Learning objectives (2)
- 1. 1/27/2012 Module Objectives Describe the purposes of corporate governance Describe theoretical bases for attempts to improve governance Assess the primary roles of various groups tasked with corporate governance Assess the differences that exist in corporate governance due to regulatory and cultural differences between countries Assess the limits of internal controls and risk management Evaluate corporate governance practices Learning Objectives Lecture I • Define corporate governance and defend your definition. • Explain why corporate governance is important from the perspective of various stakeholders. • Explain how concept of corporate goverance arose in the first place. • Assess suggested solutions to corporate goverance problems from different theoretical perspectives. Learning Objectives Lecture II • Assess the importance of various signals indicating failures of governance • Describe and explain key corporate failures that have led to a reassessment of financial market regulation • Assess the systemic faiures in regulatory and accountancy systems that allowed the failures mentioned above to develop. • Evaluate the adequacy of the responses of regulators to governance failures 1
- 2. 1/27/2012 Learning Objectives Lecture III • Distinquish between unitary and tiered boards explaining the composition and justification for each. • Assess benefits and drawbacks from employing executive directors and external directors on a board. • Describe and rank the primary fiduciary duties of directors. • Assess the extent to which directors can rely on board committees to meet their compliance responsiblities • Explain how the board can deal with issues of risk management • Assess the ways that characteristics of directors can contribute to firm performance. Learning Objectives Lecture IV • Explain the methods by which individual shareholders can influence the governance of their firms. • Assess the governance role of institutional stakeholders in both anglo‐american market orientated systems and in more stakeholder based markets. • Argue for either a rule based or compliance based regulatory system and explain the theoretical rational that supports your position. • Explain how creditors overcome information asymmetry in the corporate bond markets. Learning Objectives Lecture V • Evaluate the benefits that owners gain from transparent board operations and discuss any drawbacks that may concern management. • Assess the legal basis for the adoption of varying regulatory codes around the world and explain how they may be harmonized. • Explain the Turnbull framework for internal control and assess how well it can be operationalized. • Explain how internal control systems are operationalized. • Explain risk management procedures that can be used by company directors as suggested by the Australian Institute of Company Directors. • Explain why risk disclosures are relevant to various stakeholders. • Define and explain the key principles of good goverance as promulgated in statutory codes. 2
- 3. 1/27/2012 Learning Objectives Lecture VI • Critique shareholder and stakeholder theories of corporate governance. • Assess the influence of agency theory on the development of anglo‐american governance and corporate remuneration practices. • Assess Corporate Governance from a stakeholder and resource exchange perspective. • Assess both market and stakeholder orientated corporate governance practices from the perspective of an institutional theorist. • Analyse and explain the level of convergence that has arisen between corporate governance systems. Learning Objectives Lecture VII • Explain how the corporate form evolved to play the role in society that it does today. • Examine the contention that ”corporations are people too”, i.e. how the concept came to be accepted and the implications for the corporate governance mechanisms. • Analyse Friedman’s assertion that a company’s sole responsiblity is to the shareholder. • Assess the pressures that can be brought to bear on corporations to enforce greater levels of social responsibility. • Explain what is meant be sustainability in the corporate context and examine how such sustainability can be attained. Learning Objectives Lecture VIII • Examine the argument of ethical relativity in the context of business development. • Describe the ontological basis for ethical decision making. • Contrast the utilitarian consequentialist perspective to that of Kant’s deotological catgorical imperative. • Explain how the social contract, defined by Hume, lead sto Rawls and social ethics incluidng conepts of right and justice. • Define ”virture theory” and explain how this furthers professional ethical practice. • Assess Blackburn’s seven threats to ethical behaviour. • Explain whether Habermasian discourse ethics can help society achieve a balanced approach to ethics. 3