...COMM390 – ASSESSMENT 1 Newspaper Article Analysis Systems Thinking and Corporate Governance in “Meeting of Minds Sparks Hope For Aborigines” Chelsea Fraser 3647213 The article, “Meeting of Minds Sparks Hope for Aborigines” by Natasha Robson demonstrates how the application of certain concepts and ideas which are often more closely associated with commerce and business thinking can be applied to different situations to achieve a beneficial outcome and/or a greater understanding of a particular issue. In this instance the concepts of systems thinking and corporate governance can be applied to develop a system under which the Aboriginal people are able to become economically sustainable in their own right rather than having to rely on the Australian Government. Article Outline Robson’s article, published May 18 2013 details the development of the relationship between Warren Mundine, a senior Aboriginal leader and political activist and Tony Abbott, then Aboriginal affairs spokesperson for the Coalition. The article details how Mundine, a staunch Labor party supporter developed a prosperous and beneficial relationship with Tony Abbott during the period dated from 2008. Being of different political associations, Mundine believed that they would have little in common. However, over time and the development of a relationship between himself and Abbott, many meaningful conversations have been had with the intention of improving the standard of living...
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...B: Short Notes | Question | Answer | 11(continued)1(continued) | Clause 49The term ‘Clause 49’ refers to clause number 49 of the Listing Agreement between a company and the Stock Exchanges on which it is listed. The Listing Agreement is identical for all Indian Stock Exchanges, including the NSE and BSE. This clause is a recent addition to the Listing Agreement and was inserted as late as 2000 consequent to the recommendations of the Kumar Mangalam Birla Committee on CG constituted by SEBI in 1999. Clause 49, when it was first added, was intended to introduce some basic CG practices in Indian companies and brought in a number of key changes in governance and disclosures (many of which we take for granted today). In late 2002, the SEBI constituted the Narayana Murthy Committee to “assess the adequacy of current corporate governance practices and to suggest improvements.” Based on the recommendations of this committee, SEBI issued a modified Clause 49 on October 29, 2004 (the ‘revised Clause 49’) which...
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...Jarvis Smith Finance 4311 Corporate Governance and Ethics First Paper Corporate governance has been define many different ways throughout time, but there is one definition that I feel properly demonstrates what corporate governance means. Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and specifies the rules and procedures for making decisions in corporate affairs. In business this concept plays a key role in a lot of business decisions dealing legal ramifications of different cultures and other places that differentiate geographically. These rules and regulations can help keep neighboring countries on a similar system so that rules do not get misinterpreted causing financial fraud or other violations. The US corporate governance is determined mainly by legislation of the Sarbanes Oxley Act of 2002(SOX) and detailed regulations which SOX required the Securities and Exchange Commission (SEC), New York Stock Exchange (NYSE), and NASDAQ to draw up. I recently found through research that at this point in time the United Kingdom corporate governance does not exist. I also think that this could cause problems when trying to avoid trade regulations and other violations. The US and the UK...
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...Corporate governance Corporate governance can be defined as communication of audit matters with those charged with governance (ISA 260). Governance itself describes the role of person entrusted with the supervision, control and direction of an entity. Different company may have different bodies who responsible for the corporate governance. But nowadays, audit committee has been the important components of this responsibility as most of the company placed this role to audit committee. Even in ISA 260 requires auditor to actually determine who is in charge in corporate governance. As audit committee plays this role, they would deal with company’s internal control where in the end, company’s financial statement will be produced. So, how IFRS will ensure that the corporate governance will be achieved? Basically, corporate governance comes with 2 categories, firstly in term of non financial and another one is in term of financial. Here, we will focus more on financial since the financial statement is directly touched this category. Company’s financial statement is very important for the external users especially investors to make a decision and understand the business. Figures in the financial statement may not be very helpful, therefore, most of this investors will rely more on the disclosures or notes provided in the financial statement. Basically, IFRS promote corporate governance through this additional information by providing relevant and reliable information. In the notes...
