Distracted shareholders and corporate actions

NARCIS (Netherlands)

Kempf, Elisabeth; Manconi, Alberto; Spalt, Oliver

Investor attention matters for corporate actions. Our new identification approach constructs firm-level shareholder "distraction" measures, by exploiting exogenous shocks to unrelated parts of institutional shareholders' portfolios. Firms with "distracted" shareholders are more likely to announce

Institutional shareholder activism in Nigeria

OpenAIRE

Uche, C.; Adegbite, E.; Jones, M.

2016-01-01

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. Abstract Purpose-The purpose of this paper is to investigate institutional shareholder activism in Nigeria. It addresses the paucity of empirical research on institutional shareholder activism in sub-Saharan Africa. Design/Methodology-This study employs agency theory to understand the institutional shareholder approach to shareholde...

Directors' report and accounts for the year ended 31 March 1993

International Nuclear Information System (INIS)

1993-01-01

The report of the Directors of Scottish Power for 1992/1993 is presented, and accounting policies, group profit and loss account, balance sheets and group cash flow statement are given. Notes concerning the accounts are included. The report of the Auditors is also presented, and the names of the directors, secretaries and advisors, and shareholder information is listed. (UK)

Service quality measurement for non-executive directors in public entities

OpenAIRE

2012-01-01

D.Comm. In commercial corporations shareholders, at least in theory, evaluate the performance of the boards they have appointed. Such evaluation is mainly based on the financial performance of the entity. Public (state funded) entities have only the state as shareholder and the performance of their boards is not evaluated by the taxpayers who ultimately pay the directors' fees. The term "public entity" refers to 20 corporations with an annual turnover in excess of R 55 billion which are su...

A practitioner’s research: Director remuneration in Ukraine

Directory of Open Access Journals (Sweden)

Alexander N. Kostyuk

2006-07-01

Full Text Available Remuneration of members of the supervisory boards in Ukrainian joint-stock companies is the most controversial issue of the corporate board practices. Despite the firm belief of the shareholders that the director remuneration is one of the most important factors influencing the board performance, there are still many companies (21 per cent where directors are not remunerated for their work on the supervisory board. This report examines practices of the director’s remuneration in Ukraine.

Corporate Governance and Shareholder Litigation

OpenAIRE

Kalchev, Georgi

2009-01-01

The probability for shareholder litigation is studied and how corporate governance characteristics and other factors explain it. Shareholder litigation results from failure of corporate governance. Thus a better quality of corporate governance is hypothesized to decrease the litigation probability. Corporate governance index is constructed based on principal components. It is found to be a significant predictor of shareholder litigation.

Shareholding Networks in Japan

Science.gov (United States)

Souma, Wataru; Fujiwara, Yoshi; Aoyama, Hideaki

2005-06-01

The Japanese shareholding network existing at the end of March 2002 is studied empirically. The network is constructed from 2,303 listed companies and 53 non-listed financial institutions. We consider this network as a directed graph by drawing edges from shareholders to stock corporations. The lengths of the shareholder lists vary with the companies, and the most comprehensive lists contain the top 30 shareholders. Consequently, the distribution of incoming edges has an upper bound, while that of outgoing edges has no bound. The distribution of outgoing degrees is well explained by the power law function with an exponential tail. The exponent in the power law range is γ = 1.7. To understand these features from the viewpoint of a company's growth, we consider the correlations between the outgoing degree and the company's age, profit, and total assets.

Corporate Governance in Shareholding Companies: Comparing Legal Perspective and Position of Shari’ah

OpenAIRE

Aznan, H.; Harith Amir Hasan Al Timimi

2015-01-01

This study examines the concept of corporate governance in shareholding companies and the legal perspective in comparison with the position of Shari’ah. The purpose of governance is to instil confidence among the stakeholders that the Boards of Directors are applying a diligent legal and administrative framework, to avoid potential administrative and financial failures and corruption. The study has proceeded by defining the concept of governance from linguistics, accounting, administrat...

A marketing-finance approach linking contracts in agricultural channels to shareholder value

NARCIS (Netherlands)

Pennings, J.M.E.; Wansink, B.; Hoffmann, A.O.I.

2011-01-01

A conceptual marketing-finance framework is proposed which links channel contracting in agriculture and the use of financial facilitating services (e.g., financial derivatives) to (shareholder) value creation. The framework complements existing literature by explicitly including channel contract

Corporate Social Responsibility and Shareholder Proposals

NARCIS (Netherlands)

Eding, Erwin; Scholtens, Bert

2017-01-01

We study how corporate social responsibility relates to investors, firms, and shareholder proposals. We examine shareholder proposals on environmental, social, and governance issues at the annual general meeting of shareholders with US Fortune 250 firms during 2011-2014. We find that the probability

Corporate Social Responsibility and Shareholder Proposals

NARCIS (Netherlands)

Eding, Erwin; Scholtens, Bert

We study how corporate social responsibility relates to investors, firms, and shareholder proposals. We examine shareholder proposals on environmental, social, and governance issues at the annual general meeting of shareholders with US Fortune 250 firms during 2011-2014. We find that the probability

Shareholders' Fundamental Rights in Listed Companies

DEFF Research Database (Denmark)

Werlauff, Erik

2017-01-01

There can be no reasonable doubt that the EU’s initiatives in the field of shareholders’ fundamental rights in listed companies are among the successful, relevant and necessary provisions under EU corporate and stock exchange law. This also holds true for the main Directive 2007/36. When consider......There can be no reasonable doubt that the EU’s initiatives in the field of shareholders’ fundamental rights in listed companies are among the successful, relevant and necessary provisions under EU corporate and stock exchange law. This also holds true for the main Directive 2007/36. When...... considering the whole spirit and idea of the EU and its competences, the field of basic shareholders’ rights, including cross-border shareholding, is to be regarded as a welcome initiative that has facilitated the exercise of fundamental rights also in cross-border shareholding. The success is further...... emphasized by the fact that some countries, including Denmark, have regarded a number of the fundamental rights vested in the directive as being so well formulated that the countries have chosen to gold-plate their own legislation by introducing rights which are similar to those in the directive also for non...

Director and Officer Liability in the Zone of Insolvency; A ...

African Journals Online (AJOL)

In principle, the company, alone, is responsible for the debts incurred in the running of the company and the creditors are, in principle, precluded from looking to the directors or shareholders for payment of any shortfall arising as a result of the company\\'s insolvency. This principle has, in a number of jurisdictions undergone ...

10 ways to create shareholder value.

Science.gov (United States)

Rappaport, Alfred

2006-09-01

Executives have developed tunnel vision in their pursuit of shareholder value, focusing on short-term performance at the expense of investing in long-term growth. It's time to broaden that perspective and begin shaping business strategies in light of the competitive landscape, not the shareholder list. In this article, Alfred Rappaport offers ten basic principles to help executives create lasting shareholder value. For starters, companies should not manage earnings or provide earnings guidance; those that fail to embrace this first principle of shareholder value will almost certainly be unable to follow the rest. Additionally, leaders should make strategic decisions and acquisitions and carry assets that maximize expected value, even if near-term earnings are negatively affected as a result. During times when there are no credible value-creating opportunities to invest in the business, companies should avoid using excess cash to make investments that look good on the surface but might end up destroying value, such as ill-advised, overpriced acquisitions. It would be better to return the cash to shareholders in the form of dividends and buybacks. Rappaport also offers guidelines for establishing effective pay incentives at every level of management; emphasizes that senior executives need to lay their wealth on the line just as shareholders do; and urges companies to embrace full disclosure, an antidote to short-term earnings obsession that serves to lessen investor uncertainty, which could reduce the cost of capital and increase the share price. The author notes that a few types of companies--high-tech start-ups, for example, and severely capital-constrained organizations--cannot afford to ignore market pressures for short-term performance. Most companies with a sound, well-executed business model, however, could better realize their potential for creating shareholder value by adopting the ten principles.

Shareholder/Stakeholder Value Management, Company Growth and

OpenAIRE

Ekholm, Bo-Göran; Wallin, Jan

2003-01-01

There has been considerable discussion in the literature about the relative merits of shareholder value management and stakeholder value management, but relatively little empirical research has been reported concerning the relationship between these types of management and financial performance. The present study puts forward a hypothesis that true shareholder value management also encompasses stakeholder value management. This combination of shareholder/stakeholder value management is hypoth...

Pension benefits of executive directors : A comparative study of general retailers between 2006-2010

OpenAIRE

Condric, Tomislav; Tomic, Katarina

2012-01-01

Several recent corporate governance scandals relate to non-disclosure or high amounts of pension benefits given to executive directors. The lack of disclosure and transparency has gained pensions benefits greater attention as a significant part of the total remuneration received by executive directors. Due to the associated problems there is a greater need for better disclosure and in turn heightened transparency towards shareholders.   This qualitative case study focuses on general retailers...

An Empirical Analysis of Latin American Board of Directors and Minority Shareholders’ Rights

Directory of Open Access Journals (Sweden)

Marisela Santiago

2009-09-01

Full Text Available This paper examines the link between corporate governance structures and the potential for expropriation of minority shareholders’ rights. Analysis of 97 firms from Brazil, Chile and Mexico that traded ADR shares in the United States between 2000 and 2002, indicates that increasing the size of the board by inclusion of additional independent outside directors lowers the potential for expropriation of minority shareholders’ rights. Also, increases in the tenure of independent outside directors, decreases in CEOs’ shareholdings and more interlocking directors on a board all serve to lower the potential for expropriation of minority shareholders’ rights.

Controlling shareholders and market timing in share issuance

NARCIS (Netherlands)

Urzua Infante, F.; Larrain, B.

2013-01-01

We examine market timing in the equity issuance of firms controlled by large shareholders using a hand-collected data set of controlling shareholders' ownership stakes in Chile between 1990 and 2009. When a firm issues shares, the controlling shareholder can either maintain or change his ownership

26 CFR 1.6035-1 - Returns of U.S. officers, directors and 10-percent shareholders of foreign personal holding...

Science.gov (United States)

2010-04-01

... corporate, shareholder, and income information for the foreign personal holding company's annual accounting... 898), the taxable year of such corporation shall be treated as its annual accounting period. (2) General corporate information. The general foreign personal holding company information required by this...

Institutional Investors as Minority Shareholders

OpenAIRE

Assaf Hamdani; Yishay Yafeh

2013-01-01

We examine the link between minority shareholders' rights and corporate governance by studying institutional investors' voting patterns in a concentrated ownership environment. Institutions rarely vote against insider-sponsored proposals even when the law empowers the minority. Institutions vote against compensation-related proposals more often than against related party transactions even when minority shareholders cannot influence outcomes. Potentially conflicted institutions are more likely...

Shareholder, stakeholder-owner or broad stakeholder maximization

OpenAIRE

Mygind, Niels

2004-01-01

With reference to the discussion about shareholder versus stakeholder maximization it is argued that the normal type of maximization is in fact stakeholder-owner maxi-mization. This means maximization of the sum of the value of the shares and stake-holder benefits belonging to the dominating stakeholder-owner. Maximization of shareholder value is a special case of owner-maximization, and only under quite re-strictive assumptions shareholder maximization is larger or equal to stakeholder-owner...

Audit pricing and nature of controlling shareholders: Evidence from France

Directory of Open Access Journals (Sweden)

Chiraz Ben Ali

2013-03-01

Full Text Available This study examines whether auditors are employed as a monitoring mechanism to mitigate agency problems arising from different types of controlling shareholders. In a context of concentrated ownership and poor investor protection, controlling shareholders can easily expropriate wealth from minority shareholders and profit from private benefits of control. However, this agency conflict has been rarely studied, as the most commonly assumed agency conflict occurs between managers and shareholders. Using an audit fee model derived from Simunic (1980, we study the impact of the nature of controlling shareholders on audit fees in French listed firms. Our results show: (1 a negative relationship between audit fees and government shareholdings; (2 a positive relationship between audit fees and institutional shareholdings; and (3 no relationship between audit fees and family shareholdings. These results illustrate the mixed effects of the nature of ownership on audit fees.

Theoretical foundations of shareholders' right to appraisal

Directory of Open Access Journals (Sweden)

Vasiljević Mirko

2017-01-01

Full Text Available Shareholders' right to appraisal represents a controversial topic of corporation law, which is why a relatively small number of countries accept it. In this article, the authors analyze the goals that are supposed to be achieved with the introduction of shareholders' appraisal rights. In this respect, traditional and modern explanations for the introduction or maintaining of this right have been presented. In the second part of this article, shareholders' right to appraisal has been critically examined, mostly from corporations' perspective. Afterwards, several potential causes of inefficiency of using this right have been identified. Perceiving pros and cons of shareholders' right to appraisal is of particular importance for Serbia, in order to draw a conclusion about harmonization of our legislative solutions with the theoretical foundations of this right.

Economic incentives of family controlling shareholders and the monitoring role of non-dominant large shareholders in corporate governance: Evidence from the manufacturing firms in Malaysia

Directory of Open Access Journals (Sweden)

Chin Fei Goh

2014-08-01

Full Text Available This article explores the economic incentives of dominant controlling shareholders with regard to the expropriation of minority shareholders, on the one hand, and the monitoring role of non-dominant large shareholders in family firms, on the other. The authors argue that family controlling shareholders (or family owners do not share common interests with other shareholders. Drawing on 141 family firms in the manufacturing sector that were listed on Bursa Malaysia (the Malaysian stock exchange from 2003 to 2006, the article finds an inverted U-shaped relationship between excess control rights and a firm's market performance. The findings also show that both the cash flow rights (i.e. claims on cash payouts of family controlling shareholders and the presence of non-dominant large shareholders with the ability to contest control of the firm have a positive relationship with market performance.  This study contributes to the literature by indicating that family owners are unlikely to collude with other large shareholders to expropriate minority shareholders. Furthermore, low levels of excess family-owner control rights are beneficial for market performance because firms may benefit from group affiliations and receive patronage from wealthy owners. However, high levels of excess control rights are understood to be an economic incentive for family owners to expropriate minority shareholders during non-crisis periods.

Role of independent director in corporate governance – Reference to India

Directory of Open Access Journals (Sweden)

Indrajit Dube

2013-01-01

Full Text Available A company is the common platform of various stakeholders, such as customers, employees, investors, shareholders etc.. It is an instrument that can attract huge capital for doing business. Every transaction in a company should be fair and transparent to its stakeholders. A company having good Corporate Governance and an effective Board of Directors attract investors and ensure investment. Independence of the Board is critical to ensure that the board fulfills its role objectively and holds the management accountable to the company. The practice across jurisdictions indicates that the presence of Independent Director is answer to that. The present write up delves into the current scenario in Indian Corporate Sector and examine the role of Independent Director in Corporate Governance, in particular.

26 CFR 1.1367-2 - Adjustments to basis of indebtedness to shareholder.

Science.gov (United States)

2010-04-01

...) Termination of shareholder's interest in corporation during taxable year. If a shareholder terminates his or... termination of the shareholder's interest in the corporation. (3) Multiple indebtedness. If a shareholder..., immediately prior to the termination of the shareholder's interest in the corporation, the reduction in basis...

Value-based management: Theoretical base, shareholders' request and the concept

Directory of Open Access Journals (Sweden)

Kaličanin Đorđe M.

2005-01-01

Full Text Available The pressure of financial markets, which is a consequence of shareholder revolution, directly affects the solution to the following dilemma: is the mission of corporations to maximize shareholders' wealth or to satisfy interests of other stakeholders? The domination of shareholder theory has caused the appearance of the valuebased management concept. Value-based management is a relevant concept and a process of management in modern environment. The importance of shareholder value requires transformation of traditional enterprise into value driven enterprise. This paper addresses theoretical base, shareholder revolution and the main characteristics of value-based management.

Increasing Shareholders Value through NPV-Negative Projects

Directory of Open Access Journals (Sweden)

Paweł Mielcarz

2010-10-01

Full Text Available The concept of Net Present Value (NPV is a widely accepted tool for verification of financial rationality of planned investment projects. Projects with positive NPV increase a company's value. Similarly, those with negative NPV lead to a decline in the value of a business. This article attempts to answer the question: are projects with negative NPV always disadvantageous in terms of maximization of shareholder value and when should an NPV-negative project be considered justified? The authors discuss the issues of project valuation depending on different conditions. First, they briefly summarize the main idea of valuation - the aim of every company is to maximize shareholder value. Contemporary professional texts say that the way to achieve this goal is through projects that can generate a positive Net Present Value. When there are no such investments within reach, the company should pay dividends to its owners. The authors claim that some circumstances justify investments with a negative Net Present Value, as they still produce maximum possible shareholder value. The three model situations where this takes place are: (1 tax on dividends; (2 shareholders' perception of risk; and (3 temporary inefficiency of the markets. Taxes on dividends reduce cashflows for shareholders from distributed dividends. Therefore, they act exactly as an investment with a negative NPV. The authors conclude that this creates an opportunity to maximize shareholder value by comparing this loss with available alternate projects with negative NPV. If the loss of worth, caused by such taxes, is bigger that the negative NPV of possible investments it will be more rational to invest instead of paying dividends. And, according to the authors, a project with a negative NPV leads to maximized shareholder value. In the second situation, the authors point out that some projects may have negative fundamental (intrinsic value when valuated by the market (diversified owners because

Ownership and Risk Management: Shareholder versus Stakeholder Satisfaction

DEFF Research Database (Denmark)

Aabo, Tom

2002-01-01

The relationship between ownership structure and performance has received considerable attention in the literature. This paper focuses on the relationship between ownership structure and risk management. Specifically, the paper addresses the relationship between (1) the identity and influence...... of the largest shareholder and (2) whether risk management decisions are made in order to satisfy shareholders in particular or stakeholders in general. Covering a sample of Danish, non-financial companies a statistically significant, negative relationship is found between personal ownership and the likelihood...... that the aim of risk management is to satisfy shareholders in particular. No significant relationship is found for foundation-owned companies. Furthermore, a positive relationship is found between the size of the company and the tendency to satisfy shareholders in particular. The finding in relation...

Improving Shareholder Value through Corporate Governance Mechanism in Malaysian Listed Companies

OpenAIRE

Ibrahim, Mohammed Yussoff; Ahmad, Ayoib Che; Khan, Muhammad Anees

2016-01-01

This paper proposes to investigate the postulations of renowned agency theory and shareholder value (SHV) in relation to Corporate Governance (CG) attributes. Shareholder value is of a great concern to the shareholders of firms. Shareholder value have been investigated by numerous studies of corporate governance but with inconsistent empirical evidence. This study will focus on investigating the impact of CG attributes on Shareholder value measured by Tobin’s Q or return on both equity and as...

12 CFR 7.2001 - Notice of shareholders' meetings.

Science.gov (United States)

2010-01-01

... AND OPERATIONS Corporate Practices § 7.2001 Notice of shareholders' meetings. A national bank must... notice of the shareholder's meeting. The articles of association, bylaws, or law applicable to a national...

Disclosure of Major Shareholdings: A Comparative Analysis of Regulation in Europe

DEFF Research Database (Denmark)

Sørensen, Karsten Engsig; Clausen, Nis Jul

2002-01-01

This article analysis the present regulation of disclosure of shareholdings whereby the identity of a shareholder and the size of his/her shareholding is made know to the public. The focus is on the directive on disclose of major shareholdings, and how it has been implemented in the Member States...

The fiduciary duties of healthcare directors in the "zone of insolvency".

Science.gov (United States)

Peregrine, Michael W; Schwartz, James R; Burgdorfer, James E; Gordon, David C

2002-01-01

Directors of healthcare organizations normally owe fiduciary duties to their shareholders or, in the case of nonprofits, to the charitable mission of the organization. As an organization descends to bankruptcy, however, the board's duties may shift. At some point, the board may be imposed with different and often conflicting obligations to the corporate enterprise as a whole, with a primary criterion being the interests of creditors. In this article, the authors analyze the murky areas of the Zone and give guidance as to when the board's duty may shift-and as to how directors should proceed both in determining their duties and in working to fulfill them.

Ecology and shareholder value - a contradiction in terms?

International Nuclear Information System (INIS)

Schneider, G.; Schaltegger, S.; Rechsteiner, R.; Figge, F.; Kuhn, R; Biedermann, D.

2002-01-01

In its function as a purely financial concept for company assessment, does shareholder value promote short-term thinking or can an enterprise's orientation towards shareholder value be sustainable? What contradictions exist between the yield, security and liquidity of an asset and ethically and ecologically correct behaviour? One of the authors shows why effective environmental protection and a simultaneous increase in shareholder value are both possible and sensible. Especially when the assessment of the future economic chances of an enterprise in a changing ecological frame of reference are being examined, the shareholder value approach is well suited as a conceptional basis - provided it is correctly used. Can shareholders replace environmental policy? This question is asked by another of the authors. Is a 'green' strategy good, simply because it generates more profit? Can green capitalism rescue the world? According to another contributor there is no real contradiction between the shareholder value approach and the stake holder concept. The shareholder value approach is primarily a method for looking at an enterprise from the capital investor's point of view. The stake holder concept can, on the other hand, be assigned to the strategic management category. It shows that enterprises must take account of stake holder requirements in order to permanently be able to reach their goals. A further contribution addresses the role played by pension funds. What responsibility is carried by a pension fund when it invests its assets? What are its objectives? Which role do socially and ecologically-oriented investments play? Is there really a contradiction between economy and ecology? How does a pension fund deal with possible conflicting objectives? Another contributor presents an investment foundation's integrated approach to socially responsible investment: First of all, investments should be made in those enterprises and countries that make exceptional contributions to

Shareholders proposals, vote outcome, and board composition

Directory of Open Access Journals (Sweden)

Amani Khaled Bouresli

2008-07-01

Full Text Available This paper examines the variables that affect vote outcome in shareholder proposals. We found that sponsor identity, proposal type, and board composition play a significant role in determining vote outcome. Furthermore, we found that the interaction between the prior performance with board composition is significant and has a negative coefficient. We conducted nonparametric tests to investigate changes in board’s major characteristics before and after targeting. The results indicate that some changes in management and boards occur after shareholder proposals. These changes, however, are unrelated to variables that impact vote outcome. We conclude that shareholders proposals are not effective at changing company behavior or corporate governance

Shareholders rights and remedies (comparative law perspective

Directory of Open Access Journals (Sweden)

Yuliya Lapina

2016-11-01

Full Text Available The main aim is to discuss shareholder rights protection in Ukraine and Germany, which have the same Civil law legal system. Our contribution outlines, systemizes and accesses approaches how critical and weak issues in the area of shareholder protection are resolved in both countries using the mechanisms of corporate governance. Using Germany as a benchmark, the paper identifies that the most important and efficient mechanisms of shareholders rights protection, which can be implemented in Ukrainian companies are the following: principle of equal treatment and duty of loyalty which should be fixed in the legislation; enhancing the role of the National Securities and Stock Market Commission; introduction of the derivative suit system.

Private shareholding: An analysis of an eclectic group of central banks

Directory of Open Access Journals (Sweden)

Jannie Rossouw

2016-03-01

Large differences in the classes of shareholders of these eclectic central banks and differences in their approaches to dividend payments are highlighted in the paper. The conclusions reached are, firstly, that investment only in the shares of the central banks of Belgium and Greece (albeit only for residents in the latter instance can be regarded as growth investments. Secondly, shareholding in the Italian central bank has been used to recapitalise ailing commercial banks. Thirdly, shareholders play no role in the formulation and implementation of monetary policy. Lastly, the shareholding structure of these banks contributes to improved governance in the case of the central banks of Belgium, Greece, Italy, South Africa, Switzerland and Turkey, but no evidence can be found that central banks with shareholders in any way outperform central banks without shareholders.

Essays on the voting power of large shareholders

DEFF Research Database (Denmark)

Poulsen, Thomas

in this thesis is the relative power of shareholders embedded in the structure of share ownership in public firms. It is particularly important to understand the effect of concentrated share ownership, given that this is the dominant ownership structure for both public and private firms around the world....... This interest in the power of large shareholders is the animating theme of this thesis, which consists of three self-contained research papers. The aim is to analyze how the power of large shareholders varies with different structures of share ownership and through that increase our awareness of how this may...... affect firms' operations. Such an analysis calls for some kind of measure of influence. The game-theoretic idea of power indices is a useful quantitative tool to model influence within the group of shareholders. Therefore, the purpose is to investigate the effect of ownership structure...

26 CFR 1.815-2 - Distributions to shareholders.

Science.gov (United States)

2010-04-01

....815-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Distributions to Shareholders § 1.815-2 Distributions to shareholders. (a) In general. Section 815 provides that every stock life insurance company subject to the tax imposed by...

Board effectiveness: Investigating payment asymmetry between board members and shareholders

Directory of Open Access Journals (Sweden)

Wuchun Chi

2008-01-01

Full Text Available Board members may well be responsible for dissension between themselves and shareholders since they are simultaneously the setters and receivers of both board remuneration and dividends. They may act out of their own personal interests at the expense of external shareholders. We investigate the impact of ownership structure, board structure and control deviation on payment asymmetry, where excessively high remuneration is paid to board members but considerably lower dividends are distributed to shareholders. We find strong evidence confirming that the smaller the shareholdings of board members and outside blockholders are, the more asymmetric the payments are. With controlling family members on the board and a higher percentage of seats held by independent board members, there is a slight reduction in the likelihood and severity of payment asymmetry. In addition, it is abundantly clear that the larger the board seat-control deviation is, the greater is the likelihood and severity of payment asymmetry. While prior research has primarily focused on board-manager agency issues, the board-shareholder perspective could be even more important in that it is the board that is the most directly delegated agent of shareholders, not the managers

Structuring group medical practices: shareholder and partnership agreements.

Science.gov (United States)

Gassman, A S

1992-01-01

This article is the second in a series addressing the structuring of group medical entities, shareholder relationships, and general representation factors. In this article, a number of the legal and business considerations for entering into shareholder and partnership agreements are discussed, and various types of practice structures and recommended group practice agreement provisions are described.

Does EU law resolve or create conflicts between shareholders?

DEFF Research Database (Denmark)

Sørensen, Karsten Engsig

2006-01-01

The contribution discuss how the harmonisation in the EU has been directed at either preventing or solving conflicts between shareholders.......The contribution discuss how the harmonisation in the EU has been directed at either preventing or solving conflicts between shareholders....

Changing the world through shareholder activism?

Directory of Open Access Journals (Sweden)

Joakim Sandberg

2011-05-01

Full Text Available As one of the more progressive facets of the socially responsibleinvestment (SRI movement, shareholder activism isgenerally recommended or justified on the grounds that itcan create social change. But how effective are differentkinds of activist campaigns likely to be in this regard? Thisarticle outlines the full range of different ways in whichshareholder activism could make a difference by carefullygoing through, first, all the more specific lines of actiontypically included under the shareholder activismumbrella and, second, all of the different ways in which ithas been suggested that these could influence the activitiesof commercial companies. It is argued that – althoughmuch more empirical research is needed in the area – thereare at least theoretical reasons for thinking that it will bedifficult to influence companies through the standardactions of filing or voting on shareholder resolutions.However, some alternative strategies open to activists mayallow them to increase their efficacy. It is specificallyargued that even individual investors could be able to pushfor corporate change through devising a radically selfsacrificialcampaign that manages to get the attention ofpowerful forces outside the corporate sphere.

Examining the concept of de facto director in corporate governance

Directory of Open Access Journals (Sweden)

Anthony O. Nwafor

2016-07-01

Full Text Available There are different categories of persons involved in the execution of the company’s affairs, but not all have the capacity to bind the company as the embodiment of the company itself. Those who exercise acts of management and control over the company’s business are usually referred to as the directors. Where persons who satisfy the statutorily prescribed qualification standard are duly appointed by the shareholders to exercise control and manage the affairs of the company function in that capacity, they are usually identified as de jure directors. But where there is no such appointment, or irregular appointment, the law demands, for the protection of those dealing with the company, that the role performed by the person be examined to ascertain whether such a person is a de facto director. The more difficult part lies in identifying a de facto director where the subject company has a corporate body as its director. The extant judicial authority suggests that the human person in the corporate director must be performing functions which are beyond the natural call of duty in relation to the corporate director to constitute a de facto director of the subject company. The paper argues that the standard is satisfied in any case where the human person is involved in the initiation and execution of the affairs of the subject company, and more so where the conducts of the subject company are patently unlawful.

How Relevant is Dividend Policy under Low Shareholder Protection?

NARCIS (Netherlands)

Renneboog, L.D.R.; Szilagyi, P.G.

2006-01-01

This paper reopens the debate on the substitutability of dividends and shareholder control in mitigating free cash flow concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder-oriented governance regime of the Netherlands, where

A new compact for owners and directors. The Working Group on Corporate Governance.

Science.gov (United States)

1991-01-01

The virtual demise of hostile takeovers and leveraged buyouts has not cooled the tensions over corporate governance. In congressional hearings, at annual meetings, and in proxy contests splashed across the business pages, senior executives and powerful shareholders continue to confront each other. The basic issues remain remarkably consistent. When do investors' legitimate needs for returns translate into destructive pressures on long-term corporate prosperity? What kinds of accountability do top managers owe shareholders in terms of strategic consultation and disclosure? What is the precise role of the board of directors as a management monitor and shareholder representative? More than a year ago, a working group of distinguished lawyers representing large public companies and leading institutional investors began a series of meetings to cut through the rancor. Their goal was to reach common ground on a set of principles that reconciles the tensions between owners and managers. Recently, the group agreed on a statement that all eight members endorsed. The statement, "A New Charter for Owners and Managers," deserves wide readership, scrutiny, and commentary. HBR is pleased the working group chose it as the exclusive forum to release its statement.

Shareholder Kapitalismus und das Casino Spiel an den Börsen

OpenAIRE

Young, Brigitte; Hegelich, Simon

2003-01-01

'Das Konzept des Shareholder Value ist durch die jüngsten Entwicklungen im Unternehmenssektor, vor allem durch die Bilanz- und Betrugsskandale von TNC's und die damit verbundene Vernichtung von Arbeitsplätzen in die Kritik geraten. In den politischen Debatten über Shareholder Value wird ein Systemunterschied zwischen dem 'Stakeholder-Ansatz' (wie im rheinischen Kapitalismus) und dem mit der Liberalisierung der Finanzmärkte Ende der 70er Jahre in den USA entwickelten Begriff Shareholder Value ...

The Influence of Institutional Shareholder Activism as a Corporate Governance Monitoring Mechanism in Malaysia

OpenAIRE

Maizatul A. Musa

2012-01-01

Not many studies have been undertaken on shareholder activism in emerging economies, including Malaysia. Shareholder activism in emerging economies is on the rise. This paper seeks to comprehend the elements of this activism that are unique to Malaysia, specifically with respect to how the agency problem is controlled through shareholder activism in improving corporate governance practices within target companies. Through shareholder activism, shareholders make contact with a target company t...

The shareholding similarity of the shareholders of the worldwide listed energy companies based on a two-mode primitive network and a one-mode derivative holding-based network

Science.gov (United States)

Li, Huajiao; Fang, Wei; An, Haizhong; Yan, LiLi

2014-12-01

Two-mode and multi-mode networks represent new directions of simulating a complex network that can simulate the relationships among the entities more precisely. In this paper, we constructed two different levels of networks: one is the two-mode primitive networks of the energy listed companies and their shareholders on the basis of the two-mode method of complex theory, and the other is the derivative one-mode holding-based network based on the equivalence network theory. We calculated two different topological characteristics of the two networks, that is, the out-degree of the actor nodes of the two-mode network (9003 nodes) and the weights of the edges of the one-mode network (619,766 edges), and we analyzed the distribution features of both of the two topological characteristics. In this paper, we define both the weighted and un-weighted Shareholding Similarity Coefficient, and using the data of the worldwide listed energy companies and their shareholders as empirical study subjects, we calculated and compared both the weighted and un-weighted shareholding similarity coefficient of the worldwide listed energy companies. The result of the analysis indicates that (1) both the out-degree of the actor nodes of the two-mode network and the weights of the edges of the one-mode network follow a power-law distribution; (2) there are significant differences between the weighted and un-weighted shareholding similarity coefficient of the worldwide listed energy companies, and the weighted shareholding similarity coefficient is of greater regularity than the un-weighted one; (3) there are a vast majority of shareholders who hold stock in only one or a few of the listed energy companies; and (4) the shareholders hold stock in the same listed energy companies when the value of the un-weighted shareholding similarity coefficient is between 0.4 and 0.8. The study will be a helpful tool to analyze the relationships of the nodes of the one-mode network, which is constructed based

Conditions for exercising shareholders' right to ask questions

Directory of Open Access Journals (Sweden)

Radović Vuk

2014-01-01

Full Text Available Law on Business Organizations from 2011 has significantly improved the regulation of shareholders' right to ask questions in Serbia. In contrast to the previous law from 2004, that has completely transferred regulation to companies which is why there was no guarantee for exercising this right, new law contains detailed norms in this respect. They are written under the dominant influence of German law and are completely harmonized with the Shareholders' Rights Directive. All important issues of shareholders' right to ask questions have been regulated mostly with imperative norms (subject of the right, conditions for exercising this right, debtor of this obligation, court protection, etc.. Corporations have a lot of freedom to adjust exercising this right to their needs, but only by giving more rights to shareholders. Limiting the scope of this right is possible only in certain, precisely defined areas. Although the general impression of the new regulation is very positive, there are certain aspects which can be criticized. Some of them can be cured by adequate judicial interpretation, while others cannot be cured without changes to the law. In the area of conditions for exercising this right, the most important deficiency is the fact that the law has not determined when the right to ask questions can be exercised, and that stands in obvious disharmony with the adopted conception to regulate all important aspects of this right. Contrary to conditions, which basically have been properly formulated, other aspects of legislation regarding this shareholders' right contain more profound obscurities that go beyond the scope of this paper.

Regulation of Say on Pay: Engineering Incentives for Executives and Directors – Experiences from the United States and Implications for Regulation in Switzerland

OpenAIRE

Müller, Lukas

2011-01-01

The debate about the compensation of executives and directors is a discussion about incentives and agency costs. This article analyzes basic tools to reduce agency costs and also assesses the ongoing debate about the future regulation of the compensation of executives and directors. It draws upon legislative experience from the United States. Recently proposed legislation in Switzerland attempts to empower shareholders with the draft of the Swiss Code of Obligations (CO). The main motivation ...

Ownership and Risk Management: Shareholder versus Stakeholder Satisfaction

OpenAIRE

Aabo, Tom

2002-01-01

The relationship between ownership structure and performance has received considerable attention in the literature. This paper focuses on the relationship between ownership structure and risk management. Specifically, the paper addresses the relationship between (1) the identity and influence of the largest shareholder and (2) whether risk management decisions are made in order to satisfy shareholders in particular or stakeholders in general. Covering a sample of Danish, non-financial compani...

The AGM in Europe : Theory and practice of shareholder behaviour

NARCIS (Netherlands)

Lafarre, Anne

2017-01-01

The Annual General Meeting of Shareholders (‘AGM’) is widely considered as playing a vital and pivotal role in the corporate governance framework in business across Europe, but issues such as shareholder absenteeism and a lack of internal dialogue mean that the AGM’s effectiveness in company

Compulsory acquisition of shares buyer, other shareholders, abuse of right of compulsory acquisition of shares

Directory of Open Access Journals (Sweden)

Arsić Zoran V.

2015-01-01

Full Text Available Company Act of Republic of Serbia includes mechanism for the compulsory acquisition of the shareholdings of minority shareholders. Technically this procedure is effected on the basis of the shareholders assembly resolution. Buyer is shareholder who has at least 90% of share capital and at least 90% of votes. Shares owned by entity under his dominant influence will be treated as shares of that shareholder provided that dominant influence exists at least one year. Company's own shares, and shares subject o a pledge do not represent shares of other shareholders. There are several actions which may be treated as abuse of right of compulsory acquisition of shares.

Shareholder/Stakeholder Value Management, Company Growth and Financial Performance: An Exploratory Study

OpenAIRE

Ekholm, Bo-Göran; Wallin, Jan

2003-01-01

There has been considerable discussion in the literature about the relative merits of shareholder value management and stakeholder value management, but relatively little empirical research has been reported concerning the relationship between these types of management and financial performance. The present study puts forward a hypothesis that true shareholder value management also encompasses stakeholder value management. This combination of shareholder/stakeholder value management is hypoth...

The organizational restructuring performative act under shareholder value management ideology

Directory of Open Access Journals (Sweden)

Patrícia Saltorato

2017-04-01

Full Text Available Purpose – This paper’s objective is to present the dynamics involving an organizational restructuring process conducted in a Brazilian subsidiary of a centenary American industrial corporation which claimed to be seeking, by means of this process, to increase the value of the company’s shares, but, which results reveal the distance between the promises and outcomes of this process, unveiling the symbolic-performative nature of such a process. Methodology – The chosen research method was the case study. The data collection involved the participant observation of a company manager (2010-2015; the conduction of non-structured interviews to the company’s managers, directors and CFO (2013-2015; documental research to the company’s internal and public sources (2010-2015; and bibliographical research to scientific papers, business press, market analysts and specialized media (2010-2015. Results – The narratives of success found in the company’s reports portray the restructuring myth as a continuous strategy, through which the company reinforces its efforts in delivering good results to shareholders. And, despite the outcomes of the case study not supporting these narratives, its performative nature legitimize the company’s commitment to the SHV management ideology towards stakeholders of the capital market, even in face of the adoption of antishareholders’ postures, such as anti-takeovers measures, the merging of the CEO and Chairman positions, its CEO perks, etc. Contributions – Paradoxically, although the researched company operates under the cold logic of finances, and under pressure to create shareholder value, it revealed to be subject to the dynamics in which the search for symbolic legitimacy plays a decisive role in maintaining its position within the hierarchy of the socially constructed field of the Management in face of other stakeholders present in the field, reinvigorating the precepts of Bourdieu’s Field Theory and

How integrated resource planning for US electric utilities affects shareholder interests

International Nuclear Information System (INIS)

Hadley, S.; Hirst, E.

1995-01-01

Integrated resource planning (IRP) seeks to identify the mix of resources that can best meet the future energy-service needs of customers. These resources include new sources, types, and owners of power plants plus demand-side management (DSM) programs. However, little explicit attention is given to utility shareholders in the typical resource-planning proceeding. Because of the complexity of state regulatory practices and tax policies, it seems unlikely that different resources that provide comparable services to customers will yield comparable returns to shareholders. This study examines a typical US investor-owned utility's financial operations and performance using a spreadsheet model we developed for this project. The model simulates an electric utility's financial operations, and produces an annual income statement, balance sheet, and cash-flow statement. We calculated the net present value of realized (cash) return on equity as the primary factor used to represent shareholder interests. We examined shareholder returns for these resources as functions of public utility commission regulation, taxes, and the utility's operating environment. Given the increasingly competitive nature of electricity markets, we examined shareholder returns for these resources in an environment where the utility competes with other suppliers solely on the basis of electricity price. (author)

Linkage of management decision to shareholder's value: EVA concept

Directory of Open Access Journals (Sweden)

Shrikant Krupasindhu Panigrahi

2014-02-01

Full Text Available In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shares of the company and the amount of return in the form of dividend paid. Thus in order to meet the demands of the shareholders of the company, managers needs to increase their abilities and skills to overcome the organizational goals. Thus the main goal of this paper is to discuss on the role of management decisions towards increasing shareholder’s wealth and meet organizational goals.

Corporate Donations and Shareholder Value

NARCIS (Netherlands)

Liang, H.; Renneboog, Luc

2017-01-01

Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we distinguish between charitable and political donations, as well as between donations in cash and in kind. We find that charitable donations are positively

Independent versus non-independent outside directors in European companies: Who has a say on CEO compensation?

