...Paper Management accounting: An instrument for implementing effective corporate governance Mayanja MK and Van der Poll HM Department of Management Accounting, Unisa, Pretoria, 0003 South Africa. Accepted 28 September, 2011 Management accounting is not given sufficient emphasis, at the board level, as a provider of timely and relevant information to facilitate the execution of good corporate governance. Without management accounting information corporations in Botswana may find it difficult to create sustainable corporate governance. A qualitative approach using questionnaires and interviews were used to establish the extent to which management accounting tools are applied by the directors in the target companies. The research was carried out amongst listed companies on the stock exchange and the parastatal companies in Botswana. Furthermore documentation, for instance annual financial statements from the companies were reviewed. Most directors in the companies do not fully utilise the tools of management accounting in decision making. Management accountants have also failed to provide the relevant information to the board. To execute their duties efficiently, directors may need to call for the management accounting reports from the senior management level up to the board level and regularly use these reports to facilitate decision making. Key words: Management accounting, corporate governance. INTRODUCTION Management accounting, which was traditionally intended for internal...
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...Towards Higher Sustainable Economic Growth with People Welfare: Good governance in Kautilya's literature is aimed at fulfilling the welfare of the people. "In the happiness of the King's subjects lies his happiness, in their welfare, his welfare." The jargons related to Financial & Human Resource Management were not prevalent then, but its essence was widely observed in Kautilya's writings. "The King should look to the bodily comforts of his servants by providing such emoluments as can infuse in them the spirit of enthusiasm to work. He should not violate the course of righteousness and wealth. Thus, he shall not only maintain his servants, but also increase their subsistence and wages in consideration of their learning and work." Kautilya said that good governance and financial stability go hand in hand. According to him, there is stability if rulers (managers) are responsive, responsible, accountable, removable, and recallable, otherwise there would be instability. Clearly Kautilya's Arthashastra provides many valuable lessons to be learned by the present day rulers, managers and administrators. What is surprising is that what he taught about 2,400 years ago is equally, if not more relevant, even today. His vision and farsightedness, revealed in his text, is a precious gift to mangers and management education. Themes Roger Boesche describes the Arthaśāstra as "a book of political realism, a book analysing how the political world does work and not very often stating...
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...It’s easy to rationalize that what one does is not a crime “if it hurts no one,” or if one is doing amazing amounts of charity work. Richard M. Scrushy is a case in point – he seemed to have it all, the all-American success story, yet dishonesty, and unethical practices, when engaged in hurt everyone – for a long time. As this author has explored through this Business Ethics class, unethical behavior looks only at the short-term, what can one get now? The Carpenter taught, regarding those who did not follow wisdom, that they were “like unto a foolish man, which built his house upon the sand: and the rain descended, and the floods came, and the winds blew, and beat upon that house; and it fell: and great was the fall of it” (Matthew 7:26-27, King James Version). The character of the individual who cheats, or takes advantage of others, gets bent out of shape and distorted, until it is no longer strong enough to provide a sure foundation, and without that they fall and they hurt themselves and those around them. Impact on Stakeholders In the house that Scrushy built, this author identifies several stakeholders impacted by the dishonesty, including: Richard Scrushy, his management team, his board of directors, his employees, the patients of HealthSouth, and the U.S. Government. This author will discuss the contributions and ramifications of the actions, or inactions of each. Richard Scrushy Richard Scrushy was a self-made man, a high school drop-out, who completed his GED, and...
