The recent awareness and understanding of corporate governance, in essence, is to revitalize business confidence and make it an important marker of the quality of life for this and future generations.
In the context of corporate governance, this must mean an improvement in the welfare of an economic system, a system that the recent failures have undermined.
All evidence shows, and is widely accepted, the only way to reestablish confidence and integrity in the markets and business is to build an ethical frame work at all levels and in all institutions.
Corporate governance is said to be at crossroads between laws and ethics.
At the end of the day, ethics in governance will lead to the restoration of confidence with benefits,
Ethics is said to be the code of conduct for everyone, whether it be a person or a business.
It must be the right thing to do in the right way, high ethical standards are critical to maintaining the public’s trust and confidence in business and the markets.
Confidence in capital markets is also critical.
Ethics is essential for the functioning of capital markets.
Games of strategy are only credible if the other players believe that they will have a fair deal,
Ethical leadership is a critical element in creating a climate of trust in any organization.
Whether it be the public sector, private sector or not for profit.
High ethical standards and transparency are necessary today more than ever.
Corporate governance whether good or bad is a reflection of the ethos of an organization and its behavior .
This includes clear business practices and reducing or eliminating conflicts of interest.
Firms led by servant leaders who place the needs of the organization above their own needs and focus on meeting the needs of others tend to have better performance and are a better reflection of society.
Servant leadership is leadership to a higher to a higher calling.
It is leadership with less authority.
High performance and high integrity can be essentially achieved.
Corporate governance is an unfamiliar subject to many worldwide.
It is an establishment, a course of action and a system that affects everything in corporations from the lowest levels to the highest.
It influences the way business is done. Corporate governance also provides the structure through which the goals of the company are set and by which the means of attaining those goals are monitored.
Good corporate governance is a culture and a climate of consciousness, morality, and integrity and in doing the right thing in the right way.
While an ethical person will do the right thing in the same manner.
Corporate governance should provide a means of rewarding the right doer and punishing the wrong doer .Sound corporate governance is dependent on an ethical culture, a high level of understanding of laws and regulations and sound ethical business behavior.
The essence of this write up is to provide insights on the subject matter by collecting a lot of information from the secondary data.
The whole concept revolves around the sphere of business ethics and more specifically, imbibing ethical leadership and values in the existing board of directors in corporate governance.
The study mainly arises out of an interest in the broad debate on how management and business organizations can generate both economic and social benefits when governance cannot guard or offer a foolproof fibers real to safeguard the corporate frauds, scandals and unethical behaviors going on in the day to day life of business entities.
Most of the gossips are connected with a lack of ethical leadership .
The recent release of Greenbury Report on corporate governance practices in the UK speaks directly to the issue of reforming the individuals to instill first ethical leadership to reform the corporate governance practice within the corporate sector.
This report is an attempt to develop an understanding of the concept of ethical leadership with all its dimensions.
The issue of corporate governance is gaining ground in the field of business.
