CORPORATE GOVERNANCE
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1) When we talk about corporate governance we sometimes forget the diversity of U.S. corporations. How is corporate governance different in a public company as compared with a private company, or a nonprofit corporation? Why?
2) Boards of Directors have become more independent of management in recent years than they used to be. What signs might be observed to indicate that the board in a particular company is acting independently, or is taking its cues from management.
3) Discuss the role of the internal audit committee in current corporate governance practice. What does the committee do? What criteria are used to select members of the committee?
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1) When we talk about corporate governance we sometimes forget the diversity of U.S. corporations. How is corporate governance different in a public company as compared with a private company, or a nonprofit corporation? Why?
Corporate governance is different in a public company from that of a small business. In general corporate governance means following a set of internal rules, policies, and procedures that a company follows on a regular basis to ensure that it operates in a fair, equitable, and appropriate manner for the firm, its management and for its shareholders. In case of a public company, the Sarbanes Oxley Act lays down the legal requirements that the public company must comply with. However, in case of a small business the policies are laid down by the business owner and implemented. by him. The small business must be ethical with its customers, should repay its debts on time, and must be fair and equitable to its employees. Similarly, a nonprofit corporation has stakeholders like its employees, its customers ( receivers of service), the community, and the government. Corporate governance in the context of a nonprofit corporation means the corporation is fair and just with each of its stakeholders. For instance, in case of a nonprofit hospital, the corporation is fair to its patients, employees, doctors, and the ...
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