| There can never be genuine CORPORATE | | | | and yet few corporates are properly governed. I |
| GOVERNANCE until the Organization's custodians | | | | have watched with great concern how in some |
| show willingness to be self-governed by a VALUE | | | | organizations the CEO's autocracy is felt by |
| system at personal level. Values are not merely | | | | anyone who dares to enter into transactions with |
| posters for decoration of reception area. We | | | | the organization. The CEO does the quotation, |
| rather not have them on the wall and live them. | | | | gets the order, supplies the goods himself and |
| The 21st century has moved from Management | | | | collects the money. He is the only one whose |
| to Governance. Organizations not prepared to be | | | | signature is recognized by the banks hence he has |
| ethical and transparent run the risk of becoming | | | | direct access to the money. It is such behavior |
| endangered species. | | | | that ends up creating a lot of talk in companies, a |
| Corporate governance is most often viewed as | | | | lot of heat is created as friction, and speculation |
| both the structure and the relationships which | | | | becomes rife. No one know what the accounts |
| determine corporate direction and performance. | | | | look like, what is in the bank, what the word AGM |
| The board of directors is typically central to | | | | stands for in the organization as the CEO views it |
| corporate governance. Its relationship to the other | | | | as another way to waste His money. As long as |
| primary participants, typically shareholders and | | | | there is enough money for fuel, newspaper and |
| management, is critical. Additional participants | | | | school fees for the CEO's children then the |
| include employees, customers, suppliers, and | | | | organization is meeting its goals. There is no |
| creditors. The corporate governance framework | | | | attention to trust, transparency, openness, value |
| also depends on the legal, regulatory, institutional | | | | based systems, care for the employee. The |
| and ethical environment of the community. | | | | leaders are unreachable and hence employees |
| Whereas the 20th century might be viewed as | | | | wallow in the dark with no one communicating |
| the age of management, the early 21st century is | | | | vision, mission and goals. All they do is show up |
| predicted to be more focused on governance. | | | | for work, do their work without being measured, |
| Both terms address control of corporations but | | | | no communication on progress and status updates |
| governance has always required an examination | | | | on the organization performance. Employees are |
| of underlying purpose and legitimacy. - - James | | | | made to feel like they are not part of the big |
| McRitchie, 8/1999 | | | | vision hence there is high staff turnover. There is |
| I am shocked at how this word has been abused | | | | always training and induction going on and it |
| and used as a mere buzz word in this century | | | | seems endless. |