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Business Ethics And Corporate Governance Challenges

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Question:

Discuss about the Business Ethics and Corporate Governance Challenges.
 
 

Answer:

Introduction:

The scientific research demands the researcher to use the quantitative approach. Additionally, the researcher will conduct interviews and offer the questionnaire to 50 individuals within Maharashtra in Mumbai state in the view of assessing or rather evaluating the corporate governance of the Indiana company reliance commonly referred to as Reliance Industries Limited. This evaluation and collection of data will be done in accordance to the ethical structures that have been formulated to see that the whole activity is a success and is conducted without any form of bias whatsoever (Pandit, 2016).  The researcher will go to different organization in the bid of collecting requisite data from different personalities. Practically, the researcher has to put into consideration other individual by allowing different personalities within the organization participate in the auspicious research so as to get clear analysis of data and representation in their work (Zimmerli, Richter, & Holzinger, 2007).  This therefore manes that the researcher will use all appropriate tools to collect data in very explicit manner so as to aid them in their analytical work upon collection of the said data. Notably, the conclusions will be made basing their results on the collected data.  Similarly, the summation of the collected information will be realized through the use of both Ms Excel and SPSS.

It is ideal to state that corporate governance implies the regulation, practices, strategies and rules that is primarily aimed at making the organization dispense their services well. This is majorly aimed at controlling the business effectively in order to meet the set objectives in the market. Therefore, corporate governance is aimed at balancing the interests of the company and that of other stakeholders in the. organization (Vallabhaneni, & Association of Professionals in Business Management, 2008).  It further provides some of the measures that ought to be adopted by the organization in order to realize its objectives in the business.

A total of 39 employees were interviewed from different departments so as to collect important information from those departments and how they carry out their activities in those areas.  Similarly, a total of 9 departmental heads were, also interviewed in the same and lastly 2 managers. This data is a clear representation of all the segments within the organization.  

Analysis of the Corporate Governance

The report from the Centre for International Corporate Governance Research., & Victoria Graduate School of Business (2006) indicate that the board of directors do influence the corporate governance in an organization since they are the major stakeholder. For this reason, their decision may in one way or another affect the functionality of the venture if it is not well informed. Therefore, it is always prudent for the board of the directors to always deliberate well before coming up with the conclusively decisions so as to allow the firm to continue operating effectively.  It is common knowledge that bad governance would result to great loss and thereby poor performance of the organization. This is evident where the Management fails to fully cooperate with the auditor during the auditing process. It has been observed that at times the auditor is provided with inadequate information to carry out their duty effectively.   The current chair and the Managing

According to Simpson andTaylor (2013) Director of RIL is Ambani Mukesh who has seen the organization realize a lot of success through his constant consultation with the other stakeholders. It is important to state that the firm has really grown in the recent time. This is attributed by the god performance at Forex report which clearly shows the stability and good performance of the firm amid stiff competition posed by other investors in the same line of business (Keinert, 2016).  The National Stock Exchange of India Limited showed a substantial improvement of the firm in its operations. It was explicitly clear that approximately 3.46 per cent of its overall shares are captured in on Luxembourg Stock Exchange (Klein, 2016).  This is a clear indication of its good performance in the market. There are major subsidiaries and associates of this firm namely; reliance retail, reliance institute of life science and many other firm working closely with the other firm.

