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1、Chapter13RoleofCorporateGovernanceorporategovernanceprinciples,appliedtoanytypeoffor-profit,nonprofit,andgovernmentalinstitution,dealwiththerightsCandresponsibilitiesoftheinstitution’sshareholders,boardofdirectors,management,andvariousstakeholders.Thepast12chaptershavepr
2、ovidedmanybusinessmanagementprinciples,practices,tech-niques,andmethodstomanage,monitor,andmeasureoperationalrisk.Ofalloftheseideasandtools,thereremainsonesimplefacttoalwaysremember:Governanceisthemostimportantoperationalriskcontrolanorganizationcouldhave.Ifgovernancei
3、snotworking,thenoperationalriskisatitshighestlevel—thatis,initsworststate.Themanagementandexecutionofgovernanceisequallyimpor-tantandsimilarlystructuredinanyorganization,whetheritisapubliccorporation,aprivateconcern,anonprofitentity,apublicorchari-tableinstitution,orago
4、vernmentorquasi-governmentagency.Anextensiveamountofdocumentationoncorporategovernanceexistsin245c13.indd24510/24/083:43:20PM246howwegetthereeveryorganization.Therefore,itisusefulandshouldberelativelyeasytostudytheuseofgovernancewithinthecontextofacorporation.Inorderto
5、understandwhygovernancefromtheperspectiveofacorpo-rationisimportantforunderstandinggovernanceasitrelatestoriskmanagement,oneshouldfirstunderstandthecorporation—whatitis,whyitbegan,andhowitisformed.CorporateHistoryAcorporationisdefinedasabodyformedandauthorizedbylawtoacta
6、sasinglepersonalthoughconstitutedbyoneormorepersons.Inotherwords,itisalegallyconstructedentitydistinctfromitsindi-vidualmembers.TheworditselfisderivedfromtheLatinwordcorpus,meaningbody.So,acorporationcouldmeanabodyorgroupofpeo-pleorganizedtoactasone.Therearemanytypesof
7、corporationsaroundtheworld.Some-times,theyarenotcalledcorporationsandinothercountriesthetermcorporationmayrefertoatypeofpublicinstitution,ratherthanoneownedbyshareholders.Forexample,theterm“publiccompany”usedforU.S.corporationsownedbyshareholdersisgenerallyequivalentto
8、thetermPLC(publiclimitedcompany)usedintheU.K.,S.A.(sociétéanonyme)usedinFrance,andAG(aktiengesellschaft)usedinGermany
