...asic v adler hih insurance HIH Insurance was founded in 1968 by Ray Williams and Michael Payne, which was known as "M W Payne Underwriting Agency Pty Ltd". However, their company was acquired in 1971 by a British company called CE Heath PLC and appointed Ray Williams to be the board of CE Heath PLC in 1980. In 1989, the business operations of CE Heath PLC were transferred to CE Heath International Holdings Ltd. And the company floated on the Australian Stock Exchange in 1992. After 3 years, CE health international holdings became a subsidiary of Winterthur Swiss and was changed the name to HIH Winterthur. In 1999, HIH Winterthur acquired a large number of companies both in Australia and globally. The chief executive of FAI Insurance, Rodney Adler became a director of HIH and HIH changed its name to HIH Insurance Ltd. The reckless management by Rodney Adler, finally HIH collapsed in 2001 with debts of about $5.3billion; ASIC placed investigation into this case due to an intentional failure disclosure of financial statement by hih insurance company. The former HIH director Mr. Adler breached his duties under the sections 180, 181, 182 and 183 of Corporations Act. The criminal charges included the disclosure of misleading statement, conflict of interests and breach of director duty in good faith of the company. Mr. Adler was sentenced on 14 April 2005 to four and a half years jail, with a non-parole period of two and a half years. HIH insurance is currently in run–off...
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...using this information to base decisions upon which to buy or sell shares. The main defendant, Adler, was found guilty of breaching ss 180, 181, 182 and 183 of the Corporations Act. The court held that Alder benefited both himself and his family in the transactions. http://www.scribd.com/doc/18531717/CO5121-Assignment Facts Adler was a non-executive director of HIH Insurance Ltd (HIH). William was a director and the CEO of HIH. Fodera was a director and the finance controller of Hih. HIHC was a wholly owned subsidisry of hih. Adler requested and williams and fodera arranged for HIHC ot advance $10 million to Pacific Eagle Equity Pty Ltd (PEE), a company controlled by Adler. The $10 million payment was arranged so that no other director of HIH would be aware of the advance. During the next two weeks PEE used some of these funds to purchse HIH shares to the value of approximately $4 million. Through these share purchases Adler sought to support HIH’s share price for the benefit of his substantial personal shareholdings in the company. Williams was aware of the intended use of the $10 million to acquire HIH shares. Soon after a unit...
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...TECNOLÓGICO DE MONTERREY | THUNDERBIRD Production Operation Management TOYOTA: THE ACCELERATOR CRISIS Study Case Report | | 1. What were the drivers of Toyota´s accelerators crisis? Why was Toyota facing a recall crisis? The drivers of Toyota crisis were Strategic, structural and cultural issues. At the strategic level, the cost reduction strategy added with the increasing of the output volume strategy caused a decrease in quality. Furthermore, the structure of Toyota (HQs in Japan and not in the U.S) impacted Toyota’s response to customer’s claims, taking a long time to address Toyota consumer’s concerns, and in fact was one of the most criticized issues during the crisis. In other words, the company took a considerable time before recalling units that meant life losses and significant economic impacts. At the cultural managerial level, there were difficulties driven by how Japanese address the situation vs. how Americans deal with the problems. The company lost its original philosophy due to different cultural orientations between Japanese headquarters and North American subsidiaries. The fact that Toyota was recovering from its last unit’s recall (due to motors leaking oil) plus the beginning of the global financial crisis, ended up yielding a deviation of the original long term plan to look after the U.S subsidiary´s financial performance, triggering a swap in the three main pillars of Toyota (Safety, Quality and Volume). 2. Michael...
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...Discussion questions 1. Pick a recent news article that focuses on some international or global problem, and give examples of how and where states, markets, and societies interact and at times conflict with one another. How hard is it to determine the analytical boundaries between the state, market, and society in this case? ONU se reúne tras supuesto uso de armas químicas Los estados interactúan ya que son los encargados de mantener la seguridad de cada país, por eso acuden a las organizaciones que se ocupan de este tipo de asuntos. Los mercados pueden verse afectados por las consecuencias de este tipo de ataques y estos dos se implica la sociedad ya que es la afectada de lo que resulte esta situación. Es fácil distinguir los límites de cada parte en este tema ya que el que tiene la mayor responsabilidad es el estado. 2. Review the basic elements and features of the IPE approach: the three main theoretical perspectives, the four structures, the levels of analysis, and the types of power. Which ones do you feel you understand well and which ones need more work? Los niveles Individual y el de los estados son los más fáciles de comprender ya que se pueden estudiar sin tanto conflicto, pero el sistema internacional: el conflicto internacional a veces es causado por la naturaleza conflictiva del hombre. 3. Define and outline the major features of globalization. Explain the connection between economic liberal ideas and globalization. Which of the three IPE...
