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(i) Corporate Governance

In this particular assignment,, a U.K based tourism industry has been selected, and the importance of corporate governance, ethics and finance on that particular Industry will be discussed thoroughly. Corporate Governance is a set of rules and one of the finest metrics that are possessed through law and other useful mechanisms that are used by several Industries to operate business activities. It takes control of the market regulated economy and assesses various problems related issues in a particular business industry (Buallayet al. 2017, p. 79). It looks after the internal and external factors related to investors, stakeholders and other important factors that directly and indirectly affect any industry or an organization. It includes not only stakeholders but also customers and suppliers who are totally involved in these whole operational activities. Corporate governance is an integral part when the backdrop is about a crisis like a global pandemic of the Covid-19. Altered governance, ethics will determine how the mentioned industries will survive amidst the Covid-19 outbreak..

https://commons.wikimedia.org/wiki/File:Corporate_governance_framework.png



(Source: Asmi-corporatereporting.com, 2017)

Corporate Governance is nurtured upon four pillars, namely directors of Industry, management people, internal audit section and external audit section analysis wing. It is within this process corporate governance e increases accountability and protects stakeholders by improving industries performance. In this case of Tourism industry based in a country like the U.K, it has been observed that Corporate Governance is being used to make an effective impact and also considering its entrepreneurial management section that it has the ability to deliver a long reflection in case of success of tourism industry in the U.K. These effects are generated only to value stakeholders' perspectives (Jong and Varley, 2017, p. 213). It becomes even more crucial with the crisis of a global pandemic. Thereby, it can be said that the global pandemic demands the very alteration in corporate governance in order to retain sustainability in the sector. In a country like the U.K corporate governance works in some of the major areas of the Travel and Tourism Industry in the U.K. It helps the Travel and Tourism industry remain transparent in serving people, follows all rules and abides by the law that has been imposed on tourism sectors; it also helps this particular Industry be efficient and effective in the hospitality sector. There are six pillars of law that have been followed in the travel and Tourism Industry of U.K.


 * Integration of morality
 * Make Transparency in business operations
 * A massive crowd of participation
 * Make efficient and effective measures
 * Abide by the laws of Country as well as the environment
 * Taking responsibility while offering services to common people

(ii) Ethics

The word Ethics has a lot to do in a specific industry or in a business organization. It is generally implied with a person’s behavior whether he or she is doing right or wrong in respect to social concerns. It is widely regarded as a branch of philosophy engages in developing and systematizing the concept of right and wrong on societal factors. It is incorporated with an aesthetic field significantly concerned with the social values and matter of a particular event in a particular organization (Dwyer, 2018, p. 30). It works with the moral value of any industry. There are four categories of ethical value in a broader sense. They are encrypted as actual rights and virtue, utilitarianism, normative ethical value and applied ethical value. These are the theoretical parts that are revolving while making input and output of ethical understanding in an industry. The ethical value in travel and tourism industry of U.K runs within a concept of action related activities and its consequences. A time like Covid-19 outbreak demands the moral support of each other. Any kind of partiality or bias will likely lead to mental breakdown of employees as well as consumers. Therefore, it is utterly necessary that ethical behavior is maintained during such a crisis. It engages local and tourist people, local economic factors and most importantly, the environment. In today's post-modern world, this ethical understanding gives them an opportunity as great resources of incomes and tourism industry benefited from that. The basic ethical understanding of the tourism sector is that it generally avoids participation from which negative impact may generate. These ethical norms guided the tourism industry with sustainable factors related to the development of tourism industry around the globe. The global standard of ethical value controlled human behavior for running their industry smoothly.

(iii)Finance

The most important and essential matter of any industry or an organization is the issue related to finance and financial activities (Hamdan et al. 2017, p. 296). It has power to control management, investments, customer satisfaction and is ready to give answers to any question related to growth development of an industry. It is the capital factor that operates all types of business within a particular range of exploration. It comprehends actions of investment, stakeholders, purchasing assets, banking, credit and debit system and many other finance-related enquiries. There are certain areas of the corporate, market, and international financial market that regulate within a country's economy. Though the sharp decline in the global economy due to the outbreak of the Covid-19 is noticed, tourism sector has been able to change accordingly. This has helped the industry to sustain even beyond the global pandemic of coronavirus. The tourism industry of U.K Finance plays an important role in the planning process, organizing, directing and controlling a process, a fund-related assessment which takes a descriptive approach in asserting the importance of financial management in the travel and tourism industry. It accelerates future growth and development of travel and tourism industry by providing them with substantial equipment and resources to run their business smoothly and hassle-free operations. This particular industry has a fundamental role to play in the development of the economic part of a country like the U.K.

