IMPACT OF INFORMATION TEHNOLOGY ON CORPORATE AND BUSINESS GOVERNANCE AND FINANCIAL CREDIT REPORTING 1 . 0 INTRODUCTION
The introduction of the computer and advent of the Internet has changed the way in which we stay in the modern world. This spans around every aspect of human being life. Contemporary innovations include led to the description in the age by which we live as " the Information ageвЂќ. Information technology and management consequently plays a huge role to the degree that regular access to Data could preserve a life while incorrect management details could lead to enormous problems and losses of opportunities. In terms of Corporate governance and economical reporting, the financial significance of these loss could be superb on corporate entities the moment quantified in monetary conditions and this \ several companies to purchase finding better ways of improving on Information systems. Corporate scandals and failures across the globe including Enron, Worldcom, Daewoo Group (in Korea) and HIH (a major insurance group) nationwide, has raised serious concerns about the way public companies are governed around the world. Normally, this is characterized by managers who have been dependable with organization control nevertheless due to conflicting/self interest, sometimes engage in activities that are greatly detrimental to the interests of shareholders and other stakeholders. When managerial self-dealings are abnormal and unmonitored, they often have got serious negative effects on business values as well as the proper capabilities of capital markets. Around the globe there is growing consensus that it must be vitally important to strenghten company governance to guard the privileges of investors, curb bureaucratic excesses, and restore self confidence in capital markets. This past year Nigeria experienced the sacking of Managing Directors of five of Nigeria's top banking institutions namely Intercontinental Bank Plc, Union Financial institution, AfriBank, Oceanic Bank and FinBank. This is largely because of issues concerning Corporate governance and ethical code of conduct because so many of these directors gave away unsecured loans in excess of Billions of Naira against the specified guidelines. Based on the Central Lender of Nigeria, the supervision of the banks were sacked because they acted in a manner that was bad for the interest with their depositors and creditors. The CBN explained the banks have fluid challenges as a result of their " hugeвЂќ exposure to the capital industry, petroleum marketing sector, specific large-ticket deals and consequently " massiveвЂќ no performing loans. This remaining one of the five banks " technically insolventвЂќ and the different four undercapitalised. Corporate governance can be defined as the economic, legal and institutional framework in which corporate control and income rights happen to be distributed amongst shareholders, managers and other stakeholders of the firm. Corporate governance and administration has, as its primary target, the enhancement of business profits and shareholder gain. i. at the. corporate governance is basically rules and practices put in place within a company to deal with information and economic motivation problems natural in the parting of possession from control in significant enterprises and since dealing with how, and to what extent, the interests of varied agents active in the company are reconciled and what investigations and offers are set up to ensure that managers maximize the cost of the investment made by shareholders. In Business governance, key concepts are Corporate identity, Corporate and business communication, Corporate and business image and company reputation. Corporate identity is the actuality of the firm. It is the exceptional, individual personality with the company that differentiates it from other businesses. This is generally referred to as the Corporate brand. Corporate communication is the aggregate resources, messages and media in which the company provides its uniqueness or manufacturer to their various viewers. Corporate graphic and status are in the eye of the container. Image may be the mental...
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