Directory of Open Access Journals (Sweden)

Pablo de Andrés

2017-04-01

Full Text Available Our study reveals how two separate dimensions of board composition—the proportion of independent directors and of non-independent directors—influence CEO compensation in Western European firms. Controlling for the simultaneous determination of CEO pay structure and board design, we find that firms with a higher proportion of non-independent outsiders on their boards pay less direct compensation (salary + bonus and less equity-linked compensation to their CEOs. By contrast, CEOs working for firms with more independent boards receive more equity based-pay. When we control for the fact that equity linked is not granted systematically in Europe we find that firms with more independent directors on the board tend to grant equity-linked compensation more often than firms with more non independent outside directors. Our results challenge the commonly accepted view of independent directors as safeguards of shareholder value, uncovering the relevance of non-independent outsiders for pay moderation and incentives.

United we stand : Corporate Monitoring by Shareholder Coalitions in the UK

NARCIS (Netherlands)

Crespi, R.; Renneboog, L.D.R.

2000-01-01

This paper investigates whether voting coalitions are formed by shareholders in order to discipline incumbent management. Shapley values capturing the relative power of shareholder coalitions by category of owner, outperform models with percentage ownership stakes and models measuring the relative

78 FR 79650 - Definitions and Reporting Requirements for Shareholders of Passive Foreign Investment Companies

Science.gov (United States)

2013-12-31

... for shareholders that constructively own interests in certain foreign corporations. The temporary... to their PFIC interests. The temporary regulations also affect certain shareholders that rely on a... that most small entities do not own an interest in a PFIC, and the fact that PFIC shareholders...

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

OpenAIRE

Estrin, Saul; Tian, Lihui

2005-01-01

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms and the stock market. In this paper, we analyse shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find that government shareholding is surprisingly large. Its effect on corporate value is found to be negative, but non-monotonic. Up to a certain threshold, corporate value decreases as...

Hedge Fund Activism and the Revision of the Shareholder Rights Directive

NARCIS (Netherlands)

A.M. Passes (Alessio)

2017-01-01

markdownabstractThis paper looks at shareholder activism from the perspective of the revision of the EU Shareholder Rights Directive, which was approved by the European Parliament on 14 March 2017. The main findings are as follows. First, the effective engagement of institutional investors in

Governance characteristics and the market reaction to the SEC’s proxy access rule

NARCIS (Netherlands)

Akyol, A.; Lim, B.; Verwijmeren, P.

2012-01-01

We examine the wealth effects of the Security and Exchange Commission's (SEC) recent proxy access rule to facilitate director nominations by shareholders. We focus on how a firm's governance characteristics affect the market reaction to the rule. We find more negative announcement effects for firms

26 CFR 1.164-7 - Taxes of shareholder paid by corporation.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Taxes of shareholder paid by corporation. 1.164...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.164-7 Taxes of shareholder paid by corporation. Banks and other corporations paying taxes assessed...

26 CFR 1.853-1 - Foreign tax credit allowed to shareholders.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Foreign tax credit allowed to shareholders. 1....853-1 Foreign tax credit allowed to shareholders. (a) In general. Under section 853, a regulated... paid by it pursuant to any income tax convention, as either a credit (under section 901) or as a...

Annual report to shareholders 1998

International Nuclear Information System (INIS)

1999-01-01

Financial information from Imperial Oil Limited and a review of operations during 1998 was presented for the benefit of shareholders. Imperial is Canada's largest producer of crude oil, a major producer of natural gas, and the largest refiner and marketer of petroleum products sold mostly under the Esso brand. Imperial is also a major producer of petrochemicals. Revenue and expenditure statements are summarized by source. Financial highlights for 1998 show that Imperial Oil's earnings totaled a record $554 million. Return on shareholders' equity for the year was 12.9 per cent, down from 18.9 per cent in 1997. The continued weakness in international crude oil markets was the most significant factor affecting Imperial's business results in 1998. All in all, the company was successful in maintaining its four major priorities of flawless execution, growth in profitable sales volumes, best-in-class cost structure, and improved productivity in asset mix. Imperial remains concerned over issues regarding Canada's response to potential climate change. The company considers this to be the most important economic public policy issue facing Canada today. tabs., figs

Shareholder Activism Through the Proxy Process

NARCIS (Netherlands)

Renneboog, L.D.R.; Szilagyi, P.G.

2009-01-01

This paper provides evidence on the corporate governance role of shareholder-initiated proxy proposals. Previous studies debate over whether activists use proxy proposals to discipline firms or to simply advance their self-serving agendas, and whether proxy proposals are effective at all in

Performance satisfaction, shareholder and stakeholder orientations: Managers´ perceptions in three countries across continents

Directory of Open Access Journals (Sweden)

Georgios Angelopoulos

2013-05-01

Full Text Available Managers working in South Africa, Peru and the United States were classified as stakeholder- and/or shareholder-oriented along the Perceived Role of Ethics and Social Responsibility (PRESOR scale. The relationship between stakeholder/shareholder orientation and perceptions of organisational performance was further explored. In South Africa and overall, respondents with both high stakeholder and low shareholder orientations reported the greatest performance satisfaction. In Peru, managers with a high stakeholder orientation reported the greatest satisfaction with organisational performance. A significant link between stakeholder or shareholder orientation and performance satisfaction was not found in the United States, however. Directions for future research are outlined.

26 CFR 1.883-4T - Qualified shareholder stock ownership test (temporary).

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Qualified shareholder stock ownership test... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Foreign Corporations § 1.883-4T Qualified shareholder stock... the stock; (D) If the individual directly owns an interest in a corporation, partnership, trust...

Corporate Governance in Shareholding Companies: Comparing Legal Perspective and Position of Shari’ah

Directory of Open Access Journals (Sweden)

Aznan, H.

2015-12-01

Full Text Available This study examines the concept of corporate governance in shareholding companies and the legal perspective in comparison with the position of Shari’ah. The purpose of governance is to instil confidence among the stakeholders that the Boards of Directors are applying a diligent legal and administrative framework, to avoid potential administrative and financial failures and corruption. The study has proceeded by defining the concept of governance from linguistics, accounting, administrative, and legal perspectives. The study also discusses the stands of international organisations on the issue of corporate governance. Then, it is proceeded by discussing the concept of corporate governance from Shari’ah point of view. The study found that even with the absence of the term “company governance” in Islamic Law, the concept of corporate governance is in line with the Shari’ah and that their scholars have clearly referred to it in their literature. The study has used the descriptive, analytical, inductive and comparative methodology in analyzing the subject matter.

Shareholder, stakeholder-owner or broad stakeholder maximization

DEFF Research Database (Denmark)

Mygind, Niels

2004-01-01

With reference to the discussion about shareholder versus stakeholder maximization it is argued that the normal type of maximization is in fact stakeholder-owner maxi-mization. This means maximization of the sum of the value of the shares and stake-holder benefits belonging to the dominating...... including the shareholders of a company. Although it may be the ultimate goal for Corporate Social Responsibility to achieve this kind of maximization, broad stakeholder maximization is quite difficult to give a precise definition. There is no one-dimensional measure to add different stakeholder benefits...... not traded on the mar-ket, and therefore there is no possibility for practical application. Broad stakeholder maximization instead in practical applications becomes satisfying certain stakeholder demands, so that the practical application will be stakeholder-owner maximization un-der constraints defined...

Annual report to shareholders 1998

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-05-01

Financial information from Imperial Oil Limited and a review of operations during 1998 was presented for the benefit of shareholders. Imperial is Canada`s largest producer of crude oil, a major producer of natural gas, and the largest refiner and marketer of petroleum products sold mostly under the Esso brand. Imperial is also a major producer of petrochemicals. Revenue and expenditure statements are summarized by source. Financial highlights for 1998 show that Imperial Oil`s earnings totaled a record $554 million. Return on shareholders` equity for the year was 12.9 per cent, down from 18.9 per cent in 1997. The continued weakness in international crude oil markets was the most significant factor affecting Imperial`s business results in 1998. All in all, the company was successful in maintaining its four major priorities of flawless execution, growth in profitable sales volumes, best-in-class cost structure, and improved productivity in asset mix. Imperial remains concerned over issues regarding Canada`s response to potential climate change. The company considers this to be the most important economic public policy issue facing Canada today. tabs., figs.

12 CFR 215.9 - Disclosure of credit from member banks to executive officers and principal shareholders.

Science.gov (United States)

2010-01-01

... individual for the purposes of determining principal shareholder status. (2) Related interest means: (i) Any... executive officers and principal shareholders. 215.9 Section 215.9 Banks and Banking FEDERAL RESERVE SYSTEM... SHAREHOLDERS OF MEMBER BANKS (REGULATION O) § 215.9 Disclosure of credit from member banks to executive...

The effects of takeover threats of shareholders and firm value

OpenAIRE

Haan, Marco; Riyanto, Yohanes

2000-01-01

We study the role of takeover threats as a corporate control mechanism using Aghion and Tirole's (1997) model of formal and real authority. Shareholders do not monitor the manager's actions, since ownership is widely dispersed. A corporate raider may monitor, and steps in if a profit opportunity exists. In our model, a takeover threat decreases the manager's effort and does not benefit shareholders. The effect of a takeover threat on the expected value of the firm is ambiguous. It is in the i...

Independence and executive remuneration for supervisory board members and non-executive directors

Directory of Open Access Journals (Sweden)

Hana Horak

2011-01-01

Full Text Available In this paper, the author analyses the issues of independence and rewarding members of supervisory boards and non-executive directors in administrative boards. The question of independence was developed as one of the fundamental issues of corporative administration. Members of these organs of society should have the appropriate qualifications, specific knowledge and skills in order to reasonably and impartially weigh up social business and reach decisions in the best interests of society, its members and other interest holders. So that they can act in accordance with this, the presumption is that they are independent. Recently, after financial crises, it is precisely the independence of supervisory members, that is, non-executive directors, which is considered to be the foundation of the fight against the opportunism of administration and main shareholders. The authors analyse the Recommendations on Independence and Executive Remuneration for members of supervisory and administrative boards of the European Union, together with their implementation in Croatian law and practice.

12 CFR 215.1 - Authority, purpose, and scope.

Science.gov (United States)

2010-01-01

... executive officers or principal shareholders (or to the related interests of such persons). (4) Extensions... TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS (REGULATION O) § 215.1... executive officer, director, or principal shareholder of the member bank, of any company of which the member...

Facilitating investment in affordable housing : Towards an Australian model. Draft

NARCIS (Netherlands)

Lawson, J.M.; Berry, M.; Milligan, V.; Yates, J.

2009-01-01

This paper argues that sustainable and affordable finance provides a crucial pillar to support the provision of affordable housing in the long term. This finance can take on a variety of forms, comprising grants, public loans, commercial loans as well as shareholder equity. It can be facilitated by

25 CFR 111.4 - Election of shareholders.

Science.gov (United States)

2010-04-01

... PAYMENTS § 111.4 Election of shareholders. An Indian holding equal rights in two or more tribes can share... enrolled and to relinquish in writing his claims to payments to the other. In the case of a minor the...

Insider trading, shareholder activism, and corporate policies

NARCIS (Netherlands)

Cziraki, P.

2012-01-01

This doctoral thesis focuses on two topics that have received considerable attention from academics, regulators, and the business press over the past decades: insider trading, and shareholder activism. The first chapter evaluates proxy proposals as a corporate governance device in Europe. The second

'I Paid for this Microphone!' The Importance of Shareholder Theory in (Teaching Business Ethics

Directory of Open Access Journals (Sweden)

David Levy

2009-04-01

Full Text Available Two prominent normative theories of business ethics are stakeholder and shareholder theory. Business ethicists generally favor the former, while business people prefer the latter. If the purpose of business ethics is “to produce a set of ethical principles that can be both expressed in language accessible to and conveniently applied by an ordinary business person” (Hasnas 1998, then it is important to examine this dichotomy.While superficially attractive, the normative version of stakeholder theory contains numerous limitations. Since balancing multiple stakeholder preferences is difficult, competing claims often become tests of political strength rather than justice. Furthermore, stakeholder theory has significant normative weaknesses.Although less attractive to academic ethicists, shareholder theory may provide superior results for society. The shareholder model focuses companies on meeting society’s material needs. Wise owners often balance other stakeholders’ views well since it is necessary for the business’s long-term success. Finally, shareholder theory has a strong normative basis in autonomy.In light of this analysis, it is incumbent upon academic business ethicists to emphasize the value of shareholder theory when teaching business ethics courses.

‘The more the merrier’ : What drives (small) shareholder attendance at annual general meetings

NARCIS (Netherlands)

Lafarre, Anne

2017-01-01

This study investigates an important but under-researched topic in Europe, the small shareholder turnout decision. We assess which factors contribute to (small) shareholder participation using a hand-collected panel dataset with information about turnout rates, voting behaviour, and ownership

Protection of minority shareholders under Nigerian Company Law ...

African Journals Online (AJOL)

AFRICAN JOURNALS ONLINE (AJOL) · Journals · Advanced Search · USING ... been circumvented through the system of voting adopted especially in the election ... cumulative voting system and electronic participation of shareholders or their ...

Why Do Firms Invest in Consumer Advertising with Limited Sales Response? A Shareholder Perspective

NARCIS (Netherlands)

Osinga, Ernst C.; Leeflang, Peter S. H.; Srinivasan, Shuba; Wieringa, Jaap E.

Marketing managers increasingly recognize the need to measure and communicate the impact of their actions on shareholder returns. This study focuses on the shareholder value effects of pharmaceutical direct-to-consumer advertising (DTCA) and direct-to-physician (DTP) marketing efforts. Although DTCA

Shareholder composition, share turnover, and returns in volatile markets : The case of international REITs

NARCIS (Netherlands)

Brounen, Dirk; Kok, N.; Ling, D.C.

2012-01-01

The shareholder composition of listed property companies has changed from the fragmented, retail ownership, to more concentrated, institutional ownership over the past decade. In this paper, we first document significant variation in the composition of the shareholder base across the world's five

Shareholder activism through proposals : The European perspective

NARCIS (Netherlands)

Renneboog, Luc; Szilagyi, P.G.; Cziraki, Peter; Bratton, W.; McCahery, J.

This paper is the first to investigate the corporate governance role of shareholderinitiated proxy proposals in European firms. While proposals in the US are nonbinding even if they pass the shareholder vote, they are legally binding in the UK and most of Continental Europe. Nonetheless, submissions

European Regulation on Major Shareholdings and Takeovers

DEFF Research Database (Denmark)

Sørensen, Karsten Engsig; Clausen, Nis Jul

2002-01-01

Even though the rules on disclosure of major shareholdings in listed companies has been partly harmonised in the EU large difference remains. This is documented in the article and it is further debated whether these difference are acceptable, especially in light of the ongoing efforts to harmonise...

77 FR 60959 - Basis of Indebtedness of S Corporations to Their Shareholders; Hearing Cancellation

Science.gov (United States)

2012-10-05

... Basis of Indebtedness of S Corporations to Their Shareholders; Hearing Cancellation AGENCY: Internal... Revenue Code; relating to basis of indebtedness of S corporations to their shareholders. DATES: The public... rulemaking and notice of public hearing instructed those interested in testifying at the public hearing to...

Corporate Shareholding and Agency Cost

OpenAIRE

Nakano, Katsura

2001-01-01

This paper incorporates the agency problem with a risk-sharing argument for corporate shareholding. With a unilateral investment model, we findconditions for a positive stock investment : (1)the manager is risk averse; (2)her managerial reward is linked with the value of the firm she manages; and (3)the operating profits of investing and invested companies is negatively correlated. Corporate investment is larger if the invested company's operating profit is less vo1atile and/or if the covaria...

Stakeholder Versus Shareholder Satisfaction in Corporate Risk Management

DEFF Research Database (Denmark)

Aabo, Tom

Inherent in corporate governance is the conflict between satisfying stakeholders in general and satisfying shareholders in particular. This empirical study of Danish non-financial companies enhances the understanding of the interaction between corporate risk management and corporate governance...

Esso Imperial Oil annual report to shareholders 2003 : sustaining growth in shareholder value

International Nuclear Information System (INIS)

2004-01-01

Financial information from Esso Imperial Oil, one of Canada's largest producers of crude oil and natural gas, was presented and a review of their 2003 operations was made available for the benefit of shareholders. In 2003, the total return on Imperial shares including capital appreciation and dividends was more than 30 per cent (TSX), and about 58 per cent (AMEX). In the past decade, the total return on Imperial's shares has averaged more than 18 per cent per year. Dividend payments have been paid every year for more than a century, and regular dividend payments have increased in each of the past 9 years. Since 1995, nearly 220 million shares have been purchased, reducing the number of outstanding shares by 38 per cent, representing a total distribution to shareholders of about $6 billion over this period. Major projects in natural resources have included expansion at Syncrude, increased production at Cold Lake, progress in the project to develop natural gas resources in the Mackenzie Delta, and plans to develop Kearl oil sands properties near Fort McMurray, Alberta. There were also promising exploration opportunities off Canada's east coast. Employee safety performance in 2003 was the best on record. This report summarized the company's energy resource activities and presented an operations review as well as consolidated financial statements, and common share information. This included the accounts of Imperial Oil Inc. and its subsidiaries and the company's proportionate share of the assets, liabilities, revenues, expenses and cash flows of joint ventures. Revenue and expenditure statements were summarized by source. tabs., figs

Stakeholder versus Shareholder Satisfaction in Corporate Risk Management

DEFF Research Database (Denmark)

Aabo, Tom

2006-01-01

Inherent in corporate governance is the conflict between satisfying stakeholders in general versus satisfying shareholders in particular. This empirical study of Danish non-financial companies finds that companies which state that their aim is to satisfy stakeholders in general ("stakeholder...

26 CFR 1.852-4 - Method of taxation of shareholders of regulated investment companies.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Method of taxation of shareholders of regulated investment companies. 1.852-4 Section 1.852-4 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE... Investment Trusts § 1.852-4 Method of taxation of shareholders of regulated investment companies. (a...

An Analysis of the Influence of Controlling Shareholder Identity over Earnings Informativeness on Brazilian Capital Market

Directory of Open Access Journals (Sweden)

Rodrigo Vicente Prazeres

2017-09-01

Full Text Available This paper aimed to investigate the influence of controlling shareholder identity over earnings informativeness and to contribute empirically on the advance on the understanding of the agency conflict between controlling shareholders and minority investors through the lens of value relevance. The research sample considered 104 shares of non-financial firms negotiated on BM&FBovespa from 2011 to 2016. The methodology was conducted through panel data regression analysis. As results, this paper concludes with the following findings: i the higher the control/vote power of controlling shareholder (ownership concentration and the lower the stock liquidity, the less informative are the earnings and the greater is the probability of entrenchment and wealth expropriation by controlling shareholders; ii larger firms and highly leveraged firms have more informative earnings; iii the stock prices reflect the controlling shareholder identity; iv Firms controlled by financial institutions, nonfinancial institutions and the government are much more likely to expropriate minority investors wealth and have less informative earnings; v family firms are positively priced by the market.

The board of directors in listed companies under the corporate governance system in Saudi law as compared to English law and global standards

OpenAIRE

Alamri, Khalid; Milman, David; Lawton, Philip

2018-01-01

Saudi Arabia has a unique environment in terms of its political, economic, legal and judicial aspects which have some anomalous characteristics that create challenges for corporate governance. Further challenges are presented by the current structure of listed companies and by Saudi Arabia’s Vision for 2030.1 This environment significantly influences the role of the board of directors in listed companies and increases its role in safeguarding the interests of different shareholders and stakeh...

Emotional intelligence model for directors of research centers in mexico

Directory of Open Access Journals (Sweden)

Mara Maricela Trujillo Flores

2008-01-01

H5 Social skills exhibited by directors, that are also part of interpersonal intelligence, allow a director to exert a greater influence on the working group, facilitating communication, conflict management, leadership, collaboration, cooperation and development of team skills.

Identification of shareholder ethics and responsibilities in online reverse auctions for construction projects.

Science.gov (United States)

Hatipkarasulu, Yilmaz; Gill, James H

2004-04-01

The increasing number of companies providing internet services and auction tools helped popularize the online reverse auction trend for purchasing commodities and services in the last decade. As a result, a number of owners, both public and private, accepted the online reverse auctions as the bidding technique for their construction projects. Owners, while trying to minimize their costs for construction projects, are also required to address their ethical responsibilities to the shareholders. In the case of online reverse auctions for construction projects, the ethical issues involved in the bidding technique directly reflects on the owner's ethical and social responsibilities to their shareholders. The goal of this paper is to identify the shareholder ethics and responsibilities in online reverse auctions for construction projects by analyzing the ethical issues for the parties involved in the process. The identification of the ethical issues and responsibilities requires clear definition and understanding of professional ethics and the roles of the involved parties. In this paper, first, the concept of professional ethics and social responsibility is described in a general form. To illustrate the ethical issues and responsibilities, a sample case of bidding for a construction project using online reverse auction techniques is presented in which the shareholders were actively involved in questioning the ethical issues. The issues involved in the bidding process and their reflection on the shareholder responsibilities are described and analyzed for each stage of the process. A brief discussion of the overall process is also included to address the general ethical issues involved in online reverse auctions.

Linking customer and financial metrics to shareholder value : The leverage effect in customer-based valuation

NARCIS (Netherlands)

Schulze, C.; Skiera, B.; Wiesel, T.

Customers are the most important assets of most companies, such that customer equity has been used as a proxy for shareholder value. However, linking customer metrics to shareholder value without considering debt and non-operating assets ignores their effects on relative changes in customer equity

Ownership dynamics with large shareholders : An empirical analysis

NARCIS (Netherlands)

Donelli, M.; Urzua Infante, F.; Larrain, B.

2013-01-01

We study the empirical determinants of corporate ownership dynamics in a market where large shareholders are prevalent. We use a unique, hand-collected 20-year dataset on the ownership structure of Chilean companies. Controllers’ blockholdings are on average high -as in continental Europe, for

The implications of ownership concentration for shareholder protection and strategic decision-making

Directory of Open Access Journals (Sweden)

Nikolić Jelena

2016-01-01

Full Text Available The purpose of corporate governance mechanisms is to prevent opportunistic behaviour by managers, in order to align the interests of owners and managers. Following from this, our research topic is the analysis of ownership concentration as an internal mechanism to protect the interests of shareholders. In the study of the interdependence between ownership concentration and shareholder protection, particular importance needs to be given to the relationship between ownership structure, the role of the board, and strategic decision-making. Starting from this interdependence, our research aim is to examine the impact of ownership concentration on the protection of shareholders’ interests and the board’s responsibility for firm strategy. This paper presents the results of an empirical, pilot study in the Republic of Serbia. The research confirms the interdependence of corporate governance mechanisms and strategic decision-making. Our findings indicate that ownership concentration protects majority shareholder interests and leads to lower board responsibility for strategic decision-making.

26 CFR 1.857-6 - Method of taxation of shareholders of real estate investment trusts.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Method of taxation of shareholders of real estate investment trusts. 1.857-6 Section 1.857-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT...-6 Method of taxation of shareholders of real estate investment trusts. (a) Ordinary income. Except...

Do UK Institutional Shareholders Monitor their Investee Firms?

NARCIS (Netherlands)

Goergen, M.; Renneboog, L.D.R.; Zhang, C.

2008-01-01

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional

Shareholder Activism through Proxy Proposals : The European Perspective

NARCIS (Netherlands)

Cziraki, P.; Renneboog, L.D.R.; Szilagyi, P.G.

2009-01-01

This paper is the first to investigate the corporate governance role of shareholderinitiated proxy proposals in European firms. While proposals in the US are nonbinding even if they pass the shareholder vote, they are legally binding in the UK and most of Continental Europe. Nonetheless, submissions

DSM shareholder incentives: Current designs and economic theory

International Nuclear Information System (INIS)

Stoft, S.; Eto, J.; Kito, S.

1995-01-01

This report reviews recent DSM shareholder incentive designs and performance at 10 US utilities identifies opportunities for regulators to improve the design of DSM shareholder incentive mechanisms to increase the procurement of cost-effective DSM resources. We develop six recommendations: (1) apply shared-savings incentives to DSM resource programs; (2) use markup incentives for individual programs only when net benefits are difficult to measure, but are known to be positive; (3) set expected incentive payments based on covering a utility's open-quotes hidden costs,close quotes which include some transitional management and risk-adjusted opportunity costs; (4) use higher marginal incentives rates than are currently found in practice, but limit total incentive payments by adding a fixed charge; (5) mitigate risks to regulators and utilities by lowering marginal incentive rates at high and low performance levels; and (6) use an aggregate incentive mechanism for all DSM resource programs, with limited exceptions (e.g., information programs where markups are more appropriate)

Excess cash holdings and shareholder value

OpenAIRE

Lee, Edward; Powell, Ronan

2011-01-01

We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm’s cash holdings in Australia. We find that 'transitory' excess cash firms earn significantly higher risk-adjusted returns compared to 'persistent' excess cash firms, suggesting that the market penalises firms that hoard cash. The marginal value of cash also declines with larger cash balances, ...

26 CFR 1.854-2 - Notice to shareholders.

Science.gov (United States)

2010-04-01

... shall, upon notice by the Internal Revenue Service that the regulated investment company has failed to... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Notice to shareholders. 1.854-2 Section 1.854-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED...

Intellectual capital performance and cash-based incentive payments for executive directors: Impact of remuneration committee and corporate governance features

Directory of Open Access Journals (Sweden)

J-L. W. Mitchell Van der Zahn

2005-11-01

Full Text Available We use a sample of 964 executive directors representing 354 Singapore publicly listed firms to examine linkage between firm performance and cash-based bonus payments. As a pooled OLS regression model may hide different models that characterize subsets of observations we use latent class analysis to further examine the data and to identify more specifically the influence of corporate governance features. Our latent class analysis results indicate that remuneration committees with members having their interests better aligned with shareholders (such as presence of a significant owner appear more likely to consider the incremental value of tying executive director compensation to intellectual capital performance. Remuneration committees with a lower risk of influence from managerial power were also found to be more likely to support a compensation linkage for executive directors to intellectual capital performance. The influence of the remuneration committee features is evident for both entrepreneurial and traditional firms. Overall, our findings are consistent with both the optimal-contract pricing and managerial power views of executive compensation setting.

12 CFR 2.2 - Definitions.

Science.gov (United States)

2010-01-01

... shareholder means any shareholder who directly or indirectly owns or controls an interest of more than ten... disability insurance. (c) Owning an interest includes: (1) Ownership through a spouse or minor child; (2... principal shareholder of the bank. (d) Officer, director, employee, or principal shareholder includes the...

Risk Exposure and Net Flow in Investment Funds: Do Shareholders Monitor Asset Allocation?

Directory of Open Access Journals (Sweden)

Rafael Felipe Schiozer

2014-03-01

Full Text Available This study investigates the impact of asset allocation on the net flow of fixed income funds in the Brazilian market, by exploiting the exogenous variation in the risk perception of bank liabilities (CDs caused by the financial turmoil that followed Lehman Brothers’ demise in September 2008. The central hypothesis is that the exposure to assets negatively affected by the crisis impacts negatively the fund’s net flow. We find that, for mutual funds, the larger proportion of assets negatively affected by the crisis the larger the net outflow of resources, indicating that shareholders monitor asset allocation and exert disciplining power on fund managers by withdrawing their resources. In exclusive (fundos exclusivos, i.e., funds with a single shareholder, for which the shareholder is presumed to exert more influence on asset reallocation, we find no significant relationship between the exposure to assets negatively affected by the crisis and net flows.

26 CFR 1.853-3 - Notice to shareholders.

Science.gov (United States)

2010-04-01

... respect to the holders of interest in the unit investment trust, it shall so notify the Internal Revenue... Internal Revenue Service that the regulated investment company has failed to comply with the agreement... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Notice to shareholders. 1.853-3 Section 1.853-3...

12 CFR 215.6 - Prohibition on knowingly receiving unauthorized extension of credit.

Science.gov (United States)

2010-01-01

... FEDERAL RESERVE SYSTEM LOANS TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS... officer, director, or principal shareholder of a member bank or any of its affiliates shall knowingly receive (or knowingly permit any of that person's related interests to receive) from a member bank...

ENVIRONMENTAL REPORTING AND SHAREHOLDER STRUCTURE IN THE CASE OF ROMANIAN COMPANIES

Directory of Open Access Journals (Sweden)

IENCIU IONEL-ALIN

2012-07-01

Full Text Available Because environmental reporting remains voluntary on an international scale, there are major difference in terms of quality and quantity of environmental information, reported by entities from varied sectors and countries. The literature identifies factors like public exposure, entities legitimacy, laws and regulation, characteristics of the company (management, size, profitability etc, culture as the main factors that could determine environmental reporting (Lee and Hutchinso, 2005. Within this study, I have focused on environmental reporting and I have analyses factors related to corporate governance characteristics, such as shareholder structure, in order to identify the existence of certain associations between the shareholder structure and the level of environmental reporting. The paper represent an empirical analyzes on how shareholder structure might explain the level of environmental reporting in the case of Romanian companies listed at Bucharest Stock Exchange. The sample consist in 64 entities listed at Bucharest Stock Exchange in the first, second and third tier from 10 areas of activity that may impact the environment: agriculture, forestry and fishing; the extractive industry; the manufacture industry; production and supply of electricity, thermal energy, gas, water; water distribution, sanitation, managing waste, recyclable materials recovery activities; construction; transport and storage; food industry, hotels, restaurants; the repair, retail, maintenance and installation of machinery and equipment; printing and reproduction of recorded media. I suggest a model comprising shareholder structure: percentage owned by families, percentage owned by institutional investors, percentage owned by private investors, percentage owned by foreign investors, percentage owned by board members, percentage owned by management members as factors that could explain environmental reporting. As future research we will test this model on companies

26 CFR 1.1297-3 - Deemed sale or deemed dividend election by a U.S. person that is a shareholder of a section 1297...

Science.gov (United States)

2010-04-01

.... However, the shareholder is also liable for interest on the amount due, pursuant to section 6601.... person that is a shareholder of a section 1297(e) PFIC. 1.1297-3 Section 1.1297-3 Internal Revenue... by a U.S. person that is a shareholder of a section 1297(e) PFIC. (a) In general. A shareholder (as...

Empty creditors and strong shareholders: The real effects of credit risk trading. Second draft

OpenAIRE

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

2016-01-01

Credit derivatives give creditors the possibility to transfer debt cash flow rights to other market participants while retaining control rights. We use the market for credit default swaps (CDSs) as a laboratory to show that the real effects of such debt unbundling crucially hinge on shareholder bargaining power. We find that creditors buy more CDS protection when facing strong shareholders to secure themselves a valuable outside option in distressed renegotiations. After the start of CDS trad...

Perspektif Shareholding Versus Stakeholding di Dalam Memahami Fenomena Corporate Governance

Directory of Open Access Journals (Sweden)

Niki Lukviarman

2009-08-01

Full Text Available This paper challenges the notion of “universalist” or “one-size-fits-all” approach to corporate govern¬ance. It considers different perspective of understanding organization (corporations which in turn generate alter¬nate paradigms concerning the issue of corporate governance and the way one could govern the corporation. It looks more closely of various assumptions and theoretical frameworks underpinning the governance concepts. The main proposition of this paper is that different perspectives in theory and paradigms result in different diagno¬ses of and the solutions to the problems of corporate governance in practice. Hence, it might be argued that there should be varies model of governance that should be considered based on specific characteristics of organization -and of different context- in order for such model to be effective.Keywords: shareholding, stakeholding, corporate governance, shareholder rights, corporate efficiency

Who should set CEO pay? The press? Congress? Shareholders?

Science.gov (United States)

Brownstein, A R; Panner, M J

1992-01-01

Populist fervor in an election year has transformed executive compensation from a business issue into a political one. Critics, led by Graef Crystal, author of In Search of Excess: The Overcompensation of American Executives, charge that CEOs are ripping off shareholders with their outrageous salaries while running U.S. corporations into the ground. Politicians claim overpaid CEOs are the root cause of the U.S. competitiveness problem. Add a recessionary business climate to the fact that some CEOs earn 130 times more than their lowest paid employees, and you have the makings of a populist rebellion. In a bid to appease voters, Congress is considering several bills that would limit the deductibility of "excessive executive salaries," the SEC has opened the issue to shareholder comment, and the Financial Accounting Standards Board is looking at new accounting standards for granting stock options to executives as part of company compensation schemes. Andrew R. Brownstein and Morris J. Panner say it's time to put the debate back where it belongs--in a business context. The real question is not are executives paid too much, but are shareholders getting their money's worth. Most U.S. corporations use stock compensation to link company long-term performance to executive salaries. And because of the staggering market performance of U.S. corporations in the 1980s, an overwhelming majority of CEOs are actually paid in line with their performance. Rather than cut executive pay, Brownstein and Panner suggest that corporations extend incentive-based compensation plans to all employees, thus narrowing the salary gap and establishing pay for performance at every level of the organization.

Business Strategy Formulation By Shareholders and Company Management using The Analytical Network Process (ANPBusiness Strategy Formulation by Shareholders and Company Management Using Analytical Network Process (ANP

Directory of Open Access Journals (Sweden)

Faizal Faizal

2016-11-01

Full Text Available This research aimed to identify the business strategy formulation by the shareholders and the management of the company. Ten companies were selected to be the objects of this research. Those companies were the information technology, telecommunication, printing, mining, construction and chemical companies in Indonesia. The research was conducted by using the Analytical Network Process (ANP and considering the chosen respondents as the decision makers (experts of those companies. The respondents were chosen by using the non-probabilitty sampling method. The result shows that the roles of the company managements are considered m ore influental (0,57143 than the roles of the shareholders (0,28571. From the output of stakeholder’s condition, the best-stratified priority strategies are differentiation (0,600515, cost of leadership (0,230754 and focus (0,168731.

26 CFR 1.302-4 - Termination of shareholder's interest.

Science.gov (United States)

2010-04-01

...) Avoidance of Federal income tax. Section 302(c)(2)(B) provides that section 302(c)(2)(A) shall not apply— (1... one of its principal purposes the avoidance of Federal income tax merely because the transferee is in... TAX (CONTINUED) INCOME TAXES Effects on Recipients § 1.302-4 Termination of shareholder's interest...

JOINT-STOCK COMPANY WITH EMPLOYEES-SHAREHOLDERS IN RUSSIA: IS IT DREAM OR REALITY?

Directory of Open Access Journals (Sweden)

T.V. Zimina

2006-09-01

Full Text Available One of the most urgent problems of post-privatization period in Russia is considered in the article. This is process of forming new property relation formed as a joint-stock company with employees-shareholders (people’s company. Contradictions in low basis and in activity of people’s companies are determined. Trends of future improvement of this process are also offered. We believe that such analysis of joint-stock companies with employees-shareholders forming will be useful not only for researchers, studying problems of property and new forms of business, but also for government authority.

A settlement Forum for Stock Quoted Companies and Shareholders Claiming Damage

DEFF Research Database (Denmark)

Werlauff, Erik

2013-01-01

This article analyses the Dutch group settlement model from a company law and capital market law perspective. The author considers the WCAM procedure primarily as a forum and an instrument for companies in Europe and shareholders claiming damage caused by the company’s insufficient information to...... to the market. The article focuses on important questions for the Dutch settlement model, i.e. questions of jurisdiction, notification, and legal effect of the settlement. The author develops some important perspectives for European procedural and company law.......This article analyses the Dutch group settlement model from a company law and capital market law perspective. The author considers the WCAM procedure primarily as a forum and an instrument for companies in Europe and shareholders claiming damage caused by the company’s insufficient information...

Dealing with Non-Controlling Shareholders : Issues and Best Practice

OpenAIRE

World Bank

2006-01-01

There is ample evidence today that demanding best practice standards of good corporate governance and convincing enforcement processes lead to higher market valuations of enterprises in free capital markets. This paper contains the following headings: key prerequisites for success with non-controlling shareholders; institutional investors have a fiduciary duty to act convincingly in the in...

Minority Shareholders' Wealth Effects and Stock Market Development: Evidence from Increase-in-Ownership M&As

OpenAIRE

Petmezas, D

2010-01-01

This paper examines, using a global M&A data set, the relationship between the target firm’s minority shareholders’ returns and a country’s stock market development in deals in which large shareholders increase their ownership stakes. For the purpose of this study, we use two measures of stock market development: (1) turnover over GDP, and (2) turnover over market capitalization. We provide evidence supporting the view that minority shareholders in target firms gain significantly more in coun...

Tussen societas en universitas. De beursvennootschap en haar aandeelhouders in historisch perspectief

NARCIS (Netherlands)

J.M. de Jongh (Matthijs)

2014-01-01

textabstractConflicts between shareholders and the company are an inherent feature of company law. They do not only arise in case of mismanagement by the directors. Conflicts of interest between individual shareholders and the company or fellow shareholders also serve as an important source of

The effects of takeover threats of shareholders and firm value

NARCIS (Netherlands)

Haan, Marco; Riyanto, Yohanes

1999-01-01

We study the role of takeover threats as a corporate control mechanism using Aghion and Tirole's (1997) model of formal and real authority. Shareholders do not monitor the manager's actions, since ownership is widely dispersed. A corporate raider may monitor, and steps in if a profit opportunity

The effects of takeover threats of shareholders and firm value

NARCIS (Netherlands)

Haan, Marco; Riyanto, Yohanes

2000-01-01

Abstract We study the role of takeover threats as a corporate control mechanism using Aghion and Tirole's (1997) model of formal and real authority. Shareholders do not monitor the manager's actions, since ownership is widely dispersed. A corporate raider may monitor, and steps in if a prot

Determination of Systemically Important Companies with Cross-Shareholding Network Analysis: A Case Study from an Emerging Market

Directory of Open Access Journals (Sweden)

Hossein Dastkhan

2016-06-01

Full Text Available Systemic risk events constitute an important issue in current financial systems. A leading course of action used to mitigate such events is identification of systemically important agents in order to implement the prudential policies in a financial system. In this paper, a bi-level cross-shareholding network of the stock market is considered according to direct and integrated ownership structure. Furthermore, different systemic risk indices are applied to identify systemically important companies in an early warning system. Results of application of these indices on cross-shareholding data from Tehran Stock Exchange show that integrated network indices produce more reliable results. Moreover, results of statistical analysis of the networks indicated the existence of scale-free characteristics in the TSE cross-shareholding network.

Shell succeeded to catch the shareholders unaware two times in this year

International Nuclear Information System (INIS)

Slovak, K.

2004-01-01

In January 2004 British-Dutch oil concern Dutch-Shell admitted that its tally of oil reserves contains the overrated entries. The financial market immediately responded to the report of this company, shareholders and competitor also responded. Shareholders united and applied a group complaint; a competitor precipitously proclaimed that a competitor does not have overrated the reserves. A revision of the stocks caused that original 13-14 years stocks have fallen to 10-11 years. Shell has also sold its 50 percent share in West Indian oil field only for 7.25 million USD. The estimations of Sairn Energy Company, which has bought this oil field, tell about the stocks on the level from 450 million to 1.1 billion barrels

17 CFR 274.128 - Form N-CSR, certified shareholder report.

Science.gov (United States)

2010-04-01

... Form N-CSR, certified shareholder report. This form shall be used by registered management investment... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Form N-CSR, certified... Form N-CSR, see the List of CFR Sections Affected, which appears in the Finding Aids section of the...

