
Corporate Governance Overview
Flashcard
•
Business
•
University
•
Practice Problem
•
Hard
Aizad Hakimi
FREE Resource
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107 questions
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1.
FLASHCARD QUESTION
Front
What is a corporation?
Back
A corporation is a distinct legal entity, separate from its owner or owners, with shareholders who own stakes determined by the number of stocks or shares they hold.
2.
FLASHCARD QUESTION
Front
What is limited liability in the context of corporations?
Back
Limited liability means shareholders are not personally responsible for the company's debts; their financial risk is limited to their investment.
3.
FLASHCARD QUESTION
Front
What is the role of the Board of Directors (BOD) in a corporation?
Back
The BOD is responsible for overseeing the corporation's management, electing directors, and ensuring the company operates according to its business plan.
4.
FLASHCARD QUESTION
Front
What are the two main models of corporate governance?
Back
The shareholder model, which prioritizes maximizing shareholder value, and the stakeholder model, which considers the interests of a wider range of stakeholders.
5.
FLASHCARD QUESTION
Front
What are the key responsibilities of Senior Management?
Back
Senior Management is responsible for reporting to the BOD, implementing strategic plans, managing risks, and ensuring accurate reporting.
6.
FLASHCARD QUESTION
Front
What is the Duty of Care for BOD members?
Back
The Duty of Care requires directors to manage corporate assets with the same diligence as their personal assets, ensuring decisions are well-informed.
7.
FLASHCARD QUESTION
Front
What is the Duty of Loyalty for BOD members?
Back
The Duty of Loyalty mandates that directors act in the best interest of the corporation, prioritizing it over personal interests.
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