The Future of Corporate Governance - June 4th 2013 The Future of Corporate Governance How did we get here In the past despite various forms of corporate

The Future of Corporate Governance - June 4th 2013 The...

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June 4 th , 2013 The Future of Corporate Governance How did we get here? In the past, despite various forms of corporate governance- both internal and external- businesses were held accountable mainly by the marketplace. The general public was consoled by the ideology that “Market forces will sort it all out”. Specifically, it would be both consumers and investors that would punish your business if it behaved ‘badly’ with the loss of sales revenues or a decrease in share price, whereas if your business behaved “properly”, it would be rewarded with increased sales revenues or an increase in share price. Unfortunately, this ideology weakened the idea of corporate responsibility and accountability to the detriment of millions. Why should the Public Still Be Compared? The biggest changes in business over the past generation have been e-business and globalization. Both of these phenomena make it extremely difficult to achieve reliable and accurate business audits. In addition, old accounting standards don’t necessarily

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