Ethics and Governance Governance 1.

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Presentation transcript:

Ethics and Governance Governance 1

What is Governance? Governance is the system by which organizations are directed and controlled. Relationships between directors, shareholders, and other stakeholders. Structure through which objectives, strategies, and monitoring are established.

Why is Governance Important? Separation of ownership and control Corporations: shareholders and managers Governments: taxpayers and public servants NGOs: donors and administrators Potential for conflicts of interest

Agency Theory Agent Principal Agency Agency costs Fiduciary duty (trust and confidence) Accountability

Organizational Life and Corporate Governance Board of directors Corporate reporting Risk management Internal controls Shareholder rights and responsibilities Corporate social responsibility and ethics

Underpinning Governance Concepts Fairness Transparency Innovation Skepticism Independence Probity (honesty) Responsibility Accountability Reputation Judgement Integrity