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Corporate Governance: Emerging Markets Review
0 Downloads | 2 Pages 419 Words | Published Date: 14/09/2017
As directors of tourism industry, it is expected that one should act in best interests of Tourism Australian. As directors, they are expected to participate in at least one Board Committee in addition to their regular Board duties (Tricker 2015). Directors are knowledgeable persons, as they have to support their authorization. When acting as a director of Tourism Australian, they are expected to act in good faith and in the best interests of Tourism Australian (Harford, Mansi and Maxwell 2012).
Essential Criteria as a Director:
Directors have many roles to play in an organisation. They not only have the duty to act as responsible working professionals but also have additional responsibilities that they need to discharge, for this directors should be able to manage risks as and when they rise. Hence, directors should have a sense of risk management and control (McCahery, Sautner and Starks 2016). Risks can have an impact on the objectives and goals of the organisation at all levels. The impact may be related to outcomes of individual projects, business units, processes and systems. Integration of risk management can take place as part of the Strategic Annual Plan and Annual Operational Planning (Claessens and Yurtoglu 2013). Directors are expected to understand, evaluate and analyse the risks that are related to any given problem. Hence, as directors risk management plays a very important criteria in Tourism Australia (Erkens, Hung and Matos 2012).
Conclusively, it may stated that directors have a very important role to play in any industry, not just tourism industry. Directors are considered as one of the most vital part of the organisation, however, they should be aware of their duties and responsibilities and this can be achieved only through active participation of the Board of members in weekly or monthly meetings.
Claessens, S. and Yurtoglu, B.B., 2013. Corporate governance in emerging markets: A survey. Emerging markets review, 15, pp.1-33.
Erkens, D.H., Hung, M. and Matos, P., 2012. Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide.Journal of Corporate Finance, 18(2), pp.389-411.
Harford, J., Mansi, S.A. and Maxwell, W.F., 2012. Corporate governance and firm cash holdings in the US. In Corporate Governance (pp. 107-138). Springer Berlin Heidelberg.
McCahery, J.A., Sautner, Z. and Starks, L.T., 2016. Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance.
Tricker, B., 2015. Corporate governance: Principles, policies, and practices. Oxford University Press, USA.
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