![]() Principles of good governance are not only regulated in terms of legislation and the common law. The aim of these principles is to assist governments in their efforts to evaluate and improve the legal, institutional and regulatory framework concerning corporate governance. In essence, corporate governance therefore relates to the manner in which corporations are regulated and managed.Īlthough South Africa is not a member state, the Organisation for Economic Co-Operation and Development's Principles of Corporate Governance are pertinent when interpreting principles of corporate governance. In the 2007 ASX’s Principles of Good Corporate Governance and Best Practice Recommendations, corporate governance is defined as 'the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled in corporations.' (3) It was previously called the Combined Code (2).) (The name changed to the UK Corporate Governance Code in 2009. It defined corporate governance as 'a system by which companies are directed and controlled'. A definition often used is the one drafted by the Cadbury Committee in the UK in 1992. Various documents, reports and codes of best practice define corporate governance. One can therefore ask the question: what is 'corporate governance' precisely and is it regulated at all? And, if so, to what extent?Ĭorporate governance is often described as a vague concept, with loose definitions giving rise to different understandings of what it involves. And, lastly, boards should govern a company like owners. Secondly, directors must realise that serving the interests of all major stakeholders will not have a negative effect on the maximisation of corporate value. The focus of directors should be on long-term value. In an article in the Harvard Business Review, McKinsey & Company MD Dominic Barton makes a few interesting points (1).įirst, he states that the ways in which directors govern, manage and lead corporations should change. Corporate social responsible conduct relates to important social, safety, health and environmental factors to which company management must have adequate regard. Directors are expected to act in a socially responsible manner. Enron and WorldCom in the US and Saambou Bank and Fidentia in South Africa are examples of prominent corporate collapses. Since 2001, corporate governance has received renewed interest internationally due to high-profile collapses. The King III Report on Corporate Governance (2009), and The regulation of corporate governance in South Africa:.The definition and meaning of corporate governance.This article briefly deals with the following: This article is relevant to Paper F4 (ZAF) An introduction to professional insights.Virtual classroom support for learning partners.Becoming an ACCA Approved Learning Partner. ![]() South African anthropologist and feminist scholar Elaine Salo was Associate Professor in Political Science and International Relations at the University of Delaware, USA. It foregrounds the practice of living fieldwork - 'in which the field is home' - that defines her work and decades long commitment to mentorship, care, and advocacy of 'Others' that has reshaped the discipline." Anne-Marie Makhulu, Duke University, USA "Elaine Salo's book compels anthropology to rethink its method as theory and theory as ethics. Detailing the moral economy in Manenberg, she weaves locality, personhood (identity), respectability politics, hegemonic masculinity and intersectionality into an evocative text that resonates with authenticity and lucidity." Joy Owen, University of the Free State. "The first to use the lens of respectability - ordenlikehied - in South African anthropology, Salo introduces us to the minutiae of quotidian life for those who self-define as unemployed and/or working class coloured men and women. Manenberg is a township in Cape Town originally created for people classified Coloured by the apartheid government. Examines how men and women in Manenberg define themselves through the practices of "ordentlikheid", or respectability.
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