Explain the importance of corporate governance to both the company and the stakeholders.

The set objectives of the King IVTM Report are to: -

• promote good corporate governance as integral to running an enterprise and delivering benefits to it;
• broaden the acceptance of good corporate governance by making it accessible and fit for application by organisations of a variety of sizes, resources and complexity of strategic objectives and operations;
• reinforce good corporate governance as a holistic and inter-related set of arrangements to be understood and implemented in an integrated manner; and
• present good corporate governance as concerned with not only structure, policy and process but also an ethical consciousness and behaviour.

To what extent would the draft King IVTM Report as it stands achieve each of these objectives? Please comment on how this could be optimised.