Corporate governance comprises a series of laws and legal approaches that are employed in directing and controlling corporations.
It focuses on the external and internal components of a corporate entity and is intended to achieve the objectives of supervising the activities of managers and directors for the purpose of minimizing or eliminating risks.
Country governance refers to the exercise of political and administrative authority aimed at managing the resources and affairs of a country. It allows citizens to air their interests, enjoy their legal rights.
Corporate government is defined by elements such as the rule of law. The rules and regulations form the required codes of ethics in a country. Human rights should be implemented fairly as failure leads to costly mismatch among institutions and the different levels of management.
Transparency should also be embraced in an institution as far as information flow is concerned. This boosts openness and makes members to readily accept and respect government decisions.
Culture should be involved in maintaining codes of ethics to standard, ensuring the institution is not affected by internal rivalry, openly sharing important ideas and welcoming other peoples’ ideas.
Cultural awareness weaknesses should be addressed using ways such as implementation of better controlling techniques, re-engineering of the systems of incentives, offering appropriate training to employees on cultural practices as well as provision of proper coaching either at individual or team levels.
Corporate management demands risk taking and accountability. The governing body should always be ready to take risks and be accountable for any outcome of an activity within the corporation. Quality leadership skills and alignment are highly recommended.
A governing body always has qualities such as aligning the process of strategy making with the risk prevention requirements, reinforcing risk management by introducing new knowledge, creating ways of uniting management roles and expending the risk management sector.
Country governance involves the process of constitution making. The government is obliged to setting the laws that govern the behavior of the citizens as well as the rights they are allowed to enjoy. It monitors the process of enforcing the constituted laws and regulations.
Offering security for the country’s residents and protecting them from external and internal attacks is another key element here. The citizens should be provided with enough food supply and health facilities.
The other elements are provision of quality education to the citizens and ensuring good infrastructure development. The country should be well marketed to the outside world and boost its relationship with other countries.
Successful corporate governance can be identified with the progress of that particular corporation. A well governed corporation has few complains among the management and its board of directors. It corporation enjoys rapid growth and success in most or all of its aspects.
The business has more customers and their goods are popular in the market due to improved customer relation.
Successful country governance, on the other hand, has its citizens enjoying maximum protection, security prevails and the crime rate is low, there is enough food for the country’s consumption, law and order implementation is fair hence, no continuous demonstrations.
The country enjoys political stability and is visited by many tourists from all over the world. The infrastructure is up to required standards as well.
Such a country has a high annual average income per person and does not owe a lot of debts. The level of education is high as there are many educational institutions with many qualified training staff.
The practice of governance is very important be it to a country or to a corporation. The application of force in the legislative process may be constructive or destructive depending on what area it is specifically applied.
For example, a little force has to be employed in enforcing law and order but it is most effective in controlling notorious crimes that are costly for a country. For the case corporate governance application of force may only worsen things.
A corporation should have rules and regulations regarding their codes of ethics. However too many regulations may make entrepreneurs feel enslaved.