...Table of contents Executive summary 1 1. Introduction 2. Definition of sustainability report 3. Motivation of sustainability report 3.1 External driver 3.2 Brand value 3.3 Governance 4. Key features 4.1 Materiality 4.2 Transparency 4.3 Assurance 5. Evaluation 5.1 Materiality 5.2 Transparency 5.3 Assurance 6. Conclusion 7.References Executive Summary Sustainability report aims to describe companies’ environmental, economic and social representation and connect with impact on the world around it. It is always written by professors or leaders who are working in international companies and published by professional and known organizations. The information is collected from internet and Lend Lease’s sustainability report. The Sustainability report affect widely, especially in economy and environment and also essential to people’s outlook. The cause of publishing sustainability report identify main factors motivating publish sustainability report such as external and internal drivers, governance, and investors. The key features of sustainability report are materiality, transparence and assure. Introduction Due to the population has a great increase, our resource expend in a high speed; however, a number of people want to have high quality lifestyle, our environment faces serious situation. These kinds of behaviors are negative for our environment, and the unsustainable vista has...
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...Table of contents Executive summary 1 1. Introduction 2 2. Motivating factors for companies to publish sustainability reports 2 3. Key features of effective sustainability reports 3 3.1 General standard disclosures 3 3.2 Specific standard disclosures 3 3.3 Sector specific disclosures 4 4. The evaluation of Westpac’s sustainability report 4 4.1 General standard disclosures 4 4.2 Specific standard disclosures 5 4.3 Sector specific disclosures 5 5. Conclusion 5 6. Reference 6 Executive Summary This article is going to explain the reason for companies to present their sustainability behaviors and highlight the key feature of an effective sustainability report. Sustainability reports refer to disclose companies’ social and environmental performance. It is essential for the financial service industry to convey their sustainability profile and integrate this to their financial report. This article also makes an evaluation about Westpac’s sustainability report. Westpac’s sustainable reporting has used the table and bar chart to illustrate their sustainability...
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...The essence of this essay is to explore democracy, democratic consolidation and democratization. It further explains why democratization takes different ‘flight trajectories’ in different developing countries. It is difficult to reach a consensus on the definition of democracy. However, the main idea of democracy is widely accepted to have originated from Athens in the 5th century BC. The Webster New Encyclopedic Dictionary (1995) defines democracy as a government in which supreme power is invested in the people and exercised by them directly or indirectly through representation. According to Lindel, and Scott (1999), the term originates from the Greek word (demokratia) which simply means “rule of the people” and it was coined from (demos) “people” and (kratos) “power” or “rule” in the 5th century B.C. It is important to note that the political system postulated by the Athenians was such that democratic citizenship was exclusive to an elite class of free men only. Slaves and women were excluded from participation. Furthermore, in a lecture titled “What is Democracy”? Diamond (2004) gave an overview of what in his opinion is democracy. He describes democracy as a system of government with four key elements: a system for choosing and replacing the government through free and fair elections; active participation of the people, as citizens, in politics and civic life; protection of the human rights of all citizens; and a rule of law in which the laws and procedures apply equally...
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...Two-Tier Corporate Governance Model for Pakistan Tasleem Faraz Minhas1, Saif Ullah2 1 Research Scholar, National University of Modern Languages, Lahore 2 Faculty members in Management sciences, National University of Modern Languages, Lahore Introduction As the business environment is continuously evolving so as the concept of corporate governance. The European Economic Community (EEC), General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO) regulations have also contributed to the rising awareness and are compelling us to think in terms of adhering to the good governance practices. Corporate governance, by the very nature of the concept, cannot be exactly defined. However, there can be no two opinions that “effective accountability to all shareholders is the essence of corporate governance.” It is the set of process, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. “Corporate governance refers to the manner in which the affairs of a corporate body are or should be conducted in order to serve and protect the individual and collective interests of all stakeholders” (Butt 2008) According to OECD “Corporate Governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as...
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...Good governance has been a key concept for democratic development in many countries around the world during the past few decades. Thailand is one of those which have embraced the idea. The notion of good governance was first given importance and included in the Thai national agenda in the 1990’s. At its inception, not many people, particularly those at the grassroot level, understood what it meant. There were attempts to explain this concept to the public and even attempts by community leaders and scholars to translate into Thai the term “good governance” – dhama-bhibal – with the hope that it would make it easier to understand. The need to interpret the term in its various aspects remains, however. The explanations of good governance can be varied. One of these, which is widely accepted, focuses on the capability of the state to perform its key functions in response to the needs of its citizens, and to be accountable for what it does. Emphasis has therefore been placed on a people-centred ideology -- needs of the people, public interest, transparency, accountability and responsibility of the policy-makers. All these have also become central to establishing sustainable development. Based on the concept of transparency, one significant development that took place in the late 1990’s in Thailand was the promulgation of an Information Act. This Act, which stipulates the openness to the public of information in the possession of state agencies, clearly underpins the universally...
