Free Custom «Corporate Governance and Social Responsibility» Essay Sample
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The corporate governance is described as the systems and principles and processes that the Company is governed. This provides the guidelines whereby the company is directed and controlled in that it fulfills the goals and the objectives in a way that it adds the value of a company and it is beneficial for the stakeholders in long term (Preston, 1993). The stakeholders always include everyone that ranges from board of directors and the management stakeholders to the customers, society and the employees. The management of the company will assume trustee role for the rest. The corporate governance will involve regulatory and the market mechanisms, roles and relationships between the management of the company, the stakeholders, board and the other stakeholders and goals for the governance of the corporation.
Lately, the description of corporate governance has been very comprehensive; it is viewed as a system of the law and the sound approaches whereby the corporations are being controlled and directed focusing on internal and the external corporate structures with intentions to monitor directors and management actions thereby mitigating the risks of agency that might stem from misdeeds of the corporate officers (Freeman, 1991). On the other hand, the social responsibility is described as the ethical or a theory whereby an entity, from an organization or a certain individual, will have an obligation when acting in the benefit of a society at large. The duty that every individual or organizations have and required to perform for maintenance of balance between the ecosystem and economy is the social responsibility (O'Brien, 1982). There is existence of trade off always between the development of the economy and the material sense, and welfare of environment and society. This responsibility is passive through avoidance and engaging in a socially and harmful act, or the active, through the performance activities and directly advance social goals.
The Small opera company is based in regional urban area. The company’s audience catchment involves the rural businesses that use urban centre as the service hub, further, the large population of the tertiary students which is twenty five percent of the urban population (Kearney, 2008). The paper will elaborate the corporate governance and social responsibility of the Opera Company. Moreover, it will demonstrate the structure of the Companies management and how it operates. To add on that, the operations of the company will be included in the paper and conclusion on the mechanisms and structures the company applies in its operation.
The Opera Company (OC) organization for creation of the recognized leadership
Typically, the organizational strategy is the starting point of the Opera Company leadership creation. The success of a business will conform from the start and up the pathway when undertaking market research to disapprove or prove the potential service and product appetite (Siegel, 1995). The Opera strategic leadership is always about the most and effectively managed by the OC strategy making process for creation of the competitive advantage. The strategy in making the process whereby managers are selected, thereafter, the Opera Company managers select and thereafter implement the set strategies aiming to achieving the competitive advantage. The formulation of strategy is seen as the task for the selection of the strategies, whereas the implementation strategy is task that puts the strategies into the action including development, supporting and delivering of the products. Furthermore, the improvement of the efficiency and the effectiveness of operations is also the company’s priority. The structure, culture, and control systems are also designed by the company. The selection task of the strategies by the Opera Company is always easy, nevertheless, to application of the strategies might prove to be difficult.
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The choice of the Organizational leaders is always strategic, the Opera Company will therefore choose strategic leaders whom will carry out and explore their leadership skills. For instance, the skills are concerned with the management of the Opera Company and strategically making the process that increase the company’s performance, this will increase the enterprise value to the owners and the shareholders (DiGaetani, 1994). In most of the Companies, there is inclusion of two types of the managers and generals and managers who are bearing the responsibility for overall performance of Opera Company for one major self-contained the sub-units or the revisions, and the functional managers, and are most responsible for the supervising particular function, which is tasked for operation and activities such accounting and marketing, logistics and information technology. The leadership in opera Company is the collaboration and it is very critical success for the factor in the delivery and the product will be a challenge and although it was not very unique to OC.
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Applications of decision making for better outcome in the organization
The question is how the Opera Organization with relatively informal structure that is no developed deliberately to be so, making the Companies decisions which will at the end have constructive and positive outcome. There is no database of followers and friends such as market and would have involved a significant cost. According to the Opera Company, the perceived product need or its performance is measured according to the willingness of principal and strategic decision making by the management and the directors. They always take 100% risk when making decisions for the company’s failure or success. The illustrations of the process in making decisions in OC will always follow; however, it needs some of the introduction of three important decision makers. Thus, most decisions of the Opera Company with downstream and contractual obligations are constructed in an environment whereby the individuals and drivers will not be explicitly recognized nor are they factored in the process. The strategies consideration is not always a driver for the decisions and the strategy will be an ad hoc and arrangement of more correctly being labeled as tactical response to the fixed project delivery terms.
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The roles of management and board in the OC organization
The roles on the board and management are good corporate governance and always perform in cost-efficient way. The management focuses on the efforts and the significant risks that face the Opera Organization instead of them trying or attempting to cover the possible risk theoretically by installation of the best of cost-efficient organizational practices. Furthermore, the management and the board always creates an ethical and law abiding organizational culture that will then provide greatest benefit for organization as compared to relatively to the minimal cost when establishing the culture (DiGaetani, 1994). Also, the management strategizes the OC techniques in the market thus benefiting the company by allowing the company to avoid the investigations from the government, damage, lawsuits, and the damage on the reputation of the organization that should be significantly outweigh the Opera Cost of goods and the corporate governance.
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The better governance in the Opera Company is witnessed in longer terms through the involvement of the board and the management team. Further, the better corporate governance and the good governance will always be incurred in short term and the skills of the board of directors and the management team will be experienced. It’s only the costs and not the benefits that the OC will experience if the management and the board does not avoid the short term results.
