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Understand corporate governance in financial decision-making: Learn about the principles and practices of corporate governance and how they influence.

Lesson 120/120 | Study Time: Min
Course: BBA in Accounting and Finance


Understand corporate governance in financial decision-making: Learn about the principles and practices of corporate governance and how they influence


Unravelling the Significance of Corporate Governance in Financial Decision-Making

Imagine you are the captain of a large ship. Your task is not only to navigate the ship in the right direction but also to ensure that all passengers and crew members are safe and comfortable. This scenario is quite similar to the operations of a business organization and the role of corporate governance. In a business context, the captain is the management and the ship symbolizes the company.

💼 Corporate Governance: It is essentially a system of rules, practices, and processes that direct and control a company. It helps in balancing the interests of a company's many stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community.

Corporate Governance and Financial Decision-Making: An Inextricable Link

The influence of corporate governance on financial decision-making is profound and multifold. Effective corporate governance mechanisms ensure that financial decisions are made in the best interests of all stakeholders. It aids in the efficient use of resources and obligates accountability for resource allocation.

🔄 The Decision-Making Process: Corporate governance impacts all stages of the financial decision-making process, from setting strategic objectives to executing tactical plans.

For instance, let's consider an enterprise planning to invest in a new project. The decision to proceed will largely depend on the organization’s governance structure. A robust corporate governance mechanism will ensure an unbiased assessment of the project's risks and potential returns before making a decision.

Real Stories: Corporate Governance Shaping Business Destinies

One classic example of the importance of corporate governance in financial decision-making is the downfall of the energy company, Enron. In 2001, due to lack of corporate governance, Enron collapsed under a severe accounting scandal. The management hid debt from failed deals and projects in off-the-books corporations. While this temporarily inflated the company’s stock price, it eventually led to its bankruptcy when the unsustainable practices came to light.

In contrast, let's look at the story of Johnson & Johnson. In 1982, the company faced a major crisis when seven people died after consuming its Tylenol capsules, which were later found to be laced with cyanide. However, the company's corporate governance principles guided the management to make quick and ethically sound financial decisions. They immediately pulled 31 million bottles of Tylenol off the shelves, resulting in a loss of $100 million. However, this decision preserved the trust of consumers and stakeholders in the long run.

Embedding Corporate Governance in Financial Decision-Making: The Key Takeaway

The stories of Enron and Johnson & Johnson underscore the significance of corporate governance in financial decision-making. The management should not merely aim to maximize shareholder value, but consider the broader spectrum of stakeholder interests.

🔒 Final Thought: Strong corporate governance mechanisms are not only a regulatory requirement but also a strategic necessity. They lay the foundation for sustainable financial decision-making, shaping the future trajectory of an organization.


Understand the concept of corporate governance:

  • Definition and importance of corporate governance

  • Key principles and objectives of corporate governance

  • Roles and responsibilities of different stakeholders in corporate governance

  • The relationship between corporate governance and financial decision-making

The Essence of Corporate Governance: A Deep Dive

Let's kick off with a fascinating real-world example. Enron, a once high-flying energy, commodities, and services company, collapsed in 2001 due to systemic, creative accounting tactics that inflated profits and hid debts. The scandal led to the bankruptcy of Enron and dissolution of Arthur Andersen, which was among the five largest audit and accountancy partnerships in the world then. One important lesson to learn from this case is the critical significance of corporate governance.

What is Corporate Governance? 🏢

Corporate governance is a system of rules, practices, and processes by which a company is directed and controlled. It involves balancing the interests of a company's many stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community. In essence, it's about ensuring fairness, transparency, and accountability within corporations.

The Key Principles and Objectives of Corporate Governance 🔑

In essence, corporate governance has four key principles: transparency, fairness, accountability, and responsibility. These principles ensure that companies are managed in a manner that is ethical, responsible, and in the best interest of all stakeholders.

One key objective of corporate governance is to ensure ethical corporate behavior, which means that the company conducts its business in a manner that is fair, transparent, and beneficial to all stakeholders.

Another objective is to protect the rights of the shareholders, which includes ensuring that they receive timely and accurate information about the company's performance and that they have a say in major corporate decisions.

Stakeholder Roles and Responsibilities in Corporate Governance 📝

Different stakeholders play distinctive roles in corporate governance:

  • Shareholders: They invest their money in the company and expect a return on their investment. They have the power to elect the board of directors and have a say in major company decisions.

