Unit VII Final Project

Business and Society

Institutional Affiliation

Insert the student’s name

Instructor’s name

Course

Date

Business and Society

Explaining the governance structure of the organization

The governance structure of the company consists of three structures. There are top, middle and lower levels of governance structures. The Executive Board forms the top level of governance. The Executive Board must manage and oversee the day-to-day operations. The Executive Board also comes up with the strategic policies of the company. Each member of the board is designated to manage various parts of the company. The sub-division directors and departmental directors constitute the middle structure of governance. It is the function of the middle level management to implement programs of the company in conformity directives and policies of the board. They also initiate programs for various sub-divisions and departments of the company. The lower level governance management consists of supervisors who instruct and guide employees as they undertake their daily activities.

Analyzing the connection between businesses and society

Businesses and society are connected. There is a direct connection between the businesses and society. This is because businesses strive to fulfill the needs of the society and on the other hand the society is the source of resources the business requires to operate Ferrell, Thorne & Ferrell, 2016). It is therefore the responsibility of any business to take care of the society by producing that are of high quality and by engaging in corporate social responsibility activities. The connection between businesses and the society is also observed in terms of the useful role played by businesses that operate in the society. For instance, businesses create employment opportunities in the society. Large number of people are therefore employed. Businesses pays taxes to the government. The government in turn uses the tax paid by businesses to improve the welfare of the people in the society. Businesses produces goods and services that are demanded by various people in the society. Some items like goods that are produced by businesses are essential for survival of human beings. It can therefore be concluded that there is a direct connection and relationship between businesses and society. 

The connection between businesses and society affects the corporate governance of the organization. First, the connection between the two have implications on the principles that guide corporate governance. The members of the society must be consulted by businesses when they are formulating principles that guide corporate governance. Businesses are supposed to include some members of the society in their governance. The members of the society will therefore have an opportunity to give suggestions on effective mechanisms and processes by which corporations can be operated and controlled.

Examining the future of corporate governance globally

Corporate governance aims to ensure that there is an effective and prudent management in a company. This will help to deliver the long-term success of a company. I anticipate seeing many changes in corporate governance in the future. These changes in corporate governance will be driven by disclosure, diversity, data and development of financial institutions (DFIs). There will be a demand for effectiveness, accountability to shareholders and increased board quality. My chosen firm compare with the global trends in that there are also changes in corporate governance within the company. This has resulted in the company performing well in the global arena. The management is ever accountable to the shareholders of the company. The members of the board are experienced and can make better decisions for the company. 

Reference

Ferrell, O. C., Thorne, D., & Ferrell, L. (2016). Business and society: A strategic approach to social responsibility & ethics (5th ed.). Chicago, IL: Chicago Business Press.