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Essay / Research Paper Abstract
4 pages in length. Having one person at the helm of any collective entity is a problem waiting to happen; when that entity is a publicly traded company without any benefit of corporate governance, the fallout can destroy lives and damage the faith in contemporary commerce. Requiring the chairman and CEO to be represented by two separate individuals is the first step in the quest to avoid the magnitude of scandal that Enron wrought. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: LM1_TLCCorpGovn.rtf
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the faith in contemporary commerce. Requiring the chairman and CEO to be represented by two separate individuals is the first step in the quest to avoid the magnitude of
scandal that Enron wrought. "...Governance principles can be consistent for businesses of all sizes. However, the use of judgment in their application makes it difficult to provide guidance.
Consequently, there is a never-ending need for high-caliber professionals inside and outside an organization to apply independent, unbiased judgment to decide on the appropriate level of governance and controls" (Cangemi,
2007, p. 6). When examining the blatant absence of corporate governance from a perspective of Enrons infrastructure, one of the first issues
to present itself is how company executives wholly disenfranchised its stakeholders. No longer are these vulnerable individuals merely the upper echelon of investors; rather, the stakeholder theory introduced in
the 1980s established that corporate obligation goes well beyond the standard investor. This new approach - delineating to whom businesses are expected to be responsible, as well as for
what (Poulton, 2003) - set a precedence for those at stake to be anyone with a direct interest or risk in the firm, not the least of which includes employees,
customers, suppliers, distributors, stockholders, interest groups, legal and regulatory bodies, as well as the general populace (Poulton, 2003). Because society is fundamentally based
upon performance and profit, it is not unusual to find that it is necessary to impart a sense of corporate governance as contemporary commerce moves forward into the twenty-first century.
The ethical approaches of purpose, principle and consequence are integral components of business social performance; itemizing these contributions finds one incorporating the interests of ethics and morality within the
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