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Questions and Answers of
Corporate Financial Accounting
There more than 32,000 restaurants around the world that carry the McDonald’s label and logo. As such, they subscribe to the company values which in turn are summarised in a simple statement:We
Identify the sources of legitimacy for (a) shareholders and (b) senior management. What rights and responsibilities does this form of legitimacy impose on these groups? L01
Outline the duties and responsibilities imposed on directors. Indicate the extent to which the recommendations of the corporate code are a sufficient or adequate attempt to ensure that directors meet
Is there any evidence to support the proposition that excessive corporate governance can‘chill innovation’? Outline this evidence if it exists and indicate what can be done to achieve a balance
List the problems faced by accountants in industry who attempt to balance the demands of their profession and their employers. Indicate the role, if any, of the internal audit committee in resolving
Use the annual report and accounts of five plcs to identify the remuneration packages available to their top managers. Indicate the extent to which these meet the reasonable expectations of
Hayek argues that:So long as the management has one overriding duty of administrating the resources under their control as trustees for the shareholders and for their benefit, their hands are largely
Discuss the strengths and weaknesses of disinvestment as a means of shareholder control and influence on corporate behaviour. L01
Outline the system of setting top management salaries in:(a) a plc;(b) a large, semi-autonomous public agency, e.g. a university;(c) a department of state, i.e. Department for Education.How far do
Define:(a) stewardship(b) disclosure(c) greenmail(d) condign power(e) golden handcuffs(f) due diligence(g) conditioned power(h) the ethical contract L01
Identify the key features of a meaningful and easytoimplement code of ethics. How might a firm convert these principles into practice? h5
Describe the corporate social responsibility programmes of a major corporation with which you are familiar. Illustrate how these programmes reflect wider aspirations of the firm. g4
Discuss the proposition that the major determinant of a firm’s pattern of corporate philanthropy is the composition of the board. f4
What mechanisms does the community have to shape the attitudes and behaviour of managers and firms? Illustrate with examples of endorsement and censure. f1
Discuss the ethical implications of Friedman’s statement that ‘capitalism is a – necessary condition for political freedom’. d8
‘Scientific management’ is fundamentally exploitative and inhumane – outline the arguments for and against this proposition. r9
Using the arguments of a ‘school’ of philosophy, e.g. utilitarianism, construct an ethically, sustainable case for a developing country refusing to pay its debts to a British or US bank. w9
Define:(a) Stakeholders(b) Social endorsement(c) Peer group pressure(d) Utilitarianism(e) Positivism. q7
Nurse Margaret Haywood was at the centre of one of the UK’s most prominent cases of ‘whistleblowing’when she helped the Panorama BBC TV programme expose serious failings in the care of the
Discuss the proposition that the expansion of shareholder rights is incompatible with improved business performance. L01
‘The real barbarians at the gate are financial institutions trying to exploit the real economy for short term gains.’ Use material from several sources to explore and evaluate this proposition.
What were the dominant characteristics of the ‘managerial revolution’ described by Chandler– how did it change the relationship between owners and managers? L01
Andrew Large, former chair of Britain’s Securities and Investment Board, argues that the four main aims of a regulatory system for corporations are: 1 It should act in the public interest. 2 It
‘Either you do it right or you get eliminated.’ Is this an effective prescription for successful corporate governance? L01
‘Occasional imprisonments, fines and reprimands do not prove that regulators are doing their job. More often than not they are merely ways to flatter the regulators’ performance.’How far are
Do the recommendations of the Corporate Code go far enough in providing a framework for effective corporate governance? L01
Withdrawal of support by shareholders – through share disposal – remains the only effective form of shareholder sanction. Discuss. L01
Describe the role and precise meaning of the phrase ‘true and fair’ in audited company accounts. L01
Define:(a) governance(b) investor rights(c) poison pills(d) stewardship(e) innovation(f) remuneration committees(g) insider dealing L01
Over the last 20 years there has been a series of corporate scandals and, subsequently, reviews of corporate governance. Most recently, this has led to the UK Corporate Governance Code, with some key
Discuss the contribution that a shareholder ‘bill of rights’ can make to effective corporate governance. L01
Can Rawls help in understanding the nature of corporate governance? L01
Compare the role that disclosure plays in corporate governance in the USA, Germany and Japan. L01
