CORPORATE GOVERNANCE AFTER ENRON & WORLDCOM
paper discusses corporate governance in the wake of the recent failures
of large corporations such as Enron and World Com and the consequent
collapse of equity markets. It discusses the historical relevance
of corporate boards, the relationship between boards and their CEOs,
factors contributing to failed corporate governance and levers for
improving governance practices. It suggests some principles of good
governance and accountability, provides an outline of a 'Results-Based
Governance' model and a brief description of the Governance Self-Assessment
Checklist, a tool for assessing and improving board performance. Finally,
it enumerates important questions for legislators and corporate boards
that emanate from the current context and suggests some steps essential
to restoring accountability, trust and credibility in corporate governance
and the capital market system.
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