  • Board of Directors: They are elected by the shareholders and are responsible for overseeing the company's management and ensuring that the company is being run in the best interest of the shareholders.

  • Management: They are hired by the board of directors to run the day-to-day operations of the company. They are responsible for making strategic decisions, managing risks, and reporting to the board on the company's performance.

  • Employees: They are responsible for implementing the strategies and decisions made by the management. They also have an interest in the company's success as it directly impacts their job security and compensation.

  • Regulators: They ensure that companies are following laws and regulations. They also protect the interests of shareholders and other stakeholders by promoting transparency and accountability.

The Interplay Between Corporate Governance and Financial Decision-Making 🔗

Corporate governance and financial decision-making are closely related. Good corporate governance practices can positively influence financial decision-making by enhancing corporate performance and reducing risks.

For instance, if a company has a strong corporate governance structure, it is more likely to make financial decisions that are in the best interest of its stakeholders, such as not taking on excessive risk or engaging in fraudulent activities. This not only benefits the company’s financial position but also enhances its reputation, which can attract more investment and lead to sustainable growth.

To summarize, corporate governance is not just a set of rules and regulations; it’s a way of life for a corporation. It defines how an organization is run, impacts its reputation, and influences its financial decisions. Therefore, understanding the concept of corporate governance is crucial for anyone involved in the corporate world.


Explore the regulatory framework of corporate governance:

  • Overview of relevant laws, regulations, and guidelines related to corporate governance

  • Understanding the role of regulatory bodies in ensuring effective corporate governance

  • Compliance requirements and reporting obligations for organizations

The Legal Side of Corporate Governance 📜

You may be surprised to learn how often real-life, high-profile cases highlight the importance of understanding the regulatory framework of corporate governance. A striking example is the Enron Scandal of 2001, where a lack of corporate governance led to one of the most infamous bankruptcies in US history. Understanding the relevant laws, regulations, and guidelines related to corporate governance is crucial in preventing such catastrophic outcomes.

Laws and Regulations: The Backbone of Corporate Governance 📚

A plethora of laws and regulations form the backbone of corporate governance. These can differ significantly between countries and industries. However, they often encompass key areas such as financial transparency, shareholder rights, and board responsibilities. For instance, in the US, the Sarbanes-Oxley Act (SOX) was enacted in response to the Enron scandal. This law significantly enhanced requirements for financial reporting and internal controls in public companies.

Sarbanes-Oxley Act (SOX) – This US law, enacted in 2002, mandates strict reforms to enhance financial disclosures from corporations to prevent accounting fraud. It has had a profound influence on corporate governance worldwide, setting new benchmarks for accountability and transparency.


Regulatory Bodies: The Guardians of Corporate Governance ⚖️

Regulatory bodies play an instrumental role in ensuring effective corporate governance. They act as guardians, monitoring and enforcing compliance with laws and regulations. A classic example is the SEC (Securities and Exchange Commission) in the United States. These organizations keep a watchful eye on businesses, ensuring they adhere to best practices.

Securities and Exchange Commission (SEC) – The SEC is a government agency that holds primary responsibility for enforcing federal securities laws, proposing securities rules, and regulating the securities industry in the United States.


Compliance and Reporting: The Litmus Test for Organizations 📄

In the realm of corporate governance, compliance requirements and reporting obligations are non-negotiable. They act as a litmus test, showing whether an organization is upholding its duties. These requirements can encompass everything from financial reporting to environmental impact disclosures. They ensure transparency, protect investors, and foster trust in the business world. Non-compliance can lead to legal repercussions, financial penalties, and even irreparable reputational damage.

Volkswagen’s “Dieselgate” – In 2015, Volkswagen admitted to cheating on emissions tests for about 11 million vehicles worldwide. This scandal resulted in significant legal penalties, not to mention a severe blow to the company’s reputation. Adhering to compliance requirements might have averted this devastating outcome.


In conclusion, understanding the regulatory framework of corporate governance – from relevant laws and regulations to the role of regulatory bodies and compliance requirements – is essential to any organization's success. This knowledge can help prevent legal troubles, ensure transparency, and foster trust among stakeholders.


