p1模擬答案2015年12月

1(a)RiskappetiteRiskappetitedescribesthewillingnessofanentityto eexposedtoanunrealisedloss(risk).Itisusuallyunderstoodtomeanthepositiontakenwithregardtotwonotionalpreferences:riskaversionandriskseeking.Bothpreferencesareassociatedwithdifferentlevelsofreturns:thosethatarerisk-seekingfavourhigherrisksandhigherreturnswiththeconversebeingtruefortheriskaverse.Risk-averseentitieswilltendtobecautiousaboutacceptingrisk,preferringtoavoidrisk,toshareitortoreduceit.Inexchange,theyarewillingtoacceptalowerlevelofreturn.Thosewithanappetiteforriskwilltendtoacceptandseekoutrisk,recognisingrisktobeassociatedwithhighereturns.RiskappetiteandTheJaylandoptionhasahigherpoliticalrisk,athreattotheintegrityofthe(bypayingthebribe)andanelementofreputationrisk.ThereisalsoariskarisingfromthelackofbusinesscultureinJaylandandapossibilitythatitwillbemoredifficulttomaintainnormaloperationstherethaninPealand.Offsettheserisksisthepotentialreturnof$2billionovertenyears,whichistwicethatofthePealandoption.ThePealandoptionhasnegligiblepoliticalriskbutaslightlyhigherriskthatinternalcontrolswillbedifficulttoimplement.Ithasamuchlowerlikelihoodofreputationriskandthereisnoriskconnectedwithbribery.ThereturnishalfthatoftheJaylandoption(foranapproximayequalinvestmentvalue).Tutorialnotes:Riskappetite是風(fēng)險(xiǎn)管理部分的一個(gè)小考點(diǎn)，風(fēng)險(xiǎn)偏好受到riskcapacity以及riskattitude的影Thetwooptionsoffertwodifferentriskandreturnprofiles:theJaylandoptionoffersahigherreturnbutahigherriskprofileandthePealandoptionoffersalowerreturnbutalsoalowerriskprofile.IfthehasahigherriskappetiteitismorelikelytochooseJaylandandifithasalowerTutorialnotes:Riskappetite是風(fēng)險(xiǎn)管理部分的一個(gè)小考點(diǎn)，風(fēng)險(xiǎn)偏好受到riskcapacity以及riskattitude的影AAAseven-stepWhatarethefactsoftheThefactsofthecasearethattherearetwoinvestmentoptionsandeachhasadifferentethicalandriskprofilealthoughtheAAAmodelismainlyconcernedwiththeethicalaspects.TheabilitytooperatethenecessaryinternalcontrolsforHayhomanufacturingalsodiffersbetweenthetwooptions.Onlyoneoptioncanbepursuedandbotharecapableofmakinganacceptablelevelofreturn.WhataretheethicalTheethicalissuesareoverthepotentialcomplicityofHayhoinsupportingacorruptregimeinJayland,inpayingwhatappearstobeabribetoMrPopoundertheJaylandoptionandinoperatingunderlessstringentregulatoryconditionsinJaylandcomparedtoPealand.AnotherissuetoconsideristhatitisallegedtheofJaylandmaintainsorderbyabusingtherightsofthepeople.TheisverysensitivetoallegationsofsabusesaftercriticismsofHayhoweremadeinArrlandrecentlyanditisreluctanttoexposeitselftosimilarcriticismsagain.Afurtherethicalissueiswhetherthereisacorporatesocialobligationforcompaniestoinvestindeveloortransitionaleconomiestohelpstimulatetheseeconomies.However,thesedisadvantageshavetobeweighedthelikelihoodofmakinicethereturnforshareholdersinJaylandtheoptionofoperatingsustainablyinamorestablePealand.InPealand,theremaybeethicalissuesconcerningtakineranexistingworkandchangingworkingtermsandconditions,perhapsintermsofchangedexpectations,contractualissuesandWhatarethenormsandpriplesthatThenormsandpriplesthatapplyinthissituationarethatbusinessinvestmentdecisionsshouldbetakenonasoundcommercialbasiswithrisk,returnandethicalconsiderationsfullytakenintoaccount.Thecasesaysthattheseeksto‘a(chǎn)lwaysupholdthehigheststandardsofintegrity,sandenvironmentalprotectionwhilstatthesametime‘responsibly’supportingdevelocountriesbyprovidingjobsandopportunitiestoenablegreatersocialandeconomicdevelopment.’Thiswouldtendtofavourdecisionsthatdonotinvolvebribery(integrity),humanrightsabuses(perhapsthroughsupportingcorrupternments),butatthesametimeseeking,wherepossible