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Corporate governance, ethics, and success in business

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  1. Examples of corporate scandals
  2. Corporate governance is essential to competitive success

When seeking to define exactly what corporate governance is, it is likely that an individual will come across a number of terms and ideas all in a single sentence. For example, one website defines it as "a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations".

[...] Corporate governance creates a structure in a company that keeps it effective, honest, and allows it to achieve its purpose. Without such a structure, a firm would fall into decay and would not be competitive against firms that do place corporate governance philosophies at the forefront of their business. When a business executive is well versed in the ideas of corporate governance and appreciates the importance of maintaining positive and healthy relationships with all related segments of the business, he or she is much more likely to see that business succeed. [...]

[...] When we think of corporate governance, it is important to visualize this term as it relates to ethics, proper business conduct, and the management of an organization that is honest and effective. Many organizations and individuals are under the impression that in order to make money and be successful, it is necessary to break the law or engage in improper conduct. It is this mindset that leads to corporate scandals such as Enron and Worldcom. Essentially, following the ideas and principles of corporate governance allows a business or an individual to succeed while following the law and maintaining the company code of ethics. [...]

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