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"Why are there so many variations in national systems of corporate governance?"
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Comparative International Management Gemma Thomas "Why are there so many variations in national systems of corporate governance?" What is corporate governance and why is it an important issue? It is a "system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs" OECD April 1999. This provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance. In broad terms, corporate governance includes the "structures, processes, cultures and systems that engender the successful operation of the organizations" (Keasey and Wright 1993)1 or as its relationship to society, but more narrowly defined corporate governance concerns the accountability of senior management to shareholders. This narrow concept has been...
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