Responsibility of Management Flashcards

1
Q

Responsibility of management to Owners

A

Responsibility to Owners/Shareholders:

Maximize Shareholder Value: Management has a fiduciary duty to maximize shareholder wealth by making strategic decisions that enhance the company’s financial performance and long-term sustainability.
Transparency and Accountability: Management must provide transparent and accurate financial reporting, adhere to corporate governance standards, and ensure accountability for their actions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Responsibilities of management to Employees

A

Responsibility to Employees:

Provide Safe and Healthy Work Environment: Management is responsible for ensuring workplace safety and health by implementing appropriate policies, procedures, and training programs.

Fair Treatment: Management must treat employees fairly and equitably, providing opportunities for advancement, fair compensation, and a supportive work environment.

Employee Development: Management should invest in employee training and development to enhance skills, promote career growth, and foster employee engagement and retention.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Responsibilities of management to Customers

A

Responsibility to Customers:

Quality Products/Services: Management must ensure that products or services meet high-quality standards and satisfy customer needs and expectations.

Customer Service: Management should prioritize excellent customer service, addressing inquiries, complaints, and feedback promptly and effectively.

Honesty and Transparency: Management must be honest and transparent in their dealings with customers, providing accurate information and upholding ethical business practices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Responsibilities of management to Society

A

Responsibility to Society:

Corporate Social Responsibility (CSR): Management should consider the social, environmental, and ethical impacts of their business operations and take actions to minimize negative effects and contribute positively to society.

Environmental Stewardship: Management must adopt environmentally sustainable practices, reduce carbon footprint, and minimize environmental pollution and waste.

Community Engagement: Management should actively engage with local communities, support charitable initiatives, and contribute to community development and welfare.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Responsibilities of management to Government

A

Responsibility to Government:

Regulatory Compliance: Management must comply with all relevant laws, regulations, and government requirements applicable to their industry and business operations.

Tax Compliance: Management is responsible for fulfilling tax obligations, accurately reporting income, and paying taxes in accordance with tax laws and regulations.

Cooperation with Authorities: Management should cooperate with government agencies, providing information and assistance as required for regulatory compliance, investigations, or audits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly