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.
By Tom Conophy, CIO, Staples Inc.
By Joe Touey, SVP, GSK North America Pharmaceuticals IT
By Eric Tamblyn, Global VP-Guru Managed Services, Genesys
By Charlie Isaacs, CTO, IoT, Salesforce
By Jonathan Rosenberg, VP & CTO, Collaboration, Cisco
By Dave Doyle, CIO & SVP, IT, Regal Entertainment Group
By Jeffrey Keisling, CIO and SVP, Pfizer
By Colin Boyd, VP & CIO, Joy Global Inc
By George Hines, CIO, Massage Envy
By Mark Jacobsohn, SVP, Booz Allen Hamilton
By Mike Gioja, CIO and SVP of IT, Product Management and...
By Nathan Johnson, SVP and CIO, Werner Enterprises [NASDAQ:...
By Darrell Edwards, SVP and Chief Supply Chain Officer,...
By Hannah Datz, VP Retail North America, SAP Hybris
By Marc Kermisch, VP & CIO, Red Wing Shoe Co.
By Robert Garrison, CIO, DTCC
By Mike Sakamoto, CTO, California Department of Health Care...
By Bradley Peterson, EVP & CIO, NASDAQ
By Steve Betts, SVP and CIO, Blue Cross and Blue Shield and...
By Kathryn Kai-ling (Ho) Frederick, EVP, Growth & Insights,...