What are the responsibilities of the board of directors in a corporation quizlet?
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Terms in this set (41)Identify the arguments in favor of; and against; the belief that the corporation should be run for the benefit of either shareholders or other stakeholders. ... Define corporate governance and its major elements. Corporate
Governance: The processes and structures that provide the ultimate decision making authority for the firm. ---------------- Explain the role of the board of directors in governing the corporation and their duties to shareholders and other stakeholders. The BOD is a group of individuals who monitor the executive team of the corporation and insure that those executive are in the best interests of the shareholders. The laws of the US do not make the BOD take the interests of the stakeholders in mind, but the laws of Europe do by requiring that stakeholder groups are represented on the BOD. Discuss how the market for corporate control and executive compensation can also provide direction and governance for the corporation. ... Identify major ethical challenges managers face at each stage of the value chain. ... Use the 75 model of alignment to evaluate a company's processes for insuring
ethical ... What are internal and external Directors? What are the advantages/disadvantages of each? -internal - bring their skills and working knowledge of the firm's operations and strategies to the board What are the primary responsibilities of a board of directors? The BOD is a group of individuals who monitor the executive team of the corporation and insure that those executive are in the best interests of the shareholders. What is agency theory? Describe the principal-agent relationship. ... Know the typical governance mechanisms. Describe the advantages and pitfalls. -cultural and managerial continuity Be able to discuss ethics and strategy. What are the ways unethical behavior arises in corporate settings? Know the common examples. ... How can a company's culture encourage members to engage in unethical behaviors? Ethical ones? ... Know chapter terms. ... agents individuals or groups hired to administer the property or resources of principals agency problem a consequence of the separation of ownership (shareholders/principals) and control (managers/agents) in the
corporation -shareholders vs managers board of directors group of individuals who monitor the executive team of the corporation and insure that those executives are acting in the best interests of the shareholders bonuses additional compensation paid to executives, managers, and employees when they meet certain performance objectives corporation a legal structure for organizing where the organization is a distinct and separate entity from its owners, also known as shareholders corporate governance the processes and structures that provide the ultimate decision making authority for the firm culture a pattern of behavioral assumptions that are considered appropriate and correct for organizational members ethical values values that define for an individual, group, or society things that are morally right or wrong fiduciary duty the legal obligation of an agent, a fiduciary, to act in the best interests of the principal, or owner individual proprietorship a legal structure for organizaing where the same person own and runs the business inside directors executives or managers working inside the company who also hold seats on the board of directors mission statement a formal declaration of a company's core values, business objectives, and ethical aspirations nexus of contracts a model of the corporation that sees each input a contractor with the firm other constituency laws laws that allow the Board of Directors to freely consider the needs of stakeholders other than shareholders when making critical strategic decisions for the firm
outside directors members of the BOD not employed by the corporation in any other role pay for performance variable, or contingent compensation that focuses managers on key variables, designed to align their interests with the management team partnerships a legal structure
for organizing where the owners of a business share ownership principals owners of a resource or piece of property property rights the rights of owners to proxy fight an attempt by dissatisfied investors or stakeholders to gain seats on the Board of Directors, or to influence corporate policy shareholder primacy the belief that a corporation should be run, primarily or exclusively, for the benefit of its shareholders stakeholder any person or group that can affect or is affected by the activities of the corporation stakeholder model the belief that a corporation should be run for the benefit of its entire stakeholder set, with no group enjoying primacy in decision making stock-based compensation payment to organizational members in the form of shares in the corporation stock grant a gift, or grant, of stock given to organizational members, primarily executives stock option the right to buy a certain number of the corporation's shares at a specified future date for a specified price tender offer an offer by those hoping to control the corporation to purchase shares of dissatisfied investors 7S Mckinsey Framework HARD ELEMENTS Students also viewedChapter 245 terms Homework 131 terms Managing in the Global Environment Chapter 136 terms MGT 420 Test 144 terms Sets found in the same folderStrategic Management Chapter 11130 terms Ch 11 Corporate Performance, Governance, and Busin…22 terms Chapter 11:Corporate Governance, Social responsibi…32 terms Chapter 11: Corporate Performance, Governance, and…37 terms Other sets by this creatorA4: Appendix 219 terms A4: Appendix 111 terms A4: Evaluating Audit Findings16 terms A4: Financing Cycle8 terms Recommended textbook solutionsInformation Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions
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Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Other Quizlet setsEX3: NSAIDs (WEEK 14)56 terms chapt 3 test 1336 terms cody bennett ap human chapter 157 terms CSM 4364 Test 171 terms What is the main role of the board of directors of a corporation?Chosen by shareholders, the primary job of a public company's board of directors is to look out for the shareholders' interests. In fact, directors are legally required to put shareholders' interests ahead of their own. The board plays a supervisory role, overseeing corporate activities and assessing performance.
What are the three main responsibilities of the board of directors?Just as for any corporation, the board of directors of a nonprofit has three primary legal duties known as the “duty of care,” “duty of loyalty,” and “duty of obedience.”
What are the responsibilities of the board of directors who oversee an organization?The board of directors of a public company is elected by shareholders. The board makes key decisions on issues such as mergers and dividends, hires senior managers, and sets their pay. Board of directors candidates can be nominated by the company's nominations committee or by outsiders seeking change.
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