In: Religion Topics

Submitted By rudlefuz
Words 9456
Pages 38
1. Introduction
In the developed countries Enron Xerox, WorldCom etc. had been caught of getting involved in accounting scandals since 2001, which leads to the credibility of corporate financial reports under suspicion, furthermore, shocking investors’ confidence. Consequently, corporate governance mechanism has been a crucial issue discussed again. Sarbanes-Oxley Act was enacted in 2002 to enhance corporate government mechanism which is viewed as the priority of financial revolution, in the expectation that governance mechanism may be reinforced, public confidence retrieved, accuracy and reliability of financial information assured. In Bangladesh a massive stock market meltdown hit the market in the middle of 2010. The DGEN Index was cut by two third and a lot of investor lost all of their money. Then very recently major financial institutions like Sonali Bank, Basic Bank etc. were caught in financial scam which again shook the confidence of the market to such industries. These events renewed and reinforced people’s interest in study of corporate governance and how it could have prevented such mishaps.
Corporate governance describes the structure of rights and responsibilities among the parties that have a stake in a firm. System of corporate governance could be defined as a set of processes and structures used to direct a corporation's business. Once implemented, an effective corporate governance system can help to ensure an appropriate division of power among shareholders, the board of directors, and management. It is not just corporate management; it is something much broader which include a fair, efficient and transparent administration to meet certain well-defined objectives. When it is practiced under a well-laid out system, it leads to the building of a legal, commercial and institutional framework and demarcates the boundaries within which these functions…...

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