INDEPENDENCE IN CORPORATE GOVERNANCE: THE ROLE OF INDEPENDENT DIRECTORS – ISSUES AND CHALLENGES AKSHAT PARASKUMAR GANDHI SYMBIOSIS INSTITUTE OF TECHNOLOGY, PUNE 411042-LAVALE, PUNE E-mail: akshat.gandhi@sitpune.edu.in Contact: +91 88888 20195 ABSTRACT- The concept of Independent director has been originated to drive companies towards inculcating the concept of corporate governance in their management. Independent director of the firm plays a vital role in good going
It is an acknowledged fact that the principal-agent theory is generally considered the starting point for any debate on the issue of corporate governance emanating from the classical thesis on The Modem Corporation and Private Property by (Heracleous, 2001). According to this thesis, the fundamental agency problem in modem firms is primarily due to the separation between shareholders and management. Modem firms are seen to suffer from separation of ownership and control and therefore are run by professional
2.0 Agency Theory and Corporate Governance Corporate Governance is a term used to refer to the processes, policies, regulations and customs by which a corporation is directed, administered and controlled. Corporate governance has been an integral part of the business practice since the creation of corporate structure and separation of ownership from control (Aguilera & Jackson, 2010). Corporate governance specifies the responsibilities and rights of various stakeholders in the organization, e.g
A brief definition of corporate governance, business ethics, auditing profession, stakeholders and the auditing committee would bring light to the discussion at hand. Corporate governance in terms of a South African definitions stated by (Reinecke& Albertus, 1996). (1996:21) “the way in which companies are directed and controlled”. Business ethics is defined as items of Richard T. De George (2015) “in this broad sense ethics in business is simply an application of everyday moral or ethical norms
Thomas Cook (India) Ltd (TCIL) is the rule engaged travel and travel related exchange related affiliations relationship in for spendable mixture the nation offering a clearing level of affiliations that join Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport affiliations and E-Business. The affiliation set up its first office in India in 1881.TCIL's foot formed impression beginning now contacts more than 234 regions (checking 23 air terminal counters) in 96 urban
“Concept of alienation” in Art When we look into the ‘art world’, one can find innumerable literary characters who feel painfully alienated from the social institutions that encircle them. Characters like Jake Barnes in Ernest Hemingway’s The Sun Also Rises (1926); Caddy Compson in William Faulkner’s The Sound and the Fury (1929); and Stephen Dedalus in James Joyce’s A Portrait of the Artist as a Young Man (1916). The alienation experienced by these characters sometimes goes beyond, and feel alienated
corporate governance. Meanwhile there were many public listed companies adopted relatively high-levels of corporate abuse and in some cases breakdown, attributable in part of effective corporate governance structures. Poor financial management of directors and related party transaction are one of the corporate abuse that existed. This problems got more worst by ineffectual enforcement, difficulties concerning ownership concentration and the limited
different types of leadership in my work and personal life. I can remember working for an organization where individuals were promoted because of their personal relationships to the administrators in charge. A counselor was promoted to Associate Director of Admissions even while having issues with time and attendance. As a person in that position, it would be of great importance for me to correct this habit because I would
salary restructure, empowerment, and workload. Then, it will investigate the impacts of these independent variables towards motivation and job satisfaction. In addition, it will analyze the organizational changes occurring during the ownership transferring and organizational re-structuring. This paper will highlight this problem and present a picture of level of job satisfaction based on the four independent variables among the employees at Sharjah institute of Technology. Subsequently, it will highlight
begin with, conflict of interest could occur when the managers misuse the company’s financials in an attempt to benefit themselves rather than the owners, an example is when a manager uses company-owned money to pay personal obligations. Another theory related to the conflict of interest between the two parties assumes that managers are risk averse due to the nature of their job, which is often filled with continuous pressure and specific demands, and as a consequence, managers would not focus on