Corporate Compliance Benchmarking
...December 3, 2007
Corporate Compliance Benchmarking Paper
CareNetWest Companies, Inc. is a public healthcare company that faces many challenges with implementing, monitoring and the compliance of corporate governance and the Sarbanes-Oxley Act. Among the compliance issues that CareNetWest faces, the company cannot fully staff key positions with experienced personnel and accountability within the leadership is lacking. This paper will identify best practices in corporate governance, NetCareWest’s current issues, outline areas for improvement and analyze the roles of the stakeholders within the corporation. This research will set CareNetWest Companies, Inc. on the path toward compliance with Sarbanes-Oxley Act and establishing effective corporate governance that will benefit the company and increase shareholder’s value.
Corporate Governance Concepts
Regulatory changes over the past ten years came in the wake of corporate scandals and corruption has created a number of changes in how businesses manage corporate governance. Webster’s New World Finance and Investment Dictionary defined corporate governance as “the policies, procedures, and rules that determine how a corporation is managed, as defined by the company’s bylaws, corporate charter, policies, and applicable laws.” (yourdictionary.com, 2007) The Sarbanes-Oxley Act (SOX) of 2002 established mandatory guidelines that affect executive compensation and the monitoring of shareholders and the board of directors. With the establishment of the SOX, the CareNetWest Companies, Inc is unprepared to meet the strict compliance demands associated with the act or have the right personnel in place to meet the challenge. In order for CareNetWest to begin developing an effective management team, the company needs to fill all the key positions with talented people.
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