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Corporate Governance and Ethics

Corporate governance’s primary concern is to hold the balance between the economic and social goals and between the individual and commercial goals. Governance in corporate has a mix of laws; regulations high level policies as well as board decisions which influence the management of a company. Governance is a complex subject and has many offshoots and includes programs for ensuring the safety of a company’s economic efficiency. It also reduces the risk that senior leaders often seek to enrich themselves with in the short term at the expense of a company’s overall wealth and health. Corporate governance also covers environmental issues and the responsiveness of the board of directors as pr the wishes and needs of the shareholders. The corporate governance framework encourages the use of resources in an efficient manner and requires accountability for the steward ship of these resources. The main aim is to align the interests of society, corporations and individuals as nearly as possible. The primary purpose of corporate leadership is to create wealth in an ethical and legal manner. This brings high level satisfaction to some major areas like those of employers, vendors, investors and also the society at large. Predictability, profitability and sustainability of revenues year after year are the raison d’etre of all corporate bodies.

Business ethics is concerned with tracking high value laden decisions when you face multiple permissible outcomes. The subject of business ethics is of concern to every shareholder from the CEO of the firm to the intern. The board of directors provides the corporate ethics policies on the basis of which the employees are expected to take the stand on various principles that are contained in the ethics policy. These are further employed making choices which concern behavior and priorities. The business ethics represent the philosophy on which the business is run and has the primary aim of determining the fundamental purposes of any company. Business ethics can also be said to be a form of applied ethics or the professional ethics which examine the ethical principles as well as the moral and ethical problems which arise in a business environment. The ethic applies to all aspects of business and is relevant to the conduct of organizations as well as their businesses.

Governance and ethics often overlap in the business community though each has distinctive purpose and contains sphere of interest within a firm. Both are essential to the well being of a business and address complimentary themes. The governance focuses on the institutional concerns and the ethics concentrate on the how of decision making.

Compliance- compliance is the company’s internal control initiatives which ensure that a business is in confirmation to all the applicable regulatory and legal requirements. These compliance initiatives affect the staff at all levels of an organization. Many companies are under the pressure of industry certification groups and therefore merge the compliance monitoring with the general ethics program. The rubic given is ‘we do the right thing’. The merging of compliance and ethics merge in the practical sense but in theory they do not have much in common.

Similarities

The ethics and governance both provide guidelines for the employees on how to act. Both this concepts intend to shape the decision making process within a company, rely on the policy development which originates with the board of directors, and tries to obtain the best possible outcome. Both the ethics and governance attempt at steering people for making decisions which give choices to the board for being most appropriate and is in turn with the culture of the company.

Differences

The ethics mainly focus on the decision making process but the governance has its main focus on the institutions which ensure that a leadership decision is in confirmation to the best interests of an enterprise. A code of ethics also governs all the staff from top to bottom but many management staffs are unaware of policies and regulations of governance issues although they are affected by them.

Principles and ethics in corporate governance

1. The rights and equitable treatment of the shareholders.

2. Interests of other stakeholders

3. Roles and responsibilities of the board.

4. The integrity and ethical behavior

5. Transparency and disclosure

The external corporate governance controls include the controls which are exercised by stakeholders external to the organization. Some examples are competition, takeovers, government regulations, media pressure, demand and assessment of the performance information etc. .