BUS 17 Lecture Notes - Lecture 25: Financial Reporting Council, Management System, Cronyism

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2 Dec 2020
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14 board leadership: the reality of the boardroom. Director behavior influenced by interpersonal relationships, perception of position & prestige. Corporate governance as a political process that is concerned with human behavior with regards to power rather than about structures, rules & regulations. Board activities depend on board leadership & how directors work together. Successful boards form a cohesive team and work with trust and mutual understanding towards a common goal. Poorly performing boards has a weak leadership and members with little commitment. Powerful chairman: acts as a leader and has a great influence on organization. Successful board depends on the personality, commitment and leadership qualities of chairman. First among equals" leadership through trust and respect rather than hierarchy. 6 functions of board chairman: leadership of the board. Provides the foundation of boards culture with leadership being its primary duty. Determining size, structure & membership of the board along with nominating committee.

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