...Table of Contents Section 1 1 1.1 Company Profile: 2 1.2 Corporate Governance Disclosures, and are they sufficient? 2 1.3 Key issues that may have impacted on the company’s corporate governance performance 3 1.3.1 Glass Ceiling 3 1.3.2 Climate Change 3 1.3.3 Petroleum Accidents 4 1.4 Potential ethical considerations impacting on the company and the industry in which it operates 4 1.4.1 Petroleum Industry 4 1.4.2 Price Fixing 4 1.5 Theoretical Frameworks supporting Caltex CSR disclosures: 5 1.5.1 Stakeholder/Legitimacy Theory 5 1.5.2 Agency Theory 5 2.1 Part a 6 2.1 Part b 7 Recommendations: 8 References 9 Section 1 1.1 Company Profile: Caltex is regarded as the leading transport fuel supplier and convenience retailer in the Australia and are the only integrated oil refining and marketing company that are listed on the Australian Securities Exchange. Caltex sources and refines over 75 million barrels of crude oil a year and supplies a third of Australia’s transport fuel (Caltex 2013). As a percentage of crude oil is sourced overseas Caltex operates in a sensitive industry for a number of different reasons, the risks of transporting oil alone is not to be taken lightly given the corporate governance issues that arose from the infamous Exxon Vladex spill that cost the company not only financially but also significantly damaged the environment and their reputation (Miranda, Ferrara & Michele 2012). According to (Davison 1963) the domestic...
Words: 3832 - Pages: 16
...Under Armour’s Corporate Governance Under Armour has a very organized and effective corporate governance structure. Shareholders of UA elect the Board of Directors who act as the final decision-making body of the company; decisions include choosing the CEO and top management officials, among other things. While the management is in charge of running the day-to-day business of UA, the Board oversees all of their actions. The Board is responsible for acting in an ethical manner that advances the goals and strategies of the company, while ultimately suiting the best interests of the shareholders. Members of the Board are open and willing to speak with other stakeholders; however, upper management generally acts as the voice for the company. Wall Street website posted a listing stating, “Under Armour, Inc. delivered a profit and beat Wall Street’s expectations, and beat revenue expectation. They quoted a statement from CEO Kevin Plank saying: “We closed 2012 strongly, delivering net revenue growth of at least 20% for the eleventh consecutive quarter in Q4 by building upon key apparel technology platforms like Storm Fleece and Charged. Our ability to bring practical innovation to our consumer across a broad range of product drove our 25% net revenue growth in 2012 and positions us well for 2013 and beyond. With these strong results in hand, we are well on our way toward delivering on the goal established at our June 2011 Investor Day to more than double our net revenues from...
Words: 780 - Pages: 4
...Corporate Social Responsibility and Governance (FINM024) Assessment 1 – Case Study Aim: The case study aims at testing students’ understanding of the role of corporate governance in today’s business, how to establish good corporate governance practices, how to maintain an effective internal control system and assess control risk, and how to protect the organisation against fraud. Instructions: Students are required to read the case carefully before attempting the questions. All sources used must be cited using the ‘Harvard Referencing Guide’ in order to avoid plagiarism. Students MUST structure their answers as required. Please try to avoid language and grammatical mistakes, writing incorrect answers, and writing more than what is needed. Please read the questions carefully before answering them. Academic Honesty: Plagiarism will not be tolerated and could lead to your failure, so please make sure to use your own words in answering the case and to cite all the sources used. Please refer to Harvard Referencing guide to understand how to properly cite the sources used. Deadline and Submission: The deadline for submission is 10th April, 2015. All submissions have to be via Turnitin on NILE. Any submissions via email will be automatically discarded without prior notice. Students are only allowed to submit their assignment once, so no draft submissions will be accepted. Late submissions will not be accepted. If there are circumstances beyond the student’s control that deprive...