Consequently, the board of directors and the management of the OC have a role of ensuring that the company or organization does not incur the costs. The management will therefore try their best by applying their skills to ensure that the company gains. They board of governors are required to be skeptical and sensitive and provide the incentives that are provided by the management for the Opera Company to accomplish the specific corporate goals in governance.
The management also implements and it includes at the creation and at minimum creating the ethical, and law abiding corporate with the company to the corporate culture and establishment of effective audit done internally functioning with monitors and the management on the financial issues with the well operational issues. The board of the company and the compensation and the incentives and the top management focusing on the solely on the hitting numbers, and the board that share blaming with management for the subsequent and scandals that may involve the cooking books.
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As the leaders of the Company, the board and management always play a crucial role in the success of the OC Company. The role of these groups of leaders will create tools that will then measure the success in values that are based on the manner, which is seen as inappropriate provided the regional community or the audience. This leadership will therefore be added to the bottom line of the OC. The more streamlined decision making and the action based in planning might be leading to frequent performances that will then increase the OC better arts delivery. Furthermore, leadership provides the drive that creates financially sustainable business model setting longer term strategy for the business growth with the market growth or the creation of the new products. The competition recognition and the market creation with viable tactics will counter the competition which is also a responsibility for leaders. This is whether the leader is in the NFP or profit making sector. Additionally, the role of leaders in Opera Company is to ensure that the Company becomes the leaders in the market in religion and then continue to collaborate with the other leaders all over the region and also continue working collaboratively with the other arts organizations. This model imposed in the company through the Companies leadership with the model generating more and greater benefits from funds which will be provided through the support sources, private and public.
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The analysis of stakeholders and formalization of strategic alliances by the NFP, and the Opera Company engagement with the stakeholders
The analysis of stakeholders is always done by Opera Company on the ad hoc basis. This leaves the Company vulnerable without the formal or the regular informal process that should be used in the management of competitive landscape that continues the operation with the OC being at the risk from the risks which are not recognized as threat (Eaton, 1965). Likewise, some opportunities will not be actively sought but it will be rather and projects being undertaken as responsible to the annual or the intermittent requests for the provision of OC products. On the other competitive sources in NFP sector are parallel to those in profit making sector, and also both are seen as discrete from government sector. The profit makers of the NFP sectors are having a challenge of them positioning their services and products within models such as the porters Generic Strategies and they will be disciplined to always remain aligned to selected strategic model. For the Opera Company, strategic selection of direction is not being consciously undertaken and the failure will therefore result to the decision makers conflicting amongst themselves.
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The other NFP organizations will have the same features, nevertheless, the characteristics will not be as visible as the public, perhaps, and it is because of the unwillingness in the media groups to be publicizing the OC issues that are involved with the lower levels of the political conflict. It is behind the board rooms and doors that the highly competitive and passionate behavior exists and is driven in the part with the gap existing between the NFP ambitions and goals and limited philanthropic and limited pool and the personal funds that are available. By Opera Company finding recognized leader, it is not yet successful, despite the companies operation for the last 8 years (Bower, 1963). It has been so hard for one to ever imagine that the profit making organizations will survive at the length of time without leadership and structure of driving the vision. The OC measurement of the outcome is based on the financial bottom-line and it is willing for the festival organizers to always continue with the annual arrangement that is contracted for the Companies performance.
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There has been no success in finding OC’s recognized leader though it has been in operation for 8 years. Structured leadership aimed at vision driving has been lacking in this organization. When monetary and net good drivers do not equate, the comp[any can measure success by creation of tools. These tools can measure success in a manner that is value-based. In addition, success can be measured by improving the leadership. Decision making which is more streamlined as well as planning which is action-based can lead to a performance which is more frequent and this rise ‘good’ from delivery of arts. Drivers to generate a business which is more financially stable can be provided by good leadership. In addition, such a leadership has the ability to set business growth strategies which are long term. Another leadership responsibility is recognition of market competition as well as creation of tactics which are visible to counter the competition. With a leadership which is clear, OC has the potential of becoming region’s market leader as well as continue building collaborations with other organizations of arts. OC does analyze the stakeholders on the basis of ad havoc. This leaves organization being vulnerable to as it will lack informal or formal process whose aim is competitive landscaping management. In addition, opportunities are less actively sought and instead, projects are only undertaken to respond to intermittent or annual requests for OC‘s products provision.
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The business model which has the ability to ensure that NFP organization is sustainable with a product rate that is greater than OC is Porter’s generic strategies. There have been no strategic directions selections for OC and as a result of this, decision makers have always been in conflict. NFP as well as other sectors of profit making faces products positioning challenge as well as the challenge of positioning services in a model. Wherever there is conveying of information to the participants, the executive should present the message in a manner that is credible as well as defensive. Resources needed at board as well as management level include proper communication. They should also understand drivers as well as communication styles. They are derived from focus on how the response of the audience can affect them individually. Management has to practice a lot so as to perfect their management skills. They should do a lot of rehearsals which pertains management. In order to ensure that OC organization is sustainable, there must be products which are unique. In addition, there should be rarity when it comes to product purchase.
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