Climate change and shareholder value

International Nuclear Information System (INIS)

2006-01-01

During 2005, the Carbon Trust worked with Cairneagle Associates to develop a methodology for analysing shareholder value at risk from climate change. The model developed offers a robust, replicable, top-down approach to analysing such value at risk. In addition to a company's own energy linked ('direct' and electricity linked 'indirect') carbon emissions, it looks further along the value chain and considers broader potential risk. In calculating the financial impact, the analysis quantifies the potential impact on profits, using the shape of the business in 2004, but applying a potential 2013 emissions regulatory regime. 2013 was chosen as the first year after the end of the 2008-2012 Kyoto compliance period (which also equates to Phase Two in the EU Emissions Trading Scheme). A major uncertainty is to what extent countries not currently regulated by the Kyoto Protocol (particularly the USA, India and China) will be brought into committed emission reduction targets from 2013. 2013 therefore represents the earliest year under this uncertain, but likely tougher, regulatory regime. However, although this report focuses on 2013, it needs to be recognised that, for many sectors, financial impacts will be seen significantly before this time. Ten 'case study companies' have been studied, from a range of sectors. In some cases, the 'case study company' analysed is strictly linked to a single company within that sector. In others, just a single corporate division has been reviewed, and in others yet again, characteristics from several companies have been combined to produce a more representative example. In order to enable analysis on a strictly like-for-like basis, the research has been based entirely upon public sources of information. This analysis illustrates what a determined shareholder (or other onlooker) could derive about value at risk from climate change, based upon what companies disclose today. A summary of the analysis for each sector case study is given, with

17 CFR 249.331 - Form N-CSR, certified shareholder report.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Form N-CSR, certified... Required Under Sections 13 and 15(d) of the Securities Exchange Act of 1934 § 249.331 Form N-CSR, certified shareholder report. This form shall be used by registered management investment companies to file reports...

Taking stock of work-family initiatives: How announcements of "family-friendly" human resource decisions affect shareholder value.

OpenAIRE

Michelle M. Arthur; Alison Cook

2004-01-01

This study examines share price reactions to 231 work-family human resource policies adopted by Fortune 500 companies and announced in the Wall Street Journal between 1971 and 1996. Consistent with past research, the results suggest that firm announcements of work-family initiatives positively affected shareholder return. The authors also empirically test three hypotheses concerning how the timing of work-family initiatives influences shareholder reaction. They find that a pioneering company ...

Separation of ownership and control in South African-listed companies

Directory of Open Access Journals (Sweden)

Blanché Steyn

2013-09-01

The article finds that the majority of listed companies in South Africa are controlled by a dominant shareholder. However, there are still a significant number of companies where the directors have de facto control. Contrary to the expectation that companies controlled by directors will aim to maximise directors’ remuneration, or companies controlled by shareholders will aim to maximise profit attributable to shareholders, this article finds the opposite to be true. This is possibly an indication that the controlling parties might consider factors other than their direct financial self-interest, or that there is an inherent cost associated with control.

Pre–Emption Right of Shareholders to Purchase Shares for Sale in Private Limited Liability Companies: The Problematic Legal Remedies

Directory of Open Access Journals (Sweden)

Virginijus Bitė

2016-06-01

Full Text Available This article analyses the problems that can arise when implementing the rights of shareholders in private limited liability companies to purchase the shares of another shareholder being for sale in priority to others and the possible legal remedies for violated rights. According to the practice of the Lithuanian Supreme Court, the rights of the buyer cannot be assigned to a private limited liability company shareholder whose pre-emption right to purchase the shares being for sale has been breached. However, in this article it is being argued that perhaps in certain exceptional cases, in order to create fair business practice and ensure a “tangible” result for the plaintiff in relation to the judgment, the court could (should take advantage of the freedom to maneuver and, by implementing justice, change the method of restitution (pertaining to the subject – assign the shares to the plaintiff (an aggrieved shareholder simultaneously creating an obligation on the same person to settle properly with the last owner of the disputed shares.

The Effect of Private Benefits of Control on Minority Shareholders: A Theoretical Model and Empirical Evidence from State Ownership

Directory of Open Access Journals (Sweden)

Kerry Liu

2017-06-01

Full Text Available Purpose: The purpose of this paper is to examine the effect of private benefits of control on minority shareholders. Design/methodology/approach: A theoretical model is established. The empirical analysis includes hand-collected data from a wide range of data sources. OLS and 2SLS regression analysis are applied with Huber-White standard errors. Findings: The theoretical model shows that, while private benefits are generally harmful to minority shareholders, the overall effect depends on the size of large shareholder ownership. The empirical evidence from government ownership is consistent with theoretical analysis. Research limitations/implications: The empirical evidence is based on a small number of hand-collected data sets of government ownership. Further studies can be expanded to other types of ownership, such as family ownership and financial institutional ownership. Originality/value: This study is the first to theoretically analyse and empirically test the effect of private benefits. In general, this study significantly contributes to the understanding of the effect of large shareholder and corporate governance.

26 CFR 1.857-9 - Information required in returns of shareholders.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Information required in returns of shareholders. 1.857-9 Section 1.857-9 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-9 Information required...

12 CFR 2.3 - Distribution of credit life insurance income.

Science.gov (United States)

2010-01-01

... shareholder of a national bank (including any entity in which this person owns an interest of more than ten..., or principal shareholder of a national bank, or an entity in which such person owns an interest of... section do not apply to a director, officer, employee, or principal shareholder if: (1) The person is...

17 CFR 270.30d-1 - Filing of copies of reports to shareholders.

Science.gov (United States)

2010-04-01

... shareholders. A registered management investment company, other than a small business investment company... and procedures specified therefor, of reports on Form N-CSR (§§ 249.331 and 274.128 of this chapter...

Shareholder engagement and stewardship: the realities and illusions of institutional share ownership

NARCIS (Netherlands)

Winter, J.

2011-01-01

Modern perceptions of good corporate governance assume that the general meeting has a meaningful role in the governance of listed companies and that shareholders make responsible use of their voting rights. Assessments after the financial crisis, however, indicate that institutional investors by and

Prevalence and compensation of academic leaders, professors, and trustees on publicly traded US healthcare company boards of directors: cross sectional study.

Science.gov (United States)

Anderson, Timothy S; Good, Chester B; Gellad, Walid F

2015-09-29

To identify the prevalence, characteristics, and compensation of members of the boards of directors of healthcare industry companies who hold academic appointments as leaders, professors, or trustees. Cross sectional study. US healthcare companies publicly traded on the NASDAQ or New York Stock Exchange in 2013. 3434 directors of pharmaceutical, biotechnology, medical equipment and supply, and healthcare provider companies. Prevalence, annual compensation, and beneficial stock ownership of directors with affiliations as leaders, professors, or trustees of academic medical and research institutions. 446 healthcare companies met the study search criteria, of which 442 (99%) had publicly accessible disclosures on boards of directors. 180 companies (41%) had one or more academically affiliated directors. Directors were affiliated with 85 geographically diverse non-profit academic institutions, including 19 of the top 20 National Institute of Health funded medical schools and all of the 17 US News honor roll hospitals. Overall, these 279 academically affiliated directors included 73 leaders, 121 professors, and 85 trustees. Leaders included 17 chief executive officers and 11 vice presidents or executive officers of health systems and hospitals; 15 university presidents, provosts, and chancellors; and eight medical school deans or presidents. The total annual compensation to academically affiliated directors for their services to companies was $54,995,786 (£35,836,000; €49,185,900) (median individual compensation $193,000) and directors beneficially owned 59,831,477 shares of company stock (median 50,699 shares). A substantial number and diversity of academic leaders, professors, and trustees hold directorships at US healthcare companies, with compensation often approaching or surpassing common academic clinical salaries. Dual obligations to for profit company shareholders and non-profit clinical and educational institutions pose considerable personal, financial, and

Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Bena, Jan

-, č. 556 (2006), s. 1-38 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : rent extraction * large shareholders * dividend policy Subject RIV: AH - Economics

Annual report to shareholders 2000

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-07-01

Esso Imperial is Canada's largest producer of crude oil and a major producer of natural gas. It is also the largest refiner and marketer of petroleum products, including petrochemicals, with a coast-to-coast supply network. Due mainly to higher energy prices and strong refining margins, in 2000 the Company had the highest earnings in its 120-year history. Return on equity also rose to the highest level in two decades; returns to shareholders have exceeded 20 per cent per year compounded, over the last five years. Net earnings were $1.42 billion, or $3.40 per share, compared with $510 million and $1.18 per share in 1999. During the year the Company continued to adhere to its four guiding principles -- flawless execution of day-to-day fundamentals of all aspects of the business, growth in profitable sales volumes, best-in-class cost structure, and improved productivity of asset mix. Some operating highlights from the year 2000 include: (1) expansion of the Moncton, NB-based Customer Service and Support Centre, (2) significant reduction in the number of hazardous incidents, (3) increased production of natural gas, in part as a result of new production from the Sable Offshore Energy project, (4) beginning of production from the new Aurora Mine at Syncrude, (5) start of construction on the next three phases of development at Cold Lake, (6) commissioning further conceptual engineering work and initiation of baseline biophysical data collection in the Mackenzie Delta as part of the study of the feasibility of bringing northern gas to southern markets, (7) achieving best-in-class cost structure in some of the Company's business units, despite upward pressure on operating expenses from the increased cost of energy to run plants and facilities, (8) anticipated capital expenditures of over one billion dollars, and (9) reaching agreement with ExxonMobil Canada to share common business and support services in natural resources operations, and to jointly pursue new oil

26 CFR 1.1291-1 - Taxation of U.S. persons that are shareholders of PFICs that are not pedigreed QEFs.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Taxation of U.S. persons that are shareholders of PFICs that are not pedigreed QEFs. 1.1291-1 Section 1.1291-1 Internal Revenue INTERNAL REVENUE... Determining Capital Gains and Losses § 1.1291-1 Taxation of U.S. persons that are shareholders of PFICs that...

EVA measure and ability of the firm to create shareholder wealth

Directory of Open Access Journals (Sweden)

Gabriela Chmelíková

2007-01-01

Full Text Available This paper is devoted to the possibilities of Economic Value Added index usage in the conditions of Czech food-processing industry and is trying to provide independent empirical evidence on the indicator’s qualities. The EVA proponents attach to it a superiority compared to other common performance measures. The aim of this article is to investigate the relationship between Economic Value Added, traditional performance measures (ROA and ROE and ability of creation of shareholder wealth for food-processing firms in the Czech Republic. The way of intended comparison is not dissimilar to the main world studies, which are quoted in this paper. A critical point of the EVA’s application in the conditions of Czech economy is a lack of good quality information from capital market, which at the same time, serve as an exogenous criterion for assessing the quality of the examined measures in the mentioned studies. In the absence of quality capital market information, a criterion for assessing the information content of performance measures suitable for conditions of Czech economy is developed in this paper. This also shows how to circumvent the handicap of the available data.The intent of this article is fulfilled by providing a simple regression test of the hypothesis, that the EVA measure is more associated with improved shareholder wealth than traditional performance measures ROA and ROE. The results of regression analysis show higher quality information content of EVA indicator in the relationship to the ability of shareholder wealth creation than traditional performance measures. This fact supports the tested hypothesis as well as the conclusions of corporate finance theory, that from the theoretical point of view EVA is seen as a superior performance metric.

26 CFR 1.995-1 - Taxation of DISC income to shareholders.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Taxation of DISC income to shareholders. 1.995...) INCOME TAX (CONTINUED) INCOME TAXES Domestic International Sales Corporations § 1.995-1 Taxation of DISC... to taxation on the earnings and profits of the DISC in accordance with the provisions of chapter 1 of...

Stakeholder Value Matrix - Die VErbindung zwischen Shareholder Value und Stakeholder Value

OpenAIRE

Frank Figge

2004-01-01

Die Studie zeigt, was unter Stakeholder Value verstanden werden kann, wie Shareholder Value und Stakeholder Value gemessen werden können und welche Verbindung zwischen beiden Konzepten besteht. In dieser Studie wird erstmals die Wertbeitragsanalyse von Stakeholderbeziehungen vorgestellt. Anhand der Stakeholder Value Matrix lässt sich zeigen, welche Stakeholdergruppen zusammen positiv zum Unternehmenswert beitragen.

Materiality in Corporate Governance: The Statement of Significant Audiences and Materiality

OpenAIRE

Eccles, Robert G; Youmans, Timothy John

2015-01-01

Under the prevailing ideology of “shareholder primacy” most boards of directors believe that they are prevented from considering stakeholders other than shareholders in determining material issues and materiality for strategy and reporting. New research is showing that legal foundations exist for directors to indeed consider other stakeholders. To many boards, this is new thinking. In order to assist boards in this new realm of taking into account multi-stakeholder significance, we have struc...

The Compound Binomial Risk Model with Randomly Charging Premiums and Paying Dividends to Shareholders

Directory of Open Access Journals (Sweden)

Xiong Wang

2013-01-01

Full Text Available Based on characteristics of the nonlife joint-stock insurance company, this paper presents a compound binomial risk model that randomizes the premium income on unit time and sets the threshold for paying dividends to shareholders. In this model, the insurance company obtains the insurance policy in unit time with probability and pays dividends to shareholders with probability when the surplus is no less than . We then derive the recursive formulas of the expected discounted penalty function and the asymptotic estimate for it. And we will derive the recursive formulas and asymptotic estimates for the ruin probability and the distribution function of the deficit at ruin. The numerical examples have been shown to illustrate the accuracy of the asymptotic estimations.

Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context

Directory of Open Access Journals (Sweden)

Siala Bouaziz Souha

2016-12-01

Full Text Available This study deals with the major determinants of company shareholder activism investigated with according to a set of SBF 120 listed firms. Based on a sample of 77 companies, observed over the period 2008–2012, we are led to conclude that some firm governance characteristics do appear to affect shareholding activism. In addition, it has been revealed that the presence of institutional investors, ownership concentration, leaders’ presence in the capital, control structure, leadership change, firm growth as well as leverage level appear to have a significant influence on the probability of activism to take place.

26 CFR 1.852-7 - Additional information required in returns of shareholders.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Additional information required in returns of shareholders. 1.852-7 Section 1.852-7 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate Investment...

The Role of the Facilitator on Total Quality Management Teams.

Science.gov (United States)

Eakin, William L.

1993-01-01

As Total Quality Management teams work to improve organizational processes, several types of facilitators emerge: the director, the workhorse, and the cheerleader. Experience at the University of Kansas illustrates how different facilitator styles can affect team learning. (MSE)

Career concerns, shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

Directory of Open Access Journals (Sweden)

Hualin Wan

2015-03-01

Full Text Available This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer (CEO agency costs. We investigate investment efficiency prior to CEO retirement based on a sample of Chinese state-owned enterprises (SOEs during the 1999–2007 period and find that there is a significant decline in investment efficiency prior to CEO retirement, relative to other periods, and that this decline becomes less significant under stronger shareholder supervision. Our research furthers understanding of the significance of SOE incentive and monitoring mechanisms.

Publication and dissemination of Annual Reports to shareholders in Nigeria and the United Kingdom: The Economics of Social Media and Electronic Communication

Directory of Open Access Journals (Sweden)

Olagoke Kuye

2015-06-01

Full Text Available While the cost of printing and sending out annual reports to shareholders by companies keep increasing and arguments have been made for cheaper and cost-effective ways of carrying out financial disclosure obligations by companies including electronic method, Companies’ Acts maintain that shareholders remain the ultimate decision-maker in the question whether electronic means of publishing annual reports is to be adopted as the primary means of publishing and disseminating annual reports among shareholders. This line of reasoning by legislation is given impetus by the staple assumption that shareholders take the form of owners of the companies of which they are members and the question of what mode of publication and dissemination of annual reports, whether electronic or hard copy remains their exclusive preserve. However, a case is made for a more cost-effective means of carrying out companies’ disclosure obligation through the vehicle of social media and electronic means.

Shareholder voice on executive pay : A decade of Dutch say on pay

NARCIS (Netherlands)

van der Elst, Christoph; Lafarre, Anne

2017-01-01

The Netherlands adopted shareholders’ say on pay over a decade ago. The general meeting of shareholders must approve the remuneration policy and any amendments to it. This Dutch approach offers fruitful insights into how say on pay works in practice. In the light of the recent European proposal to

The international scope of say on pay

NARCIS (Netherlands)

van der Elst, C.F.; Thomas, R.S.

Shareholders have long complained that top executives are overpaid by corporate directors irrespective of their performance. Largely powerless to stop these practices, in 2002, they prevailed upon the U.K. Parliament to adopt legislation requiring public companies to permit their shareholders to

26 CFR 1.1366-1 - Shareholder's share of items of an S corporation.

Science.gov (United States)

2010-04-01

... election to expense certain depreciable business expenses (section 179); medical, dental, etc., expenses... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Small Business Corporations and Their Shareholders § 1.1366-1... used in the trade or business and involuntary conversions), grouped by applicable holding periods, by...

The shareholder-manager relationship and its impact on the likelihood of firm bribery

NARCIS (Netherlands)

Ramdani, D.; van Witteloostuijn, A.

2012-01-01

We examine the impact on firm bribery of two corporate governance devices heavily studied in corporate governance research—i.e., separation of ownership and control, and equity share of the largest shareholder. In addition, we investigate the impact of the principal–owner’s gender on firm bribery.

FINANCIAL BALANCE AND LOANS OF THE SHAREHOLDERS TO THE COMPANY

Directory of Open Access Journals (Sweden)

Rus Luminita

2012-07-01

Full Text Available The present analyses, based on a case study show the influence on the financial balance of the loans from shareholders , taking into account the accounting treatment of loans. We do not know that the Romanian economic literature to be treated that aspect. That is why we consider the study as being useful to managers, members, shareholders, and all business partners to form the economic decisions. The purpose of this financial analysis is to examine critically the accounting and financial information ofered by the companies to assess their performance and their financial position (Laurence Le Gallo. The financial position of firms is assessed based on the financial structure and financial balance. In a same time the financial balance is approached from a static perspective based on the: net situation, working capital, necessary of working capital, net treasury. The present analyses deals with financial balance in a static manner based on these four indicators listed. The sources of data for the analysis of financial balance are offered mainly in the financial statement. This document has been used data from a company that is engaged in the carriage of goods. Analysis was made over a period of five years. The present analysis showed that financial balance is influenced by the way that the shareholders loans to the company are treated by including them in long-term debt or short-term. Reprocessing of loans and their inclusion in long-term debt, changes the perspective on financial balance showing that on the long-term company has a stable balance. These aspects require preparation of loan agreements with associates as loans work in reality. The contracts must to highlight the progress of the loan on the long term and not to be extended or remodeled the short-term contracts. Of course, there are always solutions to improve the financial balance and in this way the financial position and the performance of the company. However, the proposed solutions

Rhetorical impression management in the letter to shareholders and institutional setting : A metadiscourse perspective

NARCIS (Netherlands)

Aerts, Walter; Yan, Beibei

2017-01-01

Purpose Using composite style measures of the letter to shareholders, we elaborate dominant rhetorical profiles and qualify them from an impression management perspective. In addition, we examine how institutional differences affect rhetorical profiles by comparing intensity and contingencies of

12 CFR 651.3 - Implementation of policy.

Science.gov (United States)

2010-01-01

... material conflicts of interest involving its directors, officers, and employees to: (1) Shareholders... documents supplied to them. (b) The Corporation shall make available to any shareholder, investor, or potential investor, upon request, a copy of its policy on conflicts of interest. The Corporation may charge...

Solving creditor problems in the twilight zone : Superfluous law and inadequate private solutions

NARCIS (Netherlands)

Couwenberg, Oscar; Lubben, Stephen J.

Fiduciary duties are an integral part of the corporate law landscape. The law and economics analysis of these duties, especially the duty of directors to maximize shareholder wealth, shows that these duties fill contractual gaps, saving on transaction costs. Although duties to shareholders are well

Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value

NARCIS (Netherlands)

Beckers, Sander F.M.; van Doorn, Jenny; Verhoef, Peter C.

In today’s connected world, customer engagement behaviors are very important. Many companies launch initiatives to stimulate customer engagement. However, despite evidence that customer engagement behavior also matters to share-holders, academic research on the firm value consequences of customer

Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

Czech Academy of Sciences Publication Activity Database

Bena, Jan; Hanousek, Jan

-, č. 291 (2006), s. 1-45 ISSN 1211-3298 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : rent extraction * large shareholders * corporate governance Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp291.pdf

Enhancing teamwork between chief residents and residency program directors: description and outcomes of an experiential workshop.

Science.gov (United States)

McPhillips, Heather A; Frohna, John G; Murad, M Hassan; Batra, Maneesh; Panda, Mukta; Miller, Marsha A; Brigham, Timothy P; Doughty, Robert A

2011-12-01

An effective working relationship between chief residents and residency program directors is critical to a residency program's success. Despite the importance of this relationship, few studies have explored the characteristics of an effective program director-chief resident partnership or how to facilitate collaboration between the 2 roles, which collectively are important to program quality and resident satisfaction. We describe the development and impact of a novel workshop that paired program directors with their incoming chief residents to facilitate improved partnerships. The Accreditation Council for Graduate Medical Education sponsored a full-day workshop for residency program directors and their incoming chief residents. Sessions focused on increased understanding of personality styles, using experiential learning, and open communication between chief residents and program directors, related to feedback and expectations of each other. Participants completed an anonymous survey immediately after the workshop and again 8 months later to assess its long-term impact. Participants found the workshop to be a valuable experience, with comments revealing common themes. Program directors and chief residents expect each other to act as a role model for the residents, be approachable and available, and to be transparent and fair in their decision-making processes; both groups wanted feedback on performance and clear expectations from each other for roles and responsibilities; and both groups identified the need to be innovative and supportive of changes in the program. Respondents to the follow-up survey reported that workshop participation improved their relationships with their co-chiefs and program directors. Participation in this experiential workshop improved the working relationships between chief residents and program directors. The themes that were identified can be used to foster communication between incoming chief residents and residency directors and to

26 CFR 1.1298-3 - Deemed sale or deemed dividend election by a U.S. person that is a shareholder of a former PFIC.

Science.gov (United States)

2010-04-01

... its stock in the former PFIC for its fair market value on the termination date, as defined in... sale election, the shareholder's stock with respect to which the election was made under this paragraph... the deemed dividend election, the shareholder's stock with respect to which the election was made...

Beyond shareholder primacy? Reflections on the trajectory of UK corporate governance.

OpenAIRE

Armour, J.; Deakin, S.; Konzelmann, Suzanne J.

2003-01-01

Core institutions of UK corporate governance, in particular the City Code on Takeovers and Mergers, the Combined Code on Corporate Governance and the law on directors’ duties, are strongly orientated towards the norm of shareholder primacy. Beyond the core, however, stakeholder interests are better represented, in particular at the intersection of insolvency and employment law. This reflects the influence of European Community laws on information and consultation of employees. In addition, th...

監査制度の機能化

OpenAIRE

葭田, 英人

1997-01-01

　The auditor has the audit competence on the exercise function of the director. As shareholders can not thoroughly oversee the exercise function of the director, the auditor is selected by the general meeting of shareholders and audits it.　The amendment of t he audit system in the 5th year of Heisei is not the enlargement of the audit competence. It aims at the functionalization of the audit system. The audit system in Japan is better than foreign systems. But, it is not fully functioning now...

Director ownership, outside directors and commitment to corporate social responsibility

Directory of Open Access Journals (Sweden)

Chen Ying

2011-01-01

Full Text Available This paper examines the effects of director ownership and the proportion of outside directors on firms’ commitment to corporate social responsibility (CSR. Using a sample of 453 Hong Kong listed companies for 2005, we find that there is a non-linear relationship between the level of director ownership and firms’ engagement in CSR behavior. Commitment to CSR first increases as the proportion of director ownership increases up to 50% and then decreases as that proportion of ownership grows higher. Further, the proportion of outside directors on the board exhibits a positive relationship with the level of CSR commitment. These results provide explanations for firms’ commitment to CSR from the corporate governance perspective.

Publication and dissemination of Annual Reports to shareholders in Nigeria and the United Kingdom: The Economics of Social Media and Electronic Communication

OpenAIRE

Olagoke Kuye

2015-01-01

While the cost of printing and sending out annual reports to shareholders by companies keep increasing and arguments have been made for cheaper and cost-effective ways of carrying out financial disclosure obligations by companies including electronic method, Companies’ Acts maintain that shareholders remain the ultimate decision-maker in the question whether electronic means of publishing annual reports is to be adopted as the primary means of publishing and disseminating annual reports among...

78 FR 79602 - Definitions and Reporting Requirements for Shareholders of Passive Foreign Investment Companies...

Science.gov (United States)

2013-12-31

... made elections under section 1295 or 1296 with respect to the PFIC stock, generally are required to... regimes for shareholders that own stock of a PFIC: (i) the excess distribution rules under section 1291... mark to market (``MTM'') rules under section 1296. In general, section 1291 imposes a special tax and...

77 FR 38421 - Listing Standards for Compensation Committees

Science.gov (United States)

2012-06-27

..., in any capacity other than as a director. For this purpose, remuneration includes any payment in... of a listed issuer's compensation committee to be a member of the board of directors and to be... annual meeting of shareholders (or a special meeting in lieu of the annual meeting) at which directors...

Empty creditors and strong shareholders: The real effects of credit risk trading

OpenAIRE

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

2017-01-01

Credit derivatives allow creditors to transfer debt cash flow rights to other market participants while retaining control rights. Theory predicts that this transfer can create empty creditors that do not fully internalize liquidation costs and liquidate borrowers excessively often. This empty creditor problem is concentrated in firms whose creditors would face powerful shareholders in distressed debt renegotiations. Consistent with this prediction, we show that (1) creditors buy more CDS prot...

Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

Czech Academy of Sciences Publication Activity Database

Bena, J.; Hanousek, Jan

2008-01-01

Roč. 58, 3-4 (2008), s. 106-130 ISSN 0015-1920 R&D Projects: GA ČR GA402/06/1293; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : rent extraction * large shareholders * dividend policy Subject RIV: AH - Economics Impact factor: 0.275, year: 2008 http://journal.fsv.cuni.cz/storage/1125_str_106_130--bena-hanousek.pdf

The importance of shareholder activism : the case of say-on-pay

OpenAIRE

Stathopoulos, Konstantinos; Voulgaris, Georgios

2016-01-01

Manuscript Type: Review\\ud Research Question/Issue: This study focuses on the role of Say-on-Pay as a mechanism that aims to promote the efficiency of corporate governance by providing an additional channel for the expression of shareholder “voice”. Initially introduced in the UK, Say-on-Pay has subsequently been adopted in a large number of countries and it has recently received significant attention from regulators, media and the general public. The purpose of this study is to review prior ...

Study on the ownership balance and the efficiency of mixed ownership enterprises from the perspective of heterogeneous shareholders.

Science.gov (United States)

Yin, Zhujia; Liu, Lijuan; Wang, Haidong; Wen, Fengming

2018-01-01

Based on the database data of Chinese industrial enterprises from 2000 to 2007 and the LP method, this paper measures the total factor productivity of enterprises and investigates the effect of different mixed ownership forms on enterprises' efficiency and the effect of heterogeneous ownership balance on the mixed ownership enterprises' efficiency. The state-owned enterprise and mixed ownership enterprise are identified by the enterprise's paid-up capital. The results show that, on the whole, for the mixed ownership enterprise, the higher the diversification degree of the shareholders is, the higher the efficiency becomes, and in different types of industries, the mixed forms of shareholders have different effects on the efficiency of enterprises. The heterogeneous ownership balance and the enterprise efficiency show nonlinear U-type relationships. Both the higher and lower heterogeneous ownership balance degrees will promote the enterprise's efficiency. However, when the ownership balance degree is in the range of [0.2 0.5], the increase in ownership balance will lead to the decline of enterprise efficiency. Therefore, when introducing non-state-owned capital, state-owned enterprises should take full account of their own characteristics by rationally controlling the shareholding ratio of non-state-owned capital and play the positive role of a mixed ownership structure in corporate governance with appropriate ownership balances.

Director`s series on proliferation

Energy Technology Data Exchange (ETDEWEB)

Bailey, K.C.; Price, M.E. [eds.

1994-12-27

The Director`s Series on Proliferation is an occasional publication of essays on the topics of nuclear, chemical, biological, and missile proliferation. The seven papers presented in this issue cover the following topics: Should the Treaty on the Nonproliferation of Nuclear Weapons (NPT) be amended?; NPT extension - Legal and procedural issues; An Indonesian view of NPT review conference issues; The treaty of Tlatelolco and the NPT - Tools for peace and development; Perspectives on cut-off, weapons dismantlement, and security assurances; Belarus and NPT challenges; A perspective on the chemical weapons convention - Lessons learned from the preparatory commission.

Transparency of Shareholders in the Czech Republic

Directory of Open Access Journals (Sweden)

Jindřiška Šedová

2014-01-01

Full Text Available The recodification of commercial and civil law in the Czech Republic has resulted in a new concept for the legislation relating to securities. Significant changes have also been made to the legislation covering shares. The new legislation concerns not only the actual form of shares, but also their circulation. The aim of this article is to highlight the most important changes in the legislation relating to bearer shares, especially bearer shares in paper form, and to assess these changes from the viewpoint of their impact on the transparency of joint stock companies and uncontrolled circulation of shares. This assessment will be based on an appraisal of the importance of bearer shares for capital business in the Czech Republic and the effects the new legislation is expected to bring about. The article will also consider possible alternatives in the behavior of shareholders (investors who prefer to remain anonymous.

78 FR 79652 - Taxation of U.S. Persons That Are Shareholders of Section 1291 Funds

Science.gov (United States)

2013-12-31

... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-113350-13] RIN 1545-BL56 Taxation of U.S. Persons That Are Shareholders of Section 1291 Funds AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Partial withdrawal of notice of proposed rulemaking. SUMMARY: This document withdraws a...

Shareholder Lock-In Contracts : Share Price and Trading Volume Effects at the Lock-In Expiry

NARCIS (Netherlands)

Angenandt, P.P.; Goergen, M.; Renneboog, L.D.R.

2005-01-01

This paper unveils the diversity in lock-in agreements of firms listed on the Nouveau Marche stock exchange in France.We give the main economic reasons why shareholders adopt lock-in agreements that are more stringent than legally required.We relate the abnormal returns and the abnormal volume at

Assessment of the Institutional Regulatory Framework of Auditor ...

African Journals Online (AJOL)

... accountancy professional body (ICAN) should promote the dignity of its members by making the appointment of external auditors less dependent on the executive directors and more dependent on the non-executive directors, audit committees and shareholders. Key words: Auditor, Regulation, Independence, Framework ...

Corporate governance and compensation of chief executive officer Brazilian

Directory of Open Access Journals (Sweden)

Paulo Roberto da Cunha

2016-08-01

Full Text Available This study aimed to analyze the corporate governance attributes that affect the compensation of executive directors of Brazilian public companies. We conducted a descriptive, documentary and quantitative research. The study sample comprised the 100 Brazilian companies listed on the BM&FBovespa, belonging to the Novo Mercado. From the study results it was found that the variable size of the company showed a significant relation to the fixed remuneration. The shareholding of directors, board size and ROA were significant to the variable remuneration, however, the stake and the size of negatively board of directors. The size of the board, the ROA and firm size were related significantly to the total remuneration. We conclude that the corporate governance attributes that affect the compensation of executive officers of the companies analyzed were the shareholdings of directors, size of the board, ROA and firm size.

76 FR 31518 - Disqualification of Felons and Other “Bad Actors” From Rule 506 Offerings

Science.gov (United States)

2011-06-01

... directors, officers and significant shareholders of the issuer) from participating in exempt securities... issuer and any predecessor of the issuer or affiliated issuer; Any director, officer, general partner or... has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in...

Case Management Directors

Science.gov (United States)

Bankston White, Cheri; Birmingham, Jackie

2015-01-01

Purpose and Objectives: Case management directors are in a dynamic position to affect the transition of care of patients across the continuum, work with all levels of providers, and support the financial well-being of a hospital. Most importantly, they can drive good patient outcomes. Although the position is critical on many different levels, there is little to help guide a new director in attending to all the “moving parts” of such a complex role. This is Part 2 of a two-part article written for case management directors, particularly new ones. Part 1 covered the first 4 of 7 tracks: (1) Staffing and Human Resources, (2) Compliance and Accreditation, (3) Discharge Planning and (4) Utilization Review and Revenue Cycle. Part 2 addresses (5) Internal Departmental Relationships (Organizational), (6) External Relationships (Community Agency), and (7) Quality and Program Outcomes. This article attempts to answer the following questions: Are case management directors prepared for an expanded role that affects departments and organizations outside of their own?How does a case management director manage the transition of care of patients while managing required relationships outside the department?How does the director manage program outcomes in such a complex department? Primary Practice Setting: The information is most meaningful to those case management directors who work in either stand-alone hospitals or integrated health systems and have frontline case managers (CMs) reporting to them. Findings/Conclusions: Part 1 found that case management directors would benefit from further research and documentation of “best practices” related to their role, particularly in the areas of leadership and management. The same conclusion applies to Part 2, which addresses the director's responsibilities outside her immediate department. Leadership and management skills apply as well to building strong, productive relationships across a broad spectrum of external organizations

An Examination of Corporate Spin-Offs on Company Performance and Shareholder Value

OpenAIRE

Scicluna, Karl

2015-01-01

The aim of this study is to examine the implications of corporate spin-offs on company performance and shareholder value. The study uses both event study and accounting-based study methodologies to assess the stock price response of parent companies to the announcement of spin-offs, and to analyse the long-run operating performance of spin-offs for both parent and subsidiary companies. The study focuses on UK and US firms between 2001 and 2011. Evidence collected from the ev...

Characterizing the Land Shareholding Cooperative: A Case Study of Shanglin Village in Jiangsu, China

Directory of Open Access Journals (Sweden)

Yi Ren

2017-07-01

Full Text Available The land tenure reform is the key to sustainable development in rural China. Without challenging the collective ownership of land, the land shareholding cooperative (LSC system came into being and is being strongly endorsed by the authority: It re-collectivizes the contracted land from peasants and enables better regional planning and large-scale modern agricultural production. This paper studies a specific LSC (Shanglin LSC in the Sunan region of the Yangtze River Delta based on our fieldwork. We found that the LSC system is a bottom-up institutional innovation towards sustainable land use in China. Both village cadres and ordinary peasants’ decision making contributes to its successful establishment and development. This shareholding system increases peasants’ income through dividends and employment opportunities. The concentrated land enables ecological farming. Acting as a quasi-government agency, the LSC also provides public service and social security to the village community. On the other hand, the LSCs’ success depends on certain prior conditions and the LSCs’ multiple missions may contradict each other from time to time, and lead to loss of efficiency. We argue that this approach to land tenure reform may not be universally applied to any regions in China.

Study on Shareholder Related Loans's Impact to the Commercial Banks Development%股东关联贷款对商业银行发展的影响研究

Institute of Scientific and Technical Information of China (English)

程筱敏

2013-01-01

股东关联贷款对商业银行发展的影响与银行贷款危机密不可分。文中分析了股东关联贷款与银行贷款危机之间的关系，着重就股东关联贷款对商业银行影响进行研究，并提出了防范和降低商业银行股东关联贷款风险的政策建议。%The shareholder loans of commercial banks related development impact of the crisis and bank loans are inseparable.This article analyzes association between the shareholder loans and the crisis of bank loan,focusing on shareholder loans of commercial banks association,and proposed to prevent and reduce the risk of commercial bank lending policies related shareholder proposals.

An Unexplored Facet of International Business in Greece: Foreign and Diaspora Shareholders in Joint Stock Company Start-Ups, 1833-1920

Directory of Open Access Journals (Sweden)

Ioanna Sapfo Pepelasis

2016-07-01

Full Text Available This paper focuses on an unexplored aspect of the history of international business in Greece, the presence of international shareholders in Greek Joint stock company start-ups. Our main findings are that these investors participated in numerous such firms usually as minority shareholders in capital and or knowledge intensive firms. Rarely did they opt for the exclusive international ownership of a joint stock company in Greece and the dividing line  between foreign direct investment and foreign portfolio investment was not always clear. It is also the case that international capital inflow into the nascent corporate sector involved a mosaic of collaborating actors including not only the foreign but also the diasporic.

Facilitating Data Driven Business Model Innovation - A Case study

DEFF Research Database (Denmark)

Bjerrum, Torben Cæsar Bisgaard; Andersen, Troels Christian; Aagaard, Annabeth

2016-01-01

. The businesses interdisciplinary capabilities come into play in the BMI process, where knowledge from the facilitation strategy and knowledge from phases of the BMI process needs to be present to create new knowledge, hence new BMs and innovations. Depending on the environment and shareholders, this also exposes......This paper aims to understand the barriers that businesses meet in understanding their current business models (BM) and in their attempt at innovating new data driven business models (DDBM) using data. The interdisciplinary challenge of knowledge exchange occurring outside and/or inside businesses......, that gathers knowledge is of great importance. The SMEs have little, if no experience, within data handling, data analytics, and working with structured Business Model Innovation (BMI), that relates to both new and conventional products, processes and services. This new frontier of data and BMI will have...

Links Between Net Present Value and Shareholder Value from a Business Economics Perspective

OpenAIRE

Mária Illés

2012-01-01

One of the oft-quoted theorems of finance is that decision making based on net present value will lead to the maximisation of shareholder value. The study analyses the reality background of this theorem within the disciplinary borders of business economics. Since finance is based directly on the bases of microeconomics, the study touches upon the presentation of the different disciplinary frames of business economics and microeconomics. The paper demonstrates that the economic content of shar...

Independent directors’ board networks and controlling shareholders’ tunneling behavior

OpenAIRE

Chen, Yunsen; Wang, Yutao; Lin, Le

2014-01-01

As one of the channels by which board directors build important relationships, board networks can affect the governance role of independent directors. Defining director board networks as their connections based on direct ties they establish when serving on at least one common board, this paper explores the role of the network centrality of independent directors in restraining tunneling behavior by controlling shareholders in the Chinese capital market. Our empirical evidence shows that tunnel...

From great expectations to an even greater failure - the case of Montenegrin regulatory framework on shareholder derivative suits as an incentive for rethinking the concept itself

Directory of Open Access Journals (Sweden)

Vladimir Savković

2016-12-01

Full Text Available The author utilizes a case study of Montenegrin regulatory concept of shareholder derivative suits in order to demonstrate, by comparing its features with such concepts in other legal systems and features marked as favorable factors in legal theory, that its failure, as well as the failure of derivative suits in other countries cannot be a priori considered as result of inadequate approach of the legislator. Along with some other important legal systems, shareholder derivative litigation in United States is also analyzed, since its track record shows that it is virtually the single at least relatively successful system of derivative suits so far. This analysis is made so as to distinguish the particular and in many ways unique features of the shareholder derivative litigation concept in United States that enabled the relative success of it. As result of the research conducted and analyses made, the author argues that there is an inherent flaw in the very foundation of the concept of shareholder derivative suits, which generally hinders the use of this legal mechanism. Finally, the author finds that this flaw is deeply rooted in what is known today in theory of company law as the first agency problem.