From the interviews or interrogation with the employees, it was clearly evident that the Management does hear the plight of its employees and puts it into considerations due to their noble role in the organization. 17 out of the total 39 employees who were interviewed stated clearly that they are well motivated in the organization and they would prefer to continue dispensing their services in the venture. The dependent variables sourced from these cases are gifts, incentives, remuneration, and appraisals (Murthy, 2009).   The major dependent variable in this case is the motivation which comes in different forms. This shows that, failure to satisfy the above needs, the effort put in place suffers extinction. Therefore, it can have stated that DV has to entirely depend on the Independent variable for it to function effectively (Adelopo, 2016).  The good cordial relation in the organization he correlation of the motivation to workability is always a crucial, component that the governance ought to critically look into so as to improve on the workability of the business in the long run.  22 other employees were not fully contented with the services since they purport that they have never been promoted from their position for a very long period of time and thereby they find this as something that is devastating. This makes most of them opt for greener pastures elsewhere.  It is ideal to state that best governance is commensurate to good Management (Martin, 2006).  When the manager is able to explain the underlying matter at hand to its staff it may be in a position to understand their situation and cooperate towards the productivity of the organization.

 

Corporate Governance issues

About the issue of governance processes, it was found out that the leadership at time is very harsh to its employees making some of them not ready to disclose their issues to the managerial team (Howell & Sorour, 2016). Most of the staff that there is some level of variability in leadership applied in the organization and thereby unpredictable to determine the outcome of the leader in case of any query in the premise. Approximately two thirds of the interviewed employees preferred democratic type of leadership since they can be able to air out their challenges effectively to the management without fear of victimization unlike when the leadership being administered is the dictatorial one. Some of the interviewed employees greatly commended their departmental heads for their effort they are putting in place and that spirit of encouraging the employees to continue working as a team (Rezaee, 2009). They are viewed as the team leader since they fully support or advocate for team work. From the collected data it was simple for the researcher to determine the type of leaders using the Blake’s managerial grid which characterizes different types of leaders in various categories due to the attributes they possess.

Notably, the two managers who were interviewed on the other hand stated that they have been able to move a long way with their employees in a very good manner. However, they noted some of the challenges that they do undergo as an institution since every institution does undergo some level of challenges on their daily basis (Sison, 2008).   They further stated they have put some mechanism to see to it that the corporate governance is effective and very accommodative to take into consideration divergent views from different levels of people.  

Conclusion

It can be concluded that the type of governance solely determines the functionality of the organization. Best corporate governance realizes good results for the organization. Moreover. It makes sure that the set objectives of the business are met in a very explicit manner. This also creates conducive environment for the both the employees and the senior manager to dispense their services effectively for the good of the venture and thereby realizing some form of good production for the organization.  The pressures or negative forces in the company come as a result of failure in the part of corporate governance which results to entropy in the whole system. Good governance ensures that the good strategies are formulated in the view of bettering the whole system for efficacy purposes.

 

References

Adelopo, I. (2016). Auditor independence: Auditing, corporate governance and market confidence. London: Routledge.

Centre for International Corporate Governance Research., & Victoria Graduate School of Business. (2006). Journal of business systems, governance and ethics. Melbourne: Victoria University.

Howell, K. E., & In Sorour, M. K. (2016). Corporate governance in Africa: Assessing implementation and ethical perspectives.

Keinert, C. (2016). Corporate social responsibility and discrimination: Gender bias in personnel selection.

Klein, E. (2016). Corporate governance: Principles, practices and challenges.

Martin, D. M. (2006). Corporate governance: Practical guidance on accountability requirements. London: Thorogood.

Murthy, C. S. V. (2009). Business ethics and corporate governance. Mumbai: Himalaya Pub. House.

Pandit, V. (2016). Ethics, economics and social institutions.

Rezaee, Z. (2009). Corporate governance and ethics. Hoboken, NJ: John Wiley & Sons.

Simpson, J., & Taylor, J. R. (2013). Corporate governance, ethics, and CSR. London: Kogan Page.

Sison, A. G. (2008). Corporate governance and ethics: An Aristotelian perspective. Cheltenham, UK: Edward Elgar.

Vallabhaneni, S. R., & Association of Professionals in Business Management. (2008). Corporate management, governance, and ethics best practices. Hoboken, N.J: Wiley.

Zimmerli, W. C., Richter, K., & Holzinger, M. (2007). Corporate ethics and corporate governance. (Springer e-books.) Berlin: Springer.

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