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...| CW1 Section 2 | Source Evaluating | | Write by: Matthew Yao | Tutor: Sandy Sommer | 2 November, 2012 | * Authorship / Authority At the end of paper, the detailed information about the author is given. Referring to it, N. V. Varghese is a professor whose publication covered from scheme of education, financing and quality. He was also in charge of the Educational Planning Unit at NUEPA (New Delhi) and now is Head of Governance and Management in Education at IIEP. Recently, he focuses on the fields of institutional reorganizing of higher education and private higher education. These main areas are closely related to the topic of text. Based on these information, it can be stated that the paper is authoritative. * Reliability / Validity The paper contains five tables to illustrate comparison clearly. These data comes from three different sources: a. UIS (UNESCO Institute for Statistics) which is an office collecting cross-national statistics on education, culture, science and technology of UNESCO (an educational department of UN). b. USDC (United States Department of Commerce) which is the Cabinet department mainly focusing on promoting economic growth of the United States government. c. The Earth Times is a website providing latest environmental news, journals and blogs written by voluntary expert writers on the internet. UIS and USDC are reliable international and national data sources, however it is claimed that visitors also could contribute their own...
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...Natural Disasters & the Decisions That Follow Case Study: Natural Disasters & the Decisions that follow Step 01: Problem Definition Natural disaster is a major adverse event resulting from natural processes. An example includes hurricanes, floods, severe weather, volcanic eruptions, earthquakes, and other geologic processes. Step 02: Justification of the problem: A natural disaster can cause loss of life or property damage, and typically leaves some economic damage. And when we face a disaster during business running, we have to find a way to solve the dilemma between the organizations and the customers. Step 03: List of Alternatives: A- Aware people about the risk reducing measures. B- Planning and prevention. C- Organizations business ethics. Step 04: Evaluating Alternatives: A- With good data, the public understands the need for preparation and risk reducing measures. Governments, the private sector and the media build awareness of risks and risk-mitigation principles at national, regional, and community levels. Education in the community is required to ensure that awareness building continues in adult life. B- The coordination between the government and the private sector can presents accurate data to predict the risk before disaster strikes, which require to study all the information and the details provided to analyze the cost and benefits of natural disaster response. It is important to consider the relative cost effectiveness of...
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...Block 5 Crisis Management Week 5 Overview Lesson 1 | Homework | Lesson 2 | Homework | * Doc 5.1 Crisis Management Lesson 1 – Vocabulary/ Listening/Speaking * ML Vocabulary P. 105 | Doc. 5.2 Vocabulary HW Crisis Management Business BriefDoc. 5.3 Listening HW Managing Crises | * Doc 5.4 Crisis Management Lesson 1 – Reading/Speaking * ML Reading P. 107 * ML P. 108 Language Review – Conditionals * Doc 5.5 Cases for Discussion/ Doc 5.6 Crisis Management Scenarios for Discussion | Crisis Management Extra ReadingsICE forum follow up task: Language Review C Discussion | Week 6 Overview Lesson 1 | Homework | Lesson 2 | Homework | * Introduction to Coursework 3 and Portfolio – hand out Student Guidelines for CW3 * Doc.6.1 Evaluation: Introduction to Evaluation – Criteria – Evaluation of SourcesNote: Ss to prepare a seminar for Lesson 2 in Week 8 where they have to introduce their topic, title and sources, and explain why they were chosen (how many, different types, etc.) | 1) Ss do web search on crises, choose topic and write a title for assignment2) Download from ICE & read doc on ‘Research Sources’3) Preview Doc 6.2-A - vocabulary for Titan case study | * Doc 6.2-S Titan Case Study (based on old ML)OR * Doc 6.2-S - Speed Reading Comprehension Questions – ‘Keeping your client relationship afloat’ (based on old ML – see ppt in relevant folder). | Students choose sources and begin note-taking doc for their sourcesSelf –Study:1) Download &...