Words: 2336 - Pages: 10
...1. Strategy, Governance Concepts and Business Terminology: |1. Business continuity |7. Ownership structure | |2. Balance sheet |8. Acquisition | |3. Capital funds |9. Operating margins | |4. Corporate governance |10. Minority shareholder’s interest | |5. Global competitive strategy |11. Independent directors | |6. Due diligence process |12. Economic crisis | 2. Strategy, Governance and Business Insights, and Lessons from the Case: In this case, there are several points that we should learn in corporate governance. First,every part in the board should be independent, even other agents. They should take the responsibility for their works. Second, the board and shareholders need to communicate. They should exchage their ideas and come out with the decisions that lie in the whole company's interests. Third, the company should pay much attention to the constituents of corporate governance, which includes independent directors, board meetings and code of conduct, business ethics, succession of chief executives, company performance, risk management...
Words: 813 - Pages: 4
...Recently the terms "governance" and "good governance" are being increasingly used in development literature. Bad governance is being increasingly regarded as one of the root causes of all evil within our societies. Major donors and international financial institutions are increasingly basing their aid and loans on the condition that reforms that ensure "good governance" are undertaken. The concept of "governance" is not new. It is as old as human civilization. Simply put "governance" means: the process of decision-making and the process by which decisions are implemented (or not implemented). Governance can be used in several contexts such as corporate governance, international governance, national governance and local governance. Since governance is the process of decision-making and the process by which decisions are implemented, an analysis of governance focuses on the formal and informal actors involved in decision-making and implementing the decisions made and the formal and informal structures that have been set in place to arrive at and implement the decision. Government is one of the actors in governance. Other actors involved in governance vary depending on the level of government that is under discussion. In rural areas, for example, other actors may include influential land lords, associations of peasant farmers, cooperatives, NGOs, research institutes, religious leaders, finance institutions political parties, the military etc. The situation in urban areas is much...
Words: 983 - Pages: 4
...INTERNATIONAL STANDARD ON AUDITING 560 SUBSEQUENT EVENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA ...................................................................................... Subsequent Events .................................................................................... Effective Date ........................................................................................... Objectives ................................................................................................ Definitions ................................................................................................ Requirements Events Occurring between the Date of the Financial Statements and the Date of the Auditor’s Report ........................................................ Facts Which Become Known to the Auditor after the Date of the Auditor’s Report but before the Date the Financial Statements are Issued ........................................................................................... Facts Which Become Known to the Auditor after the Financial Statements Have Been Issued ............................................................ Application and Other Explanatory Material Scope of this ISA ...................................................................................... Definitions .........................................................................
Words: 4089 - Pages: 17
...ROLE OF MEDIA IN PROMOTING GOOD GOVERNANCE Media are the storage and transmission channel or tool used to store and deliver information or data. Media are (mostly) non state actors who define themselves apart from the state and from all other societal actors (what Edmund Burke described as a “fourth estate”, distinct from government, church and electorate). While this notion of free and independent media acting on behalf of the citizen against both state and other interests is a widespread ideal, the reality of most media worldwide is complex, rapidly changing and extraordinarily diverse. Media can consist of everything from national newspapers to student magazines, global broadcasters to community radio, websites and blogs to social networks and virtual communities, citizen journalists to government mouthpieces. This briefing focuses principally on media – and to a lesser extent on linked information and technologies - at a national level within developing countries. The term media refers to several different forms of communication required to educate and make a socially aware nation. The communication forms can be radio, television, cinema, magazines, newspapers, and/or Internet-based web sites. These forms often play a varied and vital role in our society. GOVERNANCE Recently the terms "governance" and "good governance" are being increasingly used in development literature. Bad governance is being increasingly regarded as one of the root causes of all evil within our...
Words: 4010 - Pages: 17
...Introduction Policies are set of guidelines or principles to guide in decision making towards achieve a rational outcome. Policy making is a process of making crucial organization decisions. Policies can assist in subjective and objective decision making. They are several steps in implementation and carrying out of a policy. These steps include agenda setting, Policy decisions or no-decision, implementation of a new program or change in an old public program and criticism from citizens and formal program evaluations As a public administrator who is responsible with the implementation of government policies, I would first identify the pressing problem that requires legislations. Then take a comprehensive study of the cause of the problem in details. I will also get to know the awareness of the public on the issue, so that I can be able to decide on who will participate in fixing it. I will then consider the available means to solve the problem. After considering all this I will be able to gauge on the policy change, if there is need of any. After identifying the problem and studying it in into details, then I will formulate a new policy. However I have to involve different interested and affected parties. Since this stage involves discussion to identify potential challenges and alternative solution. To set clear objectives and steps needed to solve the issue. I will then put the new policy that has been agreed upon in to effect. To make this step a success, I need to ensure...
