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Roles and Responsibilities of Management - page 24 / 26

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Conclusion

Management roles and responsibilities are to ensure operational efficiency; enhance the quality, reliability, integrity, and transparency of financial reports; and ensure compliance with applicable laws, regulations, rules, and standards.

Management is responsible for all managerial functions, including decision making, performance assessment, fair presentation of financial reports, and the achievement of the goal of increasing shareholder value while protecting the interests of all stakeholders.

The success and long-term survival of the company is in the hands of the CEO, and thus, the personal attributes, ethical values, and professional characteristics of the CEO should match and be in line with the company’s values, visions, and strategic plans.

Key challenges facing CEOs include (1) CEO fiduciary duties, (2) CEO succession planning, (3) CEO duality, (4) CEO financial knowledge and understanding, (5) CEO pay and skill, and (6) self-serving and self-dealing CEOs.

Executive compensation includes salary, annual incentive compensation (bonus), long-term incentive compensation, stock option awards, stock award units, severance, change-of-control

payments, retirement arrangements, and stock ownership.

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