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... Business Foundations BIB 1A CORPORATE GOVERNANCE “What is Corporate Governance? Why is it important for Business?” The business environment is formed of complex interrelationships among and between companies of the same industry. With the process of globalization taking place in the business community, in different countries, all around the world, good ethical practices have become almost crucial to every business transaction, and work on effectively operating in the global market. Therefore, in order to gain credibility and a good position in the international field, values such as trust, responsibility and integrity are important between transacting business corporations. Thus, laws and policies that protect the interests of companies and corporations have been put into effect due to a “standardization of the code of ethics” in the corporate world. This has led to the creation of a better attitude among business establishments, accredited on the corporate governance applied within the company. The main goal of this paper is to explain what corporate governance is, to develop its principles, mechanisms and controls, and its efficiency in the world of business. The OECD Principles of Corporate Governance states: "Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of...
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...happens when the same person occupies both the CEO and chairing the board in a corporation. On the other hand, if different individuals serve in these two pivotal positions, the firm can be said to adopt a separate leadership structure. The fundamental question surrounding CEO duality leadership is whether the chairperson‘s position should be filled by the CEO or by a different person (Daily & Dalton, 1997). The all round concern has been whether one person‘s positioning at the corporate pivotal positions of CEO and board chairperson weakens corporate governance effectiveness, leading to managerial opportunism and resulting in reduced firm performance (Brickley, Coles, & Jarrell, 1997; Finkelstein & D‘Aveni, 1994). From the agency theory perspective, having one individual in charge of both management implementation and control is not consistent with the concept of checks and balances. However, from an organization theory perspective, CEO duality may enhance organizational efficiency in corporate leadership. Most theoretical arguments against the practice of CEO duality leadership have centered on the issue of power concentration on dual CEO (Brockmann, Hoffman, Dawley, & Fornaciari, 2004; Daily & Dalton, 1997). Duality has been described as a concentration of power on the dual CEO, enabling dual CEOs to dominate the board, reducing board effectiveness in monitoring and controlling the management’s performance. CEO duality leadership implies a heightened formal...
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...financial services corporation headquartered in Toronto. It is the second-largest bank in Canada by market capitalization and based on assets, and is the sixth largest bank branch network in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the Dominion Bank, which were founded in 1855 and 1869, respectively. The bank and its subsidiaries have over 79,000 employees and over 19 million clients worldwide. (http://www.td.com/about-tdbfg/corporate-information/corporate-profile/profile.jsp) The company is ranked at number 86 on the Forbes Global 2000 2010 listing. In February 2011 it was named one of Canada's top 10 employers by the Financial Post. (http://www.tdbank.com/aboutus/about_us.html) Organizational structure overview TD Bank group has a strong, independent Chairman with a clear leadership mandate in corporate governance. The responsibilities of corporate governance are assigned as follows: • The Board oversees management, considers and approves, on a continual basis strategic alternatives and plans, and approves all major strategy and policy recommendations for TD Bank Group • The Board is responsible for...
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...Institute of Business Management Examination Paper MM.50 Corporate Governance Section A: OBJECTIVE TYPE (20 marks) 1. A 2. C 3. A 4. A 5. C 6. B 7. B 8. D 9. B 10. A 11. B 12. B 13. A 14. C 15. C 16. A 17. B 18. A 19. A 20. B SECTION B: Short Notes (10 marks) 1. Clause 49 of the Listing Agreement to the Indian stock exchange comes into effect from 31 December 2005. It has been formulated for the improvement of corporate governance in all listed companies. In corporate hierarchy two types of managements are envisaged: i) companies managed by Board of Directors; and ii) those by a Managing Director, whole-time director or manager subject to the control and guidance of the Board of Directors. --As per Clause 49, for a company with an Executive Chairman, at least 50 per cent of the board should comprise independent directors. In the case of a company with a non-executive Chairman, at least one-third of the board should be independent directors. --It would be necessary for chief executives and chief financial officers to establish and maintain internal controls and implement remediation and risk mitigation towards deficiencies in internal controls, among others. --Clause VI (ii) of Clause 49 requires all companies to submit a quarterly compliance report to stock exchange in the prescribed form. The clause also requires that there be a separate section on corporate governance in the annual report with a detailed compliance report...