Words: 320 - Pages: 2
...IT Governance A summary of “Ten Principles of IT Governance” (2004, Peter Weill, Jeanne W. Ross) and “IT Governance Framework” (2005, Craig Symons) Coming up with new governance mechanisms and policies should not be reactive (patching up problems), but proactive – using the enterprise’s objectives and performance goals as a basis Mature business governance processes can be used for IT governance Governance redesigns should be undertaken only when strategy is being revised, in such cases IT governance can be used for leveraging the strategic transformation CIO’s and senior management’s involvement in IT governance is crucial for its success, because it ensures better alignment of IT with strategy The exception-handling process must be clearly defined, as short as possible and should enable and encourage organizational learning. The owner of the IT governance must be familiar with all aspects of the enterprise (not only IT) and have credibility with all business leaders. The owner of the IT governance must be made also responsible for its performance A layered structure is often necessary for IT governance (possible layers are: enterprise-wide IT governance – driven by enterprise-wide strategies and goals and IT governance at division and business unit levels) The effectiveness of IT governance is severely affected by the effectiveness of its communication and transparency Coordination in the governance of the all six assets, one of which is IT, is critical for maximizing the...
Words: 585 - Pages: 3
...What are policies, standards, specifications, procedures and exceptions Policy An Information Technology Policy is the highest level of the Information Technology (IT) Governance Standards documents. An IT Policy sets the direction, tone and limits for the enterprise and IT, and the IT Standards which are developed under the authority of the Policy. A Policy should seldom change. IT Policies require compliance; failure to comply may result in disciplinary action. Exceptions can only be approved by the CIO. A Policy focuses on desired results, not on the means of implementation. Accountabilities: Oversight of IT Policies is the responsibility of IT Governance. Policies must be approved by the Chief Information Officer and the Enterprise Policy Council. Standard Information Technology Standard Information Technology Standards are the most often used documents in the IT Policies and Standards Library serving as a reference for employees, contractors, consultants, and other persons. An IT Standard: • Defines requirements around a topic. The requirements may range from very specific (i.e., only 3DES and AES encryption algorithms may be used.) to broad (i.e., Web applications must check for common vulnerabilities). • Provides requirements without stating dynamic details. When dynamic details are important, an IT Standard may identify a requirement for the existence of a Specification or Procedure to contain those details. • Reviewed annually. The frequency of...
Words: 666 - Pages: 3
...ASSESSMENT OF THE IMPACT OF SERVICE CHARTERS ON SERVICE DELIVERY IN MALAWI – A CASE OF SOUTHERN REGION WATER BOARD BY RASHID FRIDAY NTELELA (201004511) A DISSERTATION SUBMITTED IN FULFILLMENT OF THE REQUIREMENTS FOR THE MASTERS DEGREE IN PUBLIC ADMINISTRATION TO THE DEPARTMENT OF PUBLIC ADMINISTRATION IN THE SCHOOL OF PUBLIC MANAGEMENT AND DEVELOPMENT, UNIVERSITY OF FORT HARE, BISHO CAMPUS SUPERVISOR PROF. E.O.C IJEOMA 20th January, 2012 1 DECLARATION I, Rashid Friday Ntelela, hereby declare that this research thesis is my own original work, that all reference sources have been accurately reported and acknowledged, and that this document has not previously, in its entirety or in part, been submitted to any University in order to obtain an academic qualification. Rashid Friday Ntelela 20th January, 2012 2 Table of Contents DECLARATION ............................................................................................................... 2 DEDICATION .................................................................................................................. 7 Acknowledgements ......................................................................................................... 8 CHAPTER 1 1.0 1.1 1.2 1.3 1.4 1.5 Introduction............................................................................................................ 9 Statement of the Problem .................................................................................. 11 Research...