,touseinvestmentstosupportlocaleconomicdevelopment(perhapsbyinvestingindevelocountries,allotherthingsbeingequal).WhataretheThefirstalternativeistoinvestinJayland,wherea‘new-build’factorywouldenableHayhotoimntitscultureandsystemsbutwherethereisapoorlydevelopededucationsystem,apotentiallyunstablepoliticalenvironmentandanabsenceofinternalcontrolandcorporateernanceregulations.TheotheralternativeisthePealandoption,totakeoveranexistingntandaninheritedworkinamorehighlyregulatedbusinessenvironment.WhichoptionismostconsistentwithnormsandprBothoptionshavestrengthsandweaknesses,dependinguponhowthedifferentfactorsareevaluated.TheJaylandoptionwouldmeetthecriteriaforfinancialacceptabilityandwouldbefavourablethroughsupportingeconomicgrowthandbyprovidinadditionalemploymentinadevelocountry.TheoptionmostconsistentwithstatednormsandpriplesisthePealandoption.ThisoptionhasthebenefitofinheritingatrainedandcompetentworkandavoidsthereputationriskofprovidingcredibilityforthePoporegimeandofbeingexposed,perhapsbyawhilstleblower,forpayingthe‘royalty’(whichiseffectivelyabribetoMrPopo).TheJaylandoptionwouldprovideagreaterfinancialreturnandprovideadditionalemploymentinadevelocountry.ButitalsowouldviolatethepripleofsoundriskmanagementbecauseinvestinginanunstableandpotentiallyhostilepoliticalenvironmentcouldexposeHayhotounacceptablelevelsoflong-termoperational,financialandreputationalrisk.WhataretheconsequencesofeachInJayland,asopposedtoPealand,acompleynewfactorywouldbebuiltprovidingnewadditionalemployment,althoughtherecouldbeanissuewithsourcingtheappropriatestaff,giventhepoorlevelsofeducationandtraining.TheJaylandoptionwouldprovideahigherpotentialreturntoshareholders,butatagreaterrisk.Itwouldmakeimplementingtheinternalcontrolspotentiallyeasierbutwouldriskreputation-damagingallegationsofsupportingMrPopo’sregime.Werethe‘royalty’tobemadepublic,itwouldhavesevereconsequencesforthetrustworthinessoftheHayhoboard,havinggiventhereassurancesitdidaftertheArrland.ThePealandoptionwouldmakeasmallerreturnandinvolvelowerrisk,butcouldintroducepotentialproblemswithimplementingthenecessaryinternalcontrols.Thisoptionwouldbemoreethicallyacceptable.HayhowouldbeseverelycriticisedforsupportingacorruptregimeifitinvestedinJayland.ButifitinvestedinPealand,nobriberywouldbenecessaryanditcouldpublicisethefactthatitchosetoinvestinPealandoverJaylandbecauseitisseekingtohonouritscommitmentsmadeafterthepreviousArrland.WhatistheThedecisionmostalignedtothe’sstatednormsandpriplesisthePealandoption.Othercountervailingfactorswouldalsohaveaninfluence,however,asriskandinternalcontrolconsiderationswouldalsobetakenintoaccount.[Tutorialnote:rewardanswersarguingforJaylandifshowntobebasedonreasoningfromstepTutorialnotes:Tutorialnotes:企業(yè)及專業(yè) 于利益相關(guān)者的影響，進(jìn)而是否影響企業(yè)及個(gè)人的根本利益。P1給出了AAAmodel及Tucker’s5question 其中AAAmodel的關(guān)鍵在于分析道德決策所涉及的normsandpr ：法律、UK ernancecodeorSOX(可以聯(lián)系到Conceptsinsound Generalpurposesofinternalcontrolsystemsandmahallenges.GeneralpurposesThefirstgeneralpurposeofinternalcontrolistoachievetheorderlyconductofbusinessbyfacilitatingeffectiveandefficientoperationofanorganisation’sactivities.Inngthis,itmustbeabletorespondappropriaytorelevantrisksandtoconfigureactivitiestobeabletoachievetheorganisation’sstrategicobjectives.Thisludessafeguardingtheassetsoftheorganisationfromexternalandinternalthreatsandtoensurethatallactualandpotentialliabilitiesandsourcesoflossareidentifiedandcontrolled.TheprotectionofvalueisimportunderpinningconfidenceininternalcontrolsandinprovidingthecapacityforfuturevalueInternalcontrolsareessentialinensuringtherobustness,qualityandtimelinessofbothinternalandexternalfinancialreporting.Theprovisionofthisinformationisimportmanaginginternalsystems(e.g.budgetarycontrols)andinmaintainingandcultivatingconfidenceamongshareholdersandcapitalmarkets.ThisinvolvesmaintainingaccuraterecordsandprocessescapableofgeneratingandprocessingtherelevantInternalcontrolisnecessarytoensurecompliancewithanyexternallaws,standardsorregulationsthatapply.Thesecouldarisefromcompanies’legislation,listingrulesor,insomeindustries,regulationsimposedbysector-specificregulators.MaJaylandwasveryunderdevelopeduntilrelativelyrecentlyandthenationalcultureis,accordingtoEmilyBaa,unfamiliarwithmodernbusinesspracticeandbehaviour.AchievingeffectiveandefficientoperationofthebusinesswouldbeanearlypriorityfortheHayhoinvestmentandthislimitationwouldnecessitatesubstantialinitialtrainingandcultural-familiarisation.Iftheseculturalvalues(e.g.time-kee,workcommitment,honestyofworkers,etc)cannotbetakenforgrantedinanationalculturethenitrepresentsamajorobstacleinachievingnormalntoperation.Emilyreportedanunknownsecuritysituationintheregionwithregardtothesafeguardingofassets.Beingabletoensurethatnon-currentassetsownedbyHayhoaresecureandbeingusedfortheintendedpurposeisanessentialelementofinternalcontrol.ThevalueofHayhobelongstoitsshareholdersanditwouldbeirresponsibleofth (asagents)toinvestinassetsinJaylandunlessreasonableassurancescouldbegiventhattheywillbesafefromsabotage,damage,theft,deteriorationorinefficientutilisation.Emily’sthirdpointwasaboutthelevelofnecessaryskillsinthelocallabourpool.Shementionedthestateofqualitycontrolandaccountingskillsandbothofthesearenecessaryforasoundsystemofinternalcontrol.productstandardsthatapplytoHayho’sproducts.Wheretechnicalskillssuchasthesearedifficulttoobtaininlocallabourmarkets,unskilledpeoplemayneedtoundergotraining,orexpatriatesmayneedtobepersuadedtomovetotheJaylandfacility.GuaranteeingthatoutputsfromtheJaylandntwerefullycompliantwithallapplicablestandardswouldbeanimportantearlypriorityforcustomersandinvestorsandsothisissueislikelytobeofgreatimportance.Tutorialnotes:本題主要涉及控制的目標(biāo)，該知識(shí)點(diǎn)在Turnbullreport中有提及。同時(shí)改題也了Tutorialnotes:本題主要涉及控制的目標(biāo)，該知識(shí)點(diǎn)在Turnbullreport中有提及。同時(shí)改題也了控制所的challenge，或者也可以認(rèn)為就是內(nèi)控的limitation以及可能產(chǎn)生的內(nèi)控?zé)o效（ineffective）,limitation同樣參考Turnbullreport，內(nèi)控失效可以從內(nèi)控的幾個(gè)要素著手：controlenvironment、controlprocedureorcontrolactivities、informationandcommunication、riskassessmentandcontinuousmonitoringorreview，從這五個(gè)要素出發(fā)，分析案例中的組織在這些方面是否有failingsandweakness，以驗(yàn)證企業(yè)在推行控制時(shí)可能遭遇的.(i)MeaningofaccountabilityandMendelow.Briefingnotesforboardmeeting.PreparedforHelenDuomo,chiefexecutive.ByEmilyBaaWednesday20June,2012.AccountabilityoftheHayhoboardThetwolettersreceivedraiseimportsuesofaccountability,andspecifically,theissueoftowhomthofHayhois.Inreflectingonhowtodealwiththisandhowtoframeourresponse,itmaybehelpfultoconsidertheaccountabilitysituationwefaceasaboard.Accountabilityisakeyrelationshipbetweentwoormoreparties.Itimpliesthatonepartyisto,oranswerableto,another.Thismeansthattheentitycanreasonablybecalledupontoexinhis,heroritsactionsandpolicies.Thismeansthatthepartycanbeheldtoaccountandmayberequiredtoactuallygiveanaccount.Thishasthepotentialtoinfluencethebehaviouroftheparty,inthiscaseHayho,becauseoftheknowledgethattheywillhavetoanswerforitwhentheygivethcount.Whilstitisclearthatthistotheshareholdersasstewardsoftheirinvestment,itmaybethecase,nevertheless,thatthmayneedtoaccounttoWBbecauseofitsinfluenceamongpoliticiansandinwidersociety,asoutlinedbelow.InfluenceofWatchingTheMendelowframeworkisawayofmapstakeholderswithregardtothetwovariablesