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Elaborate on the concepts of governance, accountability, transparenc.pdf

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The document discusses concepts of corporate governance including accountability, transparency, and the interaction between owners, management, and the board of directors. It notes that corporate governance aims to create a balance of power sharing among these groups to enhance shareholder value and protect stakeholder interests. The document also mentions the Sarbanes-Oxley Act of 2002 and how it established requirements that affect corporate governance in the US, including establishing gatekeepers to monitor companies.

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Elaborate on the concepts of governance, accountability, transparency in companies. Ascertain that you include the interaction of owners, management and Board of Directors. Furthermore, mention the Sarbanes /Oxley act. Solution Corporate governance broadly refers to the mechanisms, processes and relations by which corporations are controlled and directed. Corporate governance includes the processes through which corporations' objectives are set and pursued in the context of the social, regulatory and market environment. The primary goal of corporate governance is to create a balance of power- sharing among shareholders, directors, and management to enhance shareholder value and protect the interests of other stakeholders. It aims to improve :- The Sarbanes-Oxley Act of 2002 established a series of requirements that affect corporate governance in the U.S. some of which are listed below:- Corporate Governance established a number of gatekeepers to monitor the companies workings. The board of directors is charged with overseeing management’s strategy and performance. The external auditor is responsible for providing a high level of assurance regarding the reliability, quality, and transparency of the financial reports of public companies. Legal counsel is charged with providing legal advice and ensuring more than mere technical compliance with applicable laws, regulations, rules, and standards. The financial advisors and investment bankers are responsible for advising company management and the board in conducting legitimate business affairs and transactions that have a valid economic purpose.

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