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3.1 Name THREE King Code principles for good corporate governance - NSC Business Studies - Question 3 - 2020 - Paper 2
Question 3
3.1 Name THREE King Code principles for good corporate governance. 3.2 Read the scenario below and answer the questions that follow. GIANT ENTERPRISE (GE) Candice... show full transcript
Worked Solution & Example Answer:3.1 Name THREE King Code principles for good corporate governance - NSC Business Studies - Question 3 - 2020 - Paper 2
Step 1
3.1 Name THREE King Code principles for good corporate governance.
Answer
The three King Code principles for good corporate governance are:
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Transparency: Organizations must operate in a way that stakeholders can see through their activities, ensuring that they are fair and truthful.
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Accountability: Individuals in positions of power are accountable for their decisions and must report and explain their actions.
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Responsibility: Organizations must ensure that they act responsibly, aligning their operations with ethical and societal expectations.
Step 2
3.2.1 Identify the stage of team development that the sales team is experiencing. Motivate your answer by quoting from the scenario above.
Answer
The team is in the Storming stage of team development. This is evident because team members constantly criticise each other's ideas, leading to delays in progress. This suggests conflict and struggle for power, characteristic of the storming phase.
Step 3
3.2.2 Advise Candice on how she could handle conflict in the workplace.
Answer
Candice could handle conflict in the workplace by following these steps:
- Acknowledge the Conflict: Recognize that there is an issue within the team.
- Discuss the Cause: Have team members express their issues in a safe environment.
- Arrange Pre-negotiations: Allow individuals to voice their concerns before a group discussion.
- Facilitate a Meeting: Bring all parties together to discuss the issues and co-create solutions.
- Encourage Open Communication: Promote an environment where team members feel safe to share their opinions.
- Monitor and Follow Up: After implementing changes, regularly check in to ensure the conflict is being resolved.
Step 4
3.3 Explain how abuse of work time poses challenges to businesses.
Answer
Abuse of work time can lead to several challenges for businesses, including:
- Loss of Productivity: Employees spending time unwisely can result in unfinished tasks and overall lower output.
- Financial Impacts: Decreased productivity often leads to reduced profits and financial strain on the business.
- Damage to Reputation: Poor performance can damage the reputation of the business, affecting customer satisfaction and loyalty.
- Conflict Among Employees: Wasted time can lead to frustration and conflicts between workers, which further reduces overall morale and cohesion within the team.
Step 5
3.4 Identify any TWO elements of the triple bottom line, applicable to AD. Motivate your answer by quoting from the scenario above.
Answer
- Profit/Economic: Asanda Dairies invests surplus funds in the community and offers bursaries, indicating a commitment to economic growth and support.
- Social: By providing bursaries to previously disadvantaged students, AD is focusing on social welfare and improving community opportunities.
Step 6
3.5 Explain ways in which businesses could contribute and improve the well-being of their employees.
Answer
Businesses can contribute to employee well-being by:
- Providing Healthy Meal Options: Starting nutritional programs helps in maintaining employees' health.
- Engaging in Wellness Activities: Encouraging participation in fitness and health activities can reduce obesity and health-related issues.
- Allowing Flexible Working Hours: This can enhance work-life balance for employees.
- Creating a Supportive Work Environment: Offering career development opportunities and training programs can enhance job satisfaction.
Step 7
3.6 Discuss the advantages of the Delphi technique in solving complex business problems.
Answer
The Delphi technique offers several advantages:
- Reduction of Noise: It minimizes disruptions in discussions, allowing for clearer communication.
- Expert Insight: Involving various experts leads to comprehensive insights.
- Anonymity: Participants can express views freely without peer pressure or bias.
- Iterative Process: The method allows for refining ideas through multiple rounds, enhancing the depth of understanding.
Step 8
3.7 Recommend ways in which businesses could protect the environment and human health in the workplace.
Answer
Businesses can implement several strategies:
- Following Environmental Regulations: Adhering to laws that prevent pollution.
- Promoting Sustainability: Encouraging recycling and minimizing waste can have positive impacts.
- Healthy Workspaces: Ensuring proper ventilation and safe working conditions helps protect employee health.
- Engaging in Awareness Programs: Implementing programs that educate staff on environmental responsibility can foster a culture of sustainability.