Modernization of the General Reporting Framework for Accomplishing Corporate Governance Requirements

Abstract

Corporate governance appears internationally as a concept that defines a leadership style of organizations, entities and even states, imposed by the wave of failures recorded in the work of large corporations. The unfavourable business affairs of large investors have affected the population as well as the investment environment as a whole. Large and recognized entities have suffered losses on the economic and financial area and especially in the image area, culminating in the necessity of imposing a new management style, but also a deeper and more serious control over all the functional links of those entities. Economic entities, as well as private organizations, are pursuing ways to operate efficiently, to invest in creating new jobs, to place themselves in good positions in capital markets, markets that give them the opportunity to enter in competition with other similar organizations. These goals can also be achieved when corporate governance is used as a management monitoring tool that can influence the behaviour of the organization as a whole. Under these conditions, corporate governance is the incentive to create a coherent investment environment and for the economic and social development of society.