...discusses the history effecting trust between employees and management and the related changes that have been implemented in attempts to improve this relationship. This examination suggests that although there has been improvement in the recognition of the importance of improving trust between the employee and management within many organizations, there has been little overall improvement in the trust of management by employees. However, this observation recognizes that many companies value building trust between employees and management more than other companies and that it will take additional time before this concept is globally accepted. Why the Topic is Important The topic of our research paper is the evolution of employee trust with corporate management. We will specifically discuss the history of management and employee trust relationships, give examples of scandals which led to distrust in management, and subsequent legislation and ethics policies that were created as a result of these scandals. Trust is invaluable in the organizational environment. Organizational behavior professors Steven McShane and Mary Ann Von Glinow define trust as “the positive expectations one person has toward another person in situations involving risk”. In order for an organization to efficiently perform the purpose for which it was created...
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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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...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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...locations. Presently, nearly 98 percent of the country's population is within the coverage area of the Grameenphone network. The company has so far invested more than BDT 15,260 crore to build the network infrastructure since its inception in 1997. Grameenphone is also one the largest taxpayers in the country, having contributed more than BDT 16,600 crore in direct and indirect taxes to the Government Exchequer over the years. Grameenphone was also the first operator to introduce the pre-paid service in September 1999. It established the first 24-hour Call Center, introduced value-added services such as VMS, SMS, fax and data transmission services, international roaming service, WAP, SMS-based push-pull services, EDGE, personal ring back tone and many other products and services. The entire Grameenphone network is also EDGE/GPRS enabled, allowing access to high-speed Internet and data services from anywhere within the coverage area. There are currently nearly 3 million EDGE/GPRS users in the Grameenphone network. Grameenphone nearly doubled its subscriber base...
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...crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs 20-25 lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal . What is the Satyam scam about? It is about corporate governance and fraudulent auditing practices allegedly in connivance with auditors and chartered accountants. The company misrepresented its accounts both to its board, stock exchanges, regulators, investors and all other stakeholders. Is this an accounting fraud, a market manipulation/fraud or both? It is a fraud, which misled the market and other stakeholders by lying about the company’s financial health. Even basic facts such as revenues, operating profits, interest liabilities and cash balances were grossly inflated to show the company in good health. Who is to blame here? The promoters? The promoters are primary culprits, although it is almost impossible to misrepresent such facts without the connivance of the auditors and some executive board members. Independent directors, it seems, were kept in the dark about the actual books of accounts. What about the auditors? The role of external third party auditors, who were tasked to ensure that no financial bungling is undertaken to carry out promoters’ interest or hide facts, have also been brought to question. Anatomy of a fraud 1. Maintaining records · Raju maintained thorough details of the Satyam's accounts...
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...Relationship between Financial Markets and Economic Growth: Implications for Canada Research Study Prepared for the Wise Persons’ Committee Gordon Boissonneault Senior Economist, WPC Staff October 24, 2003 The Relationship between Financial Markets and Economic Growth: Implications for Canada Executive Summary The financial sector has experienced significant change over recent decades, driven by advances in information and communications technology and widespread reductions in international barriers to trade and investment. International integration is advancing rapidly, reflecting in part the development of global production chains and the rapid growth of emerging market economies. As a result of the forces of integration, international competition has become more fierce and firms are under increasing pressure to cut costs and differentiate their products to survive. Canada’s economy has numerous linkages beyond its borders, particularly with the United States. The future improvement of Canadians’ standard of living will depend in large part on foreign investment in Canada and the ability of Canadians to invest abroad. In this regard, a thriving financial sector will be a key component of our success. Canada has a small share of the global capital market. Thus, to be competitive, the Canadian capital market must be efficient and offer a low cost of capital. As much as possible, the policies and institutions that govern the Canadian financial sector should...