Examine the board of directors' role in corporate governance:

  • Composition and structure of the board of directors

  • Responsibilities and duties of directors

  • Board committees and their functions

  • Board independence and the importance of diversity

The Importance of the Board of Directors in Corporate Governance

Did you know that Google's parent company, Alphabet, has a 13-member board of directors? This fact underlines the importance of a board in steering a company's strategic direction.

Composition and structure of the board of directors 👥

The board of directors serves as the company's governing body. Composed of typically 7-15 members, the board includes both internal directors (executives from within the company, like the CEO or CFO) and external directors (individuals outside of the company, who can provide an unbiased perspective). Companies like Apple and Microsoft have a mix of internal and external directors on their boards to balance the internal understanding of the company with external expertise and objectivity.

Example: Microsoft's board of directors is composed of 14 members including Satya Nadella, the CEO, and Bill Gates, the company's founder. Other members include independent directors with diverse backgrounds in technology, finance, marketing, and academia.

Responsibilities and duties of directors 🎯

The board of directors' main responsibility is to act in the best interest of the shareholders. They approve the company's strategic decisions, oversee the actions of the management, and safeguard the company's financial health. Moreover, they ensure adherence to legal and corporate governance standards to maintain investor trust.

Example: During the 2008 financial crisis, the board of directors of Goldman Sachs was responsible for approving the company's strategy to weather the storm. They ensured tight fiscal control and compliance with stringent regulatory requirements.

On Committees and Diversity: Crucial Aspects of Corporate Governance

Board committees and their functions 📚

Typically, a board of directors has several committees. Common types include the Audit Committee (oversees the company's financial reporting process), Compensation Committee (decides executive pay), and Nomination Committee (responsible for selecting new directors). Each committee performs a specific function, contributing to the overall governance of the company.

Example: At Alphabet, the Audit Committee reviews the company's financial statements and works with external auditors to ensure accuracy. The Compensation Committee, on the other hand, determines the pay for Alphabet's top executives.

Board independence and the importance of diversity 🌍

An independent board, composed mostly of external directors, can provide objective oversight. Similarly, diversity on the board—in terms of gender, race, ethnicity, and skills—can enhance decision-making by offering different perspectives.

Example: Johnson & Johnson's board is composed of a majority of independent directors, ensuring balanced governance. Additionally, the board is diverse, with a mix of gender, racial, and professional backgrounds. This diversity has been linked to the company's innovative strategies and successful global expansion.

In conclusion, the role of the board of directors in corporate governance is fundamental. From determining the company's strategic direction to ensuring fiscal control and compliance, the board's composition, responsibilities, and practices are key to a company's success. Whether it's a tech titan like Alphabet or a healthcare giant like Johnson & Johnson, strong corporate governance starts at the top—with the board of directors.


Evaluate the role of shareholders in corporate governance:

  • Shareholder rights and responsibilities

  • Different types of shareholders and their influence

  • Proxy voting and shareholder activism

  • The relationship between shareholders and the board of directors

The Mighty Influence of Shareholders 💪

Imagine you're a shareholder in a large corporation like Apple or Amazon. With this position, you wield a certain level of power and responsibility. In the world of corporate governance, shareholders are the owners of the company and have a significant role in the decision-making process.

Shareholder Rights and Responsibilities - The Power Duo⚖️

Shareholders have the right to vote on corporate policy and decisions that will guide the company's strategy and future. It doesn't matter if you have one share or a million - your voice counts.

Take Warren Buffett, for instance. As one of the largest shareholders in companies like Coca-Cola and American Express, his opinions and decisions significantly influence the direction of these companies.

For example, in 2013, Buffett disagreed with Coca-Cola's plan to split its stock, arguing that it would diminish shareholder value. Coca-Cola reconsidered its strategy, illustrating the power shareholders hold.


Understanding Different Types of Shareholders and Their Influence🧩

Different types of shareholders come with different levels of influence. Common shareholders, like retail investors, usually have little influence individually but can wield power collectively. Preferred shareholders, who usually own a large number of shares, often have a more significant say in company decisions.

Consider activist investors. These are shareholders who acquire a stake in a company with the intention of influencing management decisions. One famous example is Carl Icahn, who has used his shareholder status to effect changes in companies like Yahoo and Dell.

Proxy Voting and Shareholder Activism - The Game Changers⚔️

Proxy voting is another powerful tool in the hands of shareholders. It allows them to vote on corporate matters without being physically present at shareholder meetings – it's like having a remote control for corporate decisions.

Shareholder activism is when shareholders use their equity stake in a corporation to put pressure on its management. The aim may be to effect change in the company or to gain control of the board of directors.

A notable example of shareholder activism is Nelson Peltz’s battle with Procter & Gamble in 2017. Peltz, via his investment firm, acquired a $3.5 billion stake in the company and eventually won a seat on the board.


The Delicate Dance between Shareholders and Board of Directors💃🕺

The relationship between shareholders and the board of directors is crucial in corporate governance. The board is elected by shareholders to oversee the management of the company and make key strategic decisions.

In 2010, HP's CEO Mark Hurd was forced to resign after a series of allegations. This decision was backed by the board of directors but faced immense backlash from shareholders. Despite the uproar, the board, as representatives of shareholders, stood by their decision, highlighting the essential role of this relationship in corporate governance.

In conclusion, shareholders, with their rights, responsibilities, and influence, play a significant role in corporate governance. Their relationship with the board of directors forms the backbone of decision-making within a company. The examples of Warren Buffet, Carl Icahn, and Nelson Peltz illustrate this vividly. As a shareholder, your influence might be more significant than you think.


Understand the importance of transparency and disclosure in corporate governance:

  • Disclosure requirements for financial information

  • The role of financial reporting in corporate governance

  • Transparency in decision-making processes

  • The impact of transparency on stakeholder trust and confidence

The Relevance of Transparency and Disclosure in Corporate Governance

In the world where Enron and Lehman Brothers triggered a global financial crisis, corporate governance emerged as a critical concept. The core tenets of corporate governance revolve around transparency and disclosure.

📜 Transparency and Disclosure are widely recognized as crucial elements of sound corporate governance. They refer to the extent to which a company shares its business operations, financial situation, and decision-making processes not just with its shareholders but also with the wider public.

The Disclosure Requirements for Financial Information

An integral part of corporate governance is the disclosure of financial information. For instance, public companies in the United States are mandated by the Securities and Exchange Commission (SEC) to disclose certain financial information.

Amazon, a public company, releases its quarterly and annual reports that include details about its revenue, profits, assets and liabilities, among other financial data. This information provides a clear picture about the company's financial health and performance.


Such disclosures allow potential investors to make informed decisions. They also ensure that the existing shareholders are aware of the company's financial status.

The Role of Financial Reporting in Corporate Governance

Financial reporting plays a vital role in corporate governance. It is through these reports that a company communicates its financial performance and condition to its stakeholders.

Apple Inc., for example, publishes its annual report that includes the company's financial statements, management discussion and analysis, corporate governance information, and the independent auditor's report. This ensures that stakeholders have a comprehensive understanding of the company's operations and financial status.


This not only ensures accountability but also enhances trust among the stakeholders.

Importance of Transparency in Decision-Making Processes

Transparency in decision-making processes is another crucial aspect of corporate governance. When a company makes its decision-making process transparent, it becomes more accountable to its stakeholders.

When Google decided to acquire YouTube, it made the process transparent by disclosing the reasons for the acquisition, the purchase price, and how it would impact the company's future. This helped in building trust among the stakeholders.```


Transparency ensures that all decisions are made in the best interests of the company and its shareholders, rather than a select few.


