Will Form 2220 Governing 2023-2024

Music Corporate Governance broadly refers to the mechanisms, processes, and relations by which corporations are controlled and directed. Governance structures and principles identify a distribution of rights and responsibilities among different participants in the corporation, such as a board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders. It includes the rules and procedures for making decisions in corporate affairs. Corporate governance includes the processes through which corporations' objectives are set and pursued in the context of the social, regulatory, and market environment. Governance mechanisms include monitoring the actions, policies, practices, and decisions of corporations, their agents, and affected stakeholders. Corporate governance practices are affected by attempts to align the interests of stakeholders. Interest in the corporate governance practices of modern corporations, particularly in relation to accountability, increased following the high-profile collapses of a number of large corporations during 2001 to 2002, most of which involved accounting fraud. There was another surge of interest after the financial crisis in 2008. Corporate scandals of various forms have maintained public and political interest in the regulation of corporate governance. In the US, these include Enron and MCI Incorporated (formerly WorldCom). Their demise led to the enactment of the Sarbanes-Oxley Act in 2002, a US federal law intended to restore public confidence in corporate governance. Comparable failures in Australia, such as HIH Insurance and One.Tel, are associated with the eventual passage of the CLERP 9 reforms. Similar corporate failures in other countries stimulate increased regulatory interest. For example, Parmalat in Italy. In contemporary business corporations, the main external stakeholder groups are shareholders, debt holders, trade creditors, suppliers, customers, and communities affected by the corporations' activities. Internal stakeholders are the board of directors, executives, and other employees. Much of the contemporary interest in corporate governance is concerned with litigation of the conflicts of interests between...