Detail the provisions of the EC’s latest Directive on company law. How are these provisions likely to affect company behaviour? L01
It is sometimes argued that supervisory boards work very well during periods of growth and prosperity but are major barriers to change especially during times of economic difficulty. In the light of
Outline the arguments for and against the separation of the roles of chairperson and chief executive of a large plc. How would your views change when dealing with a medium-sized firm? L01
Analyse the proposition that the key difference between US and UK systems of corporate governance and those prevalent in most of northern Europe is that in the latter ownership ‘is a necessary but
Define:(a) paternalism(b) disclosure(c) entrepreneurial capitalism(d) cronyism(e) the duty of loyalty(f) LBO(g) supervisory boards. L01
In 2008, after a very successful time as Chief Executive of Marks & Spencer, Sir Stuart took the controversial decision to combine his role with that of Executive Chairman despite concerns expressed
In determining standards for health and safety in the workplace, what should come first, local custom and tradition or absolute companywide criteria? Justify your choice and identify three
What should be given priority, enterprise and opportunity or care and responsibility, in setting company goals? L01
Using secondary sources of information describe the events and circumstances that led up to, one of:(a) the Piper Alpha fire;(b) BP Deepwater Horizon;(c) the sinking of the Herald of Free
What factors have contributed most to awareness and attention to workplace standards and safety in post-industrial society? L01
Judith Cooke has pointed out that a combination of things – equipment failure, management failure, human error are usually responsible for safety problems and hazards. How can firms design systems
Discuss the notion that ‘whistle-blowers are traitors to their colleagues and employers’.
Compare the codes of ethics of Tesco, Shell and Rolls-Royce. Draw out the distinct approaches of each firm, indicating how they might reflect the distinct nature of the firm and the environments in
You are the international vice-president of a US multinational, on your recent visit to India you were alarmed to see a shanty town growing up around your largest chemical plant.The local indian
Define: L01(a) compliance(b) inherent morality(c) podsnappery(d) tax avoidance(e) group think(f) a company code of ethics(g) environmental impact assessment(h) whistleblowing(i) willfull blindness.
Shrivastava claims that ‘we are now witnessing the greening of corporations’. What form does this take and how are subsequent stages in the greening of corporations likely to evolve? l01
Using data from locally available sources, e.g. your college or university, identify readily available ways to reduce waste. Indicate the barriers to reducing this waste. l01
Describe the ‘polluter-pays’ approaches adopted in at least one country with which you are familiar. Draw out the strengths of this approach and identity any weaknesses. l01
Does technology hold the key to tackling the problems of environmental degradation? Analyse this argument and draw conclusions based on the evidence collected. l01
Outline the opportunities and limitation on EU policies and programmes for improving environmental standards in industry. l01
Paul Harrison argues that ‘the 1980s were our best chance to act to stop undermining the future of the planet’; indicate any reasons why this was the case. Has anything changed in the last. l01
years to increase the chance of remedial action? If your answer is yes, please specify the changes. If your answer is no, please indicate the actions needed to introduce this change. l01
Describe some of the limits to the growth of ‘green consumerism’ locally, nationally and internationally. Illustrate with examples of successes and failures. l01
Tufts University, a mid-sized university with three campuses in Massachusetts, has pledged to meet the Kyoto target by reducing its greenhouse gas (GHG) emissions to 7 per cent below 1990 levels by
The failure of the Rio, Johannesburg or subsequent Summits to ratify the biodiversity convention places a special responsibility on multinational corporations to include programmes of sustainable
Use a corporate vulnerability framework to analyse the challenge facing firms with which you are familiar. l01
Identify the main features of an effective EMIS and illustrate, where possible. l01
John Elkington, author of The Green Consumer Guide, argues that ‘without a shadow of a doubt, the most impressive environmental success story has starred 3M’. What features would you expect to
One of the distinctive features of environmental problems is that ‘they carry on getting worse until something effective is done to reverse the harm, merely stopping or doing nothing does little
Use the ‘business ecosystem’ to describe and analyse the pressures on a European firm in one of the following industries: automobile production, dyestuffs, fast food catering or packaging. l01
In a real way, Bill Ford, chairman of Ford, summarised the central challenge of corporate social responsibility in the modern world in his introduction to Ford’s sixth formal non-financial report