Creative director as a leader El director como líder creativo

Directory of Open Access Journals (Sweden)

Paulo Felipe Quintero

2011-12-01

Full Text Available The current organizational dynamic in the world places universities in a relevant role to be performed in the society. Hence, the concept of “creativity” is studied from the hierarchical levels to understand the implications of completing creative processes within an organization. The creativity in the universities require management plans, which demand effort from strategic leaders to materialize and make the mission tangible to all involved actors in the organization; thus, facilitating the achievement of financial quality results, impact on entrepreneurial spirit and optimal labor climate. Subsequently, the creativity could become a strategic topic in the institutional development plans for the directors. This article shows the theoretical construction of the research Creative Abilities of Private Universities Directors in Manizales and the Relation with the Organizational Climate.La dinámica actual de las organizaciones en el mundo, pone a las universidades en unlugar relevante frente al papel que deben desempeñar en la sociedad. En este sentido, seaborda el concepto de “creatividad” tan de moda en el escenario actual, desde los nivelesjerárquicos, con el fin de entender lo que verdaderamente implica llevar a cabo procesoscreativos en una organización. La creatividad en las universidades requiere mucho másque metas en planes de gestión. Exige un esfuerzo de los líderes estratégicos, para quela misión no se quede en el papel y sea tangible para todos los actores involucradosen la empresa, y de esa manera sea el vehículo para lograr resultados de calidad en lofinanciero, impactos en el espíritu empresarial y ambientes de trabajo óptimos, de modoque la creatividad se convierta para los directores en un tema estratégico en los planesde desarrollo institucional para la excelencia en los climas de trabajo. El presente artículoresultó de la construcción teórica del trabajo de investigación �

PRACTICAL ASPECTS REGARDING THE CLAIM FOR THE ANNULMENT OF THE RESOLUTIONS OF THE GENERAL MEETING OF SHAREHOLDERS, FROM A SUBSTANTIAL AND PROCEDURAL PERSPECTIVE

Directory of Open Access Journals (Sweden)

Roxana - Mihaela CATEA

2017-05-01

Full Text Available The purpose of this paper is to provide a brief analysis of the legal framework regarding the procedural and substantial dispositions governing the claim for the annulment of the resolutions of the general meeting of shareholders. The main objective is to render a practical tool both to stakeholders and third parties who are interested in the legal means available for blocking the implementation of any measures which are contrary to the company’s interest. Further to the amendments brought through the New Civil Procedural Code, the claim for annulment of the resolutions of the general assembly must be analyzed from a procedural point of view, as well as from a substantial standpoint. The shareholders must be aware of the grounds for challenging a general assembly's resolution to properly safeguard their rights. One common issue which is invoked as grounds for annulment is the abuse of majority of the majority shareholder. However, the difficulty of alleging such a reason is left to practitioners. Therefore, its application, although not wide, is highly imaginative.

The rights of shareholders – basic principle of corporate governance by means of case-specific jurisprudence

Directory of Open Access Journals (Sweden)

Adrian Doru BÎGIOI

2016-04-01

Full Text Available Respecting shareholders’ rights represents one of the fundamental principles of corporate governance, underpinning the establishment of economic entities, as a form of association of individuals and / or legal entities in order to carry out profit-oriented activities. However, there are situations in which the management, the other shareholders, or even the authorities, do not respect certain shareholders’ rights, leading to a number of negative effects, such as the closing of companies. Based on these considerations, in this paper, we set as research objective to analyze the circumstances, which may affect shareholders’ rights. To meet the research objectives, we analyzed the case-specific jurisprudence published by the courts of law till 31st of December 2015. The results of the study show that the shareholders’ rights, which are not respected, include: the property right, the right to receive dividends, the right to participate and vote in the general assemblies of shareholders, the right to be elected in the governing bodies, and not the least, the most important one in accounting terms, the right to be informed.

Magnetic heat pump flow director

Science.gov (United States)

Howard, Frank S. (Inventor)

1995-01-01

A fluid flow director is disclosed. The director comprises a handle body and combed-teeth extending from one side of the body. The body can be formed of a clear plastic such as acrylic. The director can be used with heat exchangers such as a magnetic heat pump and can minimize the undesired mixing of fluid flows. The types of heat exchangers can encompass both heat pumps and refrigerators. The director can adjust the fluid flow of liquid or gas along desired flow directions. A method of applying the flow director within a magnetic heat pump application is also disclosed where the comb-teeth portions of the director are inserted into the fluid flow paths of the heat pump.

The Relevance of Tag along Rights and Identity of Controlling Shareholders for the Price Spreads between Dual-Class Shares: the Brazilian Case

Directory of Open Access Journals (Sweden)

Richard Saito

2010-01-01

Full Text Available This paper analyzes the determinants of the differential pricing of equity classes (the so-called dual-class premium [DCP] in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i the granting of tag along rights, a mandatory bid rule that extends to minority shareholders the right to sell their shares in case of a control transfer; and ii the identity of the controlling shareholders, with an emphasis on family control. We examined 87 Brazilian listed firms throughout the period, resulting in a sample of 3,287 observations. We found empirical evidence that changes in Corporate Law decreased (increased the advantage of voting shares in terms of tag along rights reduced (incremented DCP. However, we did not find empirical evidence that the voluntary granting of tag along rights altered DCP. We also found evidence suggesting that family control is positively associated with DCP level. Overall, our results indicate that regulations regarding shareholders’ rights and the identity of controlling shareholders are the two relevant corporate governance variables for DCP level in environments characterized by concentrated ownership structures.

The Effect of Conservative Accounting on the Bondholder-Shareholder Conflict and Cost of Debt

OpenAIRE

Nordlind, Felix; Lucki Racana, Samuel

2013-01-01

Prior research on conservative accounting and bondholder-shareholder conflict show that firms with higher degree of conservatism experience less austere conflict and lower cost of debt. However, since the implementation of IFRS in 2005, conservatism has been widely reduced in favor of fair value principles. This study sets out to examine if accounting conservatism still mitigates the conflict and reduces cost of debt. We regress two measures of conservatism on three conflict proxies and debt ...

Shareholder preferences of Merger Deals and Industry Choices: A Case Study of UK Companies

OpenAIRE

Reimoo, Maleka

2007-01-01

Abstract Mergers and acquisitions have gained enormous popularity in the recent past. There have been five trends in the previous century alone. There is however, a conflict in the literature regarding the impacts of such financial activities. While some researchers support mergers due to the financial profits associated with them, others argue against them as not being very favourable for the shareholders of the companies. This research therefore aims at calculating any abnormal returns ...

'I Paid for this Microphone!' The Importance of Shareholder Theory in (Teaching) Business Ethics

OpenAIRE

David Levy; Mark Mitschow

2009-01-01

Two prominent normative theories of business ethics are stakeholder and shareholder theory. Business ethicists generally favor the former, while business people prefer the latter. If the purpose of business ethics is “to produce a set of ethical principles that can be both expressed in language accessible to and conveniently applied by an ordinary business person” (Hasnas 1998), then it is important to examine this dichotomy.While superficially attractive, the normative version of stakeholder...

Doing well while fighting river blindness: the alignment of a corporate drug donation programme with responsibilities to shareholders.

Science.gov (United States)

Hernando, Yolanda; Colwell, Kaela; Wright, Brian D

2016-10-01

Using the example of Merck's donations of ivermectin, to show how tax incentives and non-profit collaborators can make corporate largesse consistent with obligations to maximise returns to shareholders. We obtained information from publicly available data and estimated Merck's tax deductions according to the US Internal Revenue Code. Reviews of Merck-Kitasato contracts and personal interviews provided additional information regarding key lessons from this collaboration. Our best estimate of the direct cost to Merck of the ivermectin tablets donated during 2005-2011 is around US$ 600 million, well below the stated value of US$ 3.8 billion. Our calculation of tax write-offs reduces the net cost to around US$ 180 million in that period. Indirect market benefits and effects on goodwill further enhanced the compatibility of Merck's donation programme with the company's profit-maximising objective. The case offers lessons for effective management of collaborations with public and non-profit organisations. Merck's role in the donation of ivermectin for the treatment of onchocerciasis is widely and justly acknowledged as a prime example of corporate largesse in the public interest. It is nevertheless important to note that several public and non-profit collaborators, and United States taxpayers, played significant roles in increasing Merck's incentives, and indeed ability, to conduct the donation programme that changed so many lives in poor countries, while meeting its responsibilities to shareholders. Overall, the record indicates responsible corporate management of Merck's ivermectin programme and demonstrates the feasibility of socially responsible policies in a manner compatible with obligations to shareholders. © 2016 John Wiley & Sons Ltd.

Digging Deep for Meaning: A Critical Hermeneutic Analysis of CEO Letters to Shareholders in the Oil Industry.

Science.gov (United States)

Prasad, Anshuman; Mir, Raza

2002-01-01

Uses the methodology of critical hermeneutics to analyze Chief Executive Officers' letters to shareholders in the United States petroleum industry during the 1970s and 1980s. Suggests these letters were deployed to produce a certain attitude toward OPEC (Organization of Petroleum Exporting Countries) among their readers that deflected attention of…

78 FR 4435 - BLM Director's Response to the Alaska Governor's Appeal of the BLM Alaska State Director's...

Science.gov (United States)

2013-01-22

... Bureau of Land Management (BLM) is publishing this notice to explain why the BLM Director is rejecting... Director's Response to the Alaska Governor's Appeal of the BLM Alaska State Director's Governor's... the BLM Alaska State Director. The State Director determined the Governor's Finding was outside the...

78 FR 68466 - BLM Director's Response to the Idaho Governor's Appeal of the BLM Idaho State Director's Governor...

Science.gov (United States)

2013-11-14

... Bureau of Land Management (BLM) is publishing this notice to explain why the BLM Director is denying the...] BLM Director's Response to the Idaho Governor's Appeal of the BLM Idaho State Director's Governor's... (Finding) to the BLM Idaho State Director (State Director). The State Director determined the Governor's...

Measuring Risk-adjusted Customer Lifetime Value and its Impact on Relationship Marketing Strategies and Shareholder Value

OpenAIRE

Ryals, Lynette; Knox, Simon

2005-01-01

The calculations which underlie efforts to balance marketing spending on customer acquisition and customer retention are usually based on either single- period customer profitability or forecasts of customer lifetime value (CLTV). This paper argues instead for risk-adjusted CLTV, which is termed the economic value (EV) of a customer, as the means for marketing to assess both customer profitability and shareholder value gains.

Transfer of Profit to Shareholders at Warsaw Stock Exchange in the Period 2009–2013

Directory of Open Access Journals (Sweden)

Jabłoński Bartłomiej

2016-12-01

Full Text Available The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.

INFLUENCE OF THE ECONOMIC AND FINANCIAL CONDITION OF STRATEGIC SHAREHOLDERS UPON THE MARKET VALUE OF COMMERCIAL BANKS IN THE POLISH BANKING SECTOR

Directory of Open Access Journals (Sweden)

Zbigniew Korzeb

2014-08-01

Full Text Available The objective of the paper is to analyse the influence of information about economic and financial problems of strategic shareholders upon the market value of commercial banks operating in the Polish banking sector. The analysis included fourteen such cases from the years 2007-2014. The results clearly indicate that investors consider the foundations of the operation of commercial banks in Poland to be very solid. Problems of strategic shareholders led to only slight depreciation of the banks’ securities quoted at the Warsaw Stock Exchange in the period directly after publication of the information. Investors decided that problems of parent companies were unlikely to threaten the stability of banks operating in the Polish banking sector.

Gli amministratori indipendenti nelle società quotate

OpenAIRE

Della Vedova, Ilaria

2014-01-01

This thesis is focused on independent directors and on the role they can play in companies characterized by concentrated ownership. Particular attention is dedicated to independent directors in listed companies and in banks. The survey starts analyzing the rise and development of independent directors in common law systems – that is, in the systems where they were first born – in order to highlight the role these directors have and the interests of shareholders they are asked to protect as...

12 CFR 19.121 - Application for exemption.

Science.gov (United States)

2010-01-01

... for exemption. An issuer or an individual (officer, director or shareholder) may submit a written... the public interest or the protection of investors. The Securities and Corporate Practices Division...

23rd October 2010 - UNESCO Director-General I. Bokova signing the Guest Book with CERN Director for Research and Scientific Computing S. Bertolucci and CERN Director-General R. Heuer.

CERN Multimedia

Maximilien Brice

2010-01-01

CERN-HI-1010244 37: in the SM18 hall: Ms Jasmina Sopova, Communication Officer J. Sopova; Director, Division of Basic & Engineering Sciences M. Nalecz, Assistant Director-General for the Natural Sciences G. Kalonji; Former CERN Director-General H. Schopper, CERN Head of Education R. Landua; UNESCO Director-General I. Bokova; CERN Adviser M. Bona; CERN Director for Research and Scientific Computing S. Bertolucci and UNESCO Office in Geneva Director Luis M. Tiburcio.

Independent Directors

DEFF Research Database (Denmark)

Ringe, Wolf-Georg

2013-01-01

This paper re-evaluates the corporate governance concept of ‘board independence’ against the disappointing experiences during the 2007-08 financial crisis. Independent or outside directors had long been seen as an essential tool to improve the monitoring role of the board. Yet the crisis revealed...... that they did not prevent firms' excessive risk taking; further, these directors sometimes showed serious deficits in understanding the business they were supposed to control, and remained passive in addressing structural problems. A closer look reveals that under the surface of seemingly unanimous consensus...

Resident Preferences for Program Director Role in Wellness Management.

Science.gov (United States)

Kolarik, Russ C; O'Neal, Richard L; Ewing, Joseph A

2018-05-01

Burnout and depression are prevalent among resident physicians, though the supportive role of the program director (PD) is not well defined. To understand the residents' view of the residency program director's role in assessing and promoting resident wellness. A single institution survey of all house staff was conducted in 2017. Rates of burnout and depression were identified via the 2-item Maslach Burnout Inventory (MBI) and the Patient Health Questionaire-2 (PHQ-2), respectively. Residents then qualified their preferences for various assistance services and for the role of their program directors in assisting them. One-hundred sixty-one of 202 (79.7%) residents completed the survey. The rate of depression was 28%. Rates of emotional exhaustion and depersonalization (2-item MBI) were 44 and 62%, respectively. Only 4% of respondents had used the Employee Assistance Program (EAP) in the prior 12 months. Eighty-two percent of residents were in favor of PDs inquiring about wellness regardless of their job performance and only 1% of residents stated the PD should not inquire about wellness at all. Thirty-three percent of residents reported that they would be likely to contact EAP on their own if they felt unwell. Significantly more residents (62%) reported being more likely to contact EAP if recommended by their PD (33 vs 62%, p assistance were lack of time (65%), lack of knowledge of how to contact EAP (41%), and concerns about appearing weak (35%). Despite a high prevalence of burnout and depression, residents are unlikely to seek help on their own. Program directors have an important role in assessing and promoting the wellness of their residents. The majority of residents wants their PD to inquire about wellness and may be more likely to seek and receive help if recommended and facilitated by their PD.

Investigation corporate governance characteristics on risk taking: A case study of private banks listed in Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Mohammad Khodaei Valahzaghard

2013-02-01

Full Text Available During the past few years, there have been tremendous works on detecting the relationship between banks performance and the number of seats on board of directors. Board of directors of banks is responsible for shareholders ownership’s interest. In this study, governance and ownership characteristics affecting risk appetite on some private banks listed in Tehran Stock Exchange is studied. The study investigates 12 private banks for a period 2005-2011 based on the implementation of some regression analysis using panel data. The results indicate that the effect of five major shareholders on risk-taking is positive and significant. The effect of institutional ownership on risk-taking is negative and significant. Effects of other variables, including the percentage of ownership concentration, return on assets and the logarithm of cash from operations (CFO on risk-taking of the private banks are not significant. The effects of board size, reliance on debt and log of assets on risk-taking are significantly negative among private banks in Iran. These results indicate that shareholders that are institutional investors play a key role in monitoring managers.

Specifics of corporate management in agribusiness in transitional conditions

Directory of Open Access Journals (Sweden)

Vignjević-Đorđević Nada

2015-01-01

Full Text Available Corporate governance in agribusiness describes an agency problem resulting from separation of ownership from control in modern corporations and represents a huge cost to the shareholders. The agency problem is regulated by legal protection of minority shareholders, by constituting the Board of Directors as a Supervisory authority to monitor managers and an active agribusiness market for corporate control in agribusiness (against hostile takeover. These mechanisms are regulated by regulations on securities (at the federal level, corporate law (at the state level, and the corporate statutes, regulations and other Contracting Rules (at the company level. These regulations, laws and decrees actually define distribution of power between shareholders and managers. Such techniques of defense against takeover can be beneficial to shareholders, if managers use them to strengthen the bargaining power and increase the selling price of an agribusiness company. However, if managers use it for preservation of position and for the achievement of personal interests these regulations do not contribute to the realization of shareholders' interests.

76 FR 401 - MetLife Insurance Company of Connecticut, et al.

Science.gov (United States)

2011-01-04

... Board of Directors/Trustees without shareholder approval. However, Met Series Fund and MIST represent... brokerage commission, fee, or other remuneration will be paid to any party in connection with the proposed...

Results of the Association of Directors of Radiation Oncology Programs (ADROP) Survey of Radiation Oncology Residency Program Directors

International Nuclear Information System (INIS)

Harris, Eleanor; Abdel-Wahab, May; Spangler, Ann E.; Lawton, Colleen A.; Amdur, Robert J.

2009-01-01

Purpose: To survey the radiation oncology residency program directors on the topics of departmental and institutional support systems, residency program structure, Accreditation Council for Graduate Medical Education (ACGME) requirements, and challenges as program director. Methods: A survey was developed and distributed by the leadership of the Association of Directors of Radiation Oncology Programs to all radiation oncology program directors. Summary statistics, medians, and ranges were collated from responses. Results: Radiation oncology program directors had implemented all current required aspects of the ACGME Outcome Project into their training curriculum. Didactic curricula were similar across programs nationally, but research requirements and resources varied widely. Program directors responded that implementation of the ACGME Outcome Project and the external review process were among their greatest challenges. Protected time was the top priority for program directors. Conclusions: The Association of Directors of Radiation Oncology Programs recommends that all radiation oncology program directors have protected time and an administrative stipend to support their important administrative and educational role. Departments and institutions should provide adequate and equitable resources to the program directors and residents to meet increasingly demanding training program requirements.

Esso Imperial Oil annual report to shareholders 2004 : 125 years of energy leadership

International Nuclear Information System (INIS)

2005-01-01

This annual report presents financial information of Esso Imperial Oil to its shareholders, as well as a review of its 2004 operations. In 2004, the total return on shares was more than 25 per cent (TSX) and has averaged almost 20 per cent a year for the past 10 years. The highest earnings in the company's history were achieved in 2004, $2,052 million, a significant increase from the record $1,705 million earnings in 2003. In 2004, total distributions to shareholders were almost $1.2 billion, including $872 million to buy back around 14 million shares. Debt as a percentage of total capital was below 20 per cent. At year end, the balance of cash was $1,279 million. Capital expenditures for 2004 were $1,445 million. Investments included advancing major upstream projects and funding significant refinery upgrades to reduce sulphur levels in diesel fuel. Operating highlights included substantial progress on upstream projects with a focus on developing oil-sands leases in Alberta, natural gas in the Mackenzie Delta region of the Northwest Territories and offshore resources on Canada's East Coast. Total research expenditure in Canada was $38 million, with 3 new patents and 180 new or reformulated products commercialized. This report summarized the company's energy resource activities and presented an operations review as well as consolidated financial statements and common share information. This included accounts of Imperial Oil Inc., and its subsidiaries, as well as the company's proportionate share of the assets, liabilities, revenues, expenses and cash flows of joint ventures. Revenue and expenditure statements were summarized by source. tabs., figs

IAEA Director General to Visit Iran

International Nuclear Information System (INIS)

2012-01-01

Full text: The Director General of the IAEA, Yukiya Amano, will travel to Tehran this Sunday, 20 May 2012, to discuss issues of mutual interest with high Iranian officials. In the course of his one-day working visit, on Monday 21 May 2012 the Director General will meet the Secretary of Iran's Supreme National Security Council, His Excellency Saeed Jalili, and other senior representatives of the Iranian government. Herman Nackaerts, Deputy Director General for Safeguards, and Rafael Mariano Grossi, Assistant Director General for Policy, will accompany the Director General. (IAEA)

75 FR 16205 - MetLife Insurance Company of Connecticut, et al.

Science.gov (United States)

2010-03-31

... Board of Directors/Trustees without shareholder approval. However, Met Series Fund and MIST represent... remuneration will be paid to any party in connection with the proposed in kind purchase transactions. 27. The...

Research on the relationships of the domestic mutual investment of China based on the cross-shareholding networks of the listed companies

Science.gov (United States)

Ma, Yuan-yuan; Zhuang, Xin-tian; Li, Ling-xuan

2011-02-01

Enterprises are the core power and the carriers to promote the country's economy developing sustainably and rapidly; the listed enterprises are the outstanding companies which can represent the economic level at the places where the enterprises are located, so we establish the cross-shareholding networks of the listed companies between 2002 and 2009, and then analyze the mutual investment at company-level, province-level and region-level. We have researched the overall trend of economic development and the overall tendency of capital flow of China in the recent 8 years based on the cross-shareholding networks, the influence of a global economic crisis on the stock markets and the overall economics of China in 2008 and the recovery of the economy after the economic crisis. Moreover, we analyze the variations of the cross-shareholding networks and the influence of the state-owned large and medium enterprises listing frequently on Chinese stock markets. We divide the provinces of China into 3 main categories according to their industrial situations. Though the analysis, we find that the wealth gap between the different areas is not significantly reduced even though the government has carried out strategies such as the Development of the West Regions and the Rejuvenation of Old Industrial Bases in Northeastern China. We analyze the cumulative distribution function of the degree of the vertices and use large amounts of data to do empirical analysis. The methods used include the hierarchical cluster analysis, regression analysis, etc.

Southern African Business Review - Vol 19, No 2 (2015)

African Journals Online (AJOL)

Global assessment of internal audit competence: Does one size fi t all? ... The effect of remuneration committees, directors' shareholding and institutional ... Risk management in higher education: An open distance learning perspective · EMAIL ...

PowerGen plc report and accounts 1994

International Nuclear Information System (INIS)

1994-01-01

The annual report and accounts of PowerGen plc for the year 1994 are presented. Financial highlights are quoted, followed by the Chairman's statement, reviews by the Chief Executive and Financial Directors, reports by the Auditors and Directors, balance sheets and details of the consolidated profit and loss account and principal accounting policies. A four year summary and shareholder information are included. (UK)

The merging of Suez and 'Gaz de France'

International Nuclear Information System (INIS)

Anon.

2008-01-01

The merging of 'Gaz de France' and Suez has been approved by the shareholders on the 16 july 2008, and the decree for the privatization of 'Gaz de France' has been published to the 'Journal Officiel'. The French state will hold 35.6% of the capital of the new group GDF-Suez. The board of directors will be composed of 24 members: 7 officials from the state, 1 representative of the share-holding staff, 3 representatives of the elected employees and 13 members named by the general assembly of the shareholders. This group, which is officially born on the 22. of july 2008, is the fourth bigger group worldwide in the domain of energy. (A.C.)

AUDIT EXPECTATION GAP: PERSPECTIVES OF AUDITORS AND ...

African Journals Online (AJOL)

Auditors also need to provide more material information to the shareholders. Directors' ... accounting and internal control systems and the fact that most of the audit evidence available ... subsequent impact on other countries' audit profession.

Board of Directors, Top Management Team and the Developmentof Academic Spin-Off Companies

OpenAIRE

Bjørnåli, Ekaterina S.

2009-01-01

This dissertation addresses the under-studied area of the role of the top management team (TMT) and board of directors in the development of academic spin-off companies (ASOs) originating from public research institutes. ASO research receives growing attention internationally following the rise in commercialization activities in the vast majority of universities. The studies identify the barriers to and facilitators of ASO formation and growth, which are related to faculty attributes and ince...

26 CFR 1.955-1 - Shareholder's pro rata share of amount of previously excluded subpart F income withdrawn from...

Science.gov (United States)

2010-04-01

.... Pursuant to section 951(a)(1)(A)(ii) and the regulations thereunder, a United States shareholder of a... countries at the close of the taxable year, minus (ii) The amount (if any) by which recognized losses on...) The sum of the controlled foreign corporation's earnings and profits (or deficit in earnings and...

16 CFR 1000.26 - Directorate for Epidemiology.

Science.gov (United States)

2010-01-01

... 16 Commercial Practices 2 2010-01-01 2010-01-01 false Directorate for Epidemiology. 1000.26... AND FUNCTIONS § 1000.26 Directorate for Epidemiology. The Directorate for Epidemiology, managed by the Associate Executive Director for Epidemiology, is responsible for the collection and analysis of data on...

Esso Imperial Oil annual report to shareholders 2004 : 125 years of energy leadership

Energy Technology Data Exchange (ETDEWEB)

NONE

2005-07-01

This annual report presents financial information of Esso Imperial Oil to its shareholders, as well as a review of its 2004 operations. In 2004, the total return on shares was more than 25 per cent (TSX) and has averaged almost 20 per cent a year for the past 10 years. The highest earnings in the company's history were achieved in 2004, $2,052 million, a significant increase from the record $1,705 million earnings in 2003. In 2004, total distributions to shareholders were almost $1.2 billion, including $872 million to buy back around 14 million shares. Debt as a percentage of total capital was below 20 per cent. At year end, the balance of cash was $1,279 million. Capital expenditures for 2004 were $1,445 million. Investments included advancing major upstream projects and funding significant refinery upgrades to reduce sulphur levels in diesel fuel. Operating highlights included substantial progress on upstream projects with a focus on developing oil-sands leases in Alberta, natural gas in the Mackenzie Delta region of the Northwest Territories and offshore resources on Canada's East Coast. Total research expenditure in Canada was $38 million, with 3 new patents and 180 new or reformulated products commercialized. This report summarized the company's energy resource activities and presented an operations review as well as consolidated financial statements and common share information. This included accounts of Imperial Oil Inc., and its subsidiaries, as well as the company's proportionate share of the assets, liabilities, revenues, expenses and cash flows of joint ventures. Revenue and expenditure statements were summarized by source. tabs., figs.

12 CFR 7.2010 - Directors' responsibilities.

Science.gov (United States)

2010-01-01

... refer to OCC published guidance for additional information regarding responsibilities of directors. ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Directors' responsibilities. 7.2010 Section 7... OPERATIONS Corporate Practices § 7.2010 Directors' responsibilities. The business and affairs of the bank...

Facilitators to Promoting Health in Schools: Is School Health Climate the Key?

Science.gov (United States)

Lucarelli, Jennifer F.; Alaimo, Katherine; Mang, Ellen; Martin, Caroline; Miles, Richard; Bailey, Deborah; Kelleher, Deanne K.; Drzal, Nicholas B.; Liu, Hui

2014-01-01

Background: Schools can promote healthy eating in adolescents. This study used a qualitative approach to examine barriers and facilitators to healthy eating in schools. Methods: Case studies were conducted with 8 low-income Michigan middle schools. Interviews were conducted with 1 administrator, the food service director, and 1 member of the…

Marketing and finance: creating shareholder value

OpenAIRE

M. McDonald; B.D. Smith; K. Ward

2013-01-01

Written for marketing and finance directors, CEOs, and strategists, as well as MBA students, this practical book explains the principles and practice behind rigorous due diligence in marketing. It connects marketing plans and investment to the valuation of the firm and how it can contribute to increasing stakeholder value. Completely revised and updated throughout, the Second Edition features new case examples as well as a completely new first chapter containing the results of new research in...

26 CFR 1.955A-1 - Shareholder's pro rata share of amount of previously excluded subpart F income withdrawn from...

Science.gov (United States)

2010-04-01

... section 951(a)(1)(A)(iii) and the regulations thereunder, a United States shareholder of such controlled... (ii) The amount (if any) by which recognized losses on sales or exchanges by such corporation during... sum of (1) the controlled foreign corporation's earnings and profits (or deficit in earnings and...

Institutional directors and board compensation: Spanish evidence

Directory of Open Access Journals (Sweden)

Felix López-Iturriaga

2015-07-01

Full Text Available We address the influence of directors who represent institutional investors in three aspects of board compensation policies: level of compensation, composition, and performance sensitivity. We differentiate pressure-sensitive directors (i.e., with business links and pressure-resistant directors (i.e., without business links. Our results show that pressure-resistant directors decrease total board compensation and its fixed proportion, whereas they increase the variable proportion of total remuneration and the pay-for-performance sensitivity. By contrast, pressure-sensitive directors offer the opposite results. These findings are consistent with the view that institutional investors are not a homogeneous group and that pressure-resistant directors fulfill a more thorough monitoring role.

From Affective Shareholding to OUR Walmart: Organizing Labor in a Post-Union World

Directory of Open Access Journals (Sweden)

Christine Labuski

2015-12-01

Full Text Available From Affective Shareholding to OUR Walmart: Organizing Labor in a Post-Union World, by Christine Labuski and Nick Copeland. This essay examines OUR Walmart (Organization United for Respect at Walmart, a group of current and former Walmart employees who are fighting for improved working conditions within the company. We situate OUR Walmart's emergence within the breakdown of management strategies that substitute affective and symbolic inclusion for material benefits. We also show how OUR Walmart shames the company over social media by contrasting workers’ precarious lives with the extreme wealth of the Walton family, and redefines respect to include collective and material rights.

PERLINDUNGAN HUKUM TERHADAP PEMEGANG SAHAM DALAM PENJUALAN ASET PERSEROAN BERDASARKAN PASAL 102 AYAT (4 UNDANG-UNDANG NOMOR 40 TAHUN 2007 TENTANG PERSEROAN TERBATAS

Directory of Open Access Journals (Sweden)

Musriansyah Musriansyah

2017-12-01

Full Text Available Abstract: this study aims to discribe forms of legal protection of shareholders in the company's asset sales in excess of 50% (fifty percent of the amount of the net worth of the company without the approval of the General Meeting Of Shareholders under article 102 paragraph 4 of Act No. 40 of 2007 concerning limited liability companies as well as to know what kind of Board of Directors  responsibility. The study method uses normative juridical with legislation approach. Law No. 40 of 2007 concerning Limited Liability Company provides legal protection by freeing shareholders from personal responsibility for commitments made on behalf of the Company and is not liable for losses of the Company in excess of its shares. Then the responsibility of the board of directors in running its stewardship must be based on in good faith and full of responsibility because the directors hold the fiduciary duty of the company. If the board of directors is negligent in their duties, directors may be subject to piercing the corporate viel of personal liability to personal property of the board of directors for loss received by the company, shareholders or third parties. It is used to protect the interests of the holder or the offending third party for the arbitrary or improper conduct of the board of directors conducted on behalf of the company Abstrak: Kajian ini bertujuan untuk mendeskripsikan bentuk perlindungan hukum terhadap pemegang saham dalam penjualan aset perseroan yang melebihi 50 % (lima puluh persen jumlah kekayaan bersih perseroan tanpa persetujuan RUPS berdasarkan pasal 102 ayat 4 undang-undang nomor 40 tahun 2007 tentang Perseroan Terbatas serta untuk mengetahui bentuk tanggung Jawab direksi terhadap penjualan aset tersebut. Metode kajian menggunakan yuridis normatif dengan pendekatan perundang-undangan. Undang-Undang No.40 Tahun 2007 tentang Perseroan Terbatas memberikan perlindungan hukum dengan membebaskan pemegang saham dari tanggung jawab

30 CFR 736.14 - Director's decision.

Science.gov (United States)

2010-07-01

... Director shall publish the decision in the Federal Register, including a statement of the basis and purpose... 30 Mineral Resources 3 2010-07-01 2010-07-01 false Director's decision. 736.14 Section 736.14... Director's decision. (a) After considering all relevant information received under § 736.12 of this part...

THE ROLE OF THE ACCOUNTANT PROFESSIONAL IN THE CONTEXT OF THE CORPORATE GOVERNANCE AND THE EXTERNALISATION OF THE ACCOUNTING FUNCTION

Directory of Open Access Journals (Sweden)

Boghean Carmen

2010-12-01

Full Text Available According to the Organization for Economic Cooperation and Development - OECD, corporate governance is the system by means of which companies are managed and controlled. In 1999, were published the OECD Principles of Corporate Governance, these being currently recognized as one of the 12 pillars of international financial stability. The OECD principles served as a reference point for compiling a collection of national corporate governance codes. They focus mainly on the companies listed on regulated markets, although they also cover issues related to companies that have a big number of shareholders but are not listed. These principles refer to: the rights of shareholders and their protection, the equitable treatment of all shareholders, including the minority and foreign shareholders, the role and rights of stakeholders, the transparency of information and its prompt dissemination, the responsibilities of the Board of Directors and of the executive management.

30 CFR 282.11 - Director's authority.

Science.gov (United States)

2010-07-01

... CONTINENTAL SHELF FOR MINERALS OTHER THAN OIL, GAS, AND SULPHUR Jurisdiction and Responsibilities of Director § 282.11 Director's authority. (a) In the exercise of jurisdiction under § 282.10, the Director is... of two or more OCS mineral leases or portions of two or more OCS mineral leases into a single mining...

IT governance guidelines for directors

CERN Document Server

Calder, Alan

2005-01-01

This important new book – 'IT Governance: Guidelines for Directors' provides directors, executives, managers and professional advisers with clear, pragmatic guidelines for ensuring that IT and the business work together for the same strategic objectives. 

Teaching geriatric fellows how to teach: a needs assessment targeting geriatrics fellowship program directors.

Science.gov (United States)

Rivera, Veronica; Yukawa, Michi; Aronson, Louise; Widera, Eric

2014-12-01

The entire healthcare workforce needs to be educated to better care for older adults. The purpose of this study was to determine whether fellows are being trained to teach, to assess the attitudes of fellowship directors toward training fellows to be teachers, and to understand how to facilitate this type of training for fellows. A nine-question survey adapted from a 2001 survey issued to residency program directors inquiring about residents-as-teachers curricula was developed and administered. The survey was issued electronically and sent out three times over a 6-week period. Of 144 ACGME-accredited geriatric fellowship directors from geriatric, internal medicine, and family medicine departments who were e-mailed the survey, 101 (70%) responded; 75% had an academic affiliation, 15% had a community affiliation, and 10% did not report. Academic and community programs required their fellows to teach, but just 55% of academic and 29% of community programs offered teaching skills instruction as part of their fellowship curriculum; 67% of academic programs and 79% of community programs felt that their fellows would benefit from more teaching skill instruction. Program directors listed fellow (39%) and faculty (46%) time constraints as obstacles to creation and implementation of a teaching curriculum. The majority of fellowship directors believe that it is important for geriatric fellows to become competent educators, but only approximately half of programs currently provide formal instruction in teaching skills. A reproducible, accessible curriculum on teaching to teach that includes a rigorous evaluation component should be created for geriatrics fellowship programs. © 2014, Copyright the Authors Journal compilation © 2014, The American Geriatrics Society.

The Director's Work on Himself

DEFF Research Database (Denmark)

Kuhlmann, Annelis

2008-01-01

A reading of Stanislavsky's major works about the actor's work on himself from the viewpoint of the director's work on himself.......A reading of Stanislavsky's major works about the actor's work on himself from the viewpoint of the director's work on himself....

16 CFR 1000.29 - Directorate for Engineering Sciences.

Science.gov (United States)

2010-01-01

... 16 Commercial Practices 2 2010-01-01 2010-01-01 false Directorate for Engineering Sciences. 1000... ORGANIZATION AND FUNCTIONS § 1000.29 Directorate for Engineering Sciences. The Directorate for Engineering Sciences, which is managed by the Associate Executive Director for Engineering Sciences, is responsible for...

Asset and Liability Composition in Participating Life Insurance: The Impact on Shortfall Risk and Shareholder Value

DEFF Research Database (Denmark)

Gatzert, Nadine; Bohnert, Alexander; Jørgensen, Peter Løchte

surplus appropriation schemes on the company’s shortfall risk and the shareholders’ fair risk charge. The range of products comprises temporary life annuities and endowment insurance contracts with varying surplus appropriation schemes that are modeled actuarially. We thereby also account for mortality...... risk and ensure a fair situation for shareholders. Our findings emphasize that management decisions can have a substantial impact on the company’s shortfall risk, and that their effectiveness in risk reduction varies substantially depending on the surplus appropriation scheme offered to the customer...

EFEITOS DA VINCULAÇÃO DE CONSELHEIROS AO ACORDO DE ACIONISTAS NO VALOR DA FIRMA

Directory of Open Access Journals (Sweden)

Marina Gelman

2015-04-01

Full Text Available This study analyzes the effect of shareholders’ agreement binding provisions on firm value. Using a database of 181 publicly listed firms from the special segments of the BM&FBovespa, between 2008 and 2012, we analyze the effect of the inclusion of generic and specific clauses into the shareholder agreement bind director’s vote to the agreement on firm value. The results indicate a negative effect of the shareholders’ agreement on firm value. This effect is higher in the presence of generic clauses and lower in the presence of specific clauses, even after controlling for the endogeneity of the shareholders’ decision to adopt shareholder agreements. The results allow us to conclude that controlling shareholders use the shareholder agreements as a mechanism to enhance control at the expense of firm value (entrenchment effect. This article contributes to the literature on governance and corporate finance to reveal practices that weaken the role of one of the main pillars of governance, the board of directors.

16 CFR 1000.27 - Directorate for Health Sciences.

Science.gov (United States)

2010-01-01

... 16 Commercial Practices 2 2010-01-01 2010-01-01 false Directorate for Health Sciences. 1000.27... AND FUNCTIONS § 1000.27 Directorate for Health Sciences. The Directorate for Health Sciences is managed by the Associate Executive Director for Health Sciences and is responsible for reviewing and...

The effectiveness of supervisory boards: an exploratory study of challenges in Dutch boardrooms

NARCIS (Netherlands)

Gregory Maassen; Pieter-Jan Bezemer; dr. Stefan Peij

2012-01-01

Triggered by highly publicised corporate scandals, changing societal expectations and the collapse of financial markets, the roles of boards of directors have changed significantly in safeguarding the interest of shareholders and other stakeholders. Yet, relatively little is known about contemporary

Three directors for one strategy

CERN Multimedia

2009-01-01

Following the interview with the Director General, Rolf-Dieter Heuer, the Bulletin continues its series of interviews with the members of CERN’s new Management team. This week, the Bulletin interviewed the three Directors, who presented their strategies for their respective sectors as a new era begins for CERN.

Secondary tax and its effect on the cost of capital and shareholder value of South African JSE listed companies

Directory of Open Access Journals (Sweden)

J. H.v.H De Wet

2008-12-01

Full Text Available Background: The introduction of a secondary tax on companies (STC and the lowering of the normal income tax rate in 1993 constituted a dramatic change in the tax structure of South African organisations. The original intention of these changes was to encourage organisations to re-invest profits to make use of capital investment opportunities. It was also anticipated that these tax changes would lower the cost of capital of organisations. Problem investigated: Announcements during the 2007 budget again raised questions about how the proposed changes in STC would affect the value of organisations. The impact of these tax changes has been the topic of some speculation in the absence of concrete research results to date. Purpose: The purpose of this study was to investigate the effect of these tax changes and all subsequent changes since 1993 on the cost of capital and shareholder value. Approach: A model of a hypothetical company, representing the 'average' listed South African organisation was used to determine the effect of the introduction of STC and the changes to the STC and company tax rate on the cost of capital and the value of the organisation. Findings: The study found that, contrary to expectations, the tax changes actually caused the cost of capital to go up. Overall, the combined effect of the higher cost of capital and the lower company tax rate caused the theoretical value of organisations to increase, constituting an improvement of shareholder value. Value of research: It is the first local study that endeavoured to analyse and quantify the impact of the introduction of STC and the lowering of the company tax rate on the cost of capital and the value of organisations. Conclusion: The introduction of STC in and the lowering of the company tax rate in 1993, as well as changes to these two forms of taxes since then, seem to have been justified in terms of shareholder value creation.

NMR of bicelles: orientation and mosaic spread of the liquid-crystal director under sample rotation

International Nuclear Information System (INIS)

Zandomeneghi, Giorgia; Tomaselli, Marco; Williamson, Philip T.F.; Meier, Beat H.

