to be at fair market value if three conditions are satisfied. First, the compensation arrangement are approved in advance by the board of directors of the applicable tax-exempt organization composed entirely of individuals who do not have a conflict of interest with respect to the compensation arrangement; second, the authorized body obtained and relied upon appropriate data as to comparability prior to making its determination; and third, the authorized body adequately documented the basis for its
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In the essay given, it identifies fiduciary duties of directors as the main issue. There are a few consequences of breaching fiduciary duties. Under general law, a failure to disclose a conflict of interest rendered the transaction voidable at the option of the company. Aside from rescinding the contract, the company can seek to obtain a range of remedies such as an injunction to stop the breach of duty continuing, a constructive trust over assets acquired arising from the breach of duty, an account
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Introduction The case of Francis W. Gagnon v. Joan G. Coombs was tried in the Appeals Court of Massachusetts in 1995. Francis Gagnon and his wife, an elderly couple, owned a farm in Shelburne Massachusetts and land in Hillsborough, New Hampshire. They had two children, Joan Coombs and Frank Gagnon. Joan suggested that her parents sign powers of attorney appointing her as their agent. Frank was upset when he found out about the POA and convinced his father to revoke the power. Francis revoked
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competitor in clear violation. * “Ethics - We conduct business honestly and honorably and expect our clients and suppliers to do the same. We train our employees to be ethical and expect them to always act in the best interests of International Widgets.” By Acting in the best interest of International Widgets, Mr. Anderson would have chosen another route. Maybe going to his superiors or just saying “no” when he was approached. In addition he work on the road is inconsistent with the calculations of
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and Ethics applicable to employees. Conflict of Interest Nordstrom values fair and honest dealings with our customers, coworkers, suppliers, competitors and other business partners. We expect Directors to uphold these values by avoiding conflicts of interest. A conflict of interest occurs when an individual’s private interest or outside economic interests interferes with his or her responsibilities to or judgment on behalf of Nordstrom. Conflicts of interest also may arise when a Director, or
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Trustworthiness and Responsibility are the two pillars primarily affecting this case. Trustworthiness requires that one be honest; does not deceive, cheat or steal; and be reliable. Giles and Regas were telling lies and keeping secrets as they broke the rules of the firm and cheating on promises made Giles and Regas have a personal responsibility for their actions. It may be argued that they are not responsible for their feelings, but they are responsible for acting on their feelings. Being responsible
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Directors perform various duties within a company and these involve the coordination, leading, controlling and planning of a company’s resources so that set objectives and targeted are achieved. According to Abbort (1996), Directors are persons to whom the management of the company is entrusted. In Zimbabwe every company has the statutory obligation to have at least two directors of them one shall be a true ordinary resident of Zimbabwe; this requirement is according to the Companies Act (24:03)
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the awarding end of a contract awarded to AGHP. Did he ever sent in on a Source Selection Plan with AGHP winning the award. There is a section in the FAR 9.501 (Federal Acquisition Regulation) called OIC (Organization Conflicts of Interest that reads .Such a conflict of interest arises where, because of other activities or relationships with other persons, a person is unable or potentially unable to
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Statement. Base on this issue, under the statutory duty of company act, section 181(1), Duty to Act in Good Faith. ‘A director of the corporation must exercise their powers and discharge their duties. Section 181(1)(a) In the good faith in the best interests of corporation and Section 181(1)(b) for a proper purpose. Section 132(1), a director shall at all-time acts honestly. Section 169 and ninth schedule of the companies Act 1965, financial information that companies are required to disclose are mainly
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Cheesecake Factory Code of Conduct Professor Mandiveyi December 15, 2013 Introduction to Business Bus 100 Abstract This paper discusses key areas of interest within the Cheesecake Factory’s code of conduct, which will also identify the significant importance of the code of conduct and why it is important to the success of the Cheesecake Factory. This paper will also explain how the code of conduct can be implemented by the company, checks and balances to measure adherence to the code
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