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Running head: REFLECTION: GOVERNANCE AND ACCOUNTABILITY 1 Reflection: Governance and Accountability Student’s Name Institutional Affiliation

REFLECTION: GOVERNANCE AND ACCOUNTABILITY 2 Reflection: Governance and Accountability The primary aim of any company is not just seeking profits but the highest profit. This is because established companies work towards increasing the owner’s wealth when the value of the company is raised. Thus, the company value can only be said to have been attained when it achieves a predetermined profit value. It is, however, essential to note that the performance of a particular company is the result that constantly influences its operational activities. The drop in profits indicates that the firm’s performance is terrible, and an adequate strategy is always required in such a case. A firm’s business strategy aims at improving its competitive position and market segmentation. When it comes to governance and accountability aspects, business strategy becomes a vital component since it analyzes the effects of a particular business unit on the entire company performance. Thus, a company’s performance and opportunities can be increased through corporate strategy. Several studies by business scholars have found a correlation between accounting practices, management skills, and business strategy on organization performance. A company’s performance can be improved when the principles of good corporate governance are applied in all its operational activities. Having analyzed Walgreens changing structures and behaviors by Wagner and Orvis (2013), I have learned that incorporating the principles of good governance in a company’s operational activities increases the value that assists in supporting its overall performance. This aspect also corresponds with the study conducted by Smith and Bart (2012) regarding the type of questions directors should ask regarding strategy. For instance, question four by Smith and Bart (2012) concerns the role of the management and the board in strategy development as well as strategic risk assessment. Initially, I did not think of a way that both the administration and the board could be jointly engaged in a

REFLECTION: GOVERNANCE AND ACCOUNTABILITY 3 thinking process through a strategic development process. I have significantly developed my understanding of how theoretically virtuous governance practices enhance organizational performance. Additionally, according to Smith and Bart (2012), I have also learned that good governance also minimizes the risks likely to be carried out by a particular firm’s board based on favorable decisions, an aspect that can as well increase the confidence of investors to invest. For chemical industries, good corporate governance must be supported by moral principles. At first, I only knew that provided a company’s performance is always when there is the existence of a customer perspective, monetary perspective, internal corporate process perspective, and growth and learning outlook. However, the most relevant and exciting learning that arose from the article regarding smart companies by Aldy and Gianfrate (2019) is that sound corporate governance principles include independence, transparency, fairness, and accountability. Equally, this aspect is perhaps explained by the point that investors have started being enthusiastic about understanding the manner in which companies manage opportunities and risks based on climate change policies (Aldy & Gianfrate, 2019). This viewpoint is equally in accordance with the philosophy highlighted by Kaplan and Norton (2013) that articulates that a company’s performance can be measured based on the Balanced Scorecard approach. Subsequently, I noticed that just like Aldy and Gianfrate (2019), Kaplan and Norton (2013) also assert that the Balanced Scorecard approach entails internal business process perspectives as well as financial, customer, learning, and growth perspectives. However, unlike the outcomes seen in the article by Aldy and Gianfrate (2019), Kaplan and Norton (2013) reveal that tasks related to balancing the demands associated with near-term operations in an organization with long-term strategic priorities and objectives have for a long time remained a major management challenge.

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REFLECTION: GOVERNANCE AND ACCOUNTABILITY 4 Integrated business strategies in an organization with high differentiation and high-cost leadership indicators are likely to affect its overall performance. Having analyzed an article by Saha et al. (2020), I now realize that firms that possess cost and differentiation leadership operational strategies are always better compared to companies that only rely on a single strategic indicator. This aspect can be seen in the BBC News article that reveals the plan by the government to end the dominance of big companies (“Accountants: Government to break up dominance,” 2021). Besides the existence of integration-related barriers, as highlighted by Saha et al. (2020) in their article, the most meaningful ideas they mentioned were that business strategies aim to improve a business's competitive position and market segmentation. These aspects are so significant because they reveal the manner in which a particular business unit impacts a company’s overall performance. Conclusively, there is always a relationship between business strategies, accounting practices, and management skills on the performance of an organization. Business strategies and good corporate governance will always have a critical role in a company’s performance. Therefore, a company with good corporate governance can not only improve its performance but can also profit it and attract more investors. Alternatively, using a management information system and not interfering with outsiders that obscure an organization’s vision and mission are some of the approaches that can be implemented to improve a company’s performance. Managers are also tasked with ensuring that there is always a steady annual improvement in their organizations’ income.

REFLECTION: GOVERNANCE AND ACCOUNTABILITY 5 References Accountants: Government to break up dominance of Big Four firms. (2021). Retrieved 20 January 2022, from https://www.bbc.com/news/business-56435732 Aldy, J. E., & Gianfrate, G. (2019). Future-proof your climate strategy. Harvard Business Review , 4 , 16-86. Kaplan, R. S., & Norton, D. (2013). Integrating strategy planning and operational execution: A six-stage system. Mark Smith marksmith@kpmg.ca 10 (3), 1-9. Saha, S., Egol, M., & Siegel, M. (2020). Enterprise agility and experience management efforts work best when they work together. Retrieved 20 January 2022, from https://www.strategy-business.com/article/Enterprise-agility-and-experience- management-efforts-work-best-when-they-work-together Smith, K., & Bart, C. (2012). 20 questions directors should ask about strategy (3rd ed.). Toronto: Canadian Institute of Chartered Accountants. Wagner, M., & Orvis, W. (2013). Changing Structures and Behaviors at Walgreens. Retrieved 20 January 2022, from https://digitaledition.strategy- business.com/article/Changing+Structures+And+Behaviors+At+Walgreens/1471289/169 862/article.html

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