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...RISE OF GADDAFI AND HIS RULE: Muammar Muhammad Abu Minyar al-Gaddafiwas the longest-serving leader in the Arab world. He ruled Libya after he took it over from King Idris I in 1969.Gaddafi was born on 7th June, 1942 in Qasr Abu Hadi located outside the town of Sirte in western Libya. He attended a Muslim elementary school in Sabha. During his schooling, he was profoundly influenced by major events in the Arab world especially the Arab nationalist movement. Egyptian President Gamal Abdel Nasser became his idol. Gaddafi joined the army in the 1960s as a supporter of Arab nationalism. In 1959, significant oil reserves were discovered in Libya. Revenue from petroleum exports moved Libya from being one of the poorest nations, to becoming a wealthy state. However, people began to resent the increased concentration of wealth in the hands of King Idris. This discontent grew with the rise of Nasserism and Arab nationalism throughout North Africa and the Middle East. In August 1969, King Idris was in Turkey for medical treatment. On September 1, 1969 a group of 70 junior Libyan military officers led by Muammar Gaddafi took the opportunity to stage a bloodless overthrow (coup d’état). The coup started in Benghazi, by members of Libyan Signal Corps. They placed the crown prince, Sayyid as-Sanussi under house arrest The coup leaders were referred to as the Free Officers’ Movement. They declared an end to monarchy in Libya and renamed the country the Libyan Arab Republic. The movement...
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...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
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...JOHN MOLSON SCHOOL OF BUSINESS DEPARTMENT OF MANAGEMENT Course Outline BUSINESS LAW & ETHICS COMM 315/2 Section CC Fall 2013 Instructor: Renée Desrosiers de Lanauze Office: Part-time lecturer's office MB 13th floor E-mail: renee@delanauze.com Office Hours: by appointment COURSE DESCRIPTION: Through the study of laws, ethical principles and court judgments, this course will introduce students to important legal and ethical issues that they may encounter within a business organization. In today’s environment of social awareness, business can no longer focus solely on maximizing profits and must recognize and respect its legal and ethical obligations to a wide range of stakeholders, both within and outside of the business organization. These stakeholders include employees, management, shareholders, directors, officers, the immediate community and society at large. COURSE OBJECTIVES: By the end of this course, students will be able to: 1) demonstrate an understanding of the relationship between law and ethics and how these two principles should not be treated as mutually exclusive; 2) select the most effective solutions to legal and ethical issues that may be encountered within the workplace; 3) identify the appropriate steps to be followed in both the legal and ethical decision making processes; 4) apply material learned in this course in order to analyze and propose solutions to legal and ethical problems. ...
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...2012. Pp. 16 - 31 Corporate Governance-Its Problems & Prospects in Banking Industry in Bangladesh Begum Ismat Ara Huq* and Mohammad Zahid Hossain Bhuiyan** Corporate Governance ensures to bring transparency, accountability and professionalism in the management system of a corporate body that enhances the credibility and acceptability to the shareholders, employees, potential investors, customers, lenders, governments and all other stakeholders. This is more true in case of Banking Industry. Since Banks deal in public money, public confidence is of outmost importance in this Industry. The study aims at finding out problems & deficiencies involved in Corporate Governance practice in Banking Industry in Bangladesh and also suggesting ways and means to remove the same in order to make the Corporate Governance practice sound and effective. In this study, both the primary and secondary data were used. The primary data relating to problems involved in Corporate Governance practice and suggestions to remove the same were collected on the basis of a questionnaire by interviewing 24 randomly selected Bank personnel such as Directors of the Board as the internal part of management and the Auditors as the external group. The secondary data were collected through an extensive literature survey on the subject. The study has identified some major problems in Corporate Governance practice in the Banking Industry of the country. The prospect of Corporate Governance practice is bright in Banking...
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...Selecta is a brand of ice cream and milk sold in the Philippines and also in Australia by Mead Johnson Company, who also made Sustagen and Enfamil. The ice cream brand is co-owned by the Philippines' RFM Corporation and the food giant Unilever under the subsidiary Unilever RFM Ice Cream, Inc.[1] The company's beginnings can be traced back to Selecta Ice Cream and Refreshment Parlor, owned by Ramon Arce, Sr. and family, and founded in the 1930s. It later expanded its business by selling its ice cream and milk with Mead Johnson nationwide. In 1990, RFM Corporation bought Selecta from the Arce family, and formed Selecta Dairy Products, Inc.. In 1999, RFM entered a partnership with Unilever to produce and market Wall's Ice Cream in the Philippines, under the joint venture Selecta Walls, Inc., which later became Unilever RFM Ice Cream, Inc. Selecta's market share in the region has since increased. Selecta markets its ice cream products under Unilever's Heartbrand brand umbrella, while marketing its milk products under the original Selecta logo. Under their name Selecta Moo, they make milk with special flavors, such as melon and ube (sweet purple yam). Selecta adds vitality to life by using only the best ingredients and the freshest inclusions in its ice cream. A company with a heart - carefully crafting and dedicating its products for the enjoyment of its consumers. Selecta’s humble beginnings can be traced to the Arce family’s ice cream parlor in Manila in 1948. Its ice cream...