### **The Impact of Transparency on Stakeholder Trust and Confidence**


Transparency has a significant impact on stakeholder trust and confidence. When a company is transparent about its operations, financial status, and decision-making processes, it builds trust among the stakeholders. 


```Example

Warren Buffet, the CEO of Berkshire Hathaway, is renowned for his annual letters to shareholders. These letters provide a transparent overview of the company's performance, successes, and failures. This has helped in building a high level of trust among the shareholders.


Moreover, transparency can boost a company's reputation and could potentially attract more investors, leading to increased business success.

In sum, transparency and disclosure are vital for effective corporate governance. They ensure accountability, build trust among stakeholders, and can lead to long-term business success.


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1- Introduction 2- Organisational structures: Understand different types and their financial reporting requirements. 3- PESTEL analysis: Explain and apply to analyse external factors affecting organisations. 4- Introduction 5- Macroeconomic factors: Understand the key factors and their impact on organizations. 6- Microeconomic factors: Understand the key factors and their impact on organizations. 7- International business environment: Understand the significance of macro and microeconomics in an international context and their impact on organization. 8- Introduction 9- Mathematical Accounting Methods. 10- Use mathematical techniques in accounting. 11- Create and use graphs, charts, and diagrams of financial information 12- Apply statistical methods to provide financial and accounting information. 13- Introduction 14- Financial Accounting: 15- Inventory valuation methods and calculations 16- Year-end adjustments and accurate accounting 17- Preparation of final accounts for sole traders and partnerships 18- Assessment of financial statement quality 19- Introduction 20- Budgeting: Understanding the role of budgeting, preparing budgets accurately, and analyzing budgets for organizational performance. 21- Standard Costing: Understanding the purpose of standard costing, calculating and interpreting variances accurately, and evaluating the advantages. 22- Capital Expenditure and Appraisal Techniques: Understanding key capital expenditure appraisal techniques, calculating payback, ARR, NPV, and IRR accuracy. 23- Costing Techniques: Differentiating between marginal and absorption costing, understanding job, batch, and process costing methods, using service cost. 24- Introduction 25- Leadership and Management in Accounting: Understand theories, motivation, and teamworking. 26- Introduction 27- Understand theories of finance 28- Discuss a range of financial theories and their impact on business decisions. 29- Analyse the nature, elements and role of working capital in a business. 30- Describe how a business assesses its working capital needs and funding strategies. 31- Analyse the ways in which a business manages its working capital needs Be able to analyse techniques used to manage global risk. 32- Analyse the scope and scale of financial risks in the global market. 33- Analyse the features and suitability of risk mitigation techniques. 34- Evaluate the suitability and effectiveness of techniques used by a business to manage its global risk. 35- Introduction 36- Understand corporate governance as it relates to organisations financial planning and control. 37- Analyse the role of corporate governance in relation to an organisation’s financial planning and control. 38- Analyse the implications to organisations of compliance and non-compliance with the legal framework. 39- Understand the economic and financial management environment. 40- Analyse the influence of the economic environment on business. 41- Discuss the role of financial and money markets. 42- Analyse the benefits, drawbacks and associated risks of different sources of business finance. 43- Be able to assess potential investment decisions and global strategies. 44- Analyse the benefits, drawbacks and risks of a range of potential investment decisions and strategies for a business. 45- Assess the ways in which the global financial environment affects decision-making and strategies of a business. 46- Inroduction 47- Be able to manage an organisation's assets: Analyse assets, calculate depreciation, maintain asset register. 48- Be able to manage control accounts: Analyse uses of control accounts, maintain currency, prepare reconciliation statements. 49- Be able to produce a range of financial statements: Use trial balance, prepare financial statements from incomplete records. 50- Introduction 51- Understand the principles of taxation. 52- Distinguish direct from indirect taxation. 53- Evaluate the principles of taxation. 54- Evaluate the implications of taxation for organisational stakeholders. Understand personal taxation. 55- Analyse the requirements of income tax and national insurance. 56- Analyse the scope and requirements of inheritance tax planning and payments. 57- Analyse the way in which an individual determines their liability for capital gains tax. 58- Analyse an individual’s obligation relating to their liability for personal tax. 59- Explain the implications of a failure to meet an individual’s taxation obligations. Understand business taxation. 60- Explain how to identify assessable profits and gains for both incorporated and unincorporated businesses. 61- Analyse the corporation tax system. 62- Analyse different value-added tax schemes. 63- Evaluate the implications of a failure to meet business taxation obligations. 64- Introduction 65- Understand recruitment and selection: Evaluate the role and contribution of recruiting and retaining skilled workforce, analyze organizational recruitment. 66- Understand people management in organizations: Analyze the role and value of people management, evaluate the role and responsibilities of HR function. 67- Understand the role of organizational reward and recognition processes: Discuss the relationship between motivation and reward, evaluate different. 68- Understand staff training and development: Evaluate different methods of training and development, assess the need for Continuous Professional Development. 