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A 5 page paper. Prior to the 1970s, most corporations were literally run by the founder or the founder's heirs and the governance was more of a dictatorship. Then, boards came under serious scrutiny and criticism. Since the 1970s, dramatic changes have been made both in the structure and the power of the company's board. Still, some are extremely weak and hinder more than help the company. This paper discussed the changes in boards over the last thirty years. Bibliography lists 7 sources.
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5 pages (~225 words per page)
File: MM12_PGcrpgv.rtf
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companys board. Still, some are extremely weak and hinder more than help the company. This paper discussed the changes in boards over the last thirty years. Bibliography lists 7 sources.
PGcrpgv.rtf CHANGES IN CORPORATE GOVERNANCE , November, 2001 properly! Lear commented: "Over the
years, the definition of the term has been expanded and is now used to refer to the entire process of managing a business organization while promoting the interests of shareholders
in accordance with prevailing laws and codes of ethics. . . . the definition of corporate governance has been broadened. It now has come to mean the whole process of
running a company and serving the best interests of the shareholders in conformity with the laws and ethics of the land. All of the factors that are involved in balancing
the power between the CEO, the board, and the shareholders are now considered to be a part of the corporate governance syndrome. " (1997, p. 16). Given the above
description and definition of corporate governance, the responsibilities include: "the selection of directors; executive compensation; performance evaluation of the CEO, the board, and individual directors; proxy statement disclosures; golden parachutes
and poison pills; conduct of annual meetings; and much more" (Lear, 1997, p. 16). Corporate boards must be accountable for the companys performance. This is an issue that has
been debated since the 1970s. Prior to the 1970s, most corporations were literally run by the founder or the founders heirs and the governance was more of a dictatorship.
As an example, consider IBM, which was founded by Thomas Watson, Sr. When the Senior Watson approached a time when he wanted to retire in 1956, he engineered the appointment
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