Use the success matrix to analyse the approach of three different firms of your choice to CSR. l01
Strategy is as important for effective corporate responsibility as for any other aspect of a firm’s activities. Explain the role of strategy and draw out a comparison between corporate
Outline the corporate responsibility life cycle, indicate and illustrate how the response of firms changes over time as their position on the life cycle evolves. l01
Do you share the concern expressed by Ruth Johns in her comment ‘my unease at the longterm effect of current practice is increased when the private conservation of managers . . .belies much public
Describe the One Per Cent Club and explain its role. l01
Use Peattie’s green purchase perception matrix to plot the position of four products of your choice, but not those illustrated in the text. l01
Describe the long-term effects of Shell’s impact on the natural environment in Nigeria. Outline who is responsible for the clean up and any punishment of the offenders. l01
Define an NGO and outline the role they can play in making companies aware of their wider responsibilities. l01
Define:(a) clean up(b) crisis zones(c) multiplier effect(d) environmental fit. l01
Green marketing is neither green nor marketing – explain. l01
Green tourism is a new growth area of business, outline its strengths and any potential dangers. l01
James Lovelock claims that ‘climatologists are all agreed that we’d be lucky to see the end of this century without the world being a totally different place, and being 8 or 9 degrees hotter on
How valid is the assertion ‘if we are to preserve a habitable earth we are going to have to accept fewer foods and services, including less electricity’ and how can industry respond? l01
Greedy consumers are far more of a threat to the environment than greedy producers–discuss. l01
Barack Obama claims that ‘in the absence of sound oversight, responsible businesses are forced to compete against unscrupulous and underhanded businesses, who are unencumbered by any restrictions
Outline ways in which companies have adjusted their behaviour to reduce the impact of their activities on the environment while developing systematic strategies using approaches to reduce the weight
Suggest ways that they can go further and faster. l01
Circling the equator between the Tropics of Cancer and Capricorn, the ‘Coffee Belt’ is an area where countries like the Philippines, Brazil and Indonesia are located. The Coffee Belt has only two
Explain why corporate involvement in tackling the problems of local communities grew during the 1980s and faded later, what are the factors that are likely to re-awaken this commitment during the
Different types of economically challenged communities require different approaches to their problems. Outline the differences between these communities and indicate the ways industry can play a part
Why has ‘culture gap’ been such an important factor in the history of failed initiatives in disadvantaged areas? lo1
Examine the contribution of private sector led interventions in local economic development.Draw out and illustrate their potential contribution and the limitations on the work they can perform. lo1
During the nineteenth century, entrepreneurs and philanthropists built some of the UK’s most enduring examples of civic architecture. Why have contemporary British entrepreneurs and philanthropists
Population growth is the greatest threat to the planet. Discuss. lo1
As the largest cities continue to grow, what are the risks they pose to the development of sustainable communities? lo1
Define:(a) megacities(b) urban sprawl(c) the flight to the suburbs. lo1
The priority given to CSR in business according to Sir Geoffrey Chandler, is ‘a self-inflicted wound’. What does he mean by this? lo1
Human rights are the most important and most neglected aspect of CSR. Discuss. l01
Outline the nature of carbon credits, how they work and the opportunities and drawback of the newly emerging markets for these credits. l01
Use illustrations to explain the workings of Sarbanes Oxley. Outline why business in the USA has been so hostile and ways in which their different interests can be reconciled. l01
CSR remains on the periphery of university programmes in business and management – why is that? l01
Internationalism is moving to the centre of the corporate responsibility agenda. What does that mean and how can business respond? k01
The media are often criticised for enjoying the crisis caused by failures in CSR far more than the solutions – how true is this and if true can it change? l01
Spell out your views on the future of CSR – more of the same or real change? If the latter, what will shape the change? l01
Draw out the parallels and differences between the ways in which any of the corporate leaders named in the sets below developed their personal business vision:l Henry Ford and Sir Richard Branson;l
Gather information from press and other sources. Use this data to discuss the ethical position adopted by General Motors (as described in the film Roger and Me). Explore the extent to which the firm
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