69- Introduction 70- Understand the relationship between business ethics and CSR and financial decision-making. 71- Analyse the principles of CSR. 72- Evaluate the role of business ethics and CSR with financial decision-making. Understand the nature and role of corporate governance and ethical behavior. 73- Explain the importance of ethical corporate governance. 74- Explain, using examples, the ethical issues associated with corporate activities. 75- Analyse the effectiveness of strategies to address corporate governance and ethical issues. Be able to analyse complex CSR and corporate governance. 76- Explain how links between CSR and corporate governance provide benefit to the organisation. 77- Make recommendations for improvement to CSR and corporate governance issues. 78- Introduction 79- Apply advanced accounting concepts and principles: Learn about complex topics such as consolidation, fair value accounting, and accounting for derivatives. 80- Critically evaluate accounting standards and regulations: Understand the different accounting standards and regulations, such as IFRS and GAAP. 81- Financial statement preparation and analysis: Learn how to prepare and analyze financial statements, including balance sheets, income statements. 82- Interpretation of financial data: Develop the skills to interpret financial data and ratios to assess the financial health and performance of a company. 83- Disclosure requirements: Understand the disclosure requirements for financial statements and how to effectively communicate financial information. 84- Accounting for business combinations: Learn the accounting treatment for mergers and acquisitions, including purchase accounting and goodwill impairment. 85- Accounting for income taxes: Understand the complexities of accounting for income taxes, including deferred tax assets and liabilities and tax provision. 86- Accounting for pensions and other post-employment benefits: Learn the accounting rules for pensions and other post-employment benefits, including. 87- Accounting for financial instruments: Understand the accounting treatment for various financial instruments, such as derivatives, investments . 88- International financial reporting standards: Familiarize yourself with the principles and guidelines of international financial reporting standards . 89- Introduction 90- Auditing principles and practices: Learn the fundamental principles and practices of auditing, including the importance of independence, objectivity. 91- Introduction 92- Financial data analysis and modeling: Learn how to analyze financial data and use financial modeling techniques to evaluate investments. 93- Capital budgeting decisions: Understand how to evaluate and make decisions regarding capital budgeting, which involves determining which long-term. 94- Cost of capital: Learn how to calculate and evaluate the cost of capital, which is the required return on investment for a company. 95- Dividend policy: Understand the different dividend policies that companies can adopt and evaluate their impact on corporate finance and restructuring. 96- Introduction 97- Tax planning strategies: Learn various strategies to minimize tax liabilities for individuals and organizations. 98- Business transactions: Understand the tax implications of different business transactions and how they can impact tax planning. 99- Ethical considerations: Analyze the ethical considerations involved in tax planning and ensure compliance with tax laws and regulations. 100- Tax optimization: Learn techniques to optimize tax liabilities and maximize tax benefits for individuals and organizations. 101- Tax laws and regulations: Gain a comprehensive understanding of tax laws and regulations to effectively plan and manage taxes. 102- Tax credits and deductions: Learn about available tax credits and deductions to minimize tax liabilities and maximize savings. 103- Tax planning for individuals: Understand the specific tax planning strategies and considerations for individuals. 104- Tax planning for organizations: Learn about tax planning strategies and considerations for different types of organizations, such as corporations. 105- Tax planning for investments: Understand the tax implications of different investment options and strategies, and how to incorporate tax planning. 106- Tax planning for retirement: Learn about tax-efficient retirement planning strategies, including retirement account contributions and withdrawals. 107- Introduction 108- Risk management concepts: Understand the principles and techniques used to identify, assess, and mitigate financial risks. 109- Financial derivatives: Learn about various types of derivatives such as options, futures, and swaps, and how they are used for risk management. 110- Hedging strategies: Analyze different strategies used to minimize potential losses by offsetting risks in financial markets. 111- Speculation strategies: Explore techniques used to take advantage of potential gains by taking on higher risks in financial markets. 112- Regulatory frameworks: Understand the laws and regulations governing the use of financial derivatives and risk management practices. 113- Ethical considerations: Consider the ethical implications of risk management and financial derivatives, including transparency and fairness in finance 114- Introduction 115- Evaluate financial implications of strategic decisions: Understand how strategic decisions can impact the financial health of an organization. 116- Develop financial strategies for organizational objectives: Learn how to create financial plans and strategies that align with the overall goals. 117- Apply financial forecasting techniques: Gain knowledge and skills in using various financial forecasting methods to predict future financial performance. 118- Utilize budgeting techniques in support of strategic planning: Learn how to develop and manage budgets that support the strategic goals of the organization. 119- Consider ethical considerations in financial decision-making: Understand the ethical implications of financial decisions and be able to incorporate . 120- Understand corporate governance in financial decision-making: Learn about the principles and practices of corporate governance and how they influence.
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