The paper "Corporate Governance and Business Ethics - Case of Tesco" is a worthy example of an assignment on business. The term corporate governance seems to be a buzz word but it plays a very vital role in the operations and functioning of an organization. It is the process by which an organization is controlled and managed in order to retain its reliability and competitive advantage in the market among many other rival players. Thus, it might be stated that corporate governance comprises of the set of rules and principles with the help of which, the operations of the organization are governed (Bevan, 2007).
Similarly, the corporate governance of the organization of Tesco Plc comprises board committees and internal financial control committees. Board committees of Tesco Plc include five independent non-executive directors and eight executive directors to manage and control the affairs of the group in an effective way. Apart from this, these board members are also responsible for approving the financial statements, disposals, acquisitions, treasury policies, risk management, succession planning, and many others. Other than this, the board of directors are also responsible for handling and managing the day to day operations and functions of the organization of Tesco Plc in an effective way in order to amplify its sustainability and position in the market among many other rival players such as ASDA, Sainsbury, etc (Bolden, 2011). Apart from this, the organization of Tesco Plc also includes an audit committee.
The members of this committee are responsible for reviewing the financial policies and strategies of the organization of Tesco Plc in an effective way. Along with this, they also review the financial statements of the organization so as to analyze any sort of mistakes or defaults.
Furthermore, a remuneration committee is also maintained, founded by Lord McLaurin. The responsibility of that committee is to recruit the experienced and talented staff for the organization of Tesco Plc and determine their remunerations and many other fringe benefits. In addition to all these above-mentioned committees, another important committee is internal financial control. It is responsible to manage and control the internal finances of the organization of Tesco Plc.
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