Stakeholders can decide a plan for the commerce. However the direction to carry out that plan is set from the CEO. The CEO decide that in which marketplaces the organization will enter, against which organizations their organization will contend with what lines of the product, how their organization will make different itself, etc. The CEO of the organizations will make decisions, form partnerships, set up the budgets for the projects of the organization, and recruits one team to turn the organization anticipatively. (Schlesinger) Stakeholder can be outer or inner to the commerce or the organization.
McBride financial is an organization that needs to focus and adhere to compliance issues within the organization. Two effective ways of ensuring this is for McBride Financial to implement charters and bylaws. Doing so will transfer authority of the organization from the CEO to the independent Board of Directors. “Bylaws established by the board of director’s authority include the specific rules that govern the corporation and its business conduct” (Chew, D. and Gillian, 2005). “Charters assist in the creation of committees.
We can make certain decisions based upon the fact we are the Executive Directors, however many of the decisions are made by the upper management at our Corporate Office. This hinders us in some situations. An example was during one of our recent surveys the surveyor was requesting information. When there is a survey in one of our facilities, the Corporate Office requires the Executive Director and the Director of Nurses to notify them of requests made by a surveyor during the survey process. The Surveyor requested information and although the Executive Director knew the answer and what to submit to the surveyor, the call had to made to the corporate office to ask for permission to submit the requested information.
When unethical decisions are made, everyone involved in the corporation and its well being are affected in a negative way and will jeopardize the well being of the business. “Ethical responsibilities of an organization’s management are to follow the generally held beliefs about behavior in society” (Wheelen and Hunger, pg 58). An ethical role within the corporation is not mandatory, however it is practiced in most businesses would be giving employees notices of
The commands come from the boss and are passed down to the second in command to put in effect the commands. Each person has their position in the corporation and are enlisted grounded on the skill level (Abadinsky, 2007). The chain of command is one of the key procedures of the corporation. Every individual need to comprehend the pecking order to carry out the order given without difficulty. When the organization has gotten to a magnitude that obliges more individuals suitable to carry out the expectancies the operations creates typical guidelines and protocols.
Sarbanes-Oxley Act reiterates the importance of the cost of law to the companies and to the future of the economy by placing officers in charge of such obligations. “These officers require lower-level employees to certify accuracy of those portions of the financials for which they are responsible, and are creating a practice of a series of meetings down the line to discuss control issues” (Carney, 2006, p 144). Many other sanctions have been put into place to regard the cost of owning a business and the importance of safekeeping of financial records. “The law also forbids corporate loans to officers and directors, requires issuers to disclose a code of ethics for senior financial officers or explain why one has not been adopted, and prohibits adverse employment actions against whistle-blowers” (Carney, 2006, p 144). The adaptation of pushing such a law into firm action can make for either a better future for the economy or for a fiscal cliff as it is now
Following is an overview of the Plan with regard to compliance by each of the Facilities with regard to the universal and individual reporting obligations they face with respect to tax policies, employment laws, environmental and manufacturing regulations, international trade restrictions, tariffs, transportation, and the political stability of international governments and trade opportunities. I. Enterprise Liabilities The responsibility for the reporting requirements has been divided amongst the individual managers and directors in such a manner as to provide a system of checks and balances to minimize the opportunities for error by the Company and to limit its legal liabilities. A sample of the division of those responsibilities is as follows: 1) The Chief Financial Officer, with the assistance of the Comptrollers or Senior Financial Officers and Accounting Department Managers of each of the facilities owned or operated by the Company, shall bear responsibility for making all payments and ensuring that the Company complies with all applicable federal, state, municipal and international laws, statutes, regulations or otherrequirements in connection
The office manager takes the appropriate action needed. When the office manager is no longer able to solve the problem, it is then forwarded to the senior manager for further review. Depending on the severity of the problem, the senior manager will make the final decision. Usually company issues are seldom reviewed by the senior manager because his job mostly consists of the company finances, pay raises, bonuses, and promoting his business. In conclusion, the four functions of management are the key to holding an organization together.
Corporations rely on the functions of law to protect their business dealings while managing business connections. Legal counsel, arbitrary agreements, order, safety, establishing good rapport with consumers, vendors, etc. are a few functions of business law (ehow.com, 2015). Like you or I, businesses have to pay taxes on income they earn, and tax law determines how businesses pay taxes. Business owners can choose from one of several business options that the Internal Revenue Service’s offer in regards to tax (nbea.org, 2007).
Lockheed Martin has a Vice President of Ethics and Business Conducts that consist of elected officers that report directly to the Executive officer and the Audit & Ethics Committee of the Board of Directors. Lockheed Martin has a board of directors that oversee the company’s ethics compliance program. Each board member has a specific responsibility. For example, they may be responsible for audits, ethics and corporate responsibility, executive decisions, management development and compensation, nominating and corporate governance, and strategic affairs and finance. In