Corporate Governance
Corporate governance is the mechanisms, processes and relations by which corporations are controlled and directed. Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and includes the rules and procedures for making decisions in corporate affairs. Corporate governance includes the processes through which corporations' objectives are set and pursued in the context of the social, regulatory and market environment. Governance mechanisms include monitoring the actions, policies, practices, and decisions of corporations, their agents, and affected stakeholders. Corporate governance practices are affected by attempts to align the interests of stakeholders. Interest in the corporate governance practices of modern corporations, particularly in relation to accountability, increased following the high-profile collapses of a number of large corporations during 2001–2002, most of which involved accounting fraud; and then again after the recent financial crisis in 2008.
Governance
Governance is all of the processes of governing, whether undertaken by a government, a market or a network, over a social system (family, tribe, formal or informal organization, a territory or across territories) and whether through the laws, norms, power or language of an organized society. It relates to "the processes of interaction and decision-making among the actors involved in a collective problem that lead to the creation, reinforcement, or reproduction of social norms and institutions." In lay terms, it could be described as the political processes that exist in between formal institutions.
Manager
As far as possible the duty of a leader is to foresee dissatisfaction and to remedy injustice before complaints are made. To accomplish this he must maintain close contact with the men he controls. Let him go into the trenches if he is a general; let him arrive at the factory with his workmen now and then if he is the manager. He must have some imagination; an understanding of other men's lives is necessary to him, so that he may be able to protect those under him from unnecessary suffering. The secret of gaining their affection is to feel affection for them and to be able to do their jobs as well as they do them themselves. Men endure taking orders, and even like it, if the orders are given intelligently.
André Maurois The Art of Leadership