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...final result as most other projects were unfunded. Recommendations: CIO Dr. Matulovic could have raised for more IT project Budget from parent corporation VWAG. Board members of VWAG and Dr. matulovic could have discussed about requesting fund from government as government – private partnership or made partnership with any other private organisation for funding or could have applied for Bank loan. * Failure of SAP implementation over supply chain management domain caused a major loss to the organisation. Recommendations: As this was highly important and most costly ERP system implementation process they can guided and funded completely by VWAG parent company. As they are very critical ERP system and their failure cause adverse effect, Dr. Matulovic and IT steering committee could have fully funded the project from the allocated $60 Million budget CORPORATE GOVERNANCE ISSUES * Poor governance of internal structures, internal operations and lack of communication or reporting services lead to lack of upward communication. Recommendations: Dr.matulovic should have made strong corporate governance by assigning tasks to BPTO and ELT member to prepare weekly status report of ongoing projects of their respective business unit. This would have warned about the insufficient fund for SAP implementation. And Dr. Matulovic should inform and get advice from board members of parent group...
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...3 - List of Persons and Organisations who made Written Contributions to the Final Draft of The Code 20 PREFACE Long before the highly publicized corporate scandals and failures worldwide, the global community has shown increasing concern on the issues of corporate governance. The reason for this trend is not far to seek. There is growing consensus that corporate governance, which has been defined as the way and manner in which the affairs of companies are conducted by those charged with the responsibility, has a positive link to national growth and development. Little wonder therefore that several studies and initiatives have been undertaken by countries and International Institutions on the subject “Corporate Governance”. As a result of the foregoing, several Codes of Corporate Practices and Conduct have been fashioned out and are in use in various jurisdictions. Realizing the need to align with the International Best Practices, the Securities and Exchange Commission (SEC) in collaboration with the Corporate Affairs Commission inaugurated a seventeen (17) member Committee on June 15, 2000 in Nigeria. The Committee headed by Atedo Peterside (OON) was mandated to identify weaknesses in the current corporate governance practice in Nigeria and fashion out necessary changes that will improve our corporate governance practices. Membership of the Committee was carefully selected to cut across all sectors of the economy including members of professional organizations, organized...
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...SUMMARY OF THE ARTICLE The article is about the charity program organized by Ambank. This is part of Corporate Social Responsibility program hosted by Ambank that served 178 less fortunate children and senior citizens from six homes. The recipients aged between one and 17, and 50 to 80 were given a RM200 shopping voucher, ‘duit raya’, souvenirs, educational trip and dinner sponsored by Ambank. Senior general manager of Ambank also involved in this program and expressed how pleased they are to contribute to less fortunate society. Ambank are planning for more generous program like this throughout Malaysia in realizing its CSR’s initiatives in upholding development by focusing on reaching out the society in line with its effort to help community and contribute to the society. RELATE WITH CORPORATE GOVERNANCE Corporate Governance outlines the concept of Corporate Social Responsibility (CSR) in the chapter of Corporate Social Responsibility and Sustainability. CSR is about corporate entities acting as good corporate citizens. CSR has a range of meaning and one of the views is on Societal Perspective. This view holds that companies have responsibilities beyond just obeying the law and paying their taxes, because their activities have an overall impact on society. A commitment to CSR recognizes that companies should be accountable not only for their financial performance, but also for their impact on society. The definition used by Business for social Responsibility, a non-profit...
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...Code of Corporate Governance – A Critical Comparison between Bangladesh and Malaysia James Bakul Sarkar Assistant Professor in Accounting and MBA Coordinator Faculty of Business ASA University Bangladesh E-mail: jamssarkar@yahoo.com Mob: 0171-6599599 Dewan Muhammad Nur A Yazdani Lecturer in Marketing Faculty of Business ASA University Bangladesh E-mail: dewanm@hotmail.com Mob: 0172-7681817 Md. Abdul Mannan Assistant Professor Department of Business Administration Stamford University Bangladesh Mob:0171-6418892 Code of corporate governance – A critical comparison between Bangladesh and Malaysia Abstract: Corporate governance is the way in which the corporate entities are governed. The question is: Who will determine the way- the entity itself or the regulator. Different stakeholders with quite diversified interests have stakes (interests) in the operation of business. Consequently, the business entity should not be allowed to operate in every respect in the way it likes; the regulators should come forward to impose certain restrictions and principles on the corporate affairs to upkeep the best interests of stakeholders like investors, creditors and after all the capital market. Such restrictions and principles can be termed as Code...