2003-01-01

Model-membrane systems composed of liquid-crystalline bicellar phases can be uniaxially oriented with respect to a magnetic field, thereby facilitating structural and dynamics studies of membrane-associated proteins. Here we quantitatively characterize a method that allows the manipulation of the direction of this uniaxial orientation. Bicelles formed from DMPC/DHPC are examined by 31 P NMR under variable-angle sample-spinning (VAS) conditions, confirming that the orientation of the liquid-crystalline director can be influenced by sample spinning. The director is perpendicular to the rotation axis when Θ (the angle between the sample-spinning axis and the magnetic field direction) is smaller than the magic angle, and is parallel to the rotation axis when Θ is larger than the magic angle. The new 31 P NMR VAS data presented are considerably more sensitive to the orientation of the bicelle than earlier 2 H studies and the analysis of the sideband pattern allows the determination of the orientation of the liquid-crystal director and its variation over the sample, i.e., the mosaic spread. Under VAS, the mosaic spread is small if Θ deviates significantly from the magic angle but becomes very large at the magic angle

Slovnaft getting ready for Unipetrol

International Nuclear Information System (INIS)

Beer, G.

2003-01-01

On May 18 early in the morning ended a record-breaking general meeting of shareholders of Slovnaft a.s., Bratislava. The ordinary and extraordinary general meetings lasted, together, for 23 hours - the longest time in Slovak history. The meetings were turned into verbal fights between the legal attorneys of two groups - J and T and MOL-Slovnaft. The original Articles of Association of Slovnaft required 67 percent of votes of shareholders present to pass a proposal. Though MOL owns over 70 percent of Slovnaft shares, before a public offer is announced it can only vote with 50 percent. Legal advisors of Slovnaft made a mistake in the newly proposed Articles of Association when saying 'to make a general meeting valid 50 percent of shareholders present is required' the word 'votes' was missing and the minority shareholders noticed it and were prepared for this situation. They organised a sufficient number of people to allow them to change the direction of the meetings. The faulty Articles were not passed and there are several points in the meeting's agenda that minority shareholders around J and T want to discuss in a court. 'We are positive that all steps taken in course of the meetings we correct,' sail Chairman of Slovnaft's Board of Directors, Slavomir Hatina. Slovnaft's revenues last year reached 6.6 billion Slovak crowns (Sk) (160.72 million Euro) and after tax the profit amounted to 2.5 billion Sk (60.88 million Euro). The shareholder did not manage to agree on ways of dividing this amount. None of the four proposals presented was passed. MOL did not even vote in favour of 30.80 Sk (0,75 Euro) proposed by Slovnaft's Board of Directors. MOL's proposal was to pay nothing but it was missing half a vote to enforce this proposal. Representatives of MOL admit that Slovnaft should be one of the important prospects interested in purchase of Czech Unipetrol. (Author)

The medical director and the use of power: limits, challenges and opportunities.

Science.gov (United States)

Gabel, Stewart

2011-09-01

The organizational leadership in mental health agencies frequently resides in executives who are not psychiatrists and who may or may not have clinical backgrounds. Psychiatrists who are medical directors (MDs) of organizations with this structure are responsible for the success of the clinical programs, but are subordinate to the executive director (ED). The MD/ED relationship therefore is an example of the complexities and challenges of a relationship in which supervisor and supervisee have different types of power, but are mutually dependent on each other for the organization's success. Clarity and differentiation of the types of power of the MD and ED can be helpful in determining appropriate boundaries and facilitating a cooperative relationship that allows the organizational mission to be well served. Raven's model of the bases of social power (French and Raven, Studies in Social Power, 1959; Raven, Analyses of Social Issues and Public Policy 8(1):1-22, 2008) provides a useful framework to explore this relationship and the challenges and opportunities inherent in it.

Surgeon Involvement in Pre-Clinical Medical Education: Attitudes of Directors of Education

Directory of Open Access Journals (Sweden)

Simon Turner

2012-04-01

Full Text Available Background: Application rates to surgical residencies have shown a downward trend recently. Introducing students to surgeons early in medical school can increase interest in surgery as a career and enhance the instruction of important surgical topics. Directors of undergraduate medical education have unique insight and influence regarding the participation of surgeons in pre-clinical education. Methods: To understand the attitudes of these educators towards surgeons as teachers in pre-clinical programs, a survey was administered to the directors of undergraduate medical education at each of the English-language medical schools in Canada. Results: Educators estimate the participation of surgeons in all categories of pre-clinical education to be low, despite being valuable, and think that it should be increased. The most significant barrier to participation identified was a lack of surgeons’ time. Conclusions: Despite the value of surgeons participating in pre-clinical education, their rate of participation is low. Steps should be taken to facilitate the involvement of surgeons in this phase of education, which may lead to improved education for students and increased student interest in surgery residencies.

Integration of Leadership Styles of School Director

Science.gov (United States)

Pavlovic, Nebojsa; Oljaca, Milka; Kostovic, Svetlana

2012-01-01

Management style can be defined as a special behavior of directors in the work process that affects the performance in an organization, in this case-school. Management style has two related meanings: first is behavior of directors to employees, second is directors' approach in school regarding management, participation of employees in decision…

Corporate governance going astray: executive remuneration built to fail

NARCIS (Netherlands)

Winter, J.; Grundmann, S.; Haar, B.; Merkt, H.; Mülbert, P.O.; Wellenhofer, M.; Baum, H.; von Hein, J.; von Hippel, T.; Pistor, K.; Roth, M.; Schweitzer, H.

2010-01-01

Modern remuneration systems for executive directors include substantial elements of performance based pay. The idea behind this is that by rewarding executives for performance their interests become aligned with those of the company’s shareholders, thus bridging the principal-agent gap. Executive

The Dynamics of Corporate Governance in South Africa: Broad Based Black Economic Empowerment and the Enhancement of Good Corporate Governance Principles

OpenAIRE

Esser, Irene-marié; Dekker, Adriette

2008-01-01

This paper illustrates the effect of BBBEE on good corporate governance.\\ud Corporate governance and specifically directors’ duties relating to stakeholder protection are\\ud focused on. Traditionally, directors are expected to manage a company in the best interests of the\\ud shareholders collectively. The question arises as to whether directors should also consider the\\ud interests of other stakeholders, inter alia employees, creditors, the environment and the\\ud community. The South African ...

The Day-to-Day Reality of Teacher Turnover in Preschool Classrooms: An Analysis of Classroom Context and Teacher, Director, and Parent Perspectives

Science.gov (United States)

Cassidy, Deborah J.; Lower, Joanna K.; Kintner-Duffy, Victoria L.; Hegde, Archana V.; Shim, Jonghee

2011-01-01

The purpose of the current study is to examine teacher turnover comprehensively by triangulating the experiences of teachers, directors, parents, and children through actual, "real-time" turnover transitions. We intentionally examined turnover with a small sample size (N = 13 classrooms) to facilitate comprehensive data collection utilizing…

Council appoints CERN’s next Director General

CERN Multimedia

Maximilien Brice

2007-01-01

On 14 December 2007, CERN Council appointed Professor Rolf-Dieter Heuer to succeed Dr Robert Aymar as CERN Director General. Professor Heuer will serve a five-year term, taking office on 1 January 2009. From Left to right: Dr Robert Aymar, current CERN Director General, Professor Torsten Åkesson, President of CERN Council, and Professor Rolf-Dieter Heuer, CERN's next Director General.

Object Oriented Programming in Director

Directory of Open Access Journals (Sweden)

Marian DARDALA

2006-01-01

Full Text Available Director is one of the most popular authoring software. As software for developing multimedia applications, Director is an object oriented programming environment. A very important issue to develop multimedia applications is the designing of their own classes. This paper presents the particular aspects concerning the available facilities offered by Lingo to design classes and to generate objects.

CERN loses two former Directors-General

CERN Multimedia

2002-01-01

Victor Weisskopf, a giant of modern physics and Director General of CERN from 1961-65, died on 21 April. The previous month, Willibald Jentschke, Director General from 1971-75 and founder of the DESY Laboratory in Hamburg, passed away.

INTERFIRM COOPERATION AND INFORMATION SHARING THROUGH INTERLOCKING DIRECTORATES

Directory of Open Access Journals (Sweden)

Mohammed Belal UDDIN

2012-01-01

Full Text Available When firms engage in cooperative efforts, interfirm relations get particular interest to be studied. A direct interlock occurs when an executive or director of one firm sits on the board of another firm, and an indirect interlock occurs when two firms have directors or executives who sit on the board of a third firm. The three commonly used theoretical models such as social network theory, learning theory, and theory of strategic choice are more relevant for the formation and management of interlocking directorates. Uncertainty, resource scarcity, mutual trust, dependency, etc. influence the formation of interlocking directorates. Consequently, interlocking directorates allow sharing of information and overall cooperation between partners through learning, collaboration, networking, and effective relationship, etc. Proper management of interlocking directorates requires communication and collaboration among partners that enhance exchange of knowledge and cooperation.

Facilitating the implementation of the American College of Surgeons/Association of Program Directors in Surgery phase III skills curriculum: training faculty in the assessment of team skills.

Science.gov (United States)

Hull, Louise; Arora, Sonal; Stefanidis, Dimitrios; Sevdalis, Nick

2015-11-01

Effective teamwork is critical to safety in the operating room; however, implementation of phase III of the American College of Surgeons (ACS) and Association of Program Directors in Surgery (APDS) Curriculum that focuses on team-based skills remains worryingly low. Training and assessing the complexities of teamwork is challenging. The objective of this study was to establish guidelines and recommendations for training faculty in assessing/debriefing team skills. A multistage survey-based consensus study was completed by 108 experts responsible for training and assessing surgical residents from the ACS Accredited Educational Institutes. Experts agreed that a program to teach faculty to assess team-based skills should include training in the recognition of teamwork skills, practice rating these skills, and training in the provision of feedback/debriefing. Agreement was reached that faculty responsible for conducting team-based skills assessment should be revalidated every 2 years and stringent proficiency criteria should be met. Faculty development is critical to ensure high-quality, standardized training and assessment. Training faculty to assess team-based skills has the potential to facilitate the effective implementation of phase III of the ACS and APDS Curriculum. Copyright © 2015 Elsevier Inc. All rights reserved.

31 CFR 598.408 - Alleged change in ownership or control of an entity designated as a specially designated...

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Alleged change in ownership or... Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF FOREIGN... to, articles of incorporation; identification of new directors, officers, shareholders, and sources...

77 FR 2573 - Submission for OMB Review; Comment Request

Science.gov (United States)

2012-01-18

... (excluding money market funds and ETFs). However, the Commission staff understands that most shareholder... board of directors of all registered investment companies and series thereof (except for money market.... Commission staff estimates that approximately 117 funds or series thereof (excluding money market funds and...

30 CFR 282.10 - Jurisdiction and responsibilities of Director.

Science.gov (United States)

2010-07-01

... part and are under the jurisdiction of the Director: Exploration, testing, and mining operations... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Jurisdiction and responsibilities of Director... Jurisdiction and Responsibilities of Director § 282.10 Jurisdiction and responsibilities of Director. Subject...

Board affiliation and pay gap

Directory of Open Access Journals (Sweden)

Shenglan Chen

2014-06-01

Full Text Available This paper examines the effects of board affiliation on the corporate pay gap. Using a sample of Chinese listed firms from 2005 to 2011, we find that boards with a greater presence of directors appointed by block shareholders have lower pay gaps. Furthermore, the governance effects of board affiliation with and without pay are distinguished. The empirical results show that board affiliation without pay is negatively related to the pay gap, while board affiliation with pay is positively related to the pay gap. Overall, the results shed light on how block shareholders affect their companies’ pay gaps through board affiliation.

A Case Study of Letters to Shareholders in Annual Reports Before, During and After the Financial Crisis

DEFF Research Database (Denmark)

Dragsted, Barbara

2014-01-01

the first (pre-crisis) and second (during crisis) periods differ from each other mainly with respect to the themes discussed in light of the developments in external circumstances and the bank’s financial performance, the latter (post-crisis) period reflects a more fundamental shift in genre, manifested......The present study investigates changes in themes and linguistic strategies in letters to shareholders from a large Danish bank’s annual reports published before, during and after the financial crisis. It draws mainly on genre theory and uses corpus linguistics as the primary method for collecting...

Gender Quotas on Board of Directors

DEFF Research Database (Denmark)

Smith, Nina

2013-01-01

Beside arguments of fairness and equal opportunities, it is often argued that gender diversity on boards of directors may improve firm performance, but the empirical results are mixed and often negative. Based on the available research, gender quotas on boards of directors cannot be justified...

Impact of profit retention on value creation to shareholders of Brazilian companies

Directory of Open Access Journals (Sweden)

Leonardo Cunha da Silva

2017-09-01

Full Text Available The company's decision on reinvesting profits started from the premise that the return on invested capital will exceed the opportunity cost, creating, consequently, shareholder value. Thus, wealth generation of the entity will be influenced by the level of retained earnings. Therefore, in this work we seek to examine how retained profit affect the value creation of 223 Brazilian companies, from 2008 to 2014, the control used was investment opportunity. Therefore we used descriptive statistics and panel data models. As main results we found that there is a high level of retained profit in the sample, however, a small part of the companies created value in the period. Still, the negative relationship between the level of capitalization of profits and created value is highlighted. Besides, it was observed that the companies that belonged to groups of higher levels of profit distribution ended up generating more wealth for investors.

What every library director should know

CERN Document Server

Curzon, Susan Carol

2014-01-01

What Every Library Director Should Know is the insider's view of vital actions, behaviors and strategies to succeed in every type of library. The content is based both on the author's direct experience after a long career in several types of libraries but also on the direct observation of other managers. Inset into the book are pearls of wisdom from other directors, managers and observers who are answering the question, "what is the one piece of management wisdom that you would give to anyone who wishes to become a library director?" This book will help to get you there by explaining and illus

VMware vCloud director cookbook

CERN Document Server

Langenhan, Daniel

2013-01-01

VMware vCloud Director Cookbook will adopt a Cookbook-based approach. Packed with illustrations and programming examples, this book explains the simple as well as the complex recipes in an easy-to-understand language.""VMware vCloud Director Cookbook"" is aimed at system administrators and technical architects moving from a virtualized environment to cloud environments. Familiarity with cloud computing platforms and some knowledge of virtualization and managing cloud environments is expected.

Energy and Environment Directorate Status Report March 2006

International Nuclear Information System (INIS)

Long, J S

2006-01-01

The Energy and Environment Directorate (E and ED) is one of 13 directorates at Lawrence Livermore National Laboratory (LLNL), which is operated by the University of California (UC) for the U.S. Department of Energy's National Nuclear Security Administration (NNSA). We operate in the context of a national security laboratory and focus on meeting major national needs, especially from a long-term perspective. In the LLNL context, E and ED is a hybrid ''program'' and ''discipline'' directorate, combining the program development responsibilities in the national energy and environment arenas to the benefit of the entire Laboratory and also serving as the Laboratory's science base of atmospheric, earth, environmental, and energy science. This Status Report is part of the annual evaluation process required by the Department of Energy (DOE) as part of its contract with UC. The annual review typically will focus on about one third of the activities and programs of a directorate, so that the entire organization is evaluated over a three-year window. This year's review is focused on the basic science foundations for the directorate and two major program areas in the directorate, with an update from a third program. The programs for review are: (1) Earth System Science and Engineering; (2) Nuclear Systems Science and Engineering; and (3) NARAC/IMAAC update. Major questions to be addressed during this review include: (1) Are the programmatic directions appropriate? How can they be improved? (2) What actions can E and ED take to ensure success? How well poised for success are the current staff and facilities? What additions are needed? (3) What recommendations can be made to the Director and the University? This Status Report provides background information on the entire directorate including the parts of the directorate that are the focus of this year's review by the Energy and Environment Directorate Review Committee, to be held March 6-9, 2006. The following sections describe

Performance-vested stock options and interest alignment

NARCIS (Netherlands)

Kuang, Y.; Qin, B.

2009-01-01

This paper investigates the effects of performance-vested stock options (PVSOs) in aligning management interests and shareholder wealth. Using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999-2004 period, we find that the use of

Performance-vested stock options and interest alignment

NARCIS (Netherlands)

Kuang, Y.; Qin, B.

2009-01-01

This paper investigates the effects of performance-vested stock options (PVSOs) in aligning management interests and shareholder wealth. Using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999–2004 period, we find that the use of

31 CFR 536.408 - Alleged change in ownership or control of an entity designated as a specially designated...

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Alleged change in ownership or... Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF FOREIGN...; identification of new directors, officers, shareholders, and sources of capital; and contracts evidencing the...

Lock-In Agreements in Venture Capital Backed UK IPOs

NARCIS (Netherlands)

Espenlaub, S.; Goergen, M.; Khurshed, A.; Renneboog, L.D.R.

2002-01-01

This paper examines the impact of venture-capital backing of UK companies issuing shares at flotation on the characteristics of the lock-in agreements entered into by the existing shareholders, and on the abnormal returns realised around the expiry of the directors' lock-in agreements.The study

Expanding horizons

International Nuclear Information System (INIS)

1994-01-01

This annual review of 1993-1994 for Scottish Power presents its business and financial reviews, environmental statement, report of the directors, statement of the auditors, and analysis of shareholders. Summary group profit and loss account, balance sheets, and group cash flow statement are also given. (Author)

12 CFR 918.2 - Annual directors' compensation policy.

Science.gov (United States)

2010-01-01

... § 918.3. At a minimum, such policy shall address the activities or functions for which attendance is... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Annual directors' compensation policy. 918.2... HOME LOAN BANKS BANK DIRECTOR COMPENSATION AND EXPENSES § 918.2 Annual directors' compensation policy...

Health Risks Faced by Public School Band Directors

Science.gov (United States)

Woolery, Danielle N.; Woolery, Jesse A.

2013-01-01

Public school band directors face many work-related hazards in their grueling, yet rewarding job. As a school year progresses, directors are expected to work long hours, while trying to balance professional and personal responsibilities. A band director whose career spans multiple decades can potentially face a number of serious medical problems.…

Identifying influential directors in the United States corporate governance network

Science.gov (United States)

Huang, Xuqing; Vodenska, Irena; Wang, Fengzhong; Havlin, Shlomo; Stanley, H. Eugene

2011-10-01

The influence of directors has been one of the most engaging topics recently, but surprisingly little research has been done to quantitatively evaluate the influence and power of directors. We analyze the structure of the US corporate governance network for the 11-year period 1996-2006 based on director data from the Investor Responsibility Research Center director database, and we develop a centrality measure named the influence factor to estimate the influence of directors quantitatively. The US corporate governance network is a network of directors with nodes representing directors and links between two directors representing their service on common company boards. We assume that information flows in the network through information-sharing processes among linked directors. The influence factor assigned to a director is based on the level of information that a director obtains from the entire network. We find that, contrary to commonly accepted belief that directors of large companies, measured by market capitalization, are the most powerful, in some instances, the directors who are influential do not necessarily serve on boards of large companies. By applying our influence factor method to identify the influential people contained in the lists created by popular magazines such as Fortune, Networking World, and Treasury and Risk Management, we find that the influence factor method is consistently either the best or one of the two best methods in identifying powerful people compared to other general centrality measures that are used to denote the significance of a node in complex network theory.

Identifying influential directors in the United States corporate governance network.

Science.gov (United States)

Huang, Xuqing; Vodenska, Irena; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

2011-10-01

The influence of directors has been one of the most engaging topics recently, but surprisingly little research has been done to quantitatively evaluate the influence and power of directors. We analyze the structure of the US corporate governance network for the 11-year period 1996-2006 based on director data from the Investor Responsibility Research Center director database, and we develop a centrality measure named the influence factor to estimate the influence of directors quantitatively. The US corporate governance network is a network of directors with nodes representing directors and links between two directors representing their service on common company boards. We assume that information flows in the network through information-sharing processes among linked directors. The influence factor assigned to a director is based on the level of information that a director obtains from the entire network. We find that, contrary to commonly accepted belief that directors of large companies, measured by market capitalization, are the most powerful, in some instances, the directors who are influential do not necessarily serve on boards of large companies. By applying our influence factor method to identify the influential people contained in the lists created by popular magazines such as Fortune, Networking World, and Treasury and Risk Management, we find that the influence factor method is consistently either the best or one of the two best methods in identifying powerful people compared to other general centrality measures that are used to denote the significance of a node in complex network theory.

The long-term benefits of director stock ownership

Directory of Open Access Journals (Sweden)

Brian Bolton

2009-11-01

Full Text Available In October 2009, the United States Treasury Department and Congress considered new regulations requiring executives and directors to receive much of their compensation in the form of long-term stock. One concern with this is that it may have negative consequences by entrenching managers and directors over the long term. This study compares the potential benefits of long-term director ownership with the potential costs of entrenchment. Using the dollar amount of stock owned by independent directors, the results suggest that the incentive effect dominates any costs related to entrenchment: firms with greater stock ownership outperform other firms, regardless of the degree of managerial entrenchment that may be present. The implication for policy-makers is that providing directors with incentives through stock ownership can be a very effective corporate governance mechanism.

7 CFR 2.95 - Director, Office of Ethics.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Director, Office of Ethics. 2.95 Section 2.95... Administration § 2.95 Director, Office of Ethics. The Director, Office of Ethics, shall be the USDA Alternate Agency Ethics Official, pursuant to 5 CFR 2638.202, and shall exercise the authority reserved to the...

30 CFR 732.11 - Review by the Director.

Science.gov (United States)

2010-07-01

... proposed State program, the Director shall publish in the Federal Register and in a newspaper of general... determined by the Director and published in the Federal Register notice required by paragraph (a). (2) When... 30 Mineral Resources 3 2010-07-01 2010-07-01 false Review by the Director. 732.11 Section 732.11...

Shareholding relationships in the Euro Area banking market: A network perspective

Science.gov (United States)

Pecora, Nicolò; Spelta, Alessandro

2015-09-01

In this paper we analyze the topological properties of the network of the Euro Area banking market network, with the primary aim of assessing the importance of a bank in the financial system with respect to ownership and control of other credit institutions. The network displays power law distributions in both binary and weighted degree metrics indicating a robust yet fragile structure and a direct link between an increase of control diversification and a rise in the market power. Therefore while in good time the network is seemingly robust, in bad times many banks can simultaneously go into distress. This behavior paves the way for Central bank's actions. In particular we investigate whether the Single Supervisory Mechanism introduced by the European Central Banks and based on banks' total asset is a good proxy to quantify their systemic importance. Results indicate that not all the financial institutions with high valued total assets are systemically important but only few of them. Moreover the network structure reveals that control is highly concentrated, with few important shareholders approximately controlling a separate subset of banks.

Americans with Disabilities Act: physician-shareholder practice groups and ADA compliance.

Science.gov (United States)

Odem, Nathan; Blanck, Peter

2003-02-01

This article examines the application of Americans with Disabilities Act requirements to professional associations like physician practice groups. In general, employers with 15 or more full-time employees must comply with the Act. However, the definition of an employee is sometimes unclear, especially as applied to business entities commonly used by physician practice groups. A recent case decided by the United States Court of Appeals for the Ninth Circuit held that physician-shareholders of a professional corporation are employees for Americans with Disabilities Act coverage purposes. Analogous cases in other federal circuits have held differently, likening the "owners" of professional corporations to partners in a partnership, who are not considered employees. Similar questions arise for popular business entities, such as Limited Liability Companies and Limited Liability Partnerships. This article discusses the nature of the business forms commonly used by physician practice groups and how their characteristics impact employee status for Americans with Disabilities Act coverage. It then suggests that examination is useful beyond business formation characteristics to the purpose of the Americans with Disabilities Act and other employment antidiscrimination statutes.

Top Management Leadership Style and Quality of Care in Nursing Homes

Science.gov (United States)

Castle, Nicholas G.; Decker, Frederic H.

2011-01-01

Purpose: The purpose of this study was to examine the association of Nursing Home Administrator (NHA) leadership style and Director of Nursing (DON) leadership style with quality of care. Design and Methods: Leaders were categorized into 4 groups: consensus managers, consultative autocrats, shareholder managers, or autocrats. This leadership style…

Scottish Power Annual Report and Accounts - 1996-97

International Nuclear Information System (INIS)

1997-01-01

The annual report and accounts of Scottish Power for 1996-97 outlines the operational and financial highlights of the year, and presents the reports of the Chairman and other Directors. Details are given of the financial year, the accounting policy, profits and losses, and company and shareholder information. (UK)

A Midwest utility's perspective of DSM [demand-side management]: Balancing the needs of customers, shareholders and the environment

International Nuclear Information System (INIS)

Collins, G.F.

1990-01-01

PSI Energy, a predominately coal-burning Indiana electric utility, is very concerned about the environment and is using demand-side management (DSM) as part of a strategy to balance the sometimes conflicting interests of the environment, the economy, customers and shareholders. Faced with slow growth within its service territory, an abundance of low-cost, high sulfur coal burning baseload capacity, massive future expenditures for acid rain mitigation and a weakened financial state due to a cancelled nuclear project, PSI Energy has taken a novel approach to preserving value for customers, shareholders, the economy and environment. To accomodate Indiana's goal of least cost utility planning, PSI initiated an all-source bidding program in which it solicited bids for peaking capacity or the equivalent. Four parallel but separate solicitations were pursued: combustion turbine manufacturers for PSI owned and operated capacity, other utilities and non-utility generators for purchased power and third parties for demand-side management. PSI's philosophy with respect to bidding can be expressed as: simplicity, flexibility, creativity, partnerships, expeditious and fairness. There is a minimum bid of 5 MW of summer peak demand reduction, and the minimum contract length is 10 years. The entire 550 MW capacity block available to be filled in the program is open to demand-side resources. The ten major evaluation criteria involved in the program are: price, sponsor qualifications, operational impact, marketing plan, technology, financing plan, verification and measurement, form of security, project management plan, and project cost estimates

Predictors of Choral Directors' Voice Handicap

Science.gov (United States)

Schwartz, Sandra

2013-01-01

Vocal demands of teaching are considerable and these challenges are greater for choral directors who depend on the voice as a musical and instructive instrument. The purpose of this study was to (1) examine choral directors' vocal condition using a modified Voice Handicap Index (VHI), and (2) determine the extent to which the major variables…

The Restrictions to the Improper Use of Liability Company's Administration as a Way of Shareholder's Protection

Directory of Open Access Journals (Sweden)

João Luis Nogueira Matias

2016-12-01

Full Text Available The brazilian limited company, in line with the principles of the Constitution, is not treated as partners's subject. There is the recognition of outside's interest. New standards are set in the internal relations with the protection of the rights of the minority. The partners can shape the limited company governance, however, the brazilian civil code put cogent norms that limit the abuse of management. In this paper will be analyzed the administration typology; agency conflicts; conflicts of interests between direction and the limited company and the management control. It is verified that the restrictions on brazilian limited company administration provides protection to shareholders.

The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

Directory of Open Access Journals (Sweden)

Jalal Golmohammadi

2015-12-01

Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

J. B. Adams Acting Director-General

CERN Multimedia

1960-01-01

After the tragic death of Prof. C. J. Bakker, the Council of CERN held an emergency meeting on May 3, 1960. Following this session, Mr. F. de Rose, President of the Council of the European Organization for Nuclear Research, announced the appointment of Mr. J. B. Adams, Director of the PS division to the post of acting Director-General.

Changing Law and Ownership Patterns in Germany

DEFF Research Database (Denmark)

Ringe, Wolf-Georg

: German banks divested their equity stakes mainly as a consequence of increased international competition. The paper extends the model of market-led change by two important observations: first, market pressure is not the only driver of legal change, but the law itself in this case contributed...... to facilitating competition. Notably, a taxation law reform enabled and accelerated the competition process already underway. Legal rules and market competition may thus be understood as not operating in isolation, but as forces that can be working in dialog. Secondly, the paper highlights the importance......German corporate governance and corporate law are currently undergoing a major change. The old “Deutschland AG”, a nationwide network of firms, banks, and directors, is eroding, ownership is diffusing and the shareholder body is becoming more international than ever. This paper presents new data...

School directors and management in education

Directory of Open Access Journals (Sweden)

Srdić Vesna M.

2015-01-01

Full Text Available The main features of school management and organization comprise planning, decision making, management, leadership and communication. Research suggests that successful school management requires not only advanced managerial but also leadership skills, with highly developed social skills as the main competence. In a complex social system, good leadership becomes a fundamental component of a successful organization or institution. Although leadership has for a long time been of interest for theoreticians and practitioners alike, there are still numerous questions waiting to be answered in the area of management and leadership in education. According to the Law on the Basis of Educational System, the person who can be named a school director must posses appropriate education, competences, license and experience in education. Legal requirements allow the provision of effective training, but the fact that personal disposition can be both an advantage and an obstacle for acquiring necessary items of knowledge and skills, points to the necessity of including selection into the standard procedure for the election of a director. Democratization and decentralization of the educational system presupposes a series of structural, systemic and functional changes which reflect on school management and the role played by the director. This paper considers responsibilities and competences of directors, both in legislation and in school practice and addresses the question whether a school director is a manager or a leader, and what are the possibilities for the provision of professional resources for school management.

The safety of nuclear power plants under the shareholder value orientation - example Northeast Utilities

International Nuclear Information System (INIS)

Luhmann, H.J.

2006-01-01

Usually the safety of nuclear power plants is regarded as a technical question. Thereby humans only as a part of the man-machine system play a safety-relevant role usually. On this picture, the national regulation of this safety, the 'nuclear supervision' is designed. An innovative investigation of the Yale School of Management has concerned with the incidents around the so-called Millstone reactors in Waterford, Connecticut, and the economic collapse of the regional supplier Northeast Utilities (NU). The change of the corporate culture of the operator of the nuclear power station to a shareholder value orientation has released this 'enterprise disaster'. This investigation permits a first insight into the changed requirements on supervision, which goes beyond the nuclear supervision and which includes the price control in view of this change of the corporate culture

U.S. Senate confirms new USGS director

Science.gov (United States)

Showstack, Randy

Shortly before adjourning in October, the U.S. Senate confirmed Charles Groat as the new director of the U.S. Geological Survey. Interior Secretary Bruce Babbitt is expected to swear him in shortly as the agency's 13th director. Groat takes over from Thomas Casadevall, who has served as acting director since Gordon Eaton resigned in September 1997.Groat, an AGU member, has more than 25 years of experience in the Earth science fields, including energy and minerals resource assessment, groundwater occurrence and protection, geomorphic processes and landform evolution in desert areas, and coastal studies.

Dr. Francis Collins Is New NIH Director

Science.gov (United States)

... Ph.D., a physician and geneticist, is the new Director of the National Institutes of Health (NIH), part of the U.S. Department of Health and Human Services. President Barack Obama nominated Dr. Collins, who served as Director of ...

The application of social responsibility in Jordanian banks and its impact on the competitive feature from the point of view of banks’ employees

Directory of Open Access Journals (Sweden)

Morad Khaled Radaideh

2015-10-01

Full Text Available The study aims to identify the reality of the application of social responsibility in Jordanian banks, and its impact on competitive advantage. It also seeks to determine the most important pillars of the Jordanian banks that facilitate the success of social responsibility with a view to achieve its objectives in favor of the related parties. This happens through trying to identify the extent of the application of social responsibility within the nine following dimensions: community, environment, customers, employees, shareholders, government, suppliers, competitors, minorities and people with special needs. In order to achieve that, the researchers selected a random sample of 170 employees of the study population and the bank employees in the scope of various aspects of their work. Questionnaires were also distributed to managers of banks directorates and branches; they included 45 paragraphs about social responsibility and 16 paragraphs about competitive advantage. Data were integrated into the computer and processed using SPSS statistical program. The study concluded that social responsibility is a subject of interest, along with competitive advantage for banks. It also found out that there is a relationship between social responsibility and competitive advantage among directorates and branches under study.

PLAY DIRECTING AND DIRECTORS: AN EVOLUTIONARY ...

African Journals Online (AJOL)

While the theatre director can be seen as the `god of the theatre', he/she can also be seen as a priest and a carrier who must coordinate human and material resources a master and a messenger. Drawing from the above, this paper traces the evolution of play directing and the theatre director in different theatres of the world ...

Robert Aymar, Director-General of CERN

CERN Document Server

Patrice Loïez

2003-01-01

Robert Aymar, photographed in 2003 before taking his position as Director-General at CERN, succeeding Luciano Maiani in 2004. At this time, Aymar was director of the International Thermonuclear Experimental Reactor (ITER) although he had already been involved with developments at CERN, chairing the External Review Committee, set up in 2001 in response to the increased cost of the LHC.

Beam director design report

International Nuclear Information System (INIS)

Younger, F.C.

1986-08-01

A design and fabrication effort for a beam director is documented. The conceptual design provides for the beam to pass first through a bending and focusing system (or ''achromat''), through a second achromat, through an air-to-vacuum interface (the ''beam window''), and finally through the vernier steering system. Following an initial concept study for a beam director, a prototype permanent magnet 30 0 beam-bending achromat and prototype vernier steering magnet were designed and built. In volume II, copies are included of the funding instruments, requests for quotations, purchase orders, a complete set of as-built drawings, magnetic measurement reports, the concept design report, and the final report on the design and fabrication project

Continuous director-field transformation of nematic tactoids

NARCIS (Netherlands)

Prinsen, P.; Schoot, van der P.P.A.M.

2004-01-01

We theoretically investigate the director field inside spindle-shaped nematic droplets, known as tactoids. Tactoids typically form in dispersions of rod-like colloidal particles. By optimising the bulk elastic and surface energies, we find that the director field crosses over smoothly from a

Form and Function in Doing Business Rankings: is Investor Protection in Italy Still so Bad?

Directory of Open Access Journals (Sweden)

Luca Enriques

2016-07-01

Full Text Available The World Bank’s Doing Business Report (DBR ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the PII falls short of properly evaluating the applicable rules. First, it underrates Italy because the DBR evaluation falls short of properly evaluating the role performed by independent directors under Italian rules on related party transactions. In particular, the DBR fails to properly account for independent directors’ power to veto unfair transactions before they are submitted to the board, a safeguard that ensures minority investors’ protection at least as well as mandatory abstention by conflicted directors. Second, past DBR overrated the PII, so that subsequent reforms that substantially improved investor protection have not been grasped by more recent assessments, giving the misleading impression that no relevant changes have occurred. Far from representing one of the multiple coding errors reported in the literature, these flaws aptly show that the DBR methodology, while correctly attempting to preserve consistency in the evaluation of different jurisdictions, adopts an excessively formalistic approach and disregards the function of the rules it scrutinizes. In light of the influence that the DBR exerts on national policymakers, this approach is detrimental because it might induce window-dressing reforms. Moreover, it may rule out experimentation, which is key to ensuring that the applicable rules keep pace with the variety of techniques adopted to expropriate minority shareholders.

Weerts to lead Physical Sciences and Engineering directorate | Argonne

Science.gov (United States)

Physical Sciences and Engineering directorate By Lynn Tefft Hoff * August 10, 2015 Tweet EmailPrint Hendrik Engineering (PSE) directorate at the U.S. Department of Energy's Argonne National Laboratory. Weerts has , chemistry, materials science and nanotechnology. Weerts joined Argonne in 2005 as director of Argonne's High

4th July 2011 - Russian Deputy Director-General Director of Directorate for Scientific and Technical Complex ROSATOM V. Pershukov in the ATLAS underground experimental area with Adviser T. Kurtyka, ATLAS Technical Coordinator M. Nessi and ATLAS Russian users.

CERN Multimedia

Maximilien Brice

2011-01-01

4th July 2011 - Russian Deputy Director-General Director of Directorate for Scientific and Technical Complex ROSATOM V. Pershukov in the ATLAS underground experimental area with Adviser T. Kurtyka, ATLAS Technical Coordinator M. Nessi and ATLAS Russian users.

Evaluating whether the merger created shareholder value: the market's perception

International Nuclear Information System (INIS)

Gallen, B. L.

1997-01-01

Factors that have a bearing on determining whether a particular merger created shareholder value were examined with the caveat that since there are a large number of factors that impact upon stock prices, it is not possible to attribute any one factor as the most significant determinant responsible for the current price of a stock. Cash flow is perhaps the most important measure of growth, however, per share growth is increasingly being recognized as important, particularly on the international scene. Mergers can also be rated by what was paid in dollars for every barrel of oil equivalent in reserves. Another indicator of value may be the price to cash flow comparison of each company involved in the transaction. Expensive paper of a company trading at a higher price/cash flow multiple exchanged for the assets of the cheaper paper of a company trading at a lower price/cash flow multiple will, in general, receive a higher multiple than it had before. This is especially true if the purchase includes good, growing assets, preferably complementary to the acquiring company's current holdings. The likelihood of success is also increased by the absence of personnel conflict, especially at the top. All of these indicators are useful, but no substitutes for caution and prudence in today's industry environment

Ideas for Directors.

Science.gov (United States)

Child Care Information Exchange, 1987

1987-01-01

Presents child care center directors with a variety of relevant management ideas from business and the child care field. They include translating employee body language; leadership myths; on-the-job teacher training; undesirable bosses; wasting employee talent; voicing disagreement; employee anger; encouraging creativity; and coping with late…

Quality in-training initiative--a solution to the need for education in quality improvement: results from a survey of program directors.

Science.gov (United States)

Kelz, Rachel R; Sellers, Morgan M; Reinke, Caroline E; Medbery, Rachel L; Morris, Jon; Ko, Clifford

2013-12-01

The Next Accreditation System and the Clinical Learning Environment Review Program will emphasize practice-based learning and improvement and systems-based practice. We present the results of a survey of general surgery program directors to characterize the current state of quality improvement in graduate surgical education and introduce the Quality In-Training Initiative (QITI). In 2012, a 20-item survey was distributed to 118 surgical residency program directors from ACS NSQIP-affiliated hospitals. The survey content was developed in collaboration with the QITI to identify program director opinions regarding education in practice-based learning and improvement and systems-based practice, to investigate the status of quality improvement education in their respective programs, and to quantify the extent of resident participation in quality improvement. There was a 57% response rate. Eighty-five percent of program directors (n = 57) reported that education in quality improvement is essential to future professional work in the field of surgery. Only 28% (n = 18) of programs reported that at least 50% of their residents track and analyze their patient outcomes, compare them with norms/benchmarks/published standards, and identify opportunities to make practice improvements. Program directors recognize the importance of quality improvement efforts in surgical practice. Subpar participation in basic practice-based learning and improvement activities at the resident level reflects the need for support of these educational goals. The QITI will facilitate programmatic compliance with goals for quality improvement education. Copyright © 2013 American College of Surgeons. All rights reserved.

Board Directors and Corporate Social Responsibility

OpenAIRE

Mariana Nedelcu (Bunea)

2014-01-01

The boards of directors and corporate social responsibility (CSR) have been the subject of much study and debate in the corporate governance circles over the two last decades. With issues ranging from poor corporate reporting to excessive executive compensation often splashed in the headlines, the role of boards comes into the media limelight as never before. Boards of directors are also becoming increasingly aware of corporate social responsibility issues.

Shareholder value and the performance of a large nursing home chain.

Science.gov (United States)

Kitchener, Martin; O'Meara, Janis; Brody, Ab; Lee, Hyang Yuol; Harrington, Charlene

2008-06-01

To analyze corporate governance arrangements and quality and financial performance outcomes among large multi-facility nursing home corporations (chains) that pursue stakeholder value (profit maximization) strategies. To establish a foundation of knowledge about the focal phenomenon and processes, we conducted an historical (1993-2005) case study of one of the largest chains (Sun Healthcare Inc.) that triangulated qualitative and quantitative data sources. Two main sets of information were compared: (1) corporate sources including Sun's Security Exchange Commission (SEC) Form 10-K annual reports, industry financial reports, and the business press; and (2) external sources including, legal documents, press reports, and publicly available California facility cost reports and quality data. Shareholder value was pursued at Sun through three inter-linked strategies: (1) rapid growth through debt-financed mergers; (2) labor cost constraint through low nurse staffing levels; and (3) a model of corporate governance that views sanctions for fraud and poor quality as a cost of business. Study findings and evidence from other large nursing home chains underscore calls from the Institute of Medicine and other bodies for extended oversight of the corporate governance and performance of large nursing home chains.

