Corporate Governance Essay Sample Ireland

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Definition of Corporate Governance

It is a setting or a system of some processes, practices, and rules in which a company is being operated. It tries to create harmony and balance among the different stakeholders of the company. Customers, managing executives, financiers, suppliers, or any external policymakers are the various stakeholders of the company.

The objectives and goals of the company are also made by corporate governance. They create the setting or the framework according to all employers of the company work and even the employee has to adhere to all the rules and regulations of the company. It has control all over the processes and the results of the company mean that how the performance of the company can be increased.

Its Basics

Any governance has some set of regulations rules or directions according to which everybody has to work. There is also a Board of Directors who will take care of the ramifications of the rules and will closely monitor the performance of the company.

The relationship of a company with its stakeholders can be strengthened only by communicating the system of corporate governance and its motives. The rules and regulations are in written form and work as a charter of corporate governance.

For example, a company can show even the hierarchy of the company workers by the charter. This charter is transparent and available to all. There is no discretion whatsoever. Everyone can show their honesty by adhering to and respecting the charter of corporate governance.

Key points

To manage the company there are a set of rules and codes on which the company works.

• The board of governors is the key and prime member. In a literal sense whatever they will decide it can become the rule of the governance charter.
• They are responsible to check the financial health and performance of the company. They can actually represent the reliability

The board of Directors of the corporate governance

They are the key members who actually influence the whole set up of rules and regulations and are responsible to other stakeholders of the company. They believe in the optimization of the resources, financial health of the company, and the reputation of the company in front of the external stakeholders.

They somehow like the owners or the independent members of the founders of the company. They have higher experience in managing and directing the company. They try to create harmony between employers and employees,

Corporate governance can help in getting financial health and taking care of the externalities of the business. In actuality only, the policies and regulations of corporate governance are those which can save the company from getting bankrupt even after lots of adversities.

There should be some incentives created by them to motivate the employees of the company. Even the stakeholders can get some incentives to indulge in the business with a particular company. Poor corporate governance can leave the company in a miserable situation.

Challenges of Corporate governance

In the case of this competitive world and an era of globalization, there are different challenges posed in front of corporate governance. They are :

• Managing the externalities due to the different and changing political scenarios of the region
• Different preferences of the consumers should also come at due notice.
• The cultural and social sensitivity of the stakeholders should be taken care of
• The employee’s satisfaction and motivation is also a challenging job to generate,
• Continuous monitoring and farsightedness in the present changing arenas and situations will be needed.
• With more regulations and emphasis on environmental degradation, there should be a clear strategy in the waste management of the company.
• The resources of the company whether physical or financial should be viable for the long term.
• It should be working on the inclusion policy rather than the exclusion of any stakeholders.
• The balance in every approach is the need for a good corporate governance policy.
• There are a lot of things which need improvement for example the management so it is needed to see and to implement the regular changes and improvements which are actually needed for the financial health of the company.
• Corporate governance should try to include every stakeholder in making the rules and policies for the company. And it seems the big challenge as it needs a lot of research and flexibility in the approach.

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