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...Manual Corporate Governance SCGOP Contents Foreword 3 1 The mission of the Foundation for Corporate Governance Research for Pension Funds and the purpose of this manual 5 2 Corporate governance in practice in the Netherlands 7 3 Basic principles of corporate governance 11 4 Corporate governance and performance 14 5 Institutional investors and corporate governance 16 6 Formulation of a voting policy 19 7 2 The exercise of voting rights 23 8 Reporting on the implementation of the voting policy and voting behaviour 26 9 Pension fund governance 27 10 Socially responsible investing 28 11 About SCGOP 30 Appendix: Recommendations on Executive Remuneration 32 Foreword Pension funds strive to protect the benefits of their members as effectively as possible from the consequences of inflation. They therefore invest part of their assets in shares. But the accounting scandals over the past few years have severely damaged investors’ confidence in shares. Rebuilding this trust is now a high priority everywhere. Pension funds and other institutional investors are expected to contribute to this rebuilding process. In the Dutch Corporate Governance Code presented by the Tabaksblat Committee on 9 December 2003, the role of the shareholders is described as follows: "The general meeting of shareholders should be able to exert such influence on the policy of the executive board and...
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...auditor motivation and standard-setting; in the process, you will consider different perspectives on protecting the public interest and the public accountant’s role in helping to advance the profession. The various topics integrate information sources related to research in the field and readings from the Ethics Readings Handbook (ERH) , drawing on concepts from your prerequisite accounting theory course. In AU2 , you will study a wide variety of technical, practical, and theoretical material. This module lays the foundation for exploring some of the more difficult areas of professional judgment you will encounter as you progress through the course. When faced with issues that challenge your professional judgment, you are encouraged to think back to the concepts studied in this module to help frame your decision making. Please be sure that you have purchased the CPA Canada Handbook, CGA Student Edition mentioned in the course introduction, as it is required for AU2 . You are responsible for reading the paragraphs from the CPA Canada Handbook as referenced in the course module notes. The expectation of a professional is to be able to research material using the CPA Canada Handbook and to interpret it at a level in keeping with the expectations of an Advanced External Auditing course. Test your knowledge Begin your work...
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...auditor motivation and standard-setting; in the process, you will consider different perspectives on protecting the public interest and the public accountant’s role in helping to advance the profession. The various topics integrate information sources related to research in the field and readings from the Ethics Readings Handbook (ERH) , drawing on concepts from your prerequisite accounting theory course. In AU2 , you will study a wide variety of technical, practical, and theoretical material. This module lays the foundation for exploring some of the more difficult areas of professional judgment you will encounter as you progress through the course. When faced with issues that challenge your professional judgment, you are encouraged to think back to the concepts studied in this module to help frame your decision making. Please be sure that you have purchased the CPA Canada Handbook, CGA Student Edition mentioned in the course introduction, as it is required for AU2 . You are responsible for reading the paragraphs from the CPA Canada Handbook as referenced in the course module notes. The expectation of a professional is to be able to research material using the CPA Canada Handbook and to interpret it at a level in keeping with the expectations of an Advanced External Auditing course. Test your knowledge Begin your work on this module with a set...
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...enterprise, based on information about real-world resources, vendors and customers. Justify the design”. COMPANY’S NAME: FLETCHER DELIVERY SERVICES (FDS) TABLE OF CONTENTS 1.0 Introduction 2.0 Problems 3.0 Purpose of Supply Chain Strategy 4.0 Goals of the Company (FDS) 5.0 Strategic Vision 6.0 Strategic Mission 7.0 Corporate or Company’s Vision 8.0 Abstract 9.0 Developing a Strategic Supply Chain Operations Plan 10.0 Components of the Plan 11.0 Implementations of Defined Strategies 12.0 Avoiding Business Failures 13.0 Recognizing Organization Challenges 14.0 Conclusions 15.0 References 1.0 INTRODUCTION FLETCHER DELIVERY SERVICES (FDS) has just gone into business of parcel and package courier delivery service. Before the coming of FDS, deliveries are not on time, parcels and packages are poorly handled without proper care and the security of packages. The company needs a Supply Chain Operations Plan so as to be able to compete and even have a competitive advantage over the existing delivery companies. There is a need for putting in place, a Supply Chain Strategy that will be interactive enough as to be able to constantly evaluate all the operational components including the costs, the benefits and the trade-offs (Happek, 2005). There is going to be in place a Business Strategy (BS) for FDS that among other things, will prompt its core competencies into achieving a defined goal; put in place a very sound and analytical process of making decision that...
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...achieving inclusive growth. Government is often seen as the answer to society’s problems, but spending by the Government of Developing countries alone will likely be insufficient to address these critical issues. governments can encourage contributions from the private sector by passing legislation and using its purchasing power to create a supportive, enabling environment. Philanthropy can also help catalyze change, but charity has a limited ability to sustainably achieve scale. The private sector, however, possesses skills and technologies necessary for innovation, and excels at developing sustainable solutions to identified needs and taking such solutions to scale. Creating shared value is more effective than traditional approaches. Corporate social responsibility (CSR) has been the primary mechanism by which Developing countrie’s companies have contributed to societal development. Domestic corporations have long believed that...