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...2012. Pp. 16 - 31 Corporate Governance-Its Problems & Prospects in Banking Industry in Bangladesh Begum Ismat Ara Huq* and Mohammad Zahid Hossain Bhuiyan** Corporate Governance ensures to bring transparency, accountability and professionalism in the management system of a corporate body that enhances the credibility and acceptability to the shareholders, employees, potential investors, customers, lenders, governments and all other stakeholders. This is more true in case of Banking Industry. Since Banks deal in public money, public confidence is of outmost importance in this Industry. The study aims at finding out problems & deficiencies involved in Corporate Governance practice in Banking Industry in Bangladesh and also suggesting ways and means to remove the same in order to make the Corporate Governance practice sound and effective. In this study, both the primary and secondary data were used. The primary data relating to problems involved in Corporate Governance practice and suggestions to remove the same were collected on the basis of a questionnaire by interviewing 24 randomly selected Bank personnel such as Directors of the Board as the internal part of management and the Auditors as the external group. The secondary data were collected through an extensive literature survey on the subject. The study has identified some major problems in Corporate Governance practice in the Banking Industry of the country. The prospect of Corporate Governance practice is bright in Banking...
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...Coca-Cola Case Study: An Ethics Incident Dr. Wilhelmina Ford Dr. Robert Stephens Dr. Linda Cooper Macon State College Archive of Marketing Education August, 2007 Coca-Cola Case Study: An Ethics Incident Introduction The Sarbanes-Oxley Act of 2002, sponsored by US Senator Paul Sarbanes and US Representative Michael Oxley, represents the biggest change to federal securities laws since the New Deal. (11). One of the first companies to become involved in the new act was the Coca-Cola Company which represents an internationally recognized brand product. In 2003, the Sarbanes-Oxley Act and the Coca-Cola Company came together in Georgia courtroom when former Coca-Cola employee Matthew Whitley’s lawsuits against the company went to trial. Whitley had filed for protection under the whistleblower provision of the Sarbanes-Oxley Act. Whistle-blower protection is not new, but the Sarbanes-Oxley Act of 2002 for the first time provided a system of protection for employees of publicly owned businesses. The need for such a law was evidenced by the abuses and wrongdoings at Enron and other companies. Matthew Whitley discovered such abuses and wrongdoings at the CocaCola Company and sought action, thus shedding light on misconduct at one of the world’s most well-known corporations. The History of The Coca-Cola Company The global Coca-Cola Company, founded and headquartered in Atlanta, Georgia, is known for its close ties to the city and, in particular, its philanthropic history...
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...recommend the possible actions and preventive measures to curb these scandals. 1. Introduction In the recent years, the public and business community have been surprised with the exposure of many corporate scandals and accounting fraud by the managers of the company. It disappoints many stakeholders as after the financial crisis in 1997, many efforts have been initiated and implemented to strengthen the business control and foundation of the company. One of the important lessons learned from the financial crisis in 1997 is the weaknesses in the governance of the company such as too much power is given to a single person in managing the company, weak internal control and poor work of the directors that leads to the failure of the company. Due to this, a total regulatory and governance were embarked all over the world. Just to name a few, in the US, the Sarbanese Oxley Act was established, while in the UK the Code of Corporate Governance was extensively revised to stop all these corporate diseases from spreading and becoming a cancer for the global business community. However, all this effort has seemed fruitless as after the heavy debate and discussion and huge struggle by the regulator and market administrator, these corporate scandals are still returning but with more scaring facts. 1.1 What do we mean by Fraud and Misconduct • Fraud is a broad concept that generally refers to “any intentional act committed to secure an unfair or unlawful gain” • Misconduct is...
