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Chapter 3
Key concepts
Accountability
Accountability means that people in a position of power can can be held
to account for their actions, i.e. they can be compelled to explain their
decisions and can be criticised or punished if they have abused their
position.
Accountability is central to the concept of good corporate governance –
the process of ensuring that companies are well run.
The directors are accountable to the shareholders for the way in which
they run the company.
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