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...accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Auditing is globally recognized. It is counter check to accounting data so that any error, mistake or fraud can be easily detected through the technique of auditing. It is the primary source of advice on efficiency, effectiveness and overall economy of an establishment. Auditing starts its journey where accounting end. In today’s society the exercise of an auditor’s to the economic and ethical leadership sets the bounding standard or in other words equips an auditor in such a way that recognizes him as a reliable body. With the growing conscious recognition of the importance of financial data in the ordering of everyday business and economic life, the need of basic economic facts is providing a constantly enlarging opportunity for the accounting profession. The auditors' reports have an especial capacity to fulfill the need for reliable and authoritative financial material not only because of the reputation or prestige of the certified statements, but also because of the significance generally attached by the business man to the functions of the auditor and his reports. These functions, and the scope of these reports, have in the past been definitely related to the character of and changes in business activity. Audits and reviews are basically procedures performed on the financial statements of a company, for...
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...accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Auditing is globally recognized. It is counter check to accounting data so that any error, mistake or fraud can be easily detected through the technique of auditing. It is the primary source of advice on efficiency, effectiveness and overall economy of an establishment. Auditing starts its journey where accounting end. In today’s society the exercise of an auditor’s to the economic and ethical leadership sets the bounding standard or in other words equips an auditor in such a way that recognizes him as a reliable body. With the growing conscious recognition of the importance of financial data in the ordering of everyday business and economic life, the need of basic economic facts is providing a constantly enlarging opportunity for the accounting profession. The auditors' reports have an especial capacity to fulfill the need for reliable and authoritative financial material not only because of the reputation or prestige of the certified statements, but also because of the significance generally attached by the business man to the functions of the auditor and his reports. These functions, and the scope of these reports, have in the past been definitely related to the character of and changes in business activity. Audits and reviews are basically procedures performed on the financial statements of a company, for...
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...Cairo & Alexandria Stock Exchanges Working Paper Series Dr. Shahira Abdel Shahid September 2001 Corporate Governance is becoming a global pursuit: what could be done in Egypt? 1 Corporate Governance is becoming a global pursuit: what could be done in Egypt? Abstract: The paper defines corporate governance and explains the reasons for its becoming an important issue pursued by many countries in the last decade. Following, the various codes of corporate governance, used as a guidance for countries, which are set by international organizations such as World Bank, IMF and OECD are summarized. Next, the paper reviews corporate governance experiences in nine diverse, countries including both developed and emerging markets. Finally, the paper assesses corporate governance practices in Egypt, identifying existing problems and proposing recommendations in order to enhance corporate governance practices in Egypt. Acknowledgements: The Research & Markets Development Department at CASE is very pleased to present its first series of research papers that addresses an issue of both local and international importance, which is broadly examined by experts and researchers in both practice and academia. The author would like first to thank Dr. Sameh El Torgoman, Chairman of CASE, for his great support and encouragement. Dr. El Torgoman insisted that corporate governance becomes the first research working series paper to be written by Research & Markets Development, given the worldwide...
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...technology for good Ericsson Sustainability and Corporate Responsibility Report 2014 about ericsson Ericsson is a driving force behind the Networked Society – a world leader in communications technology and services. The Company’s long-term relationships with every major telecom operator in the world allow people, businesses and societies to fulfill their potential and create a more sustainable future. Ericsson’s services, software and infrastructure – especially in mobility, broadband and the cloud – are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities. With more than 115,000 professionals and customers in more than 180 countries, Ericsson ombines global c scale with tech ology and services leadership. Investments in research and development ensure that Ericsson’s n solutions – and its customers – stay in the forefront. The Company provides support for networks with more than 2.5 billion subscribers. Approxmately 40% of the world’s mobile traffic is carried through etworks delivered by i n Ericsson. Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. The Ericsson share is listed on Nasdaq Stockholm and NASDAQ New York. Cover photo: Myanmar, a country undergoing democratic and social reform, has one of world’s lowest levels of mobile broadband p enetration. ICT can play a huge role in boosting socio-economic development. In 2014...
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