TABLE OF CONTENTS There is considerable and ongoing discussion regarding the meaning of the concept of corporate governance. On one hand it can be regarded in a limited sense that covers financial controls and on the other hand it can be taken to extend to all of the responsibilities and policies of the business that include such matters as environmental concerns (see further in CHAPTER 16. Between these two approaches there are, of course, many variations. What is clear is that the trend is in favour of widening the scope of the term. As with previous debates over such issues as sustainability, it is recognised that the role of business in today's global economy is profound and that accountability should be extensive. The responsible partners are the public and private sectors. The stakeholders, including members of the public, and not only those with a direct interest in the company, are demanding more transparency and evidence of responsible behaviour.
Another important matter concerns the repercussions of the corporate governance debate for smaller business. As with the demands of other regulatory frameworks including product liability, the environment and health and safety, the corporate governance framework affects small business. In addition to the supply chain pressures there is the consideration that today's small growing business can become a big business very quickly.
This chapter is intended to give an overview of key points that have come together to demonstrate where we are today. In the earlier chapters, such as...
