In the light of the growing number of scams, accounting scandals, massaging of books, misuse and misappropriation of public money, the importance of Corporate Governance can’t be overstressed. Formation and proper functioning of Corporate Governance body abiding by international rules and regulations has become of quintessential importance today as survival and success in global market can be ensured only via foreign investment, foreign customers: simply in a word by going global. Image 1: Reference Bullet no. 17
Corporate Governance is the way a corporation polices itself. It intends to increase the accountability, transparency and efficiency of the management and advocates adoption of consumer and environment friendly business practices. It encompasses the board of directors and various stakeholders …show more content…
Image 3: Reference Bullet no. 19
Aggressive profit targets were set and fraudulent accounting methods were extensively misused to keep the books balanced. The audit committee failed to function with sufficient independence and at the outbreak of the news of this inappropriate accounting scandal all the honchos resigned. It seems Toshiba’s move to adopt American Style corporate governance culture based on modified “Hybrid” board Committee system and build an effective independent Corporate Governance body via leveraging the “Best of both worlds” failed miserably.
Conclusion:
The outbreak of these massive scandals highlight the fact that a Corporate Governance Code and the Stewardship code can remove these problems perfectly. But the government should continue to focus on corporate governance and the momentum in this direction must be
Corporate Governance is the way a corporation polices itself. It intends to increase the accountability, transparency and efficiency of the management and advocates adoption of consumer and environment friendly business practices. It encompasses the board of directors and various stakeholders …show more content…
Image 3: Reference Bullet no. 19
Aggressive profit targets were set and fraudulent accounting methods were extensively misused to keep the books balanced. The audit committee failed to function with sufficient independence and at the outbreak of the news of this inappropriate accounting scandal all the honchos resigned. It seems Toshiba’s move to adopt American Style corporate governance culture based on modified “Hybrid” board Committee system and build an effective independent Corporate Governance body via leveraging the “Best of both worlds” failed miserably.
Conclusion:
The outbreak of these massive scandals highlight the fact that a Corporate Governance Code and the Stewardship code can remove these problems perfectly. But the government should continue to focus on corporate governance and the momentum in this direction must be