FRC Corporate Governance Code Fostering Top Business Practices
'Connectography' by Parag Khanna talks about the country’s roles. The author goes on to elaborate that the influence of the countries around the globe is diminishing, and on the other hand, countries have gained power. Increasingly, enterprises have become pseudo sovereign states dictating the citizens of the country where they are operating. Multinationals power is forcing the regulatory regimes around the globe to change corporate governance policies. Furthermore, technology has accelerated disruption. All these changes are evident both in developed and developing countries.
Companies around the world have taken corporate governance seriously, because of internet giants and multinational actions, which has forced both companies and governments to become vigilant and alert. The UK government has taken steps to rectify business governance.
For instance, the UK financial reporting council launched the Wates principles, a code for the corporate governance for large private companies. The policies reflect the intent of the regulator. The UK regulator believes that these principles will encourage companies to adopt a set of essential behaviors to secure trust and confidence among the stakeholders and benefit the economy and society in general. Firstly, board members should understand their duties and responsibilities. Secondly, the board should be composed of active chairman and managers with a balance of backgrounds, experience, knowledge, and skills, and the scale and complexity of the board should be reflected in the company. Thirdly, objective and leadership; boards should develop and promote a company’s purpose and ensure that its values, strategies, and culture are aligned with this objective. Fourth, they should identify opportunities to create and maintain the value and establish oversight to identify and mitigate risks to promote their companies long-term success. Also, the boards should support executive compensation structures that are aligned with the long-term sustainable success of their companies. The board members should also encourage effective relationships with their stakeholders.
Good business is a force for good in society; good business starts with good business practices which are premised on the ethos of the welfare of the community at large.
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