BUSINESS MANAGEMENT

Assignment Topic: What is corporate in good

goverence? Describe role and pillars of corporate in good goverence.

Prepared By:
Kashif Ali 260 Faisal Saleem 270 Abubakr 252 Farrukh Haseeb 282 Muhammad Usman 271 Muhammad Luqman 284

Submitted To:
Prof. Ramzan Ahmad

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1.3 PILLARS OF GOOD GOVERNANCE
In all fields of human endeavour, good governance is founded upon the attitudes, ethics, practices and values of the society regarding: Accountability of power based on the fundamental belief that power should be exercised to promote human well-being. Democratic values in respect of the sharing of power, representation and participation. The sense of right and wrong, what is fair and just, work ethics, technology and continuing corporate social responsibility. Efficient and effective use of resources for the production of goods and services. Protection of human rights and freedoms and the maintenance of essential order and security for the person and his/her property. Recognition of the government as the only entity to which the society gives authority to use coercive power to maintain public order and national security, collect taxes, reallocate societys resources to meet public needs and to use that coercive power to confiscate assets, deprive a person of liberty or life; but provided

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always that such power and authority are not used to suppress, oppress and deny basic human rights and freedoms. Attitudes towards the generation and accumulation of wealth through hard work and personal effort. These have been reduced to four pillars on which good governance is framed: (a) There must be an effective body responsible for governance separate and independent of management to promote: Accountability [leadership that must be ready to account] Efficiency and effectiveness [hence leadership for results] Probity and integrity [hence leadership that is honest, faithful and diligent] Responsibility [hence leadership that is capable, responsible, representative and conscious of its obligations] Transparent and open leadership with accurate and timely disclosure of information