University of sunderland

Introduction

Corporate governance description in general.

Corporate governance encompasses the legislative regulations, established protocols and operational mechanisms that steer and oversee the actions and practices of a company. The management of corporations pertains to the manner and rationale behind the administration of businesses. It establishes which individuals hold power and responsibility, as well as who is tasked with decision making. Simply put, it is an array of tools that facilitate both management and the board in effectively handling the demands of business operations. Corporate governance guarantees that companies possess sufficient methods of decision-making and regulation in order to achieve equilibrium among the welfare of all parties involved, including shareholders, staff members, vendors, consumers, and the public.

Background of Equifax Inc.

Equifax, Inc. is a publicly traded firm that provides consumers with credit reports and financial information. Equifax, a significant player in the market, abides by the legislation governing the sector and has established principles for corporate governance to guarantee that its business activities are honest, ethical, and responsible to the environment.
There is no evidence that COVID-19 played a role in the failure of Equifax Inc. Equifax, like with a great number of other companies, has had problems that are tied to the epidemic. These concerns include things like remote labor, changes in consumer behavior, and turbulence in the global economy.

There have been a number of steps done by Equifax in order to safeguard the company and assist its workers, customers, and communities in resolving the issues. For instance, the company increased the amount of support and resources provided by its staff, permitted its employees to work remotely, and provided payment deferrals and other forms of financial relief to customers whose businesses were negatively impacted by the epidemic.

Additionally, Equifax supported the COVID-19 initiatives. The data and analytics provided by the firm were utilized by health officials in order to monitor and control the epidemic. The firm showed its support for local, minority-owned companies by forming a partnership with the Minority Supplier Development Council.
The data breach that happened at Equifax in 2017 took place before the COVID-19 pandemic.

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