BUS 17 Lecture Notes - Lecture 8: Management System, Financial Reporting Council, Groupthink

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2 Dec 2020
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How people, power, and politics affect practice: directors" behavior is influenced by interpersonal relationships, by perceptions of position and prestige, and by the processes of power. Corporate governance involves the use of power; it is a political process: successful boards form a cohesive team in which independent, tough-minded individuals work together with trust and mutual understanding towards a common goal. Good leaders, create successful teams; good leadership needed. The chairman"s leadership role: shareholders do not vote to elect someone chairman, the directors elect one of themselves to be chairman. The chairman will usually chair meetings of the shareholders. Powerful chairman: acts as a leader of the company, influences its strategic direction, interacts strongly with the chief executive, and provides wide-ranging leadership of the board. Weak chairman: runs board meetings, a successful board depends on the personality, commitment, and leadership qualities of the chairman. Exercising leadership through the trust and respect with which he/she is held by his/her fellow directors.

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