Role of Corporate Governance in Travel and Tourism

The urgency of the corporate governance and ethics in the travel and tourism sector become even wider with the backdrop of a global epidemic. The time of need awakens the consciousness of leaders to alter these corporate governance and ethics during the outbreak. Corporate Governance plays the most crucial role in Corporate Governance. Corporate Governance set the relationship between the management of the organizations with the other stakeholders of the organizations (Chatchawanchanchanakij et al. 2019, p. 854). Relationship between board members, shareholders and with company's management and with other stakeholders like investors is most important as they in a total frame a company. A good relationship between the stakeholders and management authorities ensures proper workflow and proceedings in the tourism company. Corporate Governance structures several objectives through which the objectives are set and the organization's proceedings are based on. Good Corporate Governance includes several criteria: Accountability towards shareholders, transparency of operations and fairness in dealing with a company's risk and threats. Corporate Governances determines and monitors the performances of the tourism company and finds possible ways through which tourism companies can achieve determined targets. In short, the role played by corporate Governance in the tourism sector is to set certain principles and processes through which they achieve their target, and the company is run with the best possible interest. Good Corporate Governance ensures good business. Corporate Governance is tourism sectors ensure principles or processes through the management procedures to be followed with proper decisions making which ensures objectives are achieved. Corporate Governance ensures the ethical value of the shareholders and the stakeholders, protecting the interest of the shareholders, maximum Transparency in the business dealings and statutory and legal regulations maintained in the organization's proceedings.

Role of Ethics in Travel and Tourism

Role of ethics plays a most important role in the tourism and travel industry. Ethics in tourism means to provide all the benefits and facilities including the ambience, food and beverages that are most demanded by the tourist, maintain all the needs and demand and avoid the negative issues. Ethics determines all those activities which will be appreciated by the tourist and make sure any negative issues should not be entertained by the tourism companies. Tourism companies need to ensure that each and every company supports and maintains the ethical standard as defined by the Government and Tourism Departments. Maintaining ethnicity by the tourism companies will ensure the satisfaction of the tourist and tourists will be more likely to visit those destinations. Tourists create a good image of the destinations in their mind, and thus it influences others to influence those places by their near ones. Tourism Company's need to keep in mind all those factors and the environment that the tourist carries in their minds while they visit any destinations to travel. Avoiding those factors which can negatively influence the tourist and make them a bad picture in their mind can prove to be negatively impacted in the tourism business.

Role of Finance in Travel and Tourism departments

The role played by the finance departments is most crucial in the Tourism departments. Finance departments structure the whole tourism sectors on a monetary basis. Pricing strategies that are going to be charged from the tourist must be made on the basis of service provided by the tourist. Pricing strategies should be such that tourists do not feel burden paying the bills or the monetary charges should be done on the basis of services provided by the firms. Analyzing that factor that influences the profit of the tourism sectors (Martín et al. 2020, p, 5736). Good and effective management of pricing strategy opted by the tourism company ensures profits earned by the services provided by the tourism sectors on the basis of the service provided by the tourist. Investors who invested in the tourism departments must ensure that they follow all the strategy of the Tourism sectors and they cannot charge more than the percentages or share of profits reasonable for those tourism companies to earn. Good establishment in finance in tourism sectors ensures more tourists avoiding negative issues and thus help them to earn more profits from the services they provided.

References

Chatchawanchanchanakij, P., Arpornpisal, C. and Jermsittiparsert, K., 2019. The Role of Corporate Governance in Creating a Capable Supply Chain: A Case of Indonesian Tin Industry. International Journal of Supply Chain Management, 8(3), pp.854-864.

de Jong, A. and Varley, P., 2017. Food tourism policy: Deconstructing boundaries of taste and class. Tourism Management, 60, pp.212-222.

Dwyer, L., 2018. Saluting while the ship sinks: the necessity for tourism paradigm change. Journal of Sustainable Tourism, 26(1), pp.29-48.

Hamdan, A.M., Buallay, A.M. and Alareeni, B.A., 2017. The moderating role of corporate governance on the relationship between intellectual capital efficiency and firm's performance: evidence from Saudi Arabia. International Journal of Learning and Intellectual Capital, 14(4), pp.295-318.

Martín, J.C., Orden-Cruz, C. and Zergane, S., 2020. Islamic Finance and Halal Tourism: An Unexplored Bridge for Smart Specialization. Sustainability, 12(14), p.5736.

Asmi-corporatereporting.com, 2017 CORPORATE GOVERNANCE PRINCIPLES Available at: https://asmi-corporatereporting.com/2017/annualreport/governance/corporate-governance-principles [Accessed on 25 September 2020]

Bibliography

Hongwei, H. and Lloyd, H., 2020. The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of Business Research 116 (2020); 176-182.

Mustafa, F.H. and Bagul, A.H.B.P., 2020. THE IMPACT OF CORONAVIRUS ON THE TOURISM SECTOR WITH SPECIAL REFERENCE TO MALAYSIA. Labuan Bulletin of International Business and Finance (LBIBF), pp.75-83.