REACTION PAPER

Date: February 11, 2021

Name : Ma. Angelica D. Ovillo

Course : BSA – 2
Subject : AC210 Governance, Business Ethics, Risk Mgt. & Internal Control
Thursday, February 11⋅8:45 – 9:45pm____________

Instructions: This reaction paper must be submitted/ sent to my email baguio.bridge@gmail.com on or

before Feb 16.

Introduction to Corporate Governance and the Role of Board of Directors (BOD)

Topic

REFLECTION/LEARNING/KEY TAKEAWAY OF THE TOPIC:

The discussion last meeting talked about good governance, risk management, business ethics,
corporate social responsibility, corporate governance structure/processes, duties and functions of the
BOD (Board of Directors) and some others that I’ve forgot to mention in here. So, what I’ve learned
from the discussion last meeting was all about the topic I’ve mention earlier.
Ma’am Bridgette presented a copy of her presentation on our meeting last few days regarding
on those topics mention above and one of those was the good governance. So what I have learned
from Ma’am Bridgette discussion and also of her explanation regarding the topic is that it’s not about
making the correct decision but about the best possible process for making those decision in regards
to business and others that good governance may exist. Good governance helps businesses and other
association to sustain in the long run and if there will be any possible losses, it’s not that much. Good
governance is a robust and reliable system for making confident and timely decisions. Good
Governance gives members confidence in decision making process and leads to better decision. It
builds trust and respect between members and elected leaders and it ensures ethical decision making.
Ma’am Bridgette also discussed about risk management, what I’ve learned from her explanation was
that risk occurrence in a business was inevitable meaning we can’t stop it risk from
happening/existing. Thus, in order for us not to suffer from great loss in our business we must have
our ways of preventing such loss. For example, our business is about condominium units and we must
register this condo unit/ building to an insurance company because we don’t know when will risk
occur and to make it sure that we can’t experience such loss, because by insuring the building we can
get the exact amount we invest if I’m not mistaken. Next is the business ethics topic, we know that
business ethics is always present in a business because without it the business will fall and will surely
no longer exist in the long run. I agree on what Ma’am Bridgette told us about fraud, that fraud should
always be a big NO in the business area. Business transactions/ agendas should always be in line with
the by-laws. Ma’am Bridgette also discussed about the duties and functions of the board of directors
and what I’ve learned in this topic was that the Board of Directors plays a pivotal role in ensuring
good governance. The contribution of directors on the board is critical to the way a corporate
conducts itself. A board responsibilities derive from law, custom, tradition and prevailing practices.