Although There Are Many Different Cultural and Legal Approaches Used

question 66

Essay

Although there are many different cultural and legal approaches used in corporate governance worldwide, there is a growing consensus on what constitutes good corporate governance. List and explain at least three standardized common principles of good corporate governance.

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Definitions:

Differentiation Strategy

A business approach in which a company seeks to distinguish its products or services from competitors through unique features.

Strategic Planning

The process of defining a company's strategy or direction and making decisions on allocating resources to pursue this strategy, including its capital and people.

Competitive Advantage

A condition that enables a company to operate in a more efficient or otherwise higher-quality manner than the companies it competes with.

Resources

The total means available for economic and operational development, such as natural resources, personnel, and capital.