literature Review
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Analysis and identification of joint performance measurement indicators: social and corporate governance issues

Analysis and identification of joint performance measurement indicators: social and corporate governance issues

The issue of corporate governance (CG) has become an important measure of assessing the performance and competitiveness of business organizations. The fi eld of corporate governance of companies is not only important for the functioning of the economy as a whole, but it touches all interested groups. Currently, the European Union addresses the issue of corporate governance and is governed by a set of principles and rules of corporate governance. It seems to be that good corporate governance should help companies to be sustainable. The rules of corporate governance are derived from both legislation and codes of practice according to the traditions of the relevant countries. Legal base for the corporate governance is created within the framework of following EU directives and rules (Code of the Criminal Responsibility, Code of the Business Activities on the Financial Markets, Commercial Law, Principles of Auditors, and Bank Law) and from others codices (Directive 2004/25/ES about off ers undertaking), about the transparency of the listed corporation (Directive 2004/109/ES), right of shareholders (Directive 2007/36/ES), about market exploitation (Directive 2003/6/ES) and about the audit (Directive 2006/43/ES). The aim of these documents are the achievement of transparency of the remuneration and coordination of the internal aims and interests of the stakeholders (employers,
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Assessment of the Effectiveness of Ethical Corporate Governance in Corporate Decision-Making: A Grounded Theory Approach

Assessment of the Effectiveness of Ethical Corporate Governance in Corporate Decision-Making: A Grounded Theory Approach

The findings from this study on expectations, perceptions behaviuor and accountability of the boards of directors towards their shareholdership and stakeholdership groups, show that when it comes to the issues of shareholders, most of the respondents supported the Anglo- American systems of corporate governance. However, as explained by the models developed from the analysis of data collected through survey questionnaire there is the recognition that boards of directors are taking the issues of their companies’ stakeholdership groups into consideration when setting their business objectives. In term of ethical corporate governance, through organisations code of conduct and corporate social responsibility policies, companies now reach out to their broader stakeholdership groups through engagement with stakeholders. Such engagement is ongoing with shareholders groups through boards accountability to shareholdership and expectations from stakeholdership.In general, the tables and charts developed from the analysis of the results of the survey questionnaire were used as models for analysing the survey results. The tables and diagrams help further our understanding of the views that the shareholders model of corporate governance is still the best way of managing the affairs of corporations and provide the platform for boards to meet the business objectives of maximising the shareholder's wealth and consider the stakeholder's needs. As could be seen from the tables and models most of the respondents agree that their boards of directors focus on the categories identified from the results of the analysis, (see Fig. 13 and Fig. 14). It enables them to manage the affairs of the company in compliance with the New UK Corporate Governance Code.Business Ethics or Organisational Codes help companies with maintaining their reputations and corporate values or brands. The Substantive Theory from data analysis through its coding methods, open coding, axial coding and selective coding.
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