Words: 11909 - Pages: 48
...Project governance is the management framework within which project decisions are made. Project governance is a critical element of any project since while the accountabilities and responsibilities associated with an organisation’s business as usual activities are laid down in their organisational governance arrangements, seldom does an equivalent framework exist to govern the development of project’s capital investments ( Sharma, Stone and Ekinci 2009 ). Project Governance extends the principle of Governance into both the management of individual projects via Governance structures, and the management of projects at the business level, for example via Business Reviews of Projects. Today, many organisations are developing models for ‘Project Governance Structures', which can be different to a traditional Organisation Structure in that it defines accountabilities and responsibilities for strategic decision-making across the project ( Crawford, Cooke-Davies, Hobbs, Labuschagne, Remington and Chen 2008 ). This can be particularly useful to project management processes such as change control and strategic decision-making. The decision making framework of the project governance is supported by three pillars ( Klakegg, Williams, Magnussen and Glasspool 2008 ) namely: structure, people and information. 1. Structure: This refers to the governance committee structure. As well as there being a Project Board or Project Steering Committee, the broader governance environment may include...
Words: 1193 - Pages: 5
...– like for any institution or even any individual – is a matter of governance, defined as “a mode of governing that is distinct from the hierarchical control model characterizing the interventionist state. Governance is the type of regulation typical of the cooperative State, where State and non-state actors participate in mixed public private partnership networks1”or “the formation of cooperative relationships between government, profit-making firms, and non-profit private organizations to fulfil a policy function.2” Of course governance is more than just a way to manage the interrelations within a public private partnership arrangement. We shall detail this by reference to a catalogue of the different types of accountability mechanisms identified by Erik B. Bluemel (BLUEMEL, 20073). The references cited here are taken from the mentioned article. People find into the Civil Society a playground to express their frustrations towards their national or local government that ordinary democracy fails to resolve. Therefore they feel the right to obtain a higher degree of accountability from the organisation they join or support. Regrettably, they are seldom satisfied. Accountability mechanisms are usually designed to constrain power, whatever its form. In the Communication Society, it has become one of the essential means for all interconnected actors to exert mutual control. It is an essential part of e-Governance and the only real enabler of eDemocracy. It has become quite clear that...
Words: 1577 - Pages: 7
...Fundamentals of Public Administration: “Public Office is a public trust. Public officers and employees must at all times, be accountable to the people, serve them with utmost responsibility, integrity, loyalty, and efficiency; act with patriotism and justice and lead modest life. ( Sec 1, Article XI of 1987 Philippines Constitution). How can we show our commitment to public interest? Base on the article of public servant in the Commission on election. Public Office is a public trust , therefore I am bound to commit myself as a public servant to obey due diligence of a good mother of the family in the exercise of my duty as election officer . My decision should be guided well on how to use the resources and powers which should be used for the betterment of the community and for the Firstly, dedication to work is very important and this will help me decide on how to work efficiently by organizing the agenda and work plans for the day so that there would be a smooth flow of output in the accomplishment to whatever reports needed. Secondly, by using justly the knowledge and experiences in the assigned work in the office, sometimes it counts when there is a devotion and dedication in the assigned task . Thirdly, honesty is the best policy , especially with the disposition of office supplies and funds in the Office, my duty is to dispose it properly and all accounted for and recycle some office supplies . Lastly, by exercising the cost-effective way to use the...
Words: 282 - Pages: 2
...Summary Electronic Information sharing and social media continues to grow rapidly as a medium for companies to communicate and interact with their customers. They are utilized by 72% of the companies as a marketing/communication medium. One of the main reasons for this success is the speed at which information can be communicated. A study conducted by McKinsey Global Institute indicates that there is a potential to create a value of 900 billion to 1.3 trillion dollars by increasing productivity in the four main sectors: Consumer packaged goods, Retail Financial Services, Advanced Manufacturing and Professional Services. Two thirds of the value comes from better communication and collaboration within and across companies. Both of which can be accomplished from electronic information sharing and social media. Despite the benefits of adopting such technologies, there are risks that companies face. Risks include sensitive information being leaked and unauthorized information being communicated. Companies are finding solutions to deal with this by making the IT and legal departments to work together. Most of the information on social media is unfiltered and created in real time. Until recently FINRA and FDA had legal and regulatory requirements for ensuring that employees comply with public disclosure requirements. The requirements primarily affected the financial and pharmaceutical industries. As legislators recognize the need for accountability, they are drafting legislation...
Words: 603 - Pages: 3