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...1. In a narrative format, summarize the key facts and issues of the case. The key facts of this case include Imus’ performance and history as a 28-year veteran shock-jock, his employment by CBS and MSNBC, his controversial and off-color comments against a girl’s basketball team, and CBS’ response to the matter. The issues include the remarks made by Imus’, was the response by CBS timely and appropriate and what could have been improved upon in preparation and execution of their crisis management approach. Also, was CBS strategic in their execution of their damage control? Should Imus have continually remained in the media empathetically apologizing then saying he had apologized enough? 2. Update the information in the case by researching it on the Internet. Focus your response on the specific issues in the case. The case study provided by the text provides limited information in the summary. Although it includes the incident, a little history of Imus and CBS’ response, it is vague as to how the matter became so public and why CBS would severe a $40 million contract with one of the nation’s most revenue-producing jock (Press, 2007). Further research reveals the history of Imus’ profession as a highly sought after shock jock, the efforts behind his firing, CBS’ reaction, responses and their inadvertent handling of the matter. The employment contract was extended to Imus by CBS in 2006 because he was a shock-jock of the nation and because his controversy and...
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...and off during their job. Why to Read the Book This book evolved from thousand of questions asked to Welch when speaking to audiences around the world. This book does not contain the same old stuff of what management should do. It is based on the true practical view which is faced by the company a nd every people related thereto. It offers original thinking, and nuts-and-bolt advice that can change the way the people think about work. Chapters This book basically deals with four parts which are: 1. Underneath it all-which includes Mission and values Candor Differentiation Voice and Dignity 2. Your company-which includes Leadership Hiring Managing people Parting ways Change Crisis management 3. Your competition-which includes Strategy Budgeting Organic growth Six sigma 4. Your career-which includes The right job Getting promotions Hard spots Balancing between work and life Summary and general perspective Welch starts out by explaining what a mission statement is. Welch believes an effective mission statement should answer one question, "How do we intend to win in this business?" Once the mission is formed , a company should define its values. The corporate values are behaviors, how the mission is to be carried out to win. Jack has talked about candor. Candor is the state or quality of...
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...Question 3: What can global firms do to reduce vulnerability to financial crisis? By definition, financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value. (Wikipedia) It would become extremely harmful to global organizations. Some international firms suffer a great amount of loss or even go bankrupt during financial recession. Therefore, whenever there is a financial crisis, global companies have to execute certain initiatives in order to reduce vulnerability to financial crisis. During financial recession, there are mainly two kinds of crisis management: short-term and long-term orientations. The main purpose of short-term initiatives is to maximize year-to-year profit (or minimize loss), whereas long-term initiatives focus on the benefits of future gains and ignore short-term loss. (Kotabe, 2010) Therefore, short-term oriented solutions tend to satisfy stockholders’ immediate needs, while long-term orientation is more beneficial toward customers. (Vinay Couto, 2009) Among short-term initiatives, pull-out of the market, across-the-board cuts, layoffs, aggressive working capital management, and discretionary spend reductions are very common responses for financial crisis. In general, global companies could create significant outcomes within very short period with those short-term orientations. Therefore, most of global companies choose short-term responses to reduce vulnerability to...
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...keep up with environmental changes. You need to know your companies strengths and weaknesses. Corporate strategy is widely used and brings a lot of benefits that also involve several risks. When you take over another company you eliminate potential threats. With an environmental jolt it makes it easy to take over another company. The article was very interesting. They discussed several interesting topics and terms that I haven’t heard before. I feel like this is something that we can relate to now because of all the economic crisis’s that we are going though now. We have witnessed many corporate mergers and acquisitions of other corporations because they can’t survive these hard times. Works Cited Wan, William, Yiu, Daphne. "FROM CRISIS TO OPPORTUNITY: ENVIRONMENTAL." Strategic Management Journal 3006 Nov 2008 791-801. Web.20 May...