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...CORPORATE GOVERNANCE The need for corporate governance is not something typical to our country or economy .even in countries where regulatory mechanism are more demanding in their content and more vigilant in its implementation. Flagrant violation under the corporate veil have generated the demand for better governance . The advent of information age has created an awakened shareholders , vigilant public and almost predatory journalistic fervour. Depending upon the model of corporate disclosure followed by different legal framework, right to information has forced corporation to divulge more than they ever did. Corporate governance is derived from Latin term ‘corpus’ which means ‘body’. governance means administering the process and system placed for satisfying stakeholders expectations . when the two terms are combined it together brings out set of system procedures , policies , practices , standards put in place by a corporate to ensure that relationship with various stakeholders is maintained in transparent and honest manner. One of the basic feature of corporate governance is that there is a separation of ownership and management. The board of directors work and operate as trustee and agent of shareholders and they have to safeguard the interest of shareholders and other stakeholders It may also be considered as a network of legal provisions , regulations, practices to bring accountability and transparcy in functioning of the body corporate. It specifies the distributions...
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...PART A: THE BUSINESS ORGANISATION, ITS STAKEHOLDERS AND THE EXTERNAL ENVIRONMENT Study Guide A1 The purpose and types of business organisation (a) (b) (c) (d) (e) Define ‘business organisations’ and explain why they are formed. Describe common features of business organisations. Outline how business organisations differ. List the industrial and commercial sectors in which business organisations operate. Identify the different types of business organisation: (i) (ii) (iii) (iv) (v) Commercial Not-for-profit Public sector Non-governmental organisations Cooperatives Intellectual level K K K K K A2 Stakeholders in business organisations (a) Define stakeholders and explain the agency relationship in business and how it may vary in different types of business organisation. Define internal, connected and external stakeholders and explain their impact on the organisation. Identify the main stakeholder groups and the objectives of each group. Explain how the different stakeholder groups interact and how their objectives may conflict with one another. Compare the power and influence of various stakeholder groups and how their needs should be accounted for, such as under the Mendelow framework. K (b) (c) (d) (e) K K K K EXAM FOCUS POINT This chapter lays the foundation for an understanding of what organisations are and how they are controlled. These topics represent a higher level of knowledge. According to the Study Guide you must be able to apply knowledge to exam...
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...The Shell Global Scenarios to 2025 The future business environment: trends, trade-offs and choices © Shell International Limited (SIL), 2005. Permission should be sought from SIL before any part of this publication is reproduced, stored in a retrieval system or transmitted by any other means. Agreement will normally be given, provided that the source is acknowledged. The information contained in this publication is, to the best of our knowledge, true and accurate although the forward looking statements herein are by their nature subject to risk factors which may affect the outcome of the matters covered. Opinions from independent experts are presented as their own views in separate inserts with their approval. None of Shell International The companies in which Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c. directly or indirectly own investments are separate and distinct entities. The expressions “Royal Dutch/Shell Group” and “Group” are used to refer to the companies of the Royal Dutch/Shell Group as a whole. The words “Shell”, “we”, “us” and “our” are used in some places to refer to the Group and in others to an individual Shell company or companies where no particular purpose is served by identifying the specific company or companies. Limited, its affiliates and their respective officers, employees and agents represents the accuracy or completeness of the information set forth herein and none of the foregoing shall be liable for...
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...Prepared by; Saeda Iman binti Kushairi CEA130075 Najwa Anati binti Nazlan CEA130057 Saibah binti Sainel CEA130076 Thilaga CEA130105 Question : Discuss the recent developments in audit report. After much research, we have found the following recent developments in audit report; 1. Key Audit Matters * In the future, effective for audits of financial statements for periods ending on or after 15 December 2016, the auditor’s report of listed entities will include a section on Key Audit Matters (KAM). A new auditing standard, ISA 701, has been issued to give effect to this. KAM is defined as those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period. 2. Transparency in Audit Procedure * Superior transparency about the audit procedure is very much expected in the auditor’s report. This will effect ISA 700,701 and 720. 3. Addressing disclosures * The revised standard Addressing Disclosures in the Audit of Financial Statements aims to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behaviour in applying the requirements of the ISAs. 4. Going Concern * The changes in auditing standards require auditors to raise certain going concerns flags in auditor’s report. This will be done if; a) Management uses going concern basis of accounting inappropriately in preparing...