Impact of Corporate Governance on Research and Development Investment in the Pharmaceutical Industry in South Korea.

Science.gov (United States)

Lee, Munjae

2015-08-01

The purpose of this study is to analyze the influence of the corporate governance of pharmaceutical companies on research and development (R&D) investment. The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general, and internal transactions were extracted from TS-2000 of the Korea Listed Company Association. Sample firms were those that belong to the medical substance and drug manufacturing industries. Ultimately, 786 firm-year data of 81 firms were included in the sample (unbalanced panel data). The shareholding ratio of major shareholders and foreigners turned out to have a statistically significant influence on R&D investment (p ratio of institutional investors and the ratio of outside directors. The higher the shareholding ratio of the major shareholders, the greater the R&D investment. There will be a need to establish (or switch to) a holding company structure. Holding companies can directly manage R&D in fields with high initial risks, and they can diversify these risks. The larger the number of foreign investors, the greater the R&D investment, indicating that foreigners directly or indirectly impose pressure on a manager to make R&D investments that bring long-term benefits.

Female Institutional Directors on Boards and Firm Value

OpenAIRE

Pucheta Martínez, María Consuelo; Bel Oms, Inmaculada; Olcina Sempere, Gustau

2016-01-01

The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of...

Board Directors and Corporate Social Responsibility

Directory of Open Access Journals (Sweden)

Mariana Nedelcu (Bunea

2014-08-01

Full Text Available The boards of directors and corporate social responsibility (CSR have been the subject of much study and debate in the corporate governance circles over the two last decades. With issues ranging from poor corporate reporting to excessive executive compensation often splashed in the headlines, the role of boards comes into the media limelight as never before. Boards of directors are also becoming increasingly aware of corporate social responsibility issues.

An Examination of Shareholders Wealth Effects of Mergers and Acquisitions in Short Term: The Evidences from U.S. Public Target Acquisitions

OpenAIRE

Han, Jin

2011-01-01

This paper examines the shareholders wealth effects in short run of U.S. domestic public target acquirers using alternative payment methods from 2001 to 2005, providing insights into what can learn from the stock abnormal returns to public target acquirers when they announcing an acquisition. At a first level the study documents that, in short run, public target acquirers significantly lose value. This result is robust after controlling for acquirer firm size (large/small) and bidder’s book-t...

Director Turnover: An Australian Academic Development Study

Science.gov (United States)

Fraser, Kym; Ryan, Yoni

2012-01-01

Although it can be argued that directors of central academic development units (ADUs) are critical to the implementation of university teaching and learning strategies, it would appear there is a high director turnover rate. While research in the USA, the UK, and Australia illustrates that ADUs are frequently closed or restructured, that research…

Auditor’s Risk Assessment of Independent Directors in Nigeria

Directory of Open Access Journals (Sweden)

Salau Abdulmalik

2017-01-01

Full Text Available The objective of this study is to investigate the external auditor’s risk assessment of independent directors in Nigeria. The study utilized data from 94 non-financial listed companies on the Nigerian Stock Exchange for the periods 2008-2013. The study used cross-sectional time-series feasible generalized least square regression, which account for heteroscedasticity and autocorrelation to test the influence independent non-executive director on auditor pricing decision in Nigeria. Our result indicates that the proportion of independent non-executive director has a positive relationship with audit fees, suggesting that this class of directors is priced high by the Nigerian auditors. These findings have both policy and practical implication on corporate governance. For instance, future regulatory reforms could consider collaborative board model instead of the insistence on more independent director presence in the boardroom.

El Consejero Dominical y el Gobierno Corporativo / Institutional Directors and Corporate Governance

OpenAIRE

Chiva Ortells, Carlos

2017-01-01

The aim of this research is to study the role of institutional directors in corporate governance. For this purpose, we have analysed the impact that these directors have on CEO compensation and on corporate social responsibility disclosure. Moreover, institutional directors have been classified into two groups: pressure-resistant institutional directors and pressure-sensitive institutional directors. The results show that institutional directors, as a whole, and pressure-resistant institution...

Research on Calculating of Shareholder Assets in the Joint Account in the Global Market%全球市场联名账户股东资产计算的研究

Institute of Scientific and Technical Information of China (English)

鲁大林; 吴斌

2012-01-01

Given the specialty of the global security account products and trading rules, and based on a research on the principles of the calculation of shareholder assets in the joint account in the global market, the presentation of common asset account data and the calculation of shareholder assets, the program is written calculate shareholders assets in Joint account in the global market with C# and SQL SERVER. The principles and methods concerned and analyzed in this paper can be used as a reference point by the global financial and investment institutions such as QFII, QDII.%通过综合考虑全球证券账户产品特点和交易规则，对全球市场联名账户股东资产计算的原理、共同资产账户数据的表示以及股东资产的计算进行了研究，并使用C^#、SQLServer编写了能完成全球市场联名账户股东资产的计算程序．所论述的计算原理和算法可以供QFII、QDII等投资全球的金融机构计算客户资产参考．

Administrative behavior of directors in hospitals: the Israeli case.

Science.gov (United States)

Stern, Z; Schmid, H; Nirel, N

1994-01-01

This article presents research findings on the behavior of directors in hospitals in Israel. According to the findings, hospital directors devote most of their time to internal organization processes and less time to the management of the external organizational environment. The findings also reveal that the orientation of these directors is toward centralization of authority and concentration of the decision-making process.

Alternative Perspectives on Independence of Directors

OpenAIRE

Brennan, Niamh; McDermott, Michael

2004-01-01

This paper examines the issue of independence of boards of directors and non-executive directors of companies listed on the Irish Stock Exchange. Based on information published in annual reports, the study found that most Irish listed companies were complying with the Combined Code’s recommendations for a balanced board structure, albeit with only 60 per cent having majority-independent boards. The study found a lack of consistency in interpreting the definition of “independence”, a lack of d...

Leadership styles of hospital pharmacy directors.

Science.gov (United States)

Parrett, E E; Hurd, P D; Northcraft, G; McGhan, W F; Bootman, J L

1985-05-01

The leadership styles of hospital pharmacy directors and the association between leadership style, participative management, and innovative pharmaceutical services were studied using a mail questionnaire. The questionnaire was sent to 570 randomly selected hospital pharmacy directors. Included were a validated instrument that measures task-oriented versus relationship-oriented leadership behavior and other questions about participation of staff members, innovative services, and respondents' personal characteristics. The response rate was 69%. The majority of respondents perceived their leadership as highly relationship-oriented as well as highly task-oriented. Respondents with the "high relationship-high task" leadership style had the highest scores for subordinate participation. There were no significant differences in scores for innovative services by leadership style. A positive correlation between scores for subordinate participation and scores for innovative services was demonstrated. Most hospital pharmacy directors used a management style in which relationships and staff participation were important.

Draft IAEA Action Plan on Nuclear Safety. Report by the Director General

International Nuclear Information System (INIS)

Amano, Y.

2011-01-01

In accordance with paragraphs 23 and 24 of the Declaration adopted by the Ministerial Conference on Nuclear Safety held on 20-24 June 2011, the Director General was requested to prepare and present to the Board of Governors and the General Conference at their September 2011 meetings a report on the Ministerial Conference and a draft Action Plan, building on the Ministerial Declaration, the conclusions and recommendations of the working sessions of the Ministerial Conference and the expertise and knowledge available therein, and to facilitate consultations among Member States on the draft Action Plan. This draft Action Plan is the result of an extensive process of consultations with Member States and responds to the request contained in the Ministerial Declaration.

Research leadership: should clinical directors be distinguished researchers?

Science.gov (United States)

Allison, Stephen; Goodall, Amanda H; Bastiampillai, Tarun

2016-06-01

Clinical directors established research-led healthcare by combining research, teaching and clinical excellence within the teaching hospitals. This research culture created high clinical standards, which benefited patients, the workforce and healthcare organisations. The current paper explores this research leadership role for clinical directors. It reviews studies arising from the theory of expert leadership, which focuses on the relationship between a leader's core knowledge and organisational performance. More specifically, we examine the expert leader's research track record, the associations with their organisation's performance, and the influence of research activity on clinical excellence. Distinguished researchers still lead the most prestigious teaching hospitals and the most trusted departments of psychiatry in the United States where the clinical directorate structure originated. It is also known that good scholars can improve research output when appointed to leadership positions. This suggests that the clinical director's research track record should be a consideration at a time when research is being embedded in Australia's local health networks. A clinical director's leadership may influence the research performance of their department and contribute to the quality of mental healthcare. © The Royal Australian and New Zealand College of Psychiatrists 2015.

Misleading outside directors in public companies – The Israeli case

Directory of Open Access Journals (Sweden)

David A. Frenkel

2006-01-01

Full Text Available The external directors, who serve by law on the board of directors, are responsible for ensuring that, in addition to protecting the interests of stakeholders, the company will take the public interest into consideration. In this research we critically assess this system of corporate governance, and examine whether the external directors can actually succeed in looking out for the public’s interest. The research is based on in-depth interviews with external directors of leading public companies in Israel, representing different sectors. The issue at stake is both conceptual and practical: Conceptually there is an issue of how the notion of "the public interest" is understood and whether the legal construct of "outside directors" is capable of manifesting the public interest. Practically the issue at stake has to do with organisational sociology and how the relations within the Board are set and who are the outside directors.

Potential of Field Education as Signature Pedagogy: The Field Director Role

Science.gov (United States)

Lyter, Sharon C.

2012-01-01

In light of the assertion that field education is the signature pedagogy of social work education, this Internet-based study explores field director demographics and questions the fulfillment of this potential, examining BSW and MSW field education through the lens of the field director position. Field directors (159) and deans/directors (150)…

CERN stop-over for KEK and Fermilab Directors

CERN Multimedia

2001-01-01

En route for a meeting of the International Committee for Future Accelerators, ICFA, held at Germany's DESY laboratory, the Directors of Japan's KEK laboratory and Fermilab in the United States had a stop-over at CERN last Wednesday 7 February. Dr Hirotaka Sugawara, Director General of Japan's high energy physics laboratory, KEK, visited the Antiproton Decelerator, AD. From left to right, Masaki Hori, member of the ASACUSA collaboration, John Eades, contact person for ASACUSA, Dr Hirotaka Sugawara, Werner Pirkl, the PS Division engineer responsible for the Radio Frequency Quadrupole decelerator in the foreground, and Kurt Hübner, CERN's Director of Accelerators. Dr Michael S. Witherell, Director of the Fermi National Accelerator Laboratory, Fermilab, visited construction sites for the LHC, ATLAS, and CMS. He is seen here with a module of the CMS hadronic calorimeter in building 186.

Board Directors' Selection Process Following a Gender Quota

DEFF Research Database (Denmark)

Sigurjonsson, Olaf; Arnardottir, Audur Arna

-quota selection of new board directors as well as the attitudes of board members towards the quota and perceptions of the effect of quota on processes. We incorporate a dual qualitative and quantitative methodology with in-depth interviews with 20 board directors and chairs, and a survey of 260 directors who...... companies with 50 or more employees. Thereby legislatively going further than any other country, out of the fifteen that have amended and adopted gender quota legislation. This article utilizes resource dependency and status expectations theory lenses to explore how the new legislation affected the post...... conviction. Furthermore, there are different avenues to the board. Although initial attitudes towards quotas are more negative among men than women, these attitudes decrease over time. Finally, consistent with status expectation theory, male directors are more negative than their female counterparts about...

IAEA Director General expresses satisfaction with shutdown of Chernobyl nuclear power plant

International Nuclear Information System (INIS)

2000-01-01

Full text: The Director General of the International Atomic Energy Agency (IAEA), Mohamed ElBaradei, today expressed his satisfaction with the decision of the Government of Ukraine to close the Chernobyl nuclear power plant on 15 December in response to concerns about the safety of the plant. He said he very much appreciated the Ukrainian Government's commitment to maintain high levels of safety at nuclear facilities in Ukraine, which he described as being in line with the high international priority attached to the safety of nuclear facilities. The Director General noted that the year 2001 will mark the 15th anniversary of the nuclear accident in unit 4 at Chernobyl, which had a significant impact on life, health and the environment in Ukraine, Belarus and the Russian Federation and prompted concerns in other countries about the effects of radiation. Since the Chernobyl accident the Agency has assisted, and will continue to assist, Ukraine and the other affected countries, in overcoming the consequences of the accident and enhancing the safe and reliable operation of other nuclear power plants. In the case of Ukraine, the Director General said the Agency intends to assist in the development of an integrated approach to planning, management, and implementation of the decommissioning of units 1 to 3 of the Chernobyl plant as well as in the management of radioactive waste at the plant. More generally, the IAEA is helping Ukraine to strengthen the effectiveness of its nuclear regulatory regime. Since the accident at Chernobyl the IAEA has significantly expanded its nuclear safety programme. It has facilitated the negotiation of a convention on the safety of nuclear installations and other international agreements in the areas of notification and assistance in the case of nuclear accidents, liability and waste management. It has expanded the corpus of international safety standards and put into place an enhanced system of safety review missions to Member States. The

The relationship between debt levels and total shareholder return of JSE-listed platinum companies

Directory of Open Access Journals (Sweden)

Sandra Jooste

2016-02-01

Full Text Available The purpose of this study is to investigate empirically whether there is a positive correlation between debt levels and total shareholder return (TSR of platinum JSE-listed companies. The study field comprised annual analyses for 12 companies listed under the Platinum and Precious Metals sector on the JSE Ltd for the 14-year period 2000 to 2013. The results of the study were inconclusive as a statistically significant positive correlation between changes in debt levels and changes in TSR could only be found in two of these years. The core audience of the study will be the management of South African platinum companies considering changes in their capital structure, and investors considering investment in a listed platinum company. The contribution of the study is therefore to add to the body of literature on capital structure decisions from a South African platinum mine context

The Process of Creation of Value Shareholder compared in each Level Segmented on the Bovespa Corporate Governance: A Study with the Companies comprising the Index Stock Portfolio Brazil (Ibrx 100

Directory of Open Access Journals (Sweden)

Wagner Moura Lamounier

2012-06-01

Full Text Available The objective of this article was of to measure and to analyze the creation of value for the shareholder through comparisons among each level of corporate governance segmented in BOVESPA, accomplishing an empiric study with interest of proving the existence of different averages regarding the one of creation of value in the different segments. The research was guided through a descriptive analysis which makes possible to establish relationships among the analyzed variables and to lift hypotheses or possibilities to explain those relationships. The found results didn't demonstrate statistical evidences that the level of corporate governance, in that certain company is inserted at the market, brings differentiation in the process of creation of value for the shareholders. The found conclusions thwarted the null hypothesis of this study, which mentioned that in agreement with the level of classification of the companies there would be a differentiation in the creation of value for the shareholder. It is pointed out that that conclusion not to be generalized by the fact that the sample used to obtain her, in spite of being representative, it was obtained in a limited temporary space, existing the possibility that increasing the space of time here the conclusions presented they can suffer alterations. For future researches it is suggested that this study is accomplished with a larger sample of companies, and with given quarterly with the intention of explaining the studied variables better.

Rolf-Dieter Heuer, next Director General

CERN Multimedia

CERN Council appointed Professor Rolf-Dieter Heuer to succeed Dr Robert Aymar as CERN’s Director General. Professor Heuer will serve a five-year term, taking office on 1 January 2009. Rolf-Dieter Heuer is currently Research Director for particle and astroparticle physics at Germany’s DESY laboratory in Hamburg. He was a staff member at CERN from 1984 to 1998, working for the OPAL collaboration at LEP, and from 1994 to 1998 he was the collaboration’s spokesman. See the Press Release.

Perspectives of Australian nursing directors regarding educational preparation for mental health nursing practice.

Science.gov (United States)

Happell, Brenda; McAllister, Margaret

2014-11-01

There is an ongoing global shortage of mental health nurses. Within Australia, the principal strategy of offering a postgraduate education programme with various incentives to encourage nurses back to study has not been successful. This has led to the consideration of radical alternatives, including the return to pre-registration specialisation in mental health. The successful introduction of this strategy would require the full support of industry partners. To date, the voice of industry has not been heard in relation to this issue. The aim of this paper is to present the views of an Australian sample of mental health nursing directors regarding the resources and other factors required, should undergraduate specialist programmes in mental health be developed, to ensure they are relevant and likely to be successful. A qualitative exploratory research project was undertaken to explore the perspectives and opinions of industry partners. In-depth interviews were conducted with nursing directors (n = 12) in Queensland Australia. Five main themes were identified: relationships with universities; clinical placement preparation and support; workplace culture; facilitators and preceptors; and practical student learning. Genuine collaboration between the two organisations was considered crucial for delivering a quality programme and providing the required support for students. Transformative leadership could inform this collaboration by promoting acknowledgement of and respect for differences.

27 CFR 28.269 - Certification by district director of customs.

Science.gov (United States)

2010-04-01

... director of customs. 28.269 Section 28.269 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX... Export § 28.269 Certification by district director of customs. (a) Exportation. When the district director of customs is satisfied that merchandise described on the application, notice, or claim, TTB Form...

12 CFR 215.11 - Civil penalties.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Civil penalties. 215.11 Section 215.11 Banks... OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS (REGULATION O) § 215.11 Civil penalties... subject to civil penalties as specified in section 29 of the Federal Reserve Act (12 U.S.C. 504). [Reg. O...

The Individual Limited Liability Company in the Brazilian Legal System and Portuguese Experience of Single Shareholder Private Companies

Directory of Open Access Journals (Sweden)

Eugênio Duarte Vasques

2016-11-01

Full Text Available The scope of this essay is to analyze aspects of individual limited liability company in the Brazilian legal system, which raises the issue of the requirement of minimum capital contribution to the company’s constitution. Therefore, we seek to expose initially the historical responsibility of the individual entrepreneur, and then the current context of Portuguese single shareholder private companies. After these considerations, we focus on addressing the situation of the individual entrepreneur in Brazil and the creation of a new species of corporation that guarantees the limitation of liability to the individual entrepreneur in a manner similar to the Portuguese experience.

Burnout and Resiliency Among Family Medicine Program Directors.

Science.gov (United States)

Porter, Maribeth; Hagan, Helen; Klassen, Rosemary; Yang, Yang; Seehusen, Dean A; Carek, Peter J

2018-02-01

Nearly one-half (46%) of physicians report at least one symptom of burnout. Family medicine residency program directors may have similar and potentially unique levels of burnout as well as resiliency. The primary aims of this study were to examine burnout and resiliency among family medicine residency directors and characterize associated factors. The questions used were part of a larger omnibus survey conducted by the Council of Academic Family Medicine (CAFM) Educational Research Alliance (CERA) in 2016. Program and director-specific characteristics were obtained. Symptoms of burnout were assessed using two single-item measures adapted from the full Maslach Burnout Inventory, and level of resiliency was assessed using the Brief Resilience Scale. The overall response rate for the survey was 53.7% (245/465). Symptoms of high emotional exhaustion or high depersonalization were reported in 27.3% and 15.8% of program directors, respectively. More than two-thirds of program directors indicated that they associated themselves with characteristics of resiliency. Emotional exhaustion and depersonalization were significantly correlated with never having personal time, an unhealthy work-life balance, and the inability to stop thinking about work. The presence of financial stress was significantly correlated with higher levels of emotional exhaustion and depersonalization. In contrast, the level of resiliency reported was directly correlated with having a moderate to great amount of personal time, healthy work-life balance, and ability to stop thinking about work, and negatively correlated with the presence of financial stress. Levels of emotional exhaustion, depersonalization, and resiliency are significantly related to personal characteristics of program directors rather than characteristics of their program.

Culham names new director

CERN Multimedia

2003-01-01

"The United Kingdom Atomic Energy Authority (UKAEA) announced the appointment of Professor Sir Chris Llewellyn Smith FRS (Fellow of the Royal Society) as Director of Culham, responsible for developing and implementing the strategy for the UK's fusion research programme" (1 page).

Shareholder Value and the Performance of a Large Nursing Home Chain

Science.gov (United States)

Kitchener, Martin; O'Meara, Janis; Brody, Ab; Lee, Hyang Yuol; Harrington, Charlene

2008-01-01

Objective To analyze corporate governance arrangements and quality and financial performance outcomes among large multi-facility nursing home corporations (chains) that pursue stakeholder value (profit maximization) strategies. Study Design To establish a foundation of knowledge about the focal phenomenon and processes, we conducted an historical (1993–2005) case study of one of the largest chains (Sun Helathcare Inc.) that triangulated qualitative and quantitative data sources. Data Sources Two main sets of information were compared: (1) corporate sources including Sun's Security Exchange Commission (SEC) Form 10-K annual reports, industry financial reports, and the business press; and (2) external sources including, legal documents, press reports, and publicly available California facility cost reports and quality data. Principal Findings Shareholder value was pursued at Sun through three inter-linked strategies: (1) rapid growth through debt-financed mergers; (2) labor cost constraint through low nurse staffing levels; and (3) a model of corporate governance that views sanctions for fraud and poor quality as a cost of business. Conclusions Study findings and evidence from other large nursing home chains underscore calls from the Institute of Medicine and other bodies for extended oversight of the corporate governance and performance of large nursing home chains. PMID:18454781

Characteristics of CEOs and corporate boards with women inside directors

Directory of Open Access Journals (Sweden)

Deborah Dahlen Zelechowski

2006-07-01

Full Text Available Women corporate inside (executive directors constitute an elite minority of leaders of large corporations. This study examines the characteristics of CEOs and boards of Fortune 1000 firms that had women who held the dual leadership positions of corporate director and executive officer in 1998 in order to determine whether firms with women insiders had substantially different characteristics than firms without. We find that compared with firms without women inside directors, firms with women inside directors were characterized by CEOs with longer board tenure, more family ties, and fewer director interlocks, and by boards that were larger, with more insiders, and that utilize a management Chair of the board. Corporate governance implications are drawn for the presence of women at the top of the executive hierarchy.

Illinois Directors' of Special Education Perceptions of Their Leadership Styles and Importance of the Illinois Standards for Director of Special Education

Science.gov (United States)

Gunnell, James W.

2013-01-01

This research examined the relationship between Illinois Directors, of special education leadership styles and the importance of the Illinois mandated standards for Director of special education. It extends the current research in educational leadership by specifically exploring the relationship between the importance of special education…

Rolf-Dieter Heuer, CERN’s next Director General

CERN Multimedia

2007-01-01

Currently Research Director for particle and astroparticle physics at Germany’s DESY laboratory in Hamburg, Professor Heuer will serve a five-year term, taking office on 1 January 2009.The CERN Council has appointed Professor Rolf-Dieter Heuer to succeed Dr Robert Aymar as CERN’s Director-General. Professor Heuer will serve a five-year term, taking office on 1 January 2009. Currently Research Director for particle and astroparticle physics at Germany’s DESY laboratory in Hamburg, a post that he took up in 2004, Rolf-Dieter Heuer is no stranger to CERN. From 1984 to 1998, he was a staff member at the Laboratory, working for the OPAL collaboration at the Large Electron Positron collider. From 1994 to 1998, he was the collaboration’s spokesman. "This is a very exciting time for particle physics," said Heuer. "To become CERN’s Director-General for the early years of LHC operation is a great honour, a great challenge, and probably the best job in physics research tod...

REGIONAL CUSTOMS DIRECTORATES MANAGEMENT

Directory of Open Access Journals (Sweden)

CABA STEFAN

2009-05-01

Full Text Available The management of a regional customs directorate is analyzed. A new approach of the managerial system, in the European integration context, is presented. The customs system is one of the first “doors” to a new economic, social and cultural community. For

Director Experience and the Performance of IPOs: Evidence from Sweden

Directory of Open Access Journals (Sweden)

Anders Isaksson

2014-03-01

Full Text Available private to public. In this paper the experience of directors is examined to determine the extent of the role they play in ensuring a successful listing. Unique data from 122 IPOs on the Swedish Stock Exchange have been examined in a search for the effect of director experience on aftermarket performance. Specific aspects of director experience within a board, such as interlocking directorships and average tenure, are connected to the underpricing of Swedish IPOs. Contrary to expectations, no statistically significant relationship was found between long-run aftermarket performance and director experience at the time of an IPO. This suggests that the previous experience of directors, as measured in earlier studies, is less relevant to long-term aftermarket performance in Sweden compared to other countries studied in the literature review. This emphasises the importance of examining different institutional contexts.

50 CFR 11.13 - Decision by the Director.

Science.gov (United States)

2010-10-01

... 50 Wildlife and Fisheries 1 2010-10-01 2010-10-01 false Decision by the Director. 11.13 Section 11..., POSSESSION, TRANSPORTATION, SALE, PURCHASE, BARTER, EXPORTATION, AND IMPORTATION OF WILDLIFE AND PLANTS CIVIL PROCEDURES Assessment Procedure § 11.13 Decision by the Director. Upon expiration of the period required or...

23rd May 2008 - CERN Director-General R. Aymar with German Federal Minister of Education and Research A. Schavan, CERN Director-General Designate R. Heuer, Swiss Federal Councillor M. Calmy-Rey and CERN Deputy Director-General and Chief Scientific Officer J. Engelen.

CERN Multimedia

Maximilien Brice

2008-01-01

23rd May 2008 - CERN Director-General R. Aymar with German Federal Minister of Education and Research A. Schavan, CERN Director-General Designate R. Heuer, Swiss Federal Councillor M. Calmy-Rey and CERN Deputy Director-General and Chief Scientific Officer J. Engelen.

Signature of MoU between CERN and Australian Collaboration for Accelerator Science (ACAS); Roger Rassool, ACAS Director; Mark Boland, ACAS Deputy Director; Jean-Pierre Delahaye, CLIC Project Leader; in the presence of Rolf Heuer, Director-General and Emmanuel Tsesmelis, Adviser for Australia

CERN Multimedia

Maximilien Brice

2010-01-01

Signature of MoU between CERN and Australian Collaboration for Accelerator Science (ACAS); Roger Rassool, ACAS Director; Mark Boland, ACAS Deputy Director; Jean-Pierre Delahaye, CLIC Project Leader; in the presence of Rolf Heuer, Director-General and Emmanuel Tsesmelis, Adviser for Australia

Hospital management's linchpin: the medical director.

Science.gov (United States)

Cohn, R E

1988-01-01

The practice of medicine has become increasingly complex in this era of diagnosis-related groups (DRGs) and other direct government involvement in health care; complex and seemingly inappropriate legal decisions; liability chaos; and increasing competition from peers, entrepreneurs, and other health care organizations. In this new environment, an old player, the medical director (vice president of medical affairs) has been given new visibility and increased responsibilities to help physicians live with and overcome these environmental factors. In showing how the medical director can be of assistance in putting these factors into perspective, it is helpful to take a look at some aspects of the history of medicine, analyze the education process for physicians, point out where the profession began to be driven off course, and identify some of the overall problems of the profession and of the health care field. It is my intent here to project the position of medical director as a vital, frequently missing, link in the attempt to maximize communications, understanding, and achievement in health care organizations.

Family and Provider/Teacher Relationship Quality: Director Measure

Science.gov (United States)

Administration for Children & Families, 2015

2015-01-01

The director measure is intended for use with program directors in center-based, family child care, and Head Start/Early Head Start settings for children from birth through five years old. This measure asks respondents general questions about the early childhood education environment, the children enrolled in the program, and how the program…

7 CFR 2.36 - Director, Office of Communications.

Science.gov (United States)

2010-01-01

... are made by the Secretary of Agriculture to Director, Office of Communications: (1) Related to public...) Organize and direct the activities of a public affairs office to include press relations of the secretary... 7 Agriculture 1 2010-01-01 2010-01-01 false Director, Office of Communications. 2.36 Section 2.36...

Director Networks and Takeovers

NARCIS (Netherlands)

Renneboog, L.D.R.; Zhao, Y.

2013-01-01

Abstract: We study the impact of corporate networks on the takeover process. We find that better connected companies are more active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover transaction will be successfully completed augments, and

The Significance of the 2014 Corporate Governance Code of the Bank of Russia

Directory of Open Access Journals (Sweden)

Anna Vladislavovna Shashkova

2014-01-01

Full Text Available The present article focuses on corporate governance in Russia, as well as on the approval in 2014 of the Code of Corporate Governance by the Bank of Russia and by the Russian Government. The article also provides the concept of the famous foreign term Compliance. Compliance is a system based on binding rules of conduct contained in the regulations which are mandatory for the company. In order to fulfill best practices and implement local acts on the most important issues for the company, many foreign companies as well as large Russian companies have formed special Compliance departments. Taking into account such international experience and international corporate governance principles the Bank of Russia has elaborated the Corporate Governance Code, approved by the Russian Government in February 2014. Corporate Governance Code regulates a number of the most important issues of corporate governance such as shareholders'rights and fair treatment of shareholders; Board of Directors; Corporate Secretary of the Company; system of remuneration of members of the Board of Directors, executive bodies and other key executives of the company; system of risk management and internal control; disclosure of information about the company, the information policy of the company; major corporate actions. The most important issue which is analyzed by the author is the problem of the composition of the Board of Directors: the presence of independent directors in the company. According to the author the new Corporate Governance Code reflects the latest trends as well as the current situation with corporate governance in Russia today.

Message from Fermilab Director

CERN Multimedia

2009-01-01

With this issue’s message, Fermilab Director Pier Oddone opens a new series of occasional exchanges between CERN and other laboratories world-wide. As part of this exchange, CERN Director-General Rolf Heuer, wrote a message in Tuesday’s edition of Fermilab TodayPerspectivesNothing is more important for our worldwide particle physics community than successfully turning on the LHC later this year. The promise for great discoveries is huge, and many of the plans for our future depend on LHC results. Those of us planning national programmes in anticipation of data from the LHC face formidable challenges to develop future facilities that are complementary to the LHC, whatever the physics discoveries may be. At Fermilab, this has led us to move forcefully with a programme at the intensity frontier, where experiments with neutrinos and rare decays open a complementary window into nature. Our ultimate goal for a unified picture of nat...

The Corporate Governance of Privately Controlled Brazilian Firms

Directory of Open Access Journals (Sweden)

Érica C. R. Gorga

2009-09-01

Full Text Available We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority owned by the state or a foreign company. We identify areas where Brazilian corporate governance is relatively strong and weak. Board independence is an area of weakness: The boards of most Brazilian private firms are comprised entirely or almost entirely of insiders or representatives of the controlling family or group. Many firms have zero independent directors. At the same time, minority shareholders have legal rights to representation on the boards of many firms, and this representation is reasonably common. Financial disclosure lags behind world standards. Only a minority of firms provide a statement of cash flows or consolidated financial statements. However, many provide English language financial statements, and an English language version of their website. Audit committees are uncommon, but many Brazilian firms use an alternate approach to ensuring financial statement accuracy – establishing a fiscal board. A minority of firms provide takeout rights to minority shareholders on a sale of control. Controlling shareholders often use shareholders agreements to ensure control.

Nursing home director of nursing leadership style and director of nursing-sensitive survey deficiencies.

Science.gov (United States)

McKinney, Selina H; Corazzini, Kirsten; Anderson, Ruth A; Sloane, Richard; Castle, Nicholas G

2016-01-01

Nursing homes are becoming increasingly complex clinical environments because of rising resident acuity and expansion of postacute services within a context of historically poor quality performance. Discrete quality markers have been linked to director of nursing (DON) leadership behaviors. However, the impact of DON leadership across all measured areas of DON jurisdiction has not been tested using comprehensive domains of quality deficiencies. The aim of this study was to examine the effects of DON leadership style including behaviors that facilitate the exchange of information between diverse people on care quality domains through the lens of complexity science. Three thousand six hundred nine DONs completed leadership and intent-to-quit surveys. Quality markers that were deemed DON sensitive included all facility survey deficiencies in the domains of resident behaviors/facility practices, quality of life, nursing services, and quality of care. Logistic regression procedures estimated associations between variables. The odds of deficiencies for all DON sensitive survey domains were lower in facilities where DONs practiced complexity leadership including more staff input and shared decisional authority. DON quit intentions were aligned with higher odds of facility deficiencies across all domains. Results supported the hypotheses that DONs using complexity leadership approaches by interacting more freely with staff, discussing resident issues, and sharing decision making produced better care outcomes from every DON sensitive metric assessed by Centers for Medicare and Medicaid Services. The mechanism linking poor quality with high DON quit intentions is an area for future research. Encouraging DON use of complexity leadership approaches has the potential to improve a broad swath of quality outcomes.

Director networks and takeovers

NARCIS (Netherlands)

Renneboog, L.D.R.; Zhao, Y.

2014-01-01

We study the impact of corporate networks on the takeover process. We find that better connected companies are more active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover transaction will be successfully completed augments, and the duration

Key considerations for the success of Medical Education Research and Innovation units in Canada: unit director perceptions.

Science.gov (United States)

Varpio, Lara; Bidlake, Erin; Humphrey-Murto, Sue; Sutherland, Stephanie; Hamstra, Stanley J

2014-08-01

Growth in the field of medical education is evidenced by the proliferation of units dedicated to advancing Medical Education Research and Innovation (MERI). While a review of the literature discovered narrative accounts of MERI unit development, we found no systematic examinations of the dimensions of and structures that facilitate the success of these units. We conducted qualitative interviews with the directors of 12 MERI units across Canada. Data were analyzed using qualitative description (Sandelowski in Res Nurs Health 23:334-340, 2000). Final analysis drew on Bourdieu's (Outline of a theory of practice. Cambridge University Press, Cambridge, 1977; Media, culture and society: a critical reader. Sage, London, 1986; Language and symbolic power. Harvard University Press, Cambridge, 1991) concepts of field, habitus, and capital, and more recent research investigating the field of MERI (Albert in Acad Med 79:948-954, 2004; Albert et al. in Adv Health Sci Educ 12:103-115, 2007). When asked about the metrics by which they define their success, directors cited: teaching, faculty mentoring, building collaborations, delivering conference presentations, winning grant funding, and disseminating publications. Analyzed using Bourdieu's concepts, these metrics are discussed as forms of capital that have been legitimized in the MERI field. All directors, with the exception of one, described success as being comprised of elements (capital) at both ends of the service-research spectrum (i.e., Albert's PP-PU structure). Our analysis highlights the forms of habitus (i.e., behaviors, attitudes, demeanors) directors use to negotiate, strategize and position the unit within their local context. These findings may assist institutions in developing a new-or reorganizing an existing-MERI unit. We posit that a better understanding of these complex social structures can help units become savvy participants in the MERI field. With such insight, units can improve their academic output and

Corporate Social Responsibility in the Board Room

DEFF Research Database (Denmark)

Knudsen, Jette Steen; Geisler, Kathrine; Ege, Mette

2013-01-01

When do board directors pay attention to corporate social responsibility (CSR) issues? Board directors have traditionally focused on maximizing shareholder profit and viewed corporate governance narrowly as a way to meet this goal. They have paid little or no attention to CSR issues because...... they see CSR as a contrast to profit maximization. We argue in this article that companies can no longer ignore CSR. We propose that three conditions must be met in order for boards to pay attention toCSR. First, the board must have a mindset that considers CSR as contributing value to the firm. Second...

Social Responsibility in the Board Room

DEFF Research Database (Denmark)

Ege, Mette; Geisler, Kathrine; Knudsen, Jette Steen

When do board directors pay attention to corporate social responsibility (CSR) issues? Board directors have traditionally focused on maximizing shareholder profit and viewed corporate governance narrowly as a way to meet this goal. They have paid little or no attention to CSR issues because...... they see CSR as a contrast to profit maximization. We argue in this article that companies can no longer ignore CSR. We propose that three conditions must be met in order for boards to pay attention to CSR. First, the board must have a mind-set that considers CSR as contributing value to the firm. Second...

CORPORATE GOVERNANCE AND STRATEGIC PERSONNEL MANAGEMENT: WOMEN ON THE BOARD AND FEMALE LEADERSHIP, CEO OVERCONFIDENCE, LAYOFF DECISIONS Capital Market Perception and Shareholder Wealth Effects

OpenAIRE

Hinrichsen, Anna Verena

2017-01-01

The present dissertation deals with selected aspects of corporate governance and personnel management and provides an in-depth analysis of capital markets’ perception of these issues and the effects on shareholder wealth. Subjects of the investigation are the role and effects of gender diversity on corporate boards and female leadership, CEO overconfidence and corporate layoff decisions. Chapter 2 offers a comprehensive overview of existing research on the effects of an increased female ...

The effect of corporate ownership on inventory management by considering corporate governance as a mediator

Directory of Open Access Journals (Sweden)

Hossein Mehrabani

2015-07-01

Full Text Available In this study, we examine the relationship between corporate ownership and inventory management where corporate governance plays as a mediator. The study selects a sample of 166 selected firms listed on Tehran Stock Exchange using historical data over the period 2009-2013. The study considers the role of managers as shareholder, existence of managers with more than one responsibility and size of board of directors on inventory management. Using regression analysis, the study has disclosed a negative relationship between managers as shareholder and board size on one side and inventory size on the other side. However, the study did not find any evidence on relationship between managers’ dual responsibility as a mediator on relationship between corporate ownership and in inventory management.

Child Welfare Training in Child Psychiatry Residency: A Program Director Survey

Science.gov (United States)

Lee, Terry G.; Cox, Julia R.; Walker, Sarah C.

2013-01-01

Objective: This study surveys child psychiatry residency program directors in order to 1) characterize child welfare training experiences for child psychiatry residents; 2) evaluate factors associated with the likelihood of program directors' endorsing the adequacy of their child welfare training; and 3) assess program directors'…

Outside directors and the Japanese board room: An in-depth study

Directory of Open Access Journals (Sweden)

Ralf Bebenroth

2007-07-01

Full Text Available The purpose of this paper is to investigate the performance impact at the board level in the corporate governance of Japanese companies. We investigated the composition of outside directors and outside auditors for three years and found evidence, that a higher outside ratio leads to a better performance. As a second step, we cluster Japanese companies into three groups, companies without outside directors, companies which appointed outside directors and companies who apply to the “US-style system.” Companies without outside directors every single year show the weakest performance and US-style Japanese companies the strongest what leads to the conclusion that Japanese companies might be better off having a high ratio of outside directors and outside auditors.

25 CFR 39.409 - How does the OIEP Director ensure accountability?

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false How does the OIEP Director ensure accountability? 39.409... EQUALIZATION PROGRAM Accountability § 39.409 How does the OIEP Director ensure accountability? (a) The Director of OIEP must ensure accountability in student counts and student transportation by doing all of the...

Do Director Networks Help Manager Plan and Forecast Better?

NARCIS (Netherlands)

Schabus, M.

I examine whether directors' superior access to information and resources through their board network improves the quality of firms' planning and forecasting. Managers may benefit from well-connected directors as, even though managers have firm specific knowledge, they may have only limited insight

Core clerkship directors: their current resources and the rewards of the role.