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...amalgamation of legally binding customs from respective societies as a solitary and direct source. By far, the law has been compounded, overruled, refined and developed over past centuries under the influences of historical, economical and social events. As such, the sources of law in a developed nation of UK today would involve common law and statutes as the leading sources, supplemented by delegated legislation, academic doctrines, customs, constitution, transnational and European Law. The Ius Commune In 1066, William the conqueror emerged victorious in the Battle of Hastings and became King of England. He unified counties with disparate customary practices into a national legal system, giving birth to common law. The word “common” was used to distinguish it from prior customary local laws. The nation consisted of 8 nonpartisan large kingdoms governed under a feudal rule. King William I fashioned the national legal system such that it would bring huge monetary benefit to the monarchy. This was in contrary to Aristotle’s philosophy on distributive justice by which the law ensured equal distribution of wealth and...
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...Abstract Businesses today face heightened expectations around their role in society and the world, with turning a profit only one of many criteria by which performance is measured. Rising in importance is the impact a company has on its stakeholders, society, and even the planet. Integrated reporting, which encompasses elements of traditional financial reporting, sustainability reporting, and governance reporting within a single presentation, represents a growing trend that reflects these new expectations. The core concept underlying the term “integrated reporting” is providing one report that fully integrates a company’s financial and non-financial (including environmental, social, governance and intangibles) information. Integrated reporting offers the opportunity to centre business reporting on strategy and value creation, to demonstrate how the business uses capital and the extent to which they should continue to be invested in business. Integrated reporting is a journey. Organizations are unlikely to achieve perfection in the first year. In the absence of a generally accepted framework, companies that wish to move toward integrated reporting may encounter several dilemmas around relevance, scope, assurance and other issues. However, as reporting processes for the production of the supporting information are designed and improved and as the executive team begins to benefit from a more informed implementation of the governing structures’ decision, reporting will improve...
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...RadioShack’s Woes Jonea Brown American Public University System Abstract This paper explores the recent difficulties RadioShack Corp. (RadioShack) has experienced pertaining to organizational culture, job design, job satisfaction, and employee policies. RadioShack’s difficulties were gathered from current and former company employees that were questioned about their experiences. In addition to discussing the trials that RadioShack has experienced, the paper will suggest a solution to get the company’s culture back in line with their mission statement as well as the corporate vision. Topics including employee motivation, supervisory leadership training, and workplace enhancement will be examined. The conclusion will analyze the steps that RadioShack needs to make improvements and ultimately how successful they could be. The analysis will be based on financial reports and independent employee interviews performed by the author on location at several local RadioShack locations. The opinions of the employees varied on many of the different topics but the overall opinion of the company’s culture and practices was very poor. RadioShack’s Woes RadioShack is a familiar name in the American electronics retailing industry. They operate nearly 5000 stores across the country and deal in the highly competitive consumer electronics segment. The brick and mortar based retailer has experienced limited success in battling their “big box” competitors like Best Buy, H.H. Gregg...
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... 4.0.5 License to distribute the products in a specific regions 7 4.0.6 Quality of products 7 4.0.7 Cost 8 4.0.8 Supply chain 8 4.0.9 Capacity 8 4.0.10 Innovation 8 4.0.11 Market offering 9 4.0.12 Human resources 9 4.0 Pfizer’s broad order winners and operational strategy 9 4.1.13 Improving the Performance of the Innovative Core 9 4.1.14 Engine for Sustainable Innovation 10 4.1.15 Making the Right Capital Allocation Decisions 14 4.1.16 Earning Respect from Society 15 4.1.17 Creating an Ownership Culture 16 4.1.18 Corporate Governance 17 5.0 Conclusion 17 6.0 References 18 1.0 Executive Summary This report investigates the operational strategy of Pfizer, world’s leading pharmaceutical company in terms of their order qualifiers and order winners. The objective of this work is to: * Evaluate the order qualifiers and the specific order winners in the pharmaceutical industry sector. * Evaluate how these order winners are met by Pfizer by giving evidence of their business model and operations strategy through discussing features such as process...
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