Question

Difference between corporate governance and corporate strategy

Answer 1

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Corporate governance differs from corporate management in that governance is primarily about protecting a business, while management is more about growing it. Governance refers to the policies and procedures set in place to ensure a business operates within the law and for the optimal benefit of all stakeholders. Management refers to the techniques executives use to help the company operate and flourish.

CORPORATE GOVERNANCE:-

Governance comes from the word “govern,” which means to control the actions of a group for the benefit of the whole. In the business world, this refers to policies that specifically restrict or direct how people can act. For example, governance policies might include prohibiting a board of directors from awarding contracts to board members’ companies or the companies of family members. A business might require its accounting department to have two signatures on any check it writes to reduce the threat of fraud.

CORPORATE MANAGEMENT:-

Management refers to the actions taken by a company to lead the business in a positive direction. Examples of management include setting budgets, giving staff members directions and making strategic plans about marketing or product development. Corporations usually have management teams once the company becomes too big for the founder or one individual to oversee the entire business. Management team members include titles such as department head, director, vice president and manager, chief executive officer, chief operating officer and chief financial officer.

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