Paper Summary:

The purpose of this essay is to examine the level of involvement needed by directors, management and major shareholders in establishing and continuously encouraging effective corporate governance practices. Further, the role for legislation and regulation in supplementing and strengthening such practices is also discussed. The paper makes reference to corporate disasters experienced by corporations such as Enron, HIH Insurance, WorldCom, AMP, Harris Scarfe and One.Tel, which have all drawn great attention to the issue of corporate governance and how corporations are controlled, managed and regulated.

From the Paper:

"Corporate failures, such as WorldCom and the HIH collapse, have deprived millions of company employees and shareholders of their lifetime savings and retirement benefits (Shang, 2003). Some have argued for greater legislation (Dallas & Bradley, 2002), while others have pointed out that corporate governance is not just about legal and regulatory compliance but rather it is about building a culture based on sound business practices, ethics (Julien & Rieger, 2003), and creating a climate of trust and honesty."

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