Concept of Corporate Governance
Corporate governance is a multifaceted concept that encompasses more than just corporate management. It entails the establishment of a fair, efficient, and transparent administration that strives to meet well-defined objectives. In essence, it is a system that governs the structure, operation, and control of a company, while considering the interests of various stakeholders, such as creditors, employees, customers, and suppliers. Moreover, it necessitates compliance with legal and regulatory requirements and the pursuit of long-term strategic goals to satisfy shared regulatory obligations. Furthermore, corporate governance should address environmental concerns and the needs of the local community and maintain a strong legal, commercial, and institutional framework. Defining clear boundaries ensures that all functions and activities are conducted within a well-laid-out system. When implemented effectively, corporate governance contributes to the overall success and sustainability of a company.
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