Using Two corporate scandals from the past decade identify and critically evaluate

1) The causes behind the scandals which suggest poor corporate governance practice

2) The impact of such scandals on the stakeholders

3) Based on recent literature on corporate governance, discuss how such events could be prevented

 

CAUSES – Which aspects are related to poor corporate governance practice? STAKEHOLDERS – Which ones were most AFFECTED? WIDER consequence?
LITERATURE = academic articles..A) recent and related to aspects identified as causes of the scandal, B)Weaknesses of Corporate Governance system in the selected case country (eg UK/US/HK) C) Regulatory measures in the selected case country (eg UK/US/HK) MAKE sure these are corporate scandals – i.e. Listed companies or Large MNC listed in several countries.
Corporate Scandal doesn’t necessarily lead to a corporate failure. Loss of or damage to reputation caused by actual of apparent violation of morality or propriety and a circumstance or action that offends propriety or established moral conceptions or disgraces those associated with it.
What do the GC codes of the country of your chosen scandals recommend/legislate as best practices? What about voluntary aspects? E.g. CSR? Where did the company fail? Is the problem mainly systemic or behavioral? Why what should have been done was not done? Weaknesses? What went wrong with the internal control systems? Why were there no whistleblowers? Why did the key external gatekeepers not signal the problem any earlier? How much influence do cultural values and systems have on corporate behavior?
Auditor independence? Role of the Audit committee? Credit Rating Agencies? Risk Management? Controlling risk and Risk Management committee? The Risk Delegation Process? The role of the chief risk officer? Stakeholders? Who are the stakeholders in the scandal? How were they affected? Was there any redress? Use Mendelow’s Matrix to identify and classify stakeholders? Please place a page with the graph- which group suffered the most? (These may not necessary have been the key players. Dereliction of fiduciary duty?)
Prevention? Were there any new regulations post scandals? (Evaluate how effective these could be in relation to the causes of the scandal – systemic or behavioral) Would more rules and guidance be a positive or negative move? Becoming totally risk adverse? Finding even more ways of circumventing the rules? Is it ever possible to change behaviour? Can an immoral and unethical person ever become moral and ethical?

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