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"Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions that appear purpose-specific.
In China, during the late twentieth century, worker representation on corporate boards of directors was mandated by law for state-owned enterprises and permitted in non-state-owned collectives and companies via "Staff and Worker Representative Congresses" (SWRCs), composed of workers directly elected by all workers in the workplace to represent ...
The Policy Governance approach was first developed in the 1970s by John Carver who has registered the term as a service mark in order to control accurate description of the model. [1] The model is available for all to use without royalties or license fees and has been adopted by commercial, nonprofit, and public sector organizations.
Carver's model clarifies the separation by having the board explicitly state the board's and CEO's jobs in a set of written policies (hence the name Policy Governance). This set of policies is divided into four types. One is the organization's goals (or Ends), and three are about the means the board and CEO employ to attain those ends.
Governance structure is often used interchangeably with governance framework as they both refer to the structure of the governance of the organization. [2] Governance frameworks structure and delineate power and the governing or management roles in an organization. [1] They also set rules, procedures, and other informational guidelines. [3]
Corporate governance is included in the JEL classification codes as JEL: G34 The main article for this category is Corporate governance . Articles relating to corporate governance , the collection of mechanisms, processes and relations used by various parties to control and to operate a corporation .
The first documented use of the word "corporate governance" is by Richard Eells (1960, p. 108) to denote "the structure and functioning of the corporate polity". The "corporate government" concept itself is older and was already used in finance textbooks at the beginning of the 20th century (Becht, Bolton, Röell 2004).
Shareholder democracy is a concept relating to the governance structure of modern corporations. In this structure, shareholders bear ultimate controlling authority over the corporation, as they are the owners and may exercise control within their economic rights. Although shareholders own the corporation, they generally take a passive interest ...