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...“Corporate Governance in achieving Sustainable Competitive Advantage” Abstract Researchers, academics and theorists in the business fields have different opinions when the source of corporate success in concerned. They have different values and ideas depend on their ideological persuasions concerning the success and failure of business organizations regardless their size, country of origin and industry in which they are competing. This research paper is approached to give a review, put together and find out the limitations on the earlier scattered literature on the respective sections which consists of mainly two topics. The first topic is rooted in and originated from traditional economic theory and industrial organization tradition. The second one has originated from a resource and competency based view of business organizations. Both approaches are centered on techno-economic factors of sustainable competitive advantage. Very less importance is given to the role and impact of top manager’s actions and their organizational behavior in the overall profitability and competitiveness of a business firm. The loyalty, commitment and pro-activeness of top level management is seen and tried to be proven as potential source of competitive advantage for business organization by this research paper. It is very commonly and frequently found that, top level management usually tend to be self-serving, avoiding risks and not motivated and loyal to the growth and long run profitability of...
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...Section 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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...SECTION ONE INTRODUCTION BACKGROUND OF STUDY In years past, when enterprises were starting, it suffered data lose and information retrieval was difficult since there was no strong security service to protect already gathered information. Production, distribution and some other functions were very difficult to achieve due to weak security services but as the days passed by enterprise has struggled to secure its services and with the aid of growth in technology and programming enterprise services has reached a reasonable degree in achieving its dream by protecting its services from harm. An enterprise is an activity or a project that produces services or products. There are essentially two types of enterprise, business and social enterprises. Business enterprises are run to make profit for a private individual or group of individuals. This includes small business while social enterprise functions to provide services to individuals and groups in the community. These shows that an enterprise security service is a form of protecting the services or the product of individuals and groups in the community from harm (preventing unauthorized users from gaining access). Enterprise now uses Biometric, Encryption and some others forms of security to form the backbone of its services. The term "biometrics" is derived from the Greek words bio (life) and metric (to measure). Biometrics refers to the automatic identification of a person based on...
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...to become a universal law. Maxim 2 requires human dignity to be respected, with people being treated as ends, not means. For example, management at Porsche treated the company owners instrumentally, not respecting their dignity, essentially treating them as ‘finance-providing ends’. Maxim 3 is about universality; whether the principles of an action would be acceptable for every person. The fact that 90% of shareholders voted against Goodwin’s pension is clear evidence that this was not the case at RBS. THINK THEORY 2 Thinking of different corporate governance practices around the world, are these just ‘different’ (i.e. reflecting different cultural and customary practices) or would you argue that some of them are clearly more or less ethical from a moral perspective? One could perhaps argue that some governance models are more ethical than others. For example, the continental European model focuses more on employees as key stakeholders than does the Anglo-American model. However, this focus on employees could be to the detriment of other important stakeholders. One could also argue that some models are less ethical than others; the Russian model, with its...
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...Abstract The present paper aims at reviewing the various developments in Corporate Governance in India. Corporate Governance has gained a lot of importance and momentum the world over. The objective of any corporate governance system is to simultaneously improve corporate performance and accountability as a means of attracting financial and human resources on the best possible terms and of preventing corporate failure. In short Corporate Governance is about promoting corporate fairness, transparency and accountability. Keywords: Corporate Governance (CG) Security and Exchange Board of India (SEBI) Stakeholders Clause 49 OECD principles Chapter: 1 INTRODUCTION 1.1 Prelude Corporate governance (CG) has emerged as a very important ideal. The reason is, today companies are substantially contributing to the overall growth and development, particularly in emerging economies such as India and a healthy investment environment is vital. The corporate form of business has succeeded gradually and expanded worldwide. However, not all companies are managed successfully. There has been a spree of corporate frauds worldwide, e.g., Enron in the United States and Satyam Computers in India. The latter had accounting and auditing flaws apart from lack of accountability and oversight by Independent Directors at Board meetings. There was no whistle-blowing in case of Satyam Computers unlike Enron. The Satyam Computers revelation was an outcome of a takeover...
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...Enron Corporation (Case 1.1) Most of us work from rags to riches but this is not the case of the Enron Corporation. Instead of becoming the nation’s greatest company, Enron instead laid claim to being the largest corporate bankruptcy in the history. The greediness and egotism wiped out the honesty and integrity that should instill on the persons who were involved in this case. Arthur Edward Andersen built his firm, Arthur Andersen & Company, into one of the largest and most respected accounting firms in the world through his reputation for honesty and integrity. His motto was “Think straight, talk straight” and he insisted that his clients adopt that same attitude when preparing and issuing their periodic financial statements. Arthur Andersen’s auditing philosophy was not rule-based; instead he invoked a substance-over-form approach to auditing and accounting issues. He avidly believed that the primary role of the auditor was to ensure that clients reported fully and honestly to the public, regardless of the consequences for those clients. Ironically, Arthur Andersen & Co.’s dramatic fall from eminence resulted from its association with a client known for aggressive and innovative uses of “accounting gimmicks” to window dress its financial statements. Enron Corporation was the second largest client of the firm and was involved in large, complex transactions with hundreds of special purpose entities (SPEs) that it used to obscure its true financial condition and...
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