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Gray Owen and Adams Model- PRESSD3
Pristine Capitalist
Proponents of Social Contract
Radical Feminist
Expedients
Socialist
Social Ecologist
Deep Green EcologistPlease can someone help with TARA, I missed this one, and on the last lecture I can’t seem to hear. What does it relate to, and what does each letter represent.
Many thanks
TARA is a risk strategies:
T- Transfer
A- Accept
R- Reduction/Mitigation
A- AvoidThese are mine keeping in with the Clarissa theme for audit committee on lecture
Role of CEO – ceo is ‘ Mrs risc ‘
MANAGEMENT team
RISK management
STRATEGY development
Recommend to board committees
Investment analysis
Stakeholders
Control SystemsRole of chairman ‘ Ria Said ‘ chairman is ria
Running of board
Information to board
Appraisal
Shareholders communication
Accounts signing
Inductions of new dir
Development of boardWhen should institution investors intervene – Sid scorn – fund manger is Sid
Strategy concerns
Internal control failure
Dominated by small group exec
Social responsibility poor
Compliance to gov code issues
Operational performance poor
Remuneration of exec issue
Neds failing to hold exec to account.Guideline Principals for Integrated Reporting
FIRMCC
Focus and Future
Information
Relations with stakeholders
Materiality
Conciseness
CompletenessRole of risk committe
A – agree risk mgmt policy & strategy
R – review report on key risk prepared by board or mgmt
M – monitor exposure of risk to the co & ensure within limit
S – statement of ic
E – ensure Effectiveness of risk mgmt & ic
W – provide early Warning on any emerging risk or significant changes on riskWhy institutional investors need to intervene: SIPCRIP
Strategies are risky
Independent NEDS fail
Poor succession planning
Corporate Governance – no comply, no explain
Remuneration excess
Internal controls fail
Poor company performanceInternal controls……PESTA
Prevent fraud and other non compliance
Efficient operations
Safeguard assets
Timely information
AccuracyMy understanding of it is; because some stakeholders such as shareholders/investors may have a long term interest in the company and want the company to be successful for a long period of time. Therefore some decisions made that would benefit short term targets may have not been considered properly on the affects they have on the long term strategy and therefore could be detrimental to the going concern status of the company. This is why remuneration packages are encouraged to have some form of element in them to encourage directors to consider both short term and long term strategies, for example share options that cant be exercised after until ‘X’ amount of years
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NEDs: Roles, Advantages and Disadvantages
Sir PP monitors the expertism of perception and communication, though unity, quality and remuneration can suffer
Roles: Sir PP
Strategy Role
Risk Role
Performance / Scrutinising Role
People RoleAdvantages
Monitoring executive directors
Expertise – provide external expertise
Perception of good CG
CommunicationDisadvantages
Unity – risk of lack of trust of the executives
Quality – where liability for Neds and execs is the same, there may be poor molare for Neds to serve on board
Remuneration – basic salary no reward linkedMy way of remembering Gray, Owen & Adams:
Pristine Capitalism
Expedient
Social Contractarian Position
Social Ecologist
Socialist
Radical Feminist
Deep EcologistPhysical Education – Sport, Sport, Sport – Regularly, Daily!!! 🙂
Concepts underpinning corporate governance
Judge, TRIP IS FAIR
Judgement
Transparency
Reputation
Independence
Probity/HonestyIntegrity
ScepticismFairness
Accountability
Innovation
Responsibility- Topics: 0
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Integrated reporting, 6 capitals
I aM a Fan of NHS
Intellectual, Manufactured, Financial, Natural, Human, Social
Need for Internal audit (SCANOCUP)
Scale, divercity, complexity of biz
Cost benefit analysis
Assurance desired by board ( regular / sporadic)
Number of employees
Other monitoring units provide assurance
Changes in internal (new products, processes) , external (PESTEL)
Unforseen circumstances
Problem continued to erupt
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