Question

There is a proposition in management studies that leadership affects performance and that there factors in leadership that are determinants of effective leadership. All those who aspire to leadership, senior and key positions must have a distinctive and powerful set of attitudes and values.

a) Discuss the values a leader should possess to achieve results, inspire others, and work effectively.

b) Corporate governance is concerned primarily with protecting weak and widely dispersed shareholders against self-interested Directors and Managers, Discuss the pillars of good corporate governance citing appropriate industry examples.

c) Any strategy directions may be undertaken in a different way or by a different strategic method. Explain the means by which a strategy can be pursued.

Answer 1

a)Values a leader should possess for acheiving results, inspiring others and to wokr effectively are-

Good communication skill- Leaders should be good communicators, then only they can inspire their followers and encourage them to acheive the targets.

Honesty- Leader must be honest. They should be careful about establishing the ethical standards and should follow "practice what you preach". Otherwise followers will reject their leadership.

Positive attitude and confident- A confident and positive leader can always motivate and inspire his team members to getting things done in a right way.

Emotional IQ- A leader should possess emotional iq and should be empathetic for his followers to gain their confidence and belief.

b)Pillars of Good corporate governance- There are six pillars of good corporate governance:

1.Transparency - It is necessary to not hide all the processes and transactions so that outsiders and others who can be affected by this can observe it all

2.Independent assurance: An independent director in tbe board to ensure that there should not be any actions for personal benefits.

3.Accountability- Owing risk and reward in acheiving goals is the attribute of accountability. In a good corporate governance it is most important factor to make strategies and execute tasks for attaining goals.

4.Leadership-This pillar is important for establishing the way in which business should be done.

5.Stakeholder Engagement-Engagement of stakeholders is necessary for the business success. Interaction of the stakeholders with business and their contribution are significant issue.

6.Fairness-Treating each and every stakeholders equitably and reasonable whether they are of minority or majority group is important factor.

c)Strategic direction is the action taken in course of achieving the organizational goals and for this strategic planning is needed.Steps involved in strategic plannings are-

Clarifying the vision of the business

Formulation of a strategy

Implementation of the formulated strategy

Evaluation of the implemented strategy

Controlling the gap between planned strategy and executed process.