Science.gov (United States)

Ephgrave, Kimberly; Margo, Katherine L; White, Christopher; Hammoud, Maya; Brodkey, Amy; Painter, Thomas; Juel, Vern C; Shaw, Darlene; Ferguson, Kristi

2010-04-01

To conduct a national multidisciplinary investigation assessing core clinical clerkships and their directors, variances in resources from national guidelines, and the impact of the clerkship director role on faculty members' academic productivity, advancement, and satisfaction. A multidisciplinary working group of the Alliance for Clinical Education (ACE), representing all seven core clinical disciplines, created and distributed a survey to clerkship directors at 125 U.S. MD-granting medical schools, in academic year 2006-2007. A total of 544 clerkship directors from Internal Medicine (96), Family Medicine (91), Psychiatry, (91), Pediatrics (79), Surgery (71), Neurology (60), and Obstetrics-Gynecology (56) responded, representing over 60% of U.S. core clinical clerkships. The clerkship directors were similar across disciplines in demographics and academic productivity, though clinical and clerkship activities varied. Departmental staff support for clerkships averaged 0.69 people, distinctly less than the ACE's 2003 guideline of a full-time coordinator in all disciplines' clerkships. Clerkship directors reported heavy clinical responsibilities, which, as in previous studies, were negatively related to academic productivity. However, many clerkship directors felt the role enhanced their academic advancement; a large majority felt it significantly enhanced their career satisfaction. The resources and rewards of the clerkship director role were similar across disciplines. Expectations of clerkship directors were considerable, including responsibility for clinical material and the learning environment. Resources for many fall short of those stated in the ACE guidelines, particularly regarding support staff. However, the findings indicate that the clerkship director role can have benefits for academic advancement and strongly enhances career satisfaction.

Why so few Women on Boards of Directors?

DEFF Research Database (Denmark)

Smith, Nina; Parrotta, Pierpaolo

2015-01-01

This paper analyzes the determinants of women’s representation on boards of directors based on a panel of all privately owned or listed Danish firms with at least 50 employees observed during the period 1998–2010. We focus on the directors who are not elected by the employees and test three...... nonemployee-elected female board members. We also find clear evidence of a tokenism behavior in Danish companies. The likelihood of enlarging the share of non-employee-elected female board members is significantly smaller if one, two, or more women have sat on the board of directors. Finally, the pipeline...... suggests that an important way to increase the female proportion of non-employee-elected board members is that more women reach top executive positions....

Voice Range Profiles of Middle School and High School Choral Directors

Science.gov (United States)

Schwartz, Sandra M.

2009-01-01

Vocal demands of teaching are significant, and this challenge is compounded for choral directors who depend on the voice for communicating information or demonstrating music concepts. The purpose of this study is to examine the frequency and intensity of middle and high school choral directors' voices and to compare choral directors' voices with…

Liability of statutory organs in limited liability companies

Directory of Open Access Journals (Sweden)

Martin Janků

2011-01-01

Full Text Available Statutory organs of business companies (and similarly of co-operatives have numerous obligations imposed by generally binding provisions; relied with these is the liability for non-fulfilment of the latter. Some of the obligations are imposed directly by the laws, some are assumed on contractual basis. Their infringements may lead to the liability for the situation and consequences occurred. The regulation of the liability of persons engaged in the company’s bodies covers persons that are entrusted by the management of foreign assets. Sometimes these are in fact not entirely foreign assets because, although the assets are legally owned by the business company, persons acting as statutory organs are mostly partners (shareholders in these companies as well. As such they manage the foreign assets but the company properties were created by their contributions or through the business by themselves. The paper analyses the requirements laid down for the function of managing directors (jednatel in the limited company. Consequently it analyses the scope of the liability of managing directors firstly, in relationship to the company’s creditors (persons standing outside the company and, subsequently, in relationship to the shareholders. It also presents and characterises the recent trends in the Commercial Court’s judgement of the conditions required for the liability for damage and claims for damages put forward by action to recover damages by the managing directors. De lege ferenda the paper recommends that the legal regulation will be amended by provisions limiting the scope of persons to be appointed as executive director and/or extending the liability for damages for the partners of the company in cases where the damage in such cases can not be compensated by the executive director and the partners should bear consequences for their culpa in eligendo.

Assuming the mantle of leadership: issues and challenges for directors of nursing.

Science.gov (United States)

Fleming, Mary Louise; Kayser-Jones, Jeanie

2008-11-01

This ethnographic study investigated leadership from the perspective of directors of nursing (DONs) in proprietary nursing homes. Data from interviews and extensive participant observation with 10 DONs were analyzed using open coding and content analysis. The study drew on a priori concepts from transformational leadership theory to describe the role, DON approaches to leadership, and factors that facilitate or impede leadership in nursing homes. This article reports findings from a larger study related to conditions existing when participants entered the DON position. Antecedent conditions influenced organizational expectations of incoming DONs and shaped participants' leadership experiences. DONs filling long-standing vacancies had to reestablish the influence and authority of the role. Those replacing unsuccessful DONs confronted serious regulatory, care, and morale issues. In contrast, DONs with successful predecessors experienced organizational support and had confidence in their abilities to lead.

Food Recall Attitudes and Behaviors of School Nutrition Directors

Science.gov (United States)

Grisamore, Amber; Roberts, Kevin R.

2014-01-01

Purpose/Objectives: The purpose of this study was to explore school nutrition directors' attitudes and behaviors about food recalls. Specific objectives included: 1) Determine current food recall attitudes and the relationship between demographics and these attitudes; 2) Determine current practices of school nutrition directors related to…

Juan Antonio Rubio appointed as Director-General of CIEMAT

CERN Multimedia

2004-01-01

Juan Antonio Rubio, Head of CERN's ETT unit (Education and Technology Transfer) has been appointed by the Spanish Ministry of Education and Science as the Director General of the Research Centre for Energy, Environment and Technology, CIEMAT. Dr Rubio's career began at the Spanish Nuclear Energy Commission where he held the posts of Investigator, Head of the High Energy Group and Head of Nuclear Physics and High Energy Division. Later, he was named Director of the Department of Basic Investigation and Scientific Director of the CIEMAT. In 1987 he joined CERN as Scientific Adviser to the Director General and Group Leader of the Scientific Assessment Group. Up to now, Dr Rubio has been the Head of the ETT unit, as well as Coordinator for Latin America and Commissioner for the 50th Anniversary of the Organization. He was born on 4 June 1944 in Madrid, and holds a Doctorate in Physical Sciences from the Universidad Complutense de Madrid.

A DUAL NETWORK MODEL OF INTERLOCKING DIRECTORATES

Directory of Open Access Journals (Sweden)

Humphry Hung

2003-01-01

Full Text Available The article proposes an integrative framework for the study of interlocking directorates by using an approach that encompasses the concepts of multiple networks and resource endowment. This serves to integrate the traditional views of interorganizational linkages and intra-class cohesion. Through appropriate strategic analysis of relevant resource endowment of internal environment and external networks of organizations and corporate elites, this article argues that the selection of directors, if used effectively, can be adopted as a strategic device to enhance the corporation's overall performance.

Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

OpenAIRE

Olausson, Jonas; Löfgren, Christoffer

2013-01-01

Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

The role of the psychiatrist: job satisfaction of medical directors and staff psychiatrists.

Science.gov (United States)

Ranz, J; Stueve, A; McQuistion, H L

2001-12-01

In a previous survey of Columbia University Public Psychiatry Fellowship alumni, medical directors reported experiencing higher job satisfaction compared to staff psychiatrists. To further this inquiry, the authors conducted an expanded survey among the membership of the American Association of Community Psychiatrists (AACP). We mailed a questionnaire to all AACP members. Respondents categorized their positions as staff psychiatrist, program medical director or agency medical director, and rated their overall job satisfaction. The form also included a number of demographic and job characteristic items. Of 479 questionnaires mailed, a total of 286 individuals returned questionnaires (61%-12 forms were undeliverable). As in our previous survey, medical directors experience significantly higher job satisfaction compared to staff psychiatrists. Program and agency medical directors do not differ significantly. In addition, job satisfaction is strongly and negatively correlated with age for staff psychiatrists but not for medical directors. This survey strengthens the previously reported advantage medical directors have over staff psychiatrists regarding job satisfaction. The finding that job satisfaction decreases with increasing age of staff psychiatrists but not medical directors is particularly interesting, suggesting that staff psychiatrist positions may come to be regarded as "dead-end" over time. Psychiatrists are advised to seek promotions to program medical director positions early in their careers, since these positions are far more available, and provide equal job satisfaction, compared to agency medical director positions.

Veterinary Technician Program Director Leadership Style and Program Success

Science.gov (United States)

Renda-Francis, Lori A.

2012-01-01

Program directors of American Veterinary Medical Association (AVMA) accredited veterinary technician programs may have little or no training in leadership. The need for program directors of AVMA-accredited veterinary technician programs to understand how leadership traits may have an impact on student success is often overlooked. The purpose of…

8 October 2013 - Rolex Director- General G. Marini in the ATLAS Control Room with CERN Director-General R. Heuer and ATLAS Collaboration Senior Physicist C. Rembser; visiting the ATLAS experimental cavern at LHC Point 1. Were also present from the Directorate: S. Lettow, Director for Administration and General Infrastructure; from the ATLAS Collaboration: Technische Universitaet Dortmund (DE) J. Jentzsch and SLAC National Accelerator Laboratory (US) G. Piacquadio.

CERN Multimedia

Anna Pantelia

2013-01-01

8 October 2013 - Rolex Director- General G. Marini in the ATLAS Control Room with CERN Director-General R. Heuer and ATLAS Collaboration Senior Physicist C. Rembser; visiting the ATLAS experimental cavern at LHC Point 1. Were also present from the Directorate: S. Lettow, Director for Administration and General Infrastructure; from the ATLAS Collaboration: Technische Universitaet Dortmund (DE) J. Jentzsch and SLAC National Accelerator Laboratory (US) G. Piacquadio.

Five question to... Stanislav Reguli, chairman of the board of directors and general director of the GovCo, joint-stock association

International Nuclear Information System (INIS)

Stuller, P.

2006-01-01

In this paper the interview with the MR. Stanislav Reguli, chairman of the board of directors and general director of the GovCo, joint-stock association is published. The state company GovCo, a.s. was originated on April 1, 2006. Process of severance of property from the Slovenske elektrarne, a.s., personnel management of new company as well as organisation of property management are presented

Female Directors and Firm Performance: Evidence from UK Listed Firms

Directory of Open Access Journals (Sweden)

Pananda Pasaribu

2017-08-01

Full Text Available The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition. This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indicate that there is little evidence that female directors have a positive and strong relationship with firm performance. But, further analysis reports that the UK’s small listed firms experience a positive significant effect, because small firms do not suffer from the problem of over-monitoring and they have more flexibility in composing their boards of directors.

When a Thousand Words Are (Not Enough: An Empirical Study of the Relationship between Firm Performance and Attention to Shareholders

Directory of Open Access Journals (Sweden)

Luciana Carvalho de Mesquita Ferreira

2015-04-01

Full Text Available The aim of this study is to concurrently test the explanatory power of the attention-based view (ABV of the firm and of the resource dependence theory (RDT. We propose a conceptual model of attention to shareholders based on assumptions of both ABV and RDT. We test these hypotheses using a unique dataset, consisting of contentanalyzed data on attention allocation for 313 firms from 24 different countries. Our research findings highlight the complementary nature of the RDT and ABV and add to the literature about attention, providing empirical evidence and theoretical explanation for the scarcely explored relationship between firm performance and organizational attention.

Discussing three pillars of corporate governance

OpenAIRE

Andrei STĂNCULESCU; Eugen MITRICĂ

2015-01-01

This paper is a meaningful attempt to critically analyze the cohesion and relationship between three fundamental pillars of the corporate governance system: the shareholders, the board of directors and the employees. We present the characteristics of each pillar and discuss its relevance in corporate governance. A couple of world-renowned corporate governance models are considered. A synthetic conclusion is drawn based on information presented.

The Contractual Position of Directors in Commercial Companies in Slovene Law

Directory of Open Access Journals (Sweden)

Darja Senčur Peček

2008-01-01

Full Text Available In the Republic of Slovenia, the Companies Act in force regulates the position of directors only from the perspective of the functioning of a commercial company and not also from the perspective of the protection of their personal position. With reference to such, the Companies Act suggests that a contract be concluded between the commercial company and its director (a contract to perform the function of director. In practice, the aforementioned contract is as a general rule concluded as an employment contract and only rarely as a civil-law contact. The Employment Relations Act namely allows that a contractual relation between a company and a director be regulated as an employment relation and at the same time determines certain particularities of the labour-law position of directors, which the author discusses in the present article. The question that the author raises in this respect is whether and under what conditions a contract to perform the function of director can be an employment contract. Employment contracts namely regulate employment relations which are defi ned by the subordinate position of employees and the condition of work carried out upon instructions provided by employers and under their supervision.

Creating the Vision: Directors Don't Do It Alone.

Science.gov (United States)

Carlisle, Barbara; Drapeau, Don

1997-01-01

Argues that good directors are not as autocratic and individualistic as they are often portrayed. Suggests that theater is much more of an ensemble effort. States that good theater grows out of the performers' desire to reach the audience. Articulates guidelines for the teacher or theater director who wishes to change "I" to…

78 FR 69927 - SJI Board of Directors Meeting, Notice

Science.gov (United States)

2013-11-21

... STATE JUSTICE INSTITUTE SJI Board of Directors Meeting, Notice AGENCY: State Justice Institute. ACTION: Notice of meeting. SUMMARY: The SJI Board of Directors will be meeting on Monday, December 9, 2013 at 1:00 p.m. The meeting will be held at the 9th Judicial Circuit of Florida in Orlando, Florida...

The governance of director networks

NARCIS (Netherlands)

Renneboog, L.D.R.; Zhou, Y.; Wright, M.; Siegel, D.; Keasey, K.; Filatotchev, I.

2013-01-01

This chapter studies director networks, which have gained increasing attention from sociology, finance, and management. It considers the argument that these networks have an interesting role in corporate governance and then reviews their rules in major developed countries. The chapter goes on to

Lands directorate publications

Energy Technology Data Exchange (ETDEWEB)

1981-01-01

The directorate has a lead role in providing advice to the federal government on land use policy in Canada. The Canada Land Inventory (CLI) Program has produced significant amounts of data pertaining to the capability of Canadian lands to support agriculture, forestry, recreation, wildlife and sport fish. A list of CLI reports is presented in this publication. In addition, and capability maps have been compiled for agricultural, forestry, recreation and wildlife and are listed and described in this publication. (KRM)

45 CFR 660.11 - What are the Director's obligations in interstate situations?

Science.gov (United States)

2010-10-01

... 45 Public Welfare 3 2010-10-01 2010-10-01 false What are the Director's obligations in interstate... SCIENCE FOUNDATION INTERGOVERNMENTAL REVIEW OF THE NATIONAL SCIENCE FOUNDATION PROGRAMS AND ACTIVITIES § 660.11 What are the Director's obligations in interstate situations? (a) The Director is responsible...

Director, Platform and Audience.

Science.gov (United States)

Meyer, Richard D.

The open stage is discussed both as architecture and as part of a new theatrical style. In reference to use of the open stage, emphasis is given to specifics with which the director must deal, to special problems of the actor, to the approach to blocking a play, and to the open stage as "theatrical experience". The architectural advantage of the…

7 CFR 27.11 - Area Director, Marketing Services Office; responsibility.

Science.gov (United States)

2010-01-01

... 7 Agriculture 2 2010-01-01 2010-01-01 false Area Director, Marketing Services Office... MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF AGRICULTURE COMMODITY... Regulations Administration § 27.11 Area Director, Marketing Services Office; responsibility. Subject to this...

19 CFR 146.2 - Port director as Board representative.

Science.gov (United States)

2010-04-01

...; DEPARTMENT OF THE TREASURY (CONTINUED) FOREIGN TRADE ZONES General Provisions § 146.2 Port director as Board representative. The appropriate port director shall be in charge of the zone as the representative of the Board. [T.D. 86-16, 51 FR 5049, Feb. 11, 1986, as amended by T.D. 99-27, 64 FR 13676, Mar. 22, 1999] ...

Directors General appointed

CERN Multimedia

1975-01-01

At a special session on 21 March, presided over by P. Levaux, the Council of the European Organization for Nuclear Research appointed J . B. Adams and L . Van Hove as Directors General of the Organization for a period of five years beginning 1 January 1976. Dr. Adams will be responsible for the administration of CERN, for the operation of the equipment and services and for the construction of buildings and major equipment. Professor Van Hove will be responsible for the research activities of the Organization.

Ownership balance, supervisory efficiency of independent directors and the quality of management earnings forecasts

Directory of Open Access Journals (Sweden)

Yunling Song

2013-06-01

Full Text Available In the Chinese securities market, with its characteristics of influence through personal relationships (Guanxi and underdeveloped standards of law and enforcement, can independent directors play the supervisory role expected by securities regulators? In this study we use the degree of precision and accuracy in corporate earnings forecasts as proxies for the quality of information disclosure by listed companies and examine the supervisory efficiency of independent directors with respect to information disclosure. Using data from 2007 to 2009, we find that in the absence of ownership balance, independent directors have a significant positive effect on the accuracy of management forecasts. In addition, the personal backgrounds of independent directors have specific effects on management earnings forecasts. Directors with certified public accountant (CPA expertise significantly improve the precision of management forecasts. However, directors with industrial expertise significantly reduce the precision of management forecasts. In other words, having directors with CPA expertise improves the independence of boards, but having independent directors with industrial expertise has the opposite effect.

Regional Director | IDRC - International Development Research ...

International Development Research Centre (IDRC) Digital Library (Canada)

... its effective utilization in the design and execution of the IDRC strategic plan. ... Provides assistance to Program Managers/Leaders, Directors of Program Areas, ... the Partnership and Business Development Division and Programs Branch.

Developing a national role description for medical directors in long-term care: survey-based approach.

Science.gov (United States)

Rahim-Jamal, Sherin; Quail, Patrick; Bhaloo, Tajudaullah

2010-01-01

To develop a national role description for medical directors in long-term care (LTC) based on role functions drawn from the literature and the LTC industry. A questionnaire about the role functions identified from the literature was mailed or e-mailed to randomly selected medical directors, directors of care or nursing (DOCs), and administrators in LTC facilities. Long-term care facilities in Canada randomly selected from regional clusters. Medical directors, DOCs, and administrators in LTC facilities; a national advisory group of medical directors from the Long Term Care Medical Directors Association of Canada; and a volunteer group of medical directors. Respondents were asked to indicate, from the list of identified functions, 1) whether medical directors spent any time on each activity; 2) whether medical directors should spend time on each activity; and 3) if medical directors should spend time on an activity, whether the activity was "essential" or "desirable." An overall response rate of 37% was obtained. At least 80% of the respondents from all 3 groups (medical directors, DOCs, and administrators) highlighted 24 functions they deemed to be "essential" or "desirable," which were then included in the role description. In addition, the advisory group expanded the role description to include 5 additional responsibilities from the remaining 18 functions originally identified. A volunteer group of medical directors confirmed the resulting role description. The role description developed as a result of this study brings clarity to the medical director's role in Canadian LTC facilities; the functions outlined are considered important for medical directors to undertake. The role description could be a useful tool in negotiations pertaining to time commitment and expectations of a medical director and fair compensation for services rendered.

7 CFR 2.92 - Director, Office of Human Resources Management.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Director, Office of Human Resources Management. 2.92... Secretary for Administration § 2.92 Director, Office of Human Resources Management. (a) Delegations... Human Resources Management: (1) Formulate and issue Department policy, standards, rules and regulations...

The Managerial Roles of Academic Library Directors: The Mintzberg Model.

Science.gov (United States)

Moskowitz, Michael Ann

1986-01-01

A study based on a model developed by Henry Mintzberg examined the internal and external managerial roles of 126 New England college and university library directors. Survey results indicate that the 97 responding directors were primarily involved with internal managerial roles and work contacts. (CDD)

Female directors and real activities manipulation: Evidence from China

Directory of Open Access Journals (Sweden)

Jin-hui Luo

2017-06-01

Full Text Available Unlike previous studies that focus on accrual-based earnings management, this study analyzes real activities manipulation and investigates whether female directors on boards of directors (BoDs affect managers’ real activities manipulation. Using a large sample of 11,831 firm-year observations from Chinese listed companies from the 2000 to 2011 period, we find that higher female participation on BoDs is associated with lower levels of real activities manipulation, and that this negative relationship is stronger when female directors have higher ownership. These results hold for a battery of robustness checks. Overall, our findings indicate that board gender diversity may serve as a substitute mechanism for corporate governance to curb real activities manipulation and thus provide interested stakeholders with higher quality earnings reports.

Pandemic Influenza Preparedness Among Child Care Center Directors in 2008 and 2016.

Science.gov (United States)

Shope, Timothy R; Walker, Benjamin H; Aird, Laura D; Southward, Linda; McCown, John S; Martin, Judith M

2017-06-01

Children in child care centers represent an important population to consider in attempts to mitigate the spread of an influenza pandemic. This national survey, conducted in 2008 and 2016, assessed directors' reports of their child care centers' pandemic influenza preparation before and after the 2009 H1N1 novel influenza pandemic. This was a telephone-based survey of child care center directors randomly selected from a national database of licensed US child care centers who were queried about their preparedness for pandemic influenza. We grouped conceptually related items in 6 domains into indexes: general infection control, communication, seasonal influenza control, use of health consultants, quality of child care, and perceived barriers. These indexes, along with other center and director characteristics, were used to predict pandemic influenza preparedness. Among 1500 and 518 child care center directors surveyed in 2008 and 2016, respectively, preparation for pandemic influenza was low and did not improve. Only 7% of directors had taken concrete actions to prepare their centers. Having served as a center director during the 2009 influenza pandemic did not influence preparedness. After adjusting for covariates, child care health consultation and years of director's experience were positively associated with pandemic influenza preparation, whereas experiencing perceived barriers such as lack of knowing what to do in the event of pandemic influenza, was negatively associated with pandemic influenza preparedness. Pandemic influenza preparedness of child care center's directors needs to improve. Child care health consultants are likely to be important collaborators in addressing this problem. Copyright © 2017 by the American Academy of Pediatrics.

Fermilab Education Office - Director's Award

Science.gov (United States)

Search The Director's Award Exceptional Service To Fermilab's K-12 Education Programs The many successes of Fermilab's K-12 education programs depend on the talents of the over 200 employees, users, and $1,000, made possible by an anonymous donor to Fermilab Friends for Science Education, recognizes one

Heterogeneity of Foreign Shareholders,Nature of Enterprises and Efficiency of Corporate Governance--Empirical Evidence Based on the Empirical Study of the Chinese Listed Companies%境外股东异质性、企业性质与公司治理效率基于中国上市公司的实证检验

Institute of Scientific and Technical Information of China (English)

黄文青

2017-01-01

依据2014年一直有境外股东持股的沪深 A股上市公司样本数据,考量不同类型外资持股的治理效应进行实证检验。结果表明：境外股东持股能够提升公司治理效率,不同性质的境外投资者对公司治理的影响存在差异。外资基金和非金融类外资股东的治理效应是显著的,QFII未能对上市公司经营者形成有效监督和制约,外资银行、保险、证券公司反而一定程度上加重了上市公司的代理冲突。此外,外资持股在民营企业中的治理效应优于国有企业。%Based on the data of listed companies with foreign shareholders throughout 2014 in Shanghai and Shenzhen Stock markets,this study empirically examines the corporate governance effect by different types of foreign shareholders.We find that the foreign shareholders on the whole can effectively promote corporate governance efficiency,and different types of foreign shareholders have different effects on corporate governance.Foreign funds and the non-financial institutes have significantly positive effects on corporate governance.QFII can not supervise and restrict the management of the listed companies effectively,while shareholders of foreign banks, insurance companies and securities companies even aggravate the agency conflicts of the listed companies.In addition,the governance effect of foreign shareholders in private enterprises is bet-ter than that of state owned enterprises.

76 FR 58303 - Regular Board of Directors Meeting; Sunshine Act

Science.gov (United States)

2011-09-20

..., Washington, DC 20005. STATUS: Open. CONTACT PERSON FOR MORE INFORMATION: Erica Hall, Assistant Corporate... Directors Minutes III. Approval of the Special Board of Directors Minutes IV. Approval of the Corporate Administration Committee Minutes V. Approval of the Finance, Budget and Program Committee Minutes VI. Approval of...

17 CFR 200.18 - Director of Division of Corporation Finance.

Science.gov (United States)

2010-04-01

... Corporation Finance. 200.18 Section 200.18 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... General Organization § 200.18 Director of Division of Corporation Finance. The Director of the Division of Corporation Finance is responsible to the Commission for the administration of all matters (except those...

STS-61 mission director's post-mission report

Science.gov (United States)

Newman, Ronald L.

1995-01-01

To ensure the success of the complex Hubble Space Telescope servicing mission, STS-61, NASA established a number of independent review groups to assess management, design, planning, and preparation for the mission. One of the resulting recommendations for mission success was that an overall Mission Director be appointed to coordinate management activities of the Space Shuttle and Hubble programs and to consolidate results of the team reviews and expedite responses to recommendations. This report presents pre-mission events important to the experience base of mission management, with related Mission Director's recommendations following the event(s) to which they apply. All Mission Director's recommendations are presented collectively in an appendix. Other appendixes contain recommendations from the various review groups, including Payload Officers, the JSC Extravehicular Activity (EVA) Section, JSC EVA Management Office, JSC Crew and Thermal Systems Division, and the STS-61 crew itself. This report also lists mission events in chronological order and includes as an appendix a post-mission summary by the lead Payload Deployment and Retrieval System Officer. Recommendations range from those pertaining to specific component use or operating techniques to those for improved management, review, planning, and safety procedures.

Interlocking Corporate Directorates and the Global City Hierarchy

Directory of Open Access Journals (Sweden)

Jeffrey Kentor

2015-08-01

Full Text Available This paper examines the direct and indirect economic linkages of the most prominent cities in the world, those commonly referred to as “global cities”, in terms of the direct and indirect linkages of the boards of directors of Fortune Global 500 firms headquartered in a given city with boards of directors of other firms. Specifically, we identify the interlocks of corporate boards located within these major cities with other Fortune 500 boards of directors by degrees of separation, and present a new ranking for selected global cities based upon these direct and indirect ties. We find that New York clearly dominates these economic linkages, followed by London and Paris. This is most pronounced for financial companies. Contrary to other global city rankings, we locate Tokyo below Frankfurt and Chicago on this dimension. We argue that these multiple levels of indirect relationships reflect a significant, and until now unexplored, dimension of what it means to be a “global” city.

Recent Trends in Publications of US and European Directors in Vascular Surgery.

Science.gov (United States)

Aurshina, Afsha; Hingorani, Anil; Hingorani, Amrit; Marks, Natalie; Ascher, Enrico

2018-02-24

We hypothesized that there may be significant differences between academic productivity of the vascular training programs in the United States (US) and Europe. In an effort to explore this theory, we reviewed the number of vascular publications listed in PubMed from 2010 to 2015 for US and European directors in vascular surgery. The list of program directors from the Association of Program Directors in Vascular Surgery (APDVS) and the European Union of Medical Specialists (EUMS) were queried for the names of the directors of vascular surgical training programs at the end of 2015. PubMed listed 5,474 citations published from 2010 to 2015. Three thousand five hundred sixty-one were from Europe while 1,912 were from the US. UK and German programs did not list their directors' names in the EUMS website and were thus not included in the European data. The average number of citations in PubMed per program director was 2.36 per year. In Europe, each of the 273 program directors averaged 2.17 publications per year, whereas each of the 114 US program directors averaged 2.80 publications per year (P = 0.37). Journal of Vascular Surgery (JVS) publications made up 24.0% (12.7% in Europe and 45.0% in the US). In the US, the top third produced 69% of the publications and 77% of the JVS publications, whereas in Europe, the top third produced 87% of the publications and 98% of the JVS publications. In the US, 5 program directors (4.4%) had no publications and 21 (18.4%) had no JVS publications. In Europe, 82 program directors (30.0%) had no publications, whereas 180 (65.9%) had no JVS publications. Abstracts were categorized by topic for comparison. In both Europe and the US, the top third produced more than two-thirds of the publications, with the disparity being even more pronounced in Europe where the top third produced almost 90% of the total publications. Comparing the topics of the publications from Europe and the US, it was found that the US program directors published a

75 FR 79937 - Regulatory Flexibility Agenda

Science.gov (United States)

2010-12-20

... Stage Division of Corporation Finance 613. PROXY SOLICITATION ENHANCEMENTS Legal Authority: 15 USC 78n... Legal Authority: PL 111-203 sec 951; 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78w(a); 15 USC 78mm... SHAREHOLDER DIRECTOR NOMINATIONS Legal Authority: 15 USC 78c(b); 15 USC 78m; 15 USC 78n; 15 USC 78o; 15 USC...

Perceptions of the impact of board members' individual perspectives on the social and environmental performance of companies

OpenAIRE

Stacey, J.; Stacey, A.

2014-01-01

Large mining companies generally follow the distributed ownership corporate model, with a board of directors responsible for decisions that affect both shareholder value and stakeholders of the company. The board is simultaneously responsible for setting the culture and values of the corporation, which drive performance and priorities. Companies listed on the Johannesburg Securities Exchange (JSE) commit to sustainable development in various ways, either by virtue of implementing the King Cod...

A RESEARCH ON RELATIONSHIP BETWEEN CORPORATE GOVERNANCE RATINGS OF BANKS LISTED IN ISTANBUL STOCK EXCHANGE (BIST) CORPORATE GOVERNANCE INDEX AND SOME OF THEIR CHARACTERISTICS

OpenAIRE

Ozlem I. Koc

2014-01-01

Capital Markets Board of Turkey principles of corporate governance consist of four categories: Shareholders, Public Disclosure and Transparency, Stakeholders, Board of Directors. The corporate governance rating is determined by the rating institutions incorporated by Capital Markets Board of Turkey in its list of rating agencies as a result of their assessment of the company's compliance with the corporate governance principles. Publicly held corporations are listed in BIST Corporate Governan...

Discussion with CERN Directorate

CERN Document Server

CERN. Geneva

2017-01-01

Please note that the Discussion with CERN Directorate will be transmitted also in the following rooms: Council Chamber - 503-1-001 IT Amphitheatre - 31-3-004 Prevessin 774-R-013 Simultaneous interpreting into French and English will be available in the Main Auditorium. Une interprétation simultanée en français et en anglais sera disponible dans l'amphithéâtre principal.

State-Owned Enterprise Director Training: A Review of Canadian Experiences

Science.gov (United States)

O'Neill, Michael A.

2015-01-01

This article surveys state-owned enterprise director training programmes in Canada at both the national and provincial levels. In Canada director training programmes have emerged to enable good private-sector corporate governance. This trend has been embraced by governments seeking to improve corporate governance among their state-owned…

27 CFR 28.38 - Action by district director of customs.

Science.gov (United States)

2010-04-01

... director of customs. 28.38 Section 28.38 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND... of customs. On receipt of the appropriate TTB officer's authorization for destruction of the liquor, or his disapproval of the application for destruction, the district director of customs shall act...

European Provisions for the Protection of Dissenting Shareholders within the Framework of Cross-border Mergers

Directory of Open Access Journals (Sweden)

Hamed Alavi

2016-09-01

Full Text Available The European legislative framework of cross-border mergers is a result of a long process of identifying the needs of the common market, domestic laws and national businesses and bringing them closer together. From virtual impossibility of merging across national borders, to a transfer of seat, to the Cross-Border Mergers Directive private and public limited companies can now engage in a cross-border merger transaction under best harmonised rules to date. However, the diversity of national company laws leaves gaps that are not resolved on a European level - there is no harmonising instrument in the area of creditor protection and the protection of dissenting minority shareholders, among others. The CBM Directive contains a framework provision referencing the need of protection of minority members, whereas specific mechanisms are left for the Member States to implement. The question that arises is whether the status quo of minority protection is sufficient to ensure smooth functioning of the cross-border mergers framework or whether further harmonisation is required.

27 CFR 26.261 - Action by district director of customs.

Science.gov (United States)

2010-04-01

... director of customs. 26.261 Section 26.261 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX... customs. The district director of customs will direct the proper customs gauger to determine the taxable... revenue tax applicable thereto. When the rate of tax applicable to the product has been ascertained, the...

Selected Publications by the NCI Director

Science.gov (United States)

Dr. Norman Sharpless's written work on cancer research appears in many leading scientific journals, as well as a variety of other publications. This page lists some of the articles published by Dr. Sharpless since becoming NCI director.

Governança corporativa na América Latina: a relevância dos princípios da OCDE na integridade dos conselhos e autonomia dos conselheiros Corporate governance in Latin America: the relevance of OECD principles for the board's integrity and directors' independence

Directory of Open Access Journals (Sweden)

Carlos Henrique Kitagawa

2009-12-01

that region (Brazil, Argentina, Mexico and Chile. Among the seven principles recommended for Latin America, this work focused only on the fifth principle, which addresses the "Responsibilities of the Board" and, more specifically, the recommendations concerning the "Board's Integrity and Directors' Independence". The main objective is to evaluate companies' attitudes in relation to managers' responsibilities and supervision as a way to ensure control and the results expected by shareholders. To that end, a questionnaire expressing the major OECD governance recommendations for Latin America was designed and confronted with the laws of those four countries and the corporate practices of the companies in the sample, in order to identify additional procedures in relation to those required by legislation. Results showed that Mexico is the country with the highest rates of compliance with OECD recommendations, followed by Brazil, Argentina and Chile. In general, the major weak points are the absence of specific committees composed of at least a majority of independent directors and the prohibition of practices like previous meetings or voting instructions by shareholders to directors.

Program directors in their role as leaders of teaching teams in residency training

NARCIS (Netherlands)

Slootweg, Irene A.; van der Vleuten, Cees; Heineman, Maas Jan; Scherpbier, Albert; Lombarts, Kiki M. J. M. H.

2014-01-01

Program directors have a formal leading position within a teaching team. It is not clear how program directors fulfill their leadership role in practice. In this interview study we aim to explore the role of the program director as strategic leader, based on the research-question: What are the

Program directors in their role as leaders of teaching teams in residency training

NARCIS (Netherlands)

Slootweg, I.A.; Vleuten, C.P.M. van der; Heineman, M.J.; Scherpbier, A.; Lombarts, K.M.

2014-01-01

BACKGROUND: Program directors have a formal leading position within a teaching team. It is not clear how program directors fulfill their leadership role in practice. In this interview study we aim to explore the role of the program director as strategic leader, based on the research-question: What

Pediatric obesity community programs: barriers & facilitators toward sustainability.

Science.gov (United States)

Po'e, Eli K; Gesell, Sabina B; Lynne Caples, T; Escarfuller, Juan; Barkin, Shari L

2010-08-01

Our current generation of young people could become the first generation to live shorter lives than their parents. Families need resources in their community to address this issue. Identifying barriers and facilitators of community organizations to offer obesity-related services is a first step in understanding sustainable community programs. The objective of this study is to identify common barriers and facilitators in community organizational programs designed to prevent or reduce pediatric obesity. We conducted an exploratory qualitative research study based on grounded theory. Thirty-six community organizations were identified based on self-descriptions of goals involving pediatric obesity. Semi-structured, systematic, face-to-face interviews among program directors (n = 24) were recorded, transcribed, and coded for recurrent themes. Relevant themes were abstracted from interviews by a standardized iterative process by two independent reviewers between December 2007 and November 2008. Theme discordance was reconciled by a third reviewer. Seventy percent of organizations indicated that obesity prevention/treatment was their explicit goal with remaining groups indicating healthy lifestyles as a more general goal. Facilitators to provision of these programs included: programmatic enhancements such as improved curriculums (73%), community involvement such as volunteers (62.5%), and partnerships with other programs (54.2%). Barriers that threatened sustainability included lack of consistent funding (43.8%), lack of consistent participation from the target population (41.7%) and lack of support staff (20.8%). New approaches in fostering partnerships between organizations need to be developed. Building coalitions and engaging community members in developing community based programs may be a helpful strategy to strengthen community-based programs to address the pediatric obesity epidemic.

27 CFR 28.261 - Notice to district director of customs.

Science.gov (United States)

2010-04-01

... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Notice to district director of customs. 28.261 Section 28.261 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX... Export § 28.261 Notice to district director of customs. On arrival at the port of exportation, of...

Use of social media by residency program directors for resident selection.

Science.gov (United States)

Cain, Jeff; Scott, Doneka R; Smith, Kelly

2010-10-01

Pharmacy residency program directors' attitudes and opinions regarding the use of social media in residency recruitment and selection were studied. A 24-item questionnaire was developed, pilot tested, revised, and sent to 996 residency program directors via SurveyMonkey.com. Demographic, social media usage, and opinions on social media data were collected and analyzed. A total of 454 residency program directors completed the study (response rate, 46.4%). The majority of respondents were women (58.8%), were members of Generation X (75.4%), and worked in a hospital or health system (80%). Most respondents (73%) rated themselves as either nonusers or novice users of social media. Twenty percent indicated that they had viewed a pharmacy residency applicant's social media information. More than half (52%) had encountered e-professionalism issues, including questionable photos and posts revealing unprofessional attitudes, and 89% strongly agreed or agreed that information voluntarily published online was fair game for judgments on character, attitudes, and professionalism. Only 4% of respondents had reviewed applicants' profiles for residency selection decisions. Of those respondents, 52% indicated that the content had no effect on resident selection. Over half of residency program directors were unsure whether they will use social media information for future residency selection decisions. Residency program directors from different generations had different views regarding social media information and its use in residency applicant selections. Residency program directors anticipated using social media information to aid in future decisions for resident selection and hiring.

Facilitation as a teaching strategy : experiences of facilitators

Directory of Open Access Journals (Sweden)

E Lekalakala-Mokgele

2006-09-01

Full Text Available Changes in nursing education involve the move from traditional teaching approaches that are teacher-centred to facilitation, a student centred approach. The studentcentred approach is based on a philosophy of teaching and learning that puts the learner on centre-stage. The aim of this study was to identify the challenges of facilitators of learning using facilitation as a teaching method and recommend strategies for their (facilitators development and support. A qualitative, explorative and contextual design was used. Four (4 universities in South Africa which utilize facilitation as a teaching/ learning process were identified and the facilitators were selected to be the sample of the study. The main question posed during in-depth group interviews was: How do you experience facilitation as a teaching/learning method?. Facilitators indicated different experiences and emotions when they first had to facilitate learning. All of them indicated that it was difficult to facilitate at the beginning as they were trained to lecture and that no format for facilitation was available. They experienced frustrations and anxieties as a result. The lack of knowledge of facilitation instilled fear in them. However they indicated that facilitation had many benefits for them and for the students. Amongst the ones mentioned were personal and professional growth. Challenges mentioned were the fear that they waste time and that they do not cover the content. It is therefore important that facilitation be included in the training of nurse educators.

75 FR 17037 - Federal Home Loan Bank Directors' Eligibility, Elections, Compensation and Expenses

Science.gov (United States)

2010-04-05

... determined by a resolution adopted by the board of directors of the Bank and subject to the provisions of... 2590-AA03, 2590-AA31 and 2590-AA34 Federal Home Loan Bank Directors' Eligibility, Elections... that implements two separate proposed rules, which relate to Federal Home Loan Bank (Bank) director...

