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Two Tier Model

In: Business and Management

Submitted By minhas01
Words 2182
Pages 9
Two-Tier Corporate Governance Model for Pakistan

Tasleem Faraz Minhas1, Saif Ullah2

1 Research Scholar, National University of Modern Languages, Lahore

2 Faculty members in Management sciences, National University of Modern Languages, Lahore

Introduction

As the business environment is continuously evolving so as the concept of corporate governance. The European Economic Community (EEC), General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO) regulations have also contributed to the rising awareness and are compelling us to think in terms of adhering to the good governance practices. Corporate governance, by the very nature of the concept, cannot be exactly defined. However, there can be no two opinions that “effective accountability to all shareholders is the essence of corporate governance.” It is the set of process, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. “Corporate governance refers to the manner in which the affairs of a corporate body are or should be conducted in order to serve and protect the individual and collective interests of all stakeholders” (Butt 2008)

According to OECD “Corporate Governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set”.

Corporate governance is a subject similar to a stakeholder who has different interests. Through the use of the Corporate Governance, the accountability of...

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