Corporate Governance

Definition "Corporate Governance"

Corporate Governance is the framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with all stakeholders such as with financiers, customers, management, employees, government, and the community.

The corporate governance framework consists of:

· Explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards.

·Procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles.

· Procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances.

                                                               

The corporate governance consists of two elements:

1. The long term relationship which has to deal with checks and balances, incentives for manager and communications between management and investors;

2. The transitional relationship which involves dealing with disclosure and authority.

For Market an ethical product or service.
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