Definition of Terms
System of stewardship and control to guide organizations in fulfilling their long-term economic, moral, legal and social obligations towards their stakeholders
What is Corporate Governance?
A group of corporations that has diversified business activities in varied industries
What is Conglomerate?
Implements the policies it has laid down in the conduct of the business of the corporation.
What is Management?
A director who does not perform any work related to the operations of the corporation.
What is Non-executive Director
A transfer of resources, services, or obligations between a reporting entity and a related party, regardless of whether a price is charged.
What is Related Party Transactions?
Kind of director who has executive responsibility of day-to-day operations of a part or the whole of the organization.
What is Executive Director?
They exercises the corporate powers of a corporation
What is Board of Directors/ What is BOD
A process that provide a reasonable assurance on the achievement of objectives through efficient and effective operations; reliable, complete and timely financial and management information; and compliance with applicable laws, regulations, and the organization’s policies and procedures.
What is Internal Control?
Person who is independent of management and the controlling shareholder
What is Independent Director?
A process designed to identify potential events that may affect the entity, manage risks to be within its risk appetite, and provide reasonable assurance regarding the achievement of entity objectives.
What is Enterprise Risk Management?