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Corporate governance
CORPORATE GOVERNANCE

Definitions:

i. (informal) The totality of the rules, processes or laws by which institutions are operated, regulated and governed.

ii. (informal) The practice or system of running a business or commercial organization in a manner that promotes the best standards in the management of group and service delivery.
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* All nine elements should be in.


1. Purposeful and necessary to set limit of authority (and hopefully to uphold it), for the good of all - society and public, management and shareholders, workers and customers. (See perfect TOTAL QUALITY MANAGEMENT.)

2. Set-up or registration, establishment, operations or conduct, administration, organs and structures, etc., of entity, will all be fully within the dictates of the law, while observing best practices. (See perfect BUSINESS (1).)

3. A harmonized code of practice and a framework for conduct and operations will exist for all the players in the particular industry. That is, each trader, company or conglomerate in specific line of business will be expected to observe - thereby promoting transparency - the rules of membership of a legal industrial or commercial association. (See perfect BOARD (4).)

4. The regulatory authority, including the taxman, will be adequately empowered to monitor, assess and punish or sanction defaulters and/or those guilty of professional negligence. (See perfect PROSPECTUS (2).)

5. Code of conduct, framework of relationships, etc. will be complied with. That is, processes, procedures, etc. that will ensure quality, or efficiency, effectiveness, or best practices, etc. will be the hallmarks of the service providers. (See perfect JOB CREATION.)

6. Cooperation and alliances, where required will be ensured by each organization. That is, when restrictive practices, price fixing, etc. are necessary, these they will be abide by. (See perfect WEALTH MANAGEMENT.)

7. Control and direction of activities, recruitment and reorganization policies, decision-making and execution of group goals, etc. will be in accordance with managerial competence, technical know-how, etc. That is, there will be no maladministration, corruption, illegalities, unethical conduct, etc. in the running of entity. (See perfect CUSTOMER SATISFACTION.)

8. Owner or owners, shareholders, customers, public, etc. will be regularly briefed and updated on the state and challenges facing organization. That is, board will have statutory meetings, AGMs will hold, accounts and reports will be prepared and properly filed, returns to the regulatory bodies promptly and correctly made, etc., etc. (See perfect BALANCE SHEET.)

9. Observance of the principles contained in the codes and framework will result in business growth and development, a positive balance of trade, increase in direct foreign investment, etc. That is, manner of conducting business achieves objective(s). (See perfect CORPORATE GREED.)


CRITICAL TO COMPETITIVENESS.
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ETHICS ! ETHICS !! ETHICS !!!



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