Memorandum Assignment Help Written Assignment – Go for Governance You are consulting with a company that is failing. It seems the CEO (recently fired) paid no attention to the board of directors. He was also heard to say, “I don’t serve stockholders, employees, and government regulators – they serve the CEO.” Write a 1-2 page memo in which you advise the board of directors how to correct past problems and set up more responsible governance, especially in implementing a stakeholder perspective on doing business.     To:       Board of Directors From:   Product Manager Date:   April 06, 2016 Subject: Corporate Governance Corporate Governance Due to ineffectiveness of past CEO and corporate governance, organization is facing a significant decline in business. So, it becomes essential to take steps to increase the efficiency and accountability of the corporation for its stakeholders to increase the business image. The first step that should be taken is to development of certain principles, so that the board of directors could act objectively and independently with the consideration of stakeholders (Davies, 2006). The principles should be formulated with respect of organizational mission, vision and the varied parties it serves such as society, consumers, government, employees, stockholders etc, which would be beneficial to develop the significance to develop more responsible governance structure. The formal document of principles should incorporate the primary values of business organization as well as the ethical rules that are expected to be fulfilled by board of directors. It is quite significant to make balance between the authority and its execution, so that the stakeholders could also participate in business decision making (Monks & Minow, 2011). At the same time, company should develop manual to govern the business relations with varied stakeholders. It should include roles, responsibilities and expectation from individuals towards each other and other parties, which it deals. It will help to define the power of customers, suppliers, government, employees and board of director at the time of different states of business such as merger, conglomerate etc (Aras & Crowther, 2010). It is quite helpful to reduce conflict between the responsibilities and interest of related parties. In the formulation of this manual, participation from the side of employees should be also invited, so that any suggestions to improve governance structure could be obtained before the implementation. There are certain aspects that must be followed in formulation of business principles, values and manual guidelines in respect of varied parties. The goals and strategy of governance should not be formulated only as per the aim of board of directors as it must include the interest of stakeholders as well. In this, the views of all interested parties must be taken into account (Mallin, 2011).

This integration is required to bring transparency within business operations as it demonstrates management’s concern towards other stakeholders. The manual guide should be reflected the ethics by which business is conducted, so that stakeholders also come to known the values of business. At the same time, the strategy to achieve organizational goal should be chosen with the consideration of likely behavior of stakeholders, which would be effective to eliminate the impact of past problems. To deliver organizational strategy and to protect the interest of the various stakeholders, appropriate business implementation plan should be communicated with concern parties before the implementation (Mullerat & Brennan, 2010). An appropriate and effective reporting system should be included within the manual guide, so that a critical floor could be provided for communicating with stakeholders. Through this, stakeholders would be enabled to provide regular feedback on matter, which affects them. The name of the person that would be accountable and responsible for the internal control system such as financial and accounting reporting should be also maintained in manual guide (Sarra, 2003). It would serve to maintain fairness in financial structure of business. Above practice would be enabled to built more responsible corporate governance within the organization.

References Aras, G. & Crowther, D. (2010). A Handbook of Corporate Governance and Social Responsibility. Great Britain: Gower Publishing, Ltd.. Davies, A. (2006). Best Practice in Corporate Governance: Building Reputation and Sustainable Success. Great Britain: Gower Publishing, Ltd. Mallin, C.A. (2011). Handbook on International Corporate Governance: Country Analyses (2^nd ed.). UK: Edward Elgar Publishing. Monks, R.A. & Minow, N. (2011). Corporate Governance (5^th ed.) USA: John Wiley & Sons. Mullerat, R. & Brennan, D. (2010). Corporate Social Responsibility: The Corporate Governance of the 21st Century (2^nd ed.). Great Britain: Kluwer Law International. Sarra, J.P. (2003). Corporate Governance in Global Capital Markets. Canada: UBC Press.

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