Corporate Governance: A Baldrige-based Performance Excellence Assessment of Corporate Governance and Board Policies
Fisher, Ph. D. Donald C.
Synopsis "Corporate Governance: A Baldrige-based Performance Excellence Assessment of Corporate Governance and Board Policies"
Corporate Governance A Baldrige-based Performance Excellence Assessment of Corporate Governance and Board Policies Corporate Governance is a hot topic in boardrooms today. Corporate governance consists of various duties, obligations, and rights that control and direct an organization and properly distributes the responsibilities of those who participate in the organization such as managers, stakeholders, creditors, regulators, and the board of directors. Corporate governance is an important aspect of the business enterprise. When corporate governance is conducted properly it allows the organization to work smoothly due to the existence of a clear level of accountability and communication throughout the organization. Corporate governance also places a strong emphasis on the behavior of the organization and how much the organization discloses to the public. Stakeholders are important members of an organization and they include investors, creditors, customers, suppliers, and employees. The organization should not only respect stakeholders and their rights, but help them in exercising their rights. The idea that an organization should be transparent in its business dealings and that ethics and integrity are the principles of corporate governance. An organization's corporate governance sets the stage of how it is run, as well as what the roles and duties of those who work in the organization may be and that they are held accountable for all their actions. Corporate governance is a form of self-policing. With corporate governance, everyone is held to a specific standard and communication is made easier due to their being an established hierarchy and role that everyone involved in the organization plays. Corporate governance is the way an organization governs and polices itself, well-drafted and consistently enforced corporate governance results in a more ethical organization, appealing to all stakeholder groups. Failed corporate governance results in massive problems being exposed by whistleblowers, which can result in a public relations (PR) and legal nightmare, possibly tarnishing the organizations reputation beyond repair. This comprehensive manual will aid and expedite an organization's corporate governance efforts by identifying strengths and opportunities for improvement in their various governance practices. This manual will also be most valuable in developing, revising, and/or improving an organizations corporate governance efforts through an overall organizational assessment and the ultimate development of a Corporate Governance Plan.
