Paul's list Flashcards
Define corporate governance
- rules which govern the structure and determines the objectives of an organisation
- regulates relationship between management, board and shareholders
Principles covered by UK Corporate Governance Code?
- balance of power
- independent NEDs
- established committees
- effective risk management
Governance for NFP organisations
- accountability
- stakeholders
- openness and transparency
- board structures
- monitoring performance
Define sustainability
Ability to meet the needs of the present without compromising the ability of future generations to satisfy their own needs.
The 3 main sustainability issues
- social
- environmental
- economical
Define ethics
Moral principles governing or influencing conduct which is deemed to be acceptable in the society
What are the 3 ethical tests?
- Transparency
- Effect
- Fairness
Other bits to consider for ethics
Legality
Confidentiality
Sustainability
Honesty.
Define the balanced scorecard
Mixture of financial and non-financial perspectives are considered when selecting performance indicators.
Four perspectives of balanced scorecard
- Financial
- Internal business
- Innovation and learning
- Customer perspective
What are the 9Ms?
For a resource audit:
- Men
- Money
- Management
- Market
- Make up
- Material
- Machines
- Management information systems
- Methods
What is a PESTEL analysis?
Used to identify opportunities and threats in an industry
What does PESTEL stand for?
- Political
- Economic
- Social and demographic
- Technological
- Ecological/environmental
- Legal
Define risk
“the possible variation in outcome from what is expected to happen”.
Define uncertainty
the inability to predict the outcome from an activity due to a lack of information”.
