As discussed in this case, the key responsibility for effective corporate governance rests upon the senior management and board of directors of the organization. In addition to this, supervisors and leaders play a crucial role in the development of guidance and assessment of practices related to corporate governance. Also, his or her role is responsible for promoting effective corporate governance. When considering the cases of HIH and Leighton Group, both the organizations faced a number of challenges to enhance corporate governance, but only Leighton managed to be successful. The key factor of this success was the principles of corporate governance closely intact in the culture of the organization. Considering the basic mechanisms and framework for corporate governance that have been evolving as effective supervisory process and legal framework, a crucial role is played by efficient capital markets and independent jurisdictions. There must be enhancements of these mechanisms and framework with the improvement of greater accessibility to fund at low cost, operational efficiency, and organizational reputation. These improvements may require evolution and advancement with time as the business environment keeps changing with time. There is no time for maintaining a minimum level of compliance with legal requirement, but it is time increase this commitment towards sound governance.
Ineffective Board and mismanagement by senior management resulted in upholding apathetic business culture. The approaches of HIH reflected the consideration of unethical standards as depicted by the executive directors. On the other hand, considering the approaches of Leighton towards corporate governance reflects the effectiveness of related principles in the achievement of organization goals and objectives. Corporate governance can be considered as a crucial system for controlling and directing the organization with the norms of CSR. The structure of governance, as depicted in the case of Leighton Groups states that distribution of responsibilities and rights across several different participants of the organization while specifying procedures and rules to make decisions as per corporate affairs.
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