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Many of us live on islands with weak corporate governance measures.if you had to implement a...

Many of us live on islands with weak corporate governance measures.if you had to implement a new system of governance rules in your island, which would you prefer to use , voluntary rules or mandatory (traditional law) rules.

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Answer #1

A system of government that is voluntary is not successful in the long run. We need a system that provides benefits for following the correct corporate governance procedures, but at the same time is also harsh on individuals or firms that break the law. No one shall be allowed to benefit at the cost of others. It is therefore important to look after the interest of small stakeholders such as vendors, suppliers as well as investors. Mandatory laws are therefore very important and volunatry rules will not work in the long run. For voluntary laws there will not be any incentive to follow the procedure as there are no punishments.

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