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more than 100 million
enron corp. annual revenue
7th place
enron ranking in terms of revenue
Houston natural gas and internorth of Nebraska
Enron business merger
natural gas operation
Enron business operation
Jeffrey Skilling
Chief executive officer of enron
Andrew Fastow
Chief financial officer of enron
Kenneth Lay
Board chair of enron
Special purpose entities
legal entities set up to accomplish specific and very narrow corporate objectives
John Mendelssohn and John wakeham
Enron's independent auditor
John Mendelsohn
president of MD Anderson cancer center ehich receives cash donations from enron.
$100
NYSE stock price for enron
August 2001
date on which Jeffrey Skilling resigned as a CEO
Sherron Watkins
Enron's vice president for corporate development
sarbanes oxley act
objective of protecting corporate investors through strengthening of corporate governance, strict regulation of audit profession and internal controls
external auditor prohibited performance
bookkeeping, information systems design and implementation, appraisal or valuation services, actuarial services, internal audit, management functions, investment adviser, legal services unrelated to audit
5 years
rotation duration of audit engagement partners
Organisation of economic co operation and development
inter-govermental entity founded in 1961 intended to stimulate economic growth through formulation of policies for better lives
Corporate Governance
system of stewardship and control to guide organizations in fulfilling their ling term economic, moral, legal, and social obligations towards their stakeholders.
Concept of Stewardship and Control
oversight or monitoring of corporate performance and operating results.
Fulfillment of long term obligations
being able to comply with legal requirements and contractual obligations.
Shareholder theory
corporation exist for the benefit of the shareholders or stockholders.
stakeholders theory
corporation doesn't exist only for shareholders, but for the benefits of stakeholders also
short-termism
connotes actions of managers intended to increase short term profits only
agent problem
situation that exists when agents of the corporation use their authority for their own benefit and not for the benefits of the principal or owner
management
takkes charge kf day to day operations of the business.
independent director
person who is independent of management and controlling shareholders, and is free from material interfere wtih his exercises of independent judgement in carrying out his responsibilities as a director
Non executive director
those who are not involved in operations and are not corporate officers