Elaborate on the concepts of governance, accountability, transparenc.pdf

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The document discusses concepts of corporate governance including accountability, transparency, and the interaction between owners, management, and the board of directors. It notes that corporate governance aims to create a balance of power sharing among these groups to enhance shareholder value and protect stakeholder interests. The document also mentions the Sarbanes-Oxley Act of 2002 and how it established requirements that affect corporate governance in the US, including establishing gatekeepers to monitor companies.

Education

Elaborate on the concepts of governance, accountability, transparency in companies. Ascertain
that you include the interaction of owners, management and Board of Directors. Furthermore,
mention the Sarbanes /Oxley act.
Solution
Corporate governance broadly refers to the mechanisms, processes and relations by which
corporations are controlled and directed. Corporate governance includes the processes through
which corporations' objectives are set and pursued in the context of the social, regulatory and
market environment. The primary goal of corporate governance is to create a balance of power-
sharing among shareholders, directors, and management to enhance shareholder value and
protect the interests of other stakeholders. It aims to improve :-
The Sarbanes-Oxley Act of 2002 established a series of requirements that affect corporate
governance in the U.S. some of which are listed below:-
Corporate Governance established a number of gatekeepers to monitor the companies workings.
The board of directors is charged with overseeing management’s strategy and performance. The
external auditor is responsible for providing a high level of assurance regarding the reliability,
quality, and transparency of the financial reports of public companies. Legal counsel is charged
with providing legal advice and ensuring more than mere technical compliance with applicable
laws, regulations, rules, and standards. The financial advisors and investment bankers are
responsible for advising company management and the board in conducting legitimate business
affairs and transactions that have a valid economic purpose.

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