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essay #18 - Marko Urlic Business Society 06-12-2010...

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Marko Urlic Business & Society 06 -12 -2010 Essay #18 Corporate governance is the exercise of authority over the members of a corporate community based on formal structures, rules, and processes. This authority is exercised in accordance with a body of rules that define the rights and powers of shareholders, boards of directors, and managers. These rules come from multiple sources including state charters or articles of incorporation, state and federal laws, stock exchange listing standards, and governance policies written by corporations. They define how power in distributed among these parties and how disputes are settled. In the last couple of years corporate governance has become an important topic because of huge scandals, such as criminal activities by corporate officers, that has been happening recently. An integral part of an effective corporate governance regime includes provisions for civil or criminal prosecution of individuals who conduct unethical or illegal acts in the name of the enterprise. Also, one great example is the failures of the Enron board.
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McGuire, CEO and chairman of UnitedHealth Group Inc., made
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