What Must Be Done to Improve Ethics in Finance and...

U10A2- Essay Louise Pettiford What must be done to improve ethics in finance and corporate governance? Corporate governance can be referred to the rules, processes, or laws by which businesses are operated, regulated and controlled. It can also refer to internal factors defined by the officers, stockholders or constitution of a corporation. After finding the meaning of Corporate governance, which can also be referred to corporate responsibility, I thought about the policies in which the company I work for have. I work for Northrop Grumman, which is one of the leaders in global security. My company does strive to remain committed to maintaining the highest of ethical standards, embracing diversity and becoming an ideal corporate†¦show more content†¦When you think about corporate governance and the scandals that come to mind is Enron. This turned out to be scan in which Enron lied about its profits, shady dealings and concealing debts. A lot of regulations came down from the government regarding corporate responsibility and regulations. Big businesses had a lot of freedom to do what they wanted to do. Directors, Shareholders, and Presidents of companies needed to take another look at how their businesses were being run. What needs to change and what needs to be implemented so this doesn’t happen to us? The Securities and Exchange Commission voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence. The Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations .The Commission also voted to propose better disclosure of executive compensation at public companies in their proxy statements, and approved a New York Stock Exchange rule change to prohibit brokers from voting proxies in corporate elections without instructions from their customers. Congress passed the Sarbanes-Oxley Act of 2002 (SOX) in an effort to protect U.S. capital markets and millions of American shareholders. SOX promote accountability and transparency inShow MoreRelatedLegal And Regulatory Environments And Ethics1712 Words   |  7 Pages1. Title: legal and Regulatory Environments and Ethics: Essential Components of a Fraud and Forensic Accounting Curriculum Forensic accounting is defined as the action of identifying, recording, settling, extracting, sorting, reporting, and verifying past financial data or other accounting activities for settling current or prospective legal disputes or using such past financial data for projecting future financial data to settle legal disputes. Forensic accountant are very important part of theRead MoreAn Interview With The Banking System Essay1408 Words   |  6 PagesAfter speaking to several of my former colleague at Chase, they mentioned The Banking System have made changes and is taking the necessary steps to improve their appearance. Many have moved to others Banks due to the stress. Michael Bane (2016, September 28), said he left and went to another bank due to the sales pressure and the constant reminder that he was under performing. In an interview with Britt, L (2016, September 28), J.P. Morgan Chase focus is now on customer service and numbers. MyRead MoreEssay about Enron: Who was at faul t?1664 Words   |  7 Pagesquestion- who was really at fault and what has been done to prevent it from happening again? The story of Enron begins in 1985, with the merger of two pipeline companies, orchestrated by a man named Kenneth L. Lay (Zellner Forest, 2001). In its 15 years of existence, Enron expanded its operations to provide products and services in the areas of electricity, natural gas as well as communications. Through its diversification, Enron would become known as a corporate America darling (Tonge, Greer LawtonRead MoreCorporate Governance2469 Words   |  10 PagesTABLE OF CONTENTS GOOD CORPORATE GOVERNANCE 2 †¢ OBSERVANCE OF GOOD CORPORATE GOVERNANCE 3 †¢ FAILURES OF CORPORATE GOVERNANCE 5 CORRUPTION 5 †¢ BENEFITS OF AVOIDING CORRUPT PRACTICES 6 CONCLUSION 8 REFERENCES 9 â€Æ' GOOD CORPORATE GOVERNANCE Governance in the Oxford dictionary is defined as â€Å"control or influence†, while corporate is defined as â€Å"shared by all members of the group†. 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While Mark Belnick , theRead MoreThe Essential Component of Corporate Governance9749 Words   |  39 PagesBusiness Ethics: The Essential Component of Corporate Governance John D. Sullivan, Ph.D. Executive Director, CIPE Aleksandr Shkolnikov, Program Officer, Global, CIPE Given ï ¬ nancial scandals and the resulting new mandates on business, ï ¬ rms ï ¬ nd themselves pressed to develop strong codes of ethics to guide the behavior of board members, managers, and employees. Although the concern with ethics has always been a part of doing business, business leaders today are beginning to think about ethics as a setRead MoreLeadership and Governance3973 Words   |  16 PagesReflective Journal: Leadership and Governance Introduction Reflective practice is a highly significant way to develop the skills of students (Pavlovich, Collins, Jones, 2007). Because it has value and can help students to focus on the issues they see in governance and leadership, it is a practice that should be undertaken by all students working toward a better understanding of management. In order to properly work within the confines of reflective practice, most students write a number ofRead MoreThe Role of Culture in the Economic Development of Countries3279 Words   |  14 Pagescultures impact on economic development through tourism, social capital, and corporate governance. In contrast, culture can produce negative outcomes in economic development. Cultural issues, such as gender inequality, lack of social capital, and diminishing cultural heritages, contribute to a downgrading economy. To understand cultures impact on a countrys economic development, it is important to understand what culture is: a system of values and norms that are shared among a group of people