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- 6 Marks
Question
Corporate Governance has been defined as a set of systems, processes, and principles which ensure that a company is governed in the best interest of all stakeholders.
Required:
List SIX principles of corporate governance.
Answer
The key principles of corporate governance include:
- Leadership: Ensuring that the company is led by an effective board that is responsible for the long-term success of the company.
- Transparency: Promoting openness and transparency in the company’s operations to build trust among stakeholders.
- Capability: Ensuring that the company’s management and board possess the necessary skills, experience, and knowledge to effectively govern the company.
- Accountability: Holding individuals within the company accountable for their actions, ensuring that they act in the best interests of the company and its stakeholders.
- Compliance: Adhering to legal, regulatory, and ethical standards to ensure the company operates within the law and maintains its reputation.
- Sustainability: Focusing on the long-term sustainability of the company, including environmental, social, and governance (ESG) factors, to ensure the company’s continued success.
(6 points at 1 mark each = 6 marks)
- Tags: Business Ethics, Corporate Governance, Ethical Principles, Ghana
- Level: Level 1
- Topic: Governance and Ethical Issues
- Series: NOV 2016
- Uploader: Dotse