Directors' report and accounts 1991-1992

International Nuclear Information System (INIS)

1993-01-01

This report for Scottish Hydro-Electric PLC contains details of key financial statistics, the financial calendar, the Directors' Report, the Auditors' Report, accounting policies, a Group Profit and Loss Account, balance sheets and a Group Cash Flow Statement. (UK)

Concentração de votos e acordo de acionistas: influências sobre o conservadorismo Voting rights concentration and shareholders agreement: influences on conservatism

Directory of Open Access Journals (Sweden)

Alfredo Sarlo Neto

2010-12-01

concentration and the shareholders agreement, are associated with the conditional conservatism proposed by Basu (1997. This association was founded on the effects of entrenchment and enforcement. Considering that the degree of conservatism of a firm is tied to the incentives arising from mechanisms that reduce the informational risk to stakeholders, this study was developed on the following research question: What is the influence of both the voting rights concentration and shareholders agreement on the degree of conservatism in the companies listed on Bovespa? The main goal of this work is to deal with factors not yet considered in the (national and international literature produced in this line of research, and provides evidence about the influence of ownership structure on conservatism in the Brazilian market, which is marked by a, agency conflict between controlling shareholders (controller and minority shareholders. The sample of the paper comprises 617 observations of non-financial companies traded on Bovespa during the period from 2000 to 2008. Alternatively, another sample was selected, disregarding the observations for 2008, as a means to remove the effects of the financial crisis registered that year. The evidences indicate that the voting rights concentration contributes to decrease the degree of conservatism, while, on the other hand, the stockholders agreement contributes to an increase. Alternatively, the results considered in the global crisis year distort the Basu model (1997. The researchers hope this study contributes for investors, regulators, researchers and analysts to understand the function of accounting information in companies' governance process.

The risk-adjusted performance of companies with female directors: A South African case

Directory of Open Access Journals (Sweden)

Mkhethwa Mkhize

2013-04-01

Full Text Available The objective of this research was to examine the effects of female directors on the risk-adjusted performance of firms listed on the JSE Securities Exchange of South Africa (the JSE. The theoretical underpinning for the relationship between representation of female directors and the risk-adjusted performance of companies was based on institutional theory. The hypothesis that there is no difference between the risk-adjusted performance of companies with female directors and that of companies without female directors was rejected. Implications of the results are discussed and suggestions for future research presented.

The mechanisms of corporate governance in the United States: an assessment

Directory of Open Access Journals (Sweden)

Aldrighi Dante Mendes

2003-01-01

Full Text Available This paper aims at evaluating the mechanisms of corporate governance currently at work in the United States. Section 1 turns its focus to the reasons accounting for the still relative scarceness of large shareholders in American publicly held companies. The analysis thereafter concentrates on assessing the efficacy of each of the pillars purportedly buttressing the American system of corporate control. The paper argues that the evidence provided by the existing corporate governance literature supports the following propositions: 1 the legal and regulatory framework actually restrains the scope for expropriating minority shareholders, though at the cost of inhibiting institutional investor activism; 2 as a rule, the board of directors do not comply with their mandatory duty of overseeing management, although some progress has recently been made, with directors in several companies becoming less submissive to chief executive officers; 3 the market for corporate control encounters a great number of difficulties (ranging from legal hurdles to high transaction costs and to serious free-riding problems, which are sufficient to cast a cloud on its reliability as a means of repressing managerial inefficiencies and rent-seeking; 4 competition in the product and capital markets is likely to produce effects only in the long-run.

Directors' report and accounts 1990-1991

International Nuclear Information System (INIS)

1992-01-01

The Director's Report and accounts for Scottish Hydro-Electric PLC are presented for the period 1990-91. Details are given of the accounting policies, profit and loss account, balance sheet, source and application of funds and abridged current cost information. (UK)

Corporate governance and corporate social responsibility: A typology of OECD countries

Directory of Open Access Journals (Sweden)

Patricia Crifo

2016-06-01

Full Text Available This article investigates the relationships between corporate governance and Corporate Social Responsibility (CSR. The underlying intuition is that governance factors are major determinants of CSR policies and extra-financial performance. More precisely, we identify three main factors that determine the strength of CSR engagement at the firm level: the structure of equity ownership (identity of shareholders, the composition and structure of board of directors, and the regulatory framework on corporate governance and CSR. We show how evolutions regarding corporate governance over the three previous decades have paved the way and shaped the rise of CSR. In addition, we elaborate a typology of CSR and governance structures that characterize OECD countries depending on whether the CSR reporting regime is stringent versus non-stringent, and on whether the corporate governance model is based on the shareholder, stakeholder or hybrid regime.

The function of a medical director in healthcare institutions: a master or a servant.

Science.gov (United States)

Kossaify, Antoine; Rasputin, Boris; Lahoud, Jean Claude

2013-01-01

The function of a medical director is presented along with features of efficiency and deficiencies from the perspective of healthcare system improvement. A MEDLINE/Pubmed research was performed using the terms "medical director" and "director", and 50 relevant articles were selected. Institutional healthcare quality is closely related to the medical director efficiency and deficiency, and a critical discussion of his or her function is presented along with a focus on the institutional policies, protocols, and procedures. The relationship between the medical director and the executive director is essential in order to implement a successful healthcare program, particularly in private facilities. Issues related to professionalism, fairness, medical records, quality of care, patient satisfaction, medical teaching, and malpractice are discussed from the perspective of institutional development and improvement strategies. In summary, the medical director must be a servant to the institutional constitution and to his or her job description; when his or her function is fully implemented, he or she may represent a local health governor or master, ensuring supervision and improvement of the institutional healthcare system.

Power in the role of the medical director: what it is and how to get more.

Science.gov (United States)

Gabel, Stewart

2011-05-01

The formal leadership of mental health care organizations commonly resides in an executive director, who may or may not have had clinical training. The medical director is a psychiatrist who reports to the executive director. For some, this arrangement suggests that the medical director lacks or has lost power in the organization. This paper examines more specifically the types of power available to the medical director using French & Raven (1959) and Raven (2008) bases of power framework. The executive director/medical director relationship can be thought of as a relationship between individuals holding formal and informal power, respectively. Although medical directors lack formal or positional power, they potentially have and can gain more informal power based on their recognized clinical/medical expertise, their personal presence and an assertive involvement and focus on the organizational mission.

12 CFR 905.10 - Board of Directors.

Science.gov (United States)

2010-01-01

... the five directors may belong to the same political party. (2) Responsibilities. The Board of..., functioning and organization of the Finance Board; (iii) Ensuring effective coordination and communication...

76 FR 72220 - Board of Directors Audit Committee Meeting; Sunshine Act

Science.gov (United States)

2011-11-22

... NEIGHBORHOOD REINVESTMENT CORPORATION Board of Directors Audit Committee Meeting; Sunshine Act... Director III. Executive Session Related to Pending Litigation IV. Internal Audit Report with Management's Response V. FY '12 Risk Assessment and Internal Audit Plan VI. FY '12 EHLP Risk Assessment and Internal...

From the Director: The Joy of Science, the Courage of Research

Science.gov (United States)

... Past Issues From the Director From the Director: The Joy of Science, the Courage of Research Past Issues / Fall 2007 Table ... probably the best scientific policy ever put forward. The greatest risk in science is to stop taking risks. When you take ...

Optimal segmentation scale parameter selection for object-oriented ...

African Journals Online (AJOL)

ikkguy001

2013-08-05

Aug 5, 2013 ... hierarchy levels that facilitate their accurate extraction. .... digitized in ArcGIS from the available aerial photography) and image objects ..... Driven Shareholding for Knowledge-based landslide Detection by Object-based Image ...

A proto-code of ethics and conduct for European nurse directors.

Science.gov (United States)

Stievano, Alessandro; De Marinis, Maria Grazia; Kelly, Denise; Filkins, Jacqueline; Meyenburg-Altwarg, Iris; Petrangeli, Mauro; Tschudin, Verena

2012-03-01

The proto-code of ethics and conduct for European nurse directors was developed as a strategic and dynamic document for nurse managers in Europe. It invites critical dialogue, reflective thinking about different situations, and the development of specific codes of ethics and conduct by nursing associations in different countries. The term proto-code is used for this document so that specifically country-orientated or organization-based and practical codes can be developed from it to guide professionals in more particular or situation-explicit reflection and values. The proto-code of ethics and conduct for European nurse directors was designed and developed by the European Nurse Directors Association's (ENDA) advisory team. This article gives short explanations of the code' s preamble and two main parts: Nurse directors' ethical basis, and Principles of professional practice, which is divided into six specific points: competence, care, safety, staff, life-long learning and multi-sectorial working.

Board of directors and risk management

NARCIS (Netherlands)

van der Elst, C.F.; Birkmose, H.; Neville, M.; Sorensen, K.

2013-01-01

The board of directors is responsible for an appropriate business risk management environment. The paper studies in a comparative way how legislators and courts fill this duty. We question whether the legislative and regulatory framework will improve the equilibrium between entrepreneurship and risk

Postdoctoral periodontal program directors' perspectives of resident selection.

Science.gov (United States)

Khan, Saba; Carmosino, Andrew J; Yuan, Judy Chia-Chun; Lucchiari, Newton; Kawar, Nadia; Sukotjo, Cortino

2015-02-01

Applications for postdoctoral periodontal programs have recently increased. The National Board Dental Examinations (NBDE) has adopted a pass/fail format. The purpose of this study is to examine the criteria used by accredited postdoctoral periodontal programs in the United States to evaluate potential applicants. A secondary purpose was to determine whether the absence of NBDE scores would change program directors' selection process. Basic demographic information of the program directors was also collected. A questionnaire was sent to all 54 program directors of accredited postdoctoral periodontal programs in the United States. The raw data were compiled, descriptive analyses were performed, and results were tabulated and ranked when applicable. Thirty-five of 54 program directors (64.8%) responded to the survey. The five most important factors in selecting residents were: 1) interview ratings; 2) dental school clinical grades; 3) dental school periodontics grades; 4) personal statement; and 5) letters of recommendation. The majority of the programs (94%; n = 33) require an interview, and many (86%; n = 30) have a committee that makes the final decision on candidate acceptance. More than half of the respondents (56%; n = 17) stated that the pass/fail format of the NBDE would affect the decision-making process. This study describes the criteria used by postdoctoral periodontal programs to help select applicants. Interview ratings, dental school grades, personal statements, and letters of recommendation were found to be the most important factors. Results from this study may be helpful for prospective postdoctoral periodontal program applicants in the United States.

Novel Round Energy Director for Use with Servo-driven Ultrasonic Welder

Science.gov (United States)

Savitski, Alex; Klinstein, Leo; Holt, Kenneth

Increasingly stringent process repeatability and precision of assembly requirements are common for high-volume manufacturing for electronic, automotive and especially medical device industries, in which components for disposable medication delivery devices are produced in hundreds of millions annually. Ultrasonic welding, one of the most efficient of plastic welding processes often joins these small plastic parts together, and quite possibly, the one most broadly adopted for high volume assembly. The very fundamental factor in ultrasonic welding process performance is a proper joint design, the most common of which is a design utilizing an energy director. Keeping the energy director size and shape consistent on a part-to-part basis in high volume, multi-cavity operations presents a constant challenge to molded part vendors, as dimensional variations from cavity to cavity and variations in the molding process are always present. A newly developed concept of energy director design, when the tip of the energy director is round, addresses these problems, as the round energy director is significantly easier to mold and maintain its dimensional consistency. It also eliminates a major source of process variability for assembly operations. Materializing the benefits of new type of joint design became possible with the introduction of servo-driven ultrasonic welders, which allow an unprecedented control of material flow during the welding cycle and results in significantly improved process repeatability. This article summarizes results of recent studies focused on evaluating performance of round energy director and investigating the main factors responsible for the joint quality.

Burnout and distress among internal medicine program directors: results of a national survey.

Science.gov (United States)

West, Colin P; Halvorsen, Andrew J; Swenson, Sara L; McDonald, Furman S

2013-08-01

Physician burnout and distress has been described in national studies of practicing physicians, internal medicine (IM) residents, IM clerkship directors, and medical school deans. However, no comparable national data exist for IM residency program directors. To assess burnout and distress among IM residency program directors, and to evaluate relationships of distress with personal and program characteristics and perceptions regarding implementation and consequences of Accreditation Council for Graduate Medical Education (ACGME) regulations. The 2010 Association of Program Directors in Internal Medicine (APDIM) Annual Survey, developed by the APDIM Survey Committee, was sent in August 2010 to the 377 program directors with APDIM membership, representing 99.0 % of the 381 United States categorical IM residency programs. The 2010 APDIM Annual Survey included validated items on well-being and distress, including questions addressing quality of life, satisfaction with work-life balance, and burnout. Questions addressing personal and program characteristics and perceptions regarding implementation and consequences of ACGME regulations were also included. Of 377 eligible program directors, 282 (74.8 %) completed surveys. Among respondents, 12.4 % and 28.8 % rated their quality of life and satisfaction with work-life balance negatively, respectively. Also, 27.0 % reported emotional exhaustion, 10.4 % reported depersonalization, and 28.7 % reported overall burnout. These rates were lower than those reported previously in national studies of medical students, IM residents, practicing physicians, IM clerkship directors, and medical school deans. Aspects of distress were more common among younger program directors, women, and those reporting greater weekly work hours. Work-home conflicts were common and associated with all domains of distress, especially if not resolved in a manner effectively balancing work and home responsibilities. Associations with program characteristics

Dr Robert Aymar, Director of the International Thermonuclear Experimental Reactor (ITER), was nominated to succeed Professor Luciano Maiani as CERN's Director General, to take office on 1 January 2004.

CERN Document Server

2002-01-01

Dr Robert Aymar, Director of the International Thermonuclear Experimental Reactor (ITER), was nominated to succeed Professor Luciano Maiani as CERN's Director General, to take office on 1 January 2004.

Linking Leadership Studies to Corporate Brand Management: A Review

OpenAIRE

Zullina H. Shaari; Amzairi Amar; M. Radzi Zainol; Azamudin Badri Harun

2015-01-01

Two models of corporate brand or reputation management include ¡°leadership and success¡± as a dimension that influences reactions of multiple stakeholders to organisations. Primary groups of stakeholders such as shareholders/investors, employees, and customers, often associate leadership of organisations with Chief Executive Officers (CEOs) or managing directors. This paper proposes that if CEOs are to be capitalised as part of corporate brand management, their leadership should be projected...

78 FR 54925 - Audit Committee Meeting of The Board of Directors; Sunshine Act Meeting

Science.gov (United States)

2013-09-06

... NEIGHBORHOOD REINVESTMENT CORPORATION Audit Committee Meeting of The Board of Directors; Sunshine.... Executive Session With Internal Audit Director III. Title Change of the Internal Audit Director IV. Executive Session With Officers: Pending Litigation V. FY14 Risk Assessment & Internal Audit Plan VI...

Annual report 2001

International Nuclear Information System (INIS)

2002-01-01

A brief account of activities carried out by the Slovenske elektrarne, a.s. (Slovak Electric, plc) is presented. These activities are reported under the following headings: (1) Year in brief - major events; (2) Statement of the Chairman of the Board of directors; (3) Structure of the company; (4) Board of directors; (5) Supervisory board; (6) Shareholders; (7) Equity holdings of the company; (8) Company strategy; (9) Generation electricity and heat; (10) Trade in electricity and heat; (11) Operation of the transmission systems of the Slovak Republic; (12) Investment; (13) International co-operation; (14) Nuclear safety; (15) Environment; (16) Human resources; (17) Report on the financial statements of the company; (18) Balance sheet; (19) Auditor's report; (20) Abbreviations

Elective time during dermatology residency: A survey of residents and program directors.

Science.gov (United States)

Uppal, Pushpinder; Shantharam, Rohini; Kaufmann, Tara Lynn

2017-12-15

Elective time during residency training provides residents with exposure to different subspecialties. This opportunity gives residents the chance tonurture growth in particular areas of interest and broaden their knowledge base in certain topics in dermatology by having the chance to work withexperts in the field. The purpose of this study was to assess the views of residency program directors and dermatology residents on the value of elective time through a cross sectional survey. An eight-questionIRB exempt survey was sent out to 113 residency program directors via email through the American Professors of Dermatology (APD) program director listserv. Program directors were asked to forward a separate set of 9 questions to their residents. The majority of programs that responded allowed for some elective time within their schedule, often duringthe PGY 4 (3rd year of dermatology training), but the amount of time allowed widely varied among many residency programs. Overall, residents and program directors agree that elective is important in residencytraining, but no standardization is established across programs.

Where Is the Next Rose Director?

OpenAIRE

John Blundell

2013-01-01

Rose Friedman (née Director), the Chicago-trained economist, was a very important contributor to Milton Friedman’s scholarly output, popular writings, and television series. His remarkable role in society was to a significant extent a joint role from which she cannot be separated.

5 CFR 2638.506 - Director's recommendation.

Science.gov (United States)

2010-01-01

... of the respondent employee's agency that appropriate disciplinary action be taken. If the respondent..., thereafter, will provide appropriate notice of the disciplinary action taken. (c) Notice of noncompliance. If the Director determines that the head of an agency has not taken appropriate disciplinary action...

VMware vCloud Director essentials

CERN Document Server

Pal, Lipika

2014-01-01

If you are a technical professional with system administration knowledge, then this book is for you. The book also covers areas of importance if you are a virtualization engineer, consultant, architect, senior system engineer, or senior system analyst. You should possess core vSphere platform knowledge necessary to serve as a base to learn vCloud Director and its associated components.

32 CFR Appendix D to Part 247 - AFIS Print Media Directorate

Science.gov (United States)

2010-07-01

... for word processing or desktop publishing. All other PMD publications should be requisitioned through... Directorate (PMD), an element of AFIS, develops, publishes, and distributes a variety of print media products.../defenselink/afis/. B. Use of materials published by print media directorate. With the exception of copyrighted...

12 CFR 1261.11 - Conflict-of-interests policy for Bank directors.

Science.gov (United States)

2010-01-01

... parent, sibling, spouse, child, or dependent, or any relative sharing the same residence as the director..., property, or relationship that involves receiving or providing something of monetary value, and includes... whom a director has a business relationship, including, but not limited to: (i) Any corporation or...

17 CFR 200.20b - Director of Division of Investment Management.

Science.gov (United States)

2010-04-01

... Investment Management. 200.20b Section 200.20b Commodity and Securities Exchanges SECURITIES AND EXCHANGE... General Organization § 200.20b Director of Division of Investment Management. The Director of the Division of Investment Management is responsible to the Commission for the administration of the Commission's...

Summer Principals'/Directors' Orientation Training Module.

Science.gov (United States)

Mata, Robert L.; Garcia, Richard L.

Intended to provide current or potential project principals/directors with the basic knowledge, skills, abilities, and sensitivities needed to manage a summer migrant school project in the local educational setting, this module provides instruction in the project management areas of planning, preparation, control, and termination. The module…

45 CFR 1700.5 - Executive Director.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Executive Director. 1700.5 Section 1700.5 Public Welfare Regulations Relating to Public Welfare (Continued) NATIONAL COMMISSION ON LIBRARIES AND..., recommendation and implementation of overall plans and policies to achieve the Commission's goals. (d) To...

Women on the corporate board of directors and corporate sustainability disclosure

Directory of Open Access Journals (Sweden)

Emeldah M. Modiba

2017-09-01

Full Text Available This research examined whether an improved participation of women in the board of directors has any relationship with sustainability disclosure. Accordingly, the objective of this research was to examine the relationship between the number of women on the board of directors and social investment disclosure and energy disclosure in the sample of companies. The paper used a quantitative approach and data were collected from the archives of sustainability reports of five companies that formed the sample. The panel-data regression analysis was used in data arrangement. Five sample of companies over five years produced a (5 x 5 panel resulting in 25 observations. Data was tested at an alpha of 0.05. Results from all the analysis showed a P value below the research alpha (P < 0,05 indicating a significant relationship. Therefore, findings from the panel-data regression analysis disclosed a positive relationship between the number of women on the board of directors and corporate disclosure on social investment and energy consumption. Further analysis also disclosed that women on the board of directors are related with the overall number of women employees in the company. The paper concludes that within the sample of companies, women on the board of directors may influence sustainability disclosure such as energy and social investment. Women on the board of directors might also assist the companies to achieve gender equity employment goals. The research recommends that given the unique social and environmental proclivity of women, the corporate should recruit more women in the boards to enhance accelerated corporate sustainability performance. Further research using expanded number of companies is recommended.

A new director for Arts@CERN

CERN Multimedia

CERN Bulletin

2015-01-01

On 2 March 2015, Mónica Bello will take the reins of the Arts@CERN programme. A few days before taking over the new job, the curator and art critic talked to the CERN Bulletin about her interest in arts and science, her motivations for the job, and her plans for the future of the programme.   Mónica Bello. “The exciting nature of CERN almost demands an artistic programme like Arts@CERN,” says Mónica, former artistic director of VIDA (one of the most important competitions in digital and new media arts worldwide), who has recently been appointed as the new director of the Arts@CERN programme. “The programme is unique as it provides the artist not only with resources, but also with interesting scientific topics and a natural way for the artists to become involved. Thanks to this programme, artists can come to CERN, bring their individuality, and really benefit from the sharing experience with scientists.” Mónica,...

Role of Directorates in Promoting Nursing and Midwifery Across the Various States of India: Call for Leadership for Reforms

Directory of Open Access Journals (Sweden)

Rajni Bagga

2015-01-01

Full Text Available Background: While the roles and responsibilities of nursing professionals have multiplied over the years, but there are huge concerns with regard to the development of the nursing workforce and human resources (HR issues for their career growth. The major lacuna is in not involving the nursing professionals in policy framing and decision-making. As a result, there is a leadership crisis of the nursing workforce across India. Objectives: The paper, is part of the WHO supported study, entitled "Study on Nursing and Midwifery in India: a critical review", is developed with the objective to review the current organizational and management structure for the nursing positions at the State Directorates in India and obtain a Leadership perspective to strengthen nursing management capacities to address maternal health issues. Materials and Methods: The study descriptive and qualitative in nature and the sources of information were both primary and secondary collected from 16 states of India. Results: Since none of the states have neither a Nursing Cell nor the post of Director Nursing, final decision-making powers rest with state health secretaries and medical directors. The nursing management structure majorly managed by senior policy makers from the medical fraternity, and provides very little scope for nursing professionals to participate in policy decision making to bring about reforms. There is no uniformity on HR issues concerning career graphs and pay structures across the states. Conclusions: In order to strengthen nursing as a profession and for facilitating their role at the policy level, more powers and autonomy needs to be given to them and this requires HR policy guidelines for nurses. Setting up a separate nursing directorate, to be headed by a senior nursing professional, is suggested in every state along with a strong nursing division at the National level. This total paradigm shift will empower nursing professionals to take up the

22 CFR 67.2 - Board of Directors.

Science.gov (United States)

2010-04-01

..., Washington, DC 20005-5000. (b) All major policy and funding decisions are made by the Board of Directors. The primary statement of NED's operating philosophy, general principles and priorities is contained in the...

The untold stories of film directors: Hollywood’s depiction as metacinematic mythmaking

OpenAIRE

Chinita, Fátima

2017-01-01

In the Hollywood metafilm, from the Studio System period to the present day, only a few film directors have been tackled on screen. Also, whereas the biopic of Hollywood stars is usually simply a “rags to riches” tale and/or vice-versa, the film director biopic is foremost the evidence of an authorial discourse, although presented with some sentiment. In other words, what moves some filmmakers (especially directors) to approach the life and art of their famous peers is a wish to reflect on th...

17 CFR 143.7 - Delegation of authority to the Executive Director.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Delegation of authority to the... JURISDICTION General Provisions § 143.7 Delegation of authority to the Executive Director. (a) The Commission... Commission employee under the Executive Director's supervision as he or she may designate, authority to take...

75 FR 44271 - Office of the Director; Notice of Closed Meeting

Science.gov (United States)

2010-07-28

... 20892. Contact Person: Lawrence A. Tabak, PhD, DDS, Acting Director, Division of Program Coordination..., Building 31, Room 2C39, Bethesda, MD 20892, 301- 496-3571, lawrence[email protected] . This notice is being.... Dated: July 22, 2010. Jennifer Spaeth, Director, Office of Federal Advisory Committee Policy. [FR Doc...

Mergers and acquisitions: director and consultant liability exposure.

Science.gov (United States)

Waxman, J M

1995-02-01

Corporate directors and their consultants must make decisions in an uncertain and changing health care environment. The losses each may face as a result of an incomplete analysis of the true value of the entities involved in mergers or acquisitions may extend beyond the failure of the transaction to the creation of personal liability as well. Accordingly, objective, careful, detailed, and fair decision-making based upon adequate information is more critical than ever for directors if they are to be able to take advantage of the business judgment rule, and also for consultants to avoid their own liability when transactions fail to deliver the values they have estimated.

50 CFR 18.91 - Director's decision.

Science.gov (United States)

2010-10-01

... 50 Wildlife and Fisheries 6 2010-10-01 2010-10-01 false Director's decision. 18.91 Section 18.91...) TAKING, POSSESSION, TRANSPORTATION, SALE, PURCHASE, BARTER, EXPORTATION, AND IMPORTATION OF WILDLIFE AND... decision. (a) Upon receipt of the recommended decision and transcript and after the thirty-day period for...

36 CFR 51.8 - Where will the Director publish the notice of availability of the prospectus?

Science.gov (United States)

2010-07-01

... Award Procedures § 51.8 Where will the Director publish the notice of availability of the prospectus? The Director will publish notice of the availability of the prospectus at least once in the Commerce... Director may also publish notices, if determined appropriate by the Director, electronically or in local or...

The Role of Board of Directors in the Establishment of Risk Management Committee

Directory of Open Access Journals (Sweden)

Ishak Suhaimi

2017-01-01

Full Text Available The objective of the study is to discuss the roles of board of directors in the establishment of risk management committee for Malaysian’s public listed companies. In Malaysia, based on the Malaysian Code on Corporate Governance (MCCG, (2007; 2012 clearly stated the role and responsibility of the board of directors toward the risk management activities. At the Corporate Governance Week 2010 and 2011 as well, the chairman of the Security Commission Malaysia highlighted the responsibility of the board of directors in risk management processes and she expressed concern over the failure of the board of directors to establish appropriate measures for the risk management process in the company. The statement of the chairman of Security Commission Malaysia is in line with MCCG’s best practices (2000; 2007; 2012, i.e., the board of directors should identify principle risks and ensure the implementation of an appropriate system to manage these risks.

Gender differences in salary of internal medicine residency directors: a national survey.

Science.gov (United States)

Willett, Lisa L; Halvorsen, Andrew J; McDonald, Furman S; Chaudhry, Saima I; Arora, Vineet M

2015-06-01

Whether salary disparities exist between men and women in medical education leadership roles is not known. The study objective was to determine whether salary disparities exist between male and female Internal Medicine residency program directors, and if so, to identify factors associated with the disparities and explore historical trends. The annual Association of Program Directors in Internal Medicine (APDIM) survey in August 2012 included items to assess the salary and demographic characteristics of program directors, which were merged with publically available program data. To assess historical trends, we used similarly obtained survey data from 2008 to 2011. The study included program directors of 370 APDIM member programs, representing 95.6% of the 387 accredited Internal Medicine training programs in the United States and Puerto Rico. Of the 370 APDIM member programs, 241 (65.1%) completed the survey, of whom 169 (70.1%) were men and 72 (29.9%) were women. Program directors' total annual salary, measured in $25,000 increments, ranged from $75,000 or less to more than $400,000. Historical trends of mode salary by gender from 2008 to 2012 were assessed. The mode salary was $200,000 to 225,000 for men and $175,000 to $200,000 for women (P = .0005). After controlling for academic rank, career in general internal medicine, and program director age, the distribution of salary remained different by gender (P = .004). Historical trends show that the difference in mode salary has persisted since 2008. Leaders in academic medical centers, residency and fellowship directors, and all faculty in medical education need to be aware that salary disparities cited decades ago persist in this sample of medical educators. Closing the gender gap will require continued advocacy for measuring and reporting salary gaps, and changing the culture of academic medical centers. Copyright © 2015 Alliance for Academic Internal Medicine. Published by Elsevier Inc. All rights reserved.

29 August 2013 - Director Variable Energy Cyclotron Centre, India D. Srivastava signing the guest book with CERN Director-General R. Heuer. Coordinator of India-ALICE Collaboration T. Nayak present throughout.

CERN Multimedia

Jean-Claude Gadmer

2013-01-01

29 August 2013 - Director Variable Energy Cyclotron Centre, India D. Srivastava signing the guest book with CERN Director-General R. Heuer. Coordinator of India-ALICE Collaboration T. Nayak present throughout.

Controlling placement of nonspherical (boomerang) colloids in nematic cells with photopatterned director

International Nuclear Information System (INIS)

Peng, Chenhui; Turiv, Taras; Guo, Yubing; Shiyanovskii, Sergij V; Wei, Qi-Huo; Lavrentovich, Oleg D; Zhang, Rui; De Pablo, Juan

2017-01-01

Placing colloidal particles in predesigned sites represents a major challenge of the current state-of-the-art colloidal science. Nematic liquid crystals with spatially varying director patterns represent a promising approach to achieve a well-controlled placement of colloidal particles thanks to the elastic forces between the particles and the surrounding landscape of molecular orientation. Here we demonstrate how the spatially varying director field can be used to control placement of non-spherical particles of boomerang shape. The boomerang colloids create director distortions of a dipolar symmetry. When a boomerang particle is placed in a periodic splay-bend director pattern, it migrates towards the region of a maximum bend. The behavior is contrasted to that one of spherical particles with normal surface anchoring, which also produce dipolar director distortions, but prefer to compartmentalize into the regions with a maximum splay. The splay-bend periodic landscape thus allows one to spatially separate these two types of particles. By exploring overdamped dynamics of the colloids, we determine elastic driving forces responsible for the preferential placement. Control of colloidal locations through patterned molecular orientation can be explored for future applications in microfluidic, lab on a chip, sensing and sorting devices. (paper)

Controlling placement of nonspherical (boomerang) colloids in nematic cells with photopatterned director

Science.gov (United States)

Peng, Chenhui; Turiv, Taras; Zhang, Rui; Guo, Yubing; Shiyanovskii, Sergij V.; Wei, Qi-Huo; de Pablo, Juan; Lavrentovich, Oleg D.

2017-01-01

Placing colloidal particles in predesigned sites represents a major challenge of the current state-of-the-art colloidal science. Nematic liquid crystals with spatially varying director patterns represent a promising approach to achieve a well-controlled placement of colloidal particles thanks to the elastic forces between the particles and the surrounding landscape of molecular orientation. Here we demonstrate how the spatially varying director field can be used to control placement of non-spherical particles of boomerang shape. The boomerang colloids create director distortions of a dipolar symmetry. When a boomerang particle is placed in a periodic splay-bend director pattern, it migrates towards the region of a maximum bend. The behavior is contrasted to that one of spherical particles with normal surface anchoring, which also produce dipolar director distortions, but prefer to compartmentalize into the regions with a maximum splay. The splay-bend periodic landscape thus allows one to spatially separate these two types of particles. By exploring overdamped dynamics of the colloids, we determine elastic driving forces responsible for the preferential placement. Control of colloidal locations through patterned molecular orientation can be explored for future applications in microfluidic, lab on a chip, sensing and sorting devices.

31 CFR 401.3 - Authority of District Directors of Customs to hold in custody.

Science.gov (United States)

2010-07-01

....3 Authority of District Directors of Customs to hold in custody. District Directors of Customs are... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Authority of District Directors of Customs to hold in custody. 401.3 Section 401.3 Money and Finance: Treasury Regulations Relating to Money...

Poison pills: A defensive measure against a hostile takeover or a demonstration of power of the target company

Directory of Open Access Journals (Sweden)

Jovanović-Zattila Milena

2014-01-01

Full Text Available The balance of power is particularly at stake in hostile takeovers, which makes the issue of establishing the balance of power one of the most controversial issues in the contemporary company law. In the circumstances of direct market competition and the need to have a dominant market position, companies are necessarily forced to constantly upgrade and advance their offensive and defensive methods, techniques and strategies. In order to prevent a hostile takeover, the target company may resort to an array of defence mechanisms, the most prominent of which are 'poison pills'. In spite of being perceived as the most powerful tool for obstructing hostile takeovers (and commonly designated as the 'Holy Grail' among the defensive mechanisms, there are many pros and cons underlying their application. One of the positive effects of using the poison pills is that the fear of takeovers makes the target company management more disciplined and efficient in business operations. The negative consequences are reflected in the relationship between the company board of directors and the shareholders. The target company management makes a unilateral decision on using a poison pill and this decision does not have to be approved by the shareholders in the General Meeting; however, this is highly inconsistent with the basic principles of corporate governance. The asymmetry of information, where the management (an agent has disproportionately more relevant information at its disposal than the shareholders (principals, generates a conflict between the management and the shareholders. In company law, this agency problem is generally known as the principal-agent problem, which is most prominent in a takeover. Poison pills are often associated with the discrimination of the target company shareholders, but not necessarily. The controversial nature of this defensive measure which can be applied by the target company has given rise to numerous debates on the need to

Female Directors and Firm Performance: Evidence from UK Listed Firms

OpenAIRE

Pasaribu, Pananda

2017-01-01

The impact of female directors on firm performance has lacked consistency in the previously conducted empirical studies, which may be due to the endogeneity problem, or certain characteristics (i.e. governance, industry, competition). This study examines the relationship between female directors and firm performance by addressing those problems. This study analyses all non-financial UK listed firms during the period 2004-2012 and employs several econometric models. The regression results indi...

Financial performance and remuneration of executive directors of brazilian

Directory of Open Access Journals (Sweden)

Larissa Degenhart

2017-09-01

Full Text Available This study aimed to examine whether there is a relationship between financial performance and the remuneration of executive directors of Brazilian companies. Thus, there was a descriptive, documentary and quantitative research. The review period was the years 2011 to 2015. The study population consisted of Brazilian companies listed on the BM&FBovespa and the sample consisted of companies that presented all the variables used in each year surveyed, totaling 219 companies. For the data analysis was conducted to Spearman correlation analysis and linear regression, and was performed using the SPSS statistical software. From the study results it was found that the variables: Total Asset Profitability (ROA and company size had a significant and positive relationship with the fixed remuneration, variable and total executive directors. These results showed for the analyzed scenario, the compensation of executive officers is higher when the ROA is high and also in relation to the company size, large companies pay their executives more than smaller companies. Finally, it can be concluded that there is a relationship between financial performance and Fixed Compensation, and Variable Total executive directors of Brazilian companies listed on the BM&FBovespa. In addition, this research contributes to the understanding of the amounts paid to executive officers, demonstrating that the performance of companies reflected in the remuneration of the executive directors, so that they act in the company in order to raise the economic and financial results.

Governance systems in family SMEs: the substitution effects between family councils and corporate governance mechanisms

OpenAIRE

L. Gnan; D. Montemerlo; M. Huse

2015-01-01

The main objective of this paper is to explore the role of family councils vis-à-vis corporate governance mechanisms. Particularly, the paper explores whether family councils perform only their distinctive family governance role or if they also substitute for the roles performed by corporate governance control mechanisms. Based on a sample of 243 Italian family SMEs, our research findings show that the family council partially substitutes the shareholders' meeting and the board of directors i...

PERANAN VISUM ET REPERTUM DALAM TINDAK PIDANA PENGANIAYAAN YANG MENGAKIBATKAN KEMATIAN

Directory of Open Access Journals (Sweden)

Manumpak Pane

2014-10-01

Corporate crime is a category of crimes that emerge along with the economic and technological development. The issue raised in this article is how is the criminal responsibility for the company as a legal entity. This is crucial since the rules of the Criminal Law has not fully reach the criminal act performed by corporations. This paper intends to outline the criminal liability of corporations, particularly their main shareholders and directors when there is a criminal offense committed.

PERTANGGUNGJAWABAN PIDANA PEMEGANG SAHAM DAN DIREKSI TERHADAP KORPORASI YANG DIPIDANAKAN

Directory of Open Access Journals (Sweden)

Heffinur Heffinur

2014-10-01

Corporate crime is a category of crimes that emerge along with the economic and technological development. The issue raised in this article is how is the criminal responsibility for the company as a legal entity. This is crucial since the rules of the Criminal Law has not fully reach the criminal act performed by corporations. This paper intends to outline the criminal liability of corporations, particularly their main shareholders and directors when there is a criminal offense committed.

Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

OpenAIRE

Mohsen Sohrabi Araghi; Sharifaldin Attari

2013-01-01

One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in d...

Does skin in the game matter?: director incentives and governance in the mutual fund industry

NARCIS (Netherlands)

Cremers, M.; Driessen, J.; Maenhout, P.; Weinbaum, D.

2009-01-01

We use a unique database on ownership stakes of equity mutual fund directors to analyze whether the directors' incentive structure is related to fund performance. Ownership of both independent and nonindependent directors plays an economically and statistically significant role. Funds in which

75 FR 39266 - National Protection and Programs Directorate; National Infrastructure Advisory Council

Science.gov (United States)

2010-07-08

... Infrastructure Disruptions VII. New Business VIII. Closing Remarks IX. Adjournment Procedural While this meeting... Directorate; National Infrastructure Advisory Council AGENCY: National Protection and Programs Directorate... Infrastructure Advisory Council (NIAC) will meet on Tuesday, July 13, 2010, at the National Press Club's Ballroom...

31 CFR 10.1 - Director of the Office of Professional Responsibility.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Director of the Office of Professional Responsibility. 10.1 Section 10.1 Money and Finance: Treasury Office of the Secretary of the Treasury PRACTICE BEFORE THE INTERNAL REVENUE SERVICE Rules Governing Authority to Practice § 10.1 Director of the Office of Professional Responsibility. ...

The Payout Decision-Making Process of Brazilian Listed Companies: A CFO Survey

Directory of Open Access Journals (Sweden)

Roberto Frota Decourt

2012-12-01

Full Text Available The purpose of this paper is to present the results of a survey with Brazilian listed companies CFOs` trying to identify how these companies determine and manage their payout policy. It was identified that the final decision about dividends is taken by the board of directors, taking into consideration a management proposal sent to them before. Main factors analyzed are net profit and cash generation during immediate previous period. The managers mainly consider interest on own capital (JSCP and dividends as instruments for payout policy. They believe that share repurchase is advantageous to shareholders; however, it is viewed more as an investment decision by the company than a dividend policy. The interest on own capital is broadly used because it provides a fiscal benefit to the company. It seems that management compensation policy affects dividends payout. This suggests an agency conflict between managers and shareholders.

Influence of Surface Geometry of Grating Substrate on Director in Nematic Liquid Crystal Cell

International Nuclear Information System (INIS)

Ye Wenjiang; Xing Hongyu; Yang Guochen; Zhang Zhidong; Sun Yubao; Chen Guoying; Xuan Li

2011-01-01

The director in nematic liquid crystal cell with a weak anchoring grating substrate and a strong anchoring planar substrate is relative to the coordinates x and z. The influence of the surface geometry of the grating substrate in the cell on the director profile is numerically simulated using the two-dimensional finite-difference iterative method under the condition of one elastic constant approximation and zero driven voltage. The deepness of groove and the cell gap affect the distribution of director. For the relatively shallow groove and the relatively thick cell gap, the director is only dependent on the coordinate z. For the relatively deep groove and the relatively thin cell gap, the director must be dependent on the two coordinates x and z because of the increased elastic strain energy induced by the grating surface. (condensed matter: structural, mechanical, and thermal properties)

IAEA Director General to Visit Iran

International Nuclear Information System (INIS)

2013-01-01

Full text: IAEA Director General Yukiya Amano will travel to Tehran on 10 November 2013 to meet senior Iranian leaders on Monday, 11 November 2013, with the aim of strengthening dialogue and cooperation. Separately, as previously announced, IAEA and Iranian experts will meet in Tehran on Monday to discuss technical issues. IAEA)

Leader in Digital Transformation: Director, Information Management ...

International Development Research Centre (IDRC) Digital Library (Canada)

As the Deputy Chief Information Officer, the Director is also accountable for developing ... operations and maintenance of key business systems (financial applications, ... Plays a key role in the control of access to personal information in e-mail ...