Arizona constitution in article 15 provides for the creation and establishment of the corporations commission. This commission is the sole body that implements all the requirements in the constitution pertaining to the establishment, functioning and reporting of corporations. The constitution provides that all corporations shall be classified and governed according to the corporation commission’s directives (Arizona State Legislature, 2009). This includes orders, regulations, rules, accounts, rates and charges associate with incorporation. This aspect of the Arizona constitution aims at regulating the way in which corporations conduct their business. While the constitution seeks to protect the citizenry, it also seeks to create a conducive, fair and equitable business environment for corporations. The supervisory capacity of the corporation commission ensures that corporations do not exceed their mandate while, at the same time, creating an atmosphere for new investments.
The constitution acts as a guideline and a checklist of the legal requirements for corporations in Arizona. While a significant number of corporations are not constrained by the constitution in the conduct of their affairs, the Arizona constitution seeks to ensure that corporations are impartial in service delivery, costing their products, employment and expansion initiatives. The scope of operations for listed corporations is scrutinized and closely monitored by the corporation’s commission. This ensures that corporations do not act or conduct their business unethically or illegally; therefore, the stockholders interests are closely safeguarded against corporate practices, which may impact on stock valuations (McClory, 2010). The constitution ensures that corporations do not act against their mandate through the imposition of fines and forfeitures.
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The enactment of the Arizona constitution amounts to evidence of Arizona people’s desire for best practices in the conduct of business. This has ensured that fair opportunities are provided to all those who are willing and ready to invest in Arizona. Consequently, Arizona has realized significant social-economic growth as a result of the people’s dedication to upholding best practices in business and adherence to constitutional requirements.
