How a company is governed influences rights and relationships among organisational stakeholders, and ultimately how an organization is managed. Corporate governance might be looked at from a variety of viewpoints: the board of directors, senior management, investors, the media, proxy advisors, regulator and other stakeholders. It focuses on assessing the effectiveness and execution of governance roles and responsibilities. The financial crisis of 2008 and previous corporate governance crises have increased concerns over the role and composition of the Boards of Directors (BOD) of companies. Indeed in April 2011, the report of the US Senate Permanent Subcommittee on Investigations observed that the crisis arose because of high risk lending, regulatory failure, inflated credit ratings, and abuses and conflicts of interest by investment banks. Recent debates have focussed on the effectiveness of governance roles and responsibilities, strengths and blind spots, the implications of behaviours and actions, and developing skills for addressing difficult governance situations and advancing monitoring and strategic goals and risks of and by a board of directors.
Commentators have been asking questions whether corporate boards are doing enough to prevent such occurrences; whether the boards have the right balance of skills, experience and expertise to prevent a repeat of these events. Globally there has been a debate on whether board diversity could enhance corporate accountability and performance. Arguments are varied and available evidence are scanty to support any conclusive policy pronouncements on the benefits or otherwise of various aspects of corporate governance mechanisms. However, due to increasing globalisation of corporate operations (both in terms of product and factors) the determination of how the BOD impact on accountability and long term performance of companies has become more relevant. There are opportunities for significant policy options to emerge from high quality research to help policy makers and other stakeholders on the relevance of the board to corporate accountability and performance.
Governance is contextual and requires judgement and in this assignment you are expected to grapple with ambiguous situations that do not have simple solutions.
write ACADEMIC essay that:
- considers the role of board and board diversity in corporate governance;
- critically considers the relationship between board diversity and accountability and company performance; and
- critically examines the role of shareholder activism in corporate governance.
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