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Lecture Corporate finance: A practical approach: Chapter 1 - CFA Institute

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Chapter 1 - Corporate governance. This chapter explain corporate governance, describe the objectives and core attributes of an effective corporate governance system, and evaluate whether a company’s corporate governance has those attributes. | Corporate Governance Chapter 1 Presenter’s name Presenter’s title dd Month yyyy 1 1. Introduction What is corporate governance? Corporate governance is the system of principles, policies, procedures, and clearly defined responsibilities and accountabilities used by stakeholders to overcome the conflicts of interest inherent in the corporate form. Hence, the importance of understanding the different forms of business. Corporate governance affects the operational risk and, hence, sustainability of a corporation. The quality of a corporation’s corporate of governance affects the risks and value of the corporation. Effective, strong corporate governance is essential for the efficient functioning of markets. Copyright © 2013 CFA Institute 2 Introduction LOS: Explain corporate governance, describe the objectives and core attributes of an effective corporate governance system, and evaluate whether a company’s corporate governance has those attributes. [p.1-2] Corporate governance is the system that is used to overcome problems associated with the separation of managers and owners (hence, the need to understand different forms of business). 2 2. Corporate governance: Objectives and guiding principles There are inherent conflicts of interest in corporations in which the ownership and management are separate. Objectives of corporate governance: To eliminate or mitigate conflicts of interest. Particularly those between corporate managers and shareholders; and To ensure that the assets of the company are used efficiently and productively and in the best interests of its investors and other stakeholders. Copyright © 2013 CFA Institute 3 2. Corporate Governance: Objectives and Guiding Principles LOS: Explain corporate governance, describe the objectives and core attributes of an effective corporate governance system, and evaluate whether a company’s corporate governance has those attributes. [p. 2-3] The separation of ownership and management is the basis for the agency . | Corporate Governance Chapter 1 Presenter’s name Presenter’s title dd Month yyyy 1 1. Introduction What is corporate governance? Corporate governance is the system of principles, policies, procedures, and clearly defined responsibilities and accountabilities used by stakeholders to overcome the conflicts of interest inherent in the corporate form. Hence, the importance of understanding the different forms of business. Corporate governance affects the operational risk and, hence, sustainability of a corporation. The quality of a corporation’s corporate of governance affects the risks and value of the corporation. Effective, strong corporate governance is essential for the efficient functioning of markets. Copyright © 2013 CFA Institute 2 Introduction LOS: Explain corporate governance, describe the objectives and core attributes of an effective corporate governance system, and evaluate whether a company’s corporate governance has those attributes. [p.1-2] Corporate governance is the .