Business ethics 1 book

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30 Terms

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more than 100 million

enron corp. annual revenue

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7th place

enron ranking in terms of revenue

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Houston natural gas and internorth of Nebraska

Enron business merger

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natural gas operation

Enron business operation

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Jeffrey Skilling

Chief executive officer of enron

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Andrew Fastow

Chief financial officer of enron

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Kenneth Lay

Board chair of enron

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Special purpose entities

legal entities set up to accomplish specific and very narrow corporate objectives

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John Mendelssohn and John wakeham

Enron's independent auditor

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John Mendelsohn

president of MD Anderson cancer center ehich receives cash donations from enron.

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$100

NYSE stock price for enron

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August 2001

date on which Jeffrey Skilling resigned as a CEO

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Sherron Watkins

Enron's vice president for corporate development

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sarbanes oxley act

objective of protecting corporate investors through strengthening of corporate governance, strict regulation of audit profession and internal controls

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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

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5 years

rotation duration of audit engagement partners

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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

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Corporate Governance

system of stewardship and control to guide organizations in fulfilling their ling term economic, moral, legal, and social obligations towards their stakeholders.

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Concept of Stewardship and Control

oversight or monitoring of corporate performance and operating results.

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Fulfillment of long term obligations

being able to comply with legal requirements and contractual obligations.

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Shareholder theory

corporation exist for the benefit of the shareholders or stockholders.

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stakeholders theory

corporation doesn't exist only for shareholders, but for the benefits of stakeholders also

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short-termism

connotes actions of managers intended to increase short term profits only

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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

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management

takkes charge kf day to day operations of the business.

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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

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Non executive director

those who are not involved in operations and are not corporate officers

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