Latin model of governance - however is
founded in the context of the family and the
local community
ANGLO SAXON model of governance - It is
founded on rules which must be codified and
can therefore be subject to a standard
interpretation by the appropriate adjudicating
body.
OTTOMAN EMPIRE - notable for its tolerance of
other religions.
TURSUN BEG - it is only statecraft which enables
the harmonious
RAWLSIAN CONCEPT OF SOCIAL JUSTICE - the
Islamic understanding of governance and
corporate responsibility shares some
fundamental similarities
CADBURY REPORT - The first report which set
out a framework for corporate governance
CEO - has broad power to manage the
corporation on a daily basis,
BOARD OF DIRECTORS - nominally selected by
and responsible to the shareholders,
PRINCIPLE BASED CODE:
• the separation of CEO and Chairman of the Board,
• the introduction of a time limit for CEOs’ contracts,
• the introduction of a minimum number of non-executives Directors, and of independent directors,
• the designation of a senior non-executive director,
• the formation and composition of remuneration, audit and nomination committees.
Sarbanes-Oxley Act - basic idea of the Code is
that one size does not fit all
TRANSPARENCY - necessitates that information
is freely available
RULE OF LAW - a corollary of the transparency
principle. It is apparent that good governance
requires a fair framework of rules of operation.
PARTICIPATION – this is not an essential
principle of good governance.
RESPONSIVENESS – implies that the governance
regulations enable the institutions and
processes of governance to be able to serve
EQUITY - ensuring that all members of society
feel that they have a stake in it and do not feel
excluded
EFFICIENCY - implies the transaction cost
minimization
EFFECTIVENESS – must be interpreted in the
context of achievement of the desired purpose.
SUSTAINABILITY - requires a long-term
perspective for sustainable human development
and how to achieve the goals of such
development.
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