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...Summary Today’s society consists of a crises where there is a need for crisis management, however critics argue there is not enough being done to assist all nations from this organization. There is little attention from the International Monetary Fund (IMF) for developing countries trying to work on their financial situation. The IMF is focusing their attention on developed countries with the expensive plans and rescue operations. There is speculation that short term crisis management has too many negatives including it is too costly, responses are not quick enough decisions that are made are often incorrect, and more. There will be much discussion on the debt crisis and the exchange rate. IMF The International Monetary Fund The is an association of 187 countries, employed to foster global monetary collaboration, secure financial stability, facilitate global trade, encourage high percentages of employment, reach for economic growth between many different nations, and reduce poverty around the world, without discriminating against different countries. Many critics believe this establishment to be positive for the many responsibilities they take care of. For example the International Monetary Fund will provide assistance in areas including giving training and technology to developing countries to help with their own economic structure so they can work on their own eventually. IMF works closely with many different nations and the members included and are involved in the media...
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...financial stability of the organization. This crisis involves a recent explosion at one of the plants at the XYZ Corporation and will require the development of an external relations strategy in order to rebuild the corporate image of the organization. The goal of the XYZ Corporation will be to develop a communications and external relations strategy to explain the events that led up to the explosion at the plant and explains the steps that will be taken to fix the problem. The external relations strategy will coordinate the dissemination of information and effectively manage the crisis. An effective communication channel is needed to establish positive feedback throughout the organization. So then, a team is created specifically to implement these channels. This communications team will be responsible for assessing the situation, developing and implementing the communication plan and following up on the success of the plan. The communication team will develop a plan of action that will result in a more positive corporate image. This team will consist of: top executives from the XYZ Corporation, a PR person will be identified and the communication nodes will be determined. The PR will be used to establish the credibility of the corporation and to persuade the public to take a more positive view of the corporation. The team will also come up with the steps that it will take to repair the image of the corporation. Successful crisis management depends largely on developing a planned...
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...When a disaster strikes whether it is natural or manmade, it comes with emotional effects of trauma such as stress which include anger, sadness, anxiety, fear, and irritability. The aftermath of a disaster lingers than the destruction itself and become a long term issues It is evident that after this type of crisis individual, group, and community suffer loss of property, love ones, cultural unity and spiritual belief in isolation. Although they are given material supports and even moral supports, it cannot be compared with the spirituality effectiveness that survivors gone through. This is a major issue which needs to be addressed apart from medical treatment, spiritual restoration should be put in place to help resolve the immediate crisis and help restore the victim to a sense of normalcy or level of functioning equal to or higher than prior to the crisis. Most disaster survivors tend to look for higher power as a source for strength and hope during these difficult times. Therefore spiritual care providers should be made available to assist them to regain their trust in God and healing of minds. Many people will experience spiritual stress reactions during or after a disaster. During disasters, a diverse cross-section of people seek spiritual care. Religious leaders will be challenged to support and offer an open environment with respect to religious diversity, social diversity, and unfamiliar cultural and mass care settings. These tips can guide you as you help your...
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...that had to be dealt with. In the coming years they faced natural disasters, economic crisis and new management which lead to declining attendance rates and cash flow issues. The company’s cash flow decrease by over 120 million dollars annually, its stock value had fallen below the required minimum, they were unable to pay its preferred stockholders and was delisted from the New York Stock exchange in April of 2009. In June of 2009 they filed for Chapter 11 bankruptcy. Daryll Domingo MGT 339 7/16/16 EC 1 After over 40 years of being in business Six Flags had to start closing down and selling numerous of its locations. Six Flags had a growing debt that had to be dealt with. In the coming years they faced natural disasters, economic crisis and new management which lead to declining attendance rates and cash flow issues. The company’s cash flow decrease by over 120 million dollars annually, its stock value had fallen below the required minimum, they were unable to pay its preferred stockholders and was delisted from the New York Stock exchange in April of 2009. In June of 2009 they filed for Chapter 11 bankruptcy. Daryll Domingo MGT 339 7/16/16 EC 1 After over 40 years of being in business Six Flags had to start closing down and selling numerous of its locations. Six Flags had a growing debt that had to be dealt with. In the coming years they faced natural disasters, economic crisis and new management which lead to declining attendance rates and cash flow issues....
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