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Post your comments about December 2011 P1 exam.
What came up? How did you do? How did this paper compare to previous exams?Vote in our Instant Poll
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Hard to me
can u guys give a break down of the topics coming in terms of question numbers so that we can assess how the paper was overall..
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Q1 a) Purpose of corporate of ethics
b) Voluntary and Mandatory disclosure
c) Prepare Statement
– Internal Control Failure that cause accident (refer to case)
– Risk Perception ( Objective and Subjective Risk Assessment)
– Health and Safety Risk
– ALARPQ2 a) Rule and Principle based approach
b) Benefit of separation of role of chairman and CEO
c ) (discussion on principle based relate to the case)Q3 a) Purpose of Reward Package and Factor to Influence in set a level of Reward Package
b) Market Risk
c) Advantages of proxy votingQ4 (all about CSR and 7 position along the continuum-Gray,Owen & Adam)
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The background story in compulsory question is really of BP deep horizon oil rig accident, even the outside and media comments also referred to ……………
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Objective – easy to determine outcome and impacts
Subjective – its subjective! lolAt least thats what I used, the examples I used that flipping a coin would be objective whereas the change of an oil spill and the exact impact is almost impossible to determine. Exam was pretty challenging but hopefully ive done enough to pass it 🙁
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ALARP is impossible cuz there’s no possible outcome in workers death?)
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I guessed that subjective was difficult to assess the likelyhood, not sure if i said impact or not and therefore, the assessment was based on judgement and objective assessment you could so by not being in control of wells internal controls they could not have foreseen that the accident would happen.
in relation to alarp in said that they would introduce controls to all contractors and demand regular reports to confirm compliance however, as wells was an agent of coastal oil they would have to trust that they were doing so in some way therefore could not 100% gaurentee it would happen again.probably a load of s… but sure its done now
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I thought Q3 was okay tho.. at least i think it was, i avoided question four as find it very hard to apply in questions.
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did anyone understand what question 2 A was referring to when it asked principles apply flexibily to all STAKEHOLDers, i didnt know what they were getting at here
it is little hard
any one do q 4 what two ends of graw owin &adams used in part a@abdelbagi2004
I did q4. Put the Pristine Capitalist at one end and the Deep Ecologist at the other.Was a fairly challenging exam, hoping for a pass!! Good luck everyone!
also i put deep ecoligt and pristine cabitalist
but what about q 4 part b and c
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congratulations 2 ALL. It’s finished. Let’s forget 4 letters A C C A for this year ) and let’s enjoy the Christmas and Happy New Year!
I said that Robert Tens was a Proponent of the Social contract as he acknowledged a moral duty but also that there would be a benefit to the company in doing so.
I said that Margaret (can’t remember her name now) was the Pristine Capitalist as she believed there were no moral obligations outside of their duty to the shareholders and that maximizing shareholder wealth was their primary objective.
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the flexible question was referring to applying flexibility to principles based approach as opposed to rules based i.e best practice to seperate chairman and ceo but the company were flexible on this requirement
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This paper was ok. Question one was on many different chapters including purpose of corporate ethics code, risk failures to be identified that led to the accident, argue that the senators point of view was subjective risk assessment and distinguish between subjective and objective risk assessments. Evaluate how the company performed in terms of their corporate ethics code explain what health and safety risk was and why the company could not reduce it much using ALARP.
Questions 2 & 3 were OK as well. In Q3 you had to justify why keeping the same CEO would reduce market risk for the company that changes ownership from government owned to private listed. What factors would influence CEO’s pay? What is the market risk? And 5 marks were for part C to explain proxy voting in the context of the case.
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Q2 had a harder part B: to criticize the extract from the disclosure as to why they combine the roles.
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@galloping said:
the flexible question was referring to applying flexibility to principles based approach as opposed to rules based i.e best practice to seperate chairman and ceo but the company were flexible on this requirementwhat did they mean by in the view of the stakeholders, tho, i explained differences in the two, contrasting them and that best practice was to have them spilt but you could have them as one if you explained why and the shareholders where happy with the explanation. i gave reasons for why they had to keep them as the one was perhaps due to not being able to find a suitable replacement.
in part c i said that the statement similar stuff..gave example of M&S having to have the same ceo and chairman for a time due to no other reasonable alternative, however that once a replacement was found as he would stay on as charman this was against CG best practice as he would posssibly still be able to excert pressure on the new CEO due to his exp and excise unfettered power.
however if he was indeed an independant Ned this may mitigage the problem.
trying to give for a against..- Topics: 0
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cant remember the question exactly but your answer is along the right lines.
Found the exam quite easy, no time pressure even guessed the pristine capitalist part of gray,owens. Good luck people!
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