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...Examination Paper IIBM Institute of Business Management Examination Paper Corporate Governance Section A: OBJECTIVE TYPE (20 marks) MM.50 • • • This section consists of Multiple choice questions. Answer all the questions. Questions carry 1 mark each. 1. In the second version of McKinsey’s model called “the Central model” governance chain is represented by a. Well-developed equity market & dispersed ownership b. Underdeveloped equity market & concentrated ownership c. Well-developed equity market & concentrated ownership d. Underdeveloped equity market & dispersed ownership 2. Corporate governance refers to a combination of law, rules, regulations and a. Value b. Wealth c. Voluntary practices d. Customer Satisfaction 3. ____________, is one of the major tools. Corporations use to direct persuasive communication to target buyers & the public. a. Advertising b. Media c. Press d. None 4. Policy adopted by the monetary authority with respect to the supply of money is called a. Monetary Policy b. Fiscal Policy c. Budgetary Policy d. Economic Policy 5. Cash reserve requirements refer to the a. Purchase & Sale of government securities & other approved securities by the Central bank. b. Changes in bank rate by the Central Bank c. That portion of bank’s total cash reserves which they are statutorily required to hold with the RBI. IIBM Institute of Business Management 1 Examination Paper d. The particular level of liquid ity maintained by commercial banks. 6. This committee...
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...Strengthening Corporate Governance to Combat Corruption ‘I call on member countries to work urgently with us to address major corporate governance failures. This will be a vital step to reinforcing market integrity.’ - Angel Gurría, Secretary-General, Organisation for Economic Co-operation and Development (OECD). The collapse of global financial markets in September 2008 has ignited a debate on what caused their quick undoing. As captured in the comments of the OECD Secretary-General, there is a growing sentiment that poor corporate governance is one of the forces to blame. It allowed the transparency, accountability and integrity of companies to be compromised and for abuses to go unchecked, particularly on matters of corruption. w w w. t r a n s p a r e n c y . o r g Table of Contents 1. 2. 3. Why is corporate governance critical? What is covered by corporate governance? Aligning corporate governance and anticorruption 4. 5. Recent reform efforts Moving the agenda forward Strengthening corporate governance to combat corruption What is Corporate Governance? For TI, corporate governance is understood to mean the “procedures and processes for how private sector organisations are directed, managed 4 and controlled”. This includes the relationships between, responsibilities of and legitimate expectations among different stakeholders (Board of Directors, management, shareholders, and other interested groups). Laws and regulations provide the framework on which corporate governance...
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...Corporate Governance on Small-and-Medium Enterprises: The Implementation Comparison Between Family Businesses and Nonfamily Businesses ABSTRACT The term ‘corporate governance’ is commonly used and widely known among people who do business; especially big business. Generally speaking, corporate governance deals with interaction and relationship between business management, board of director, shareholders, and other stakeholders in the business (Abor and Adjasi, 2007). Quality and existence of the business could be determined by well-implemented corporate governance. In the practice, good corporate governance is an issue of big businesses, not for small medium enterprises (SMEs). But the fact said, SMEs contributed about more than 90% of the economic development. It is contradictory with the other fact that most SMEs could only last for ten years, before they went bankrupt. Most of the studies about corporate governance focused more on the implication of corporate governance in the big businesses (Memili, 2011; Culasso et al., 2012). There are still relatively less researches talking about corporate governance’s implementation in SMEs comparing to in the big ones (Johannison dan Huse, 2000; van den Heuvel et al., 2006). Therefore, this research aims to study the implementations of corporate governance in SMEs, and specifically comparing those implementations in family business and in nonfamily business. Aspects that would be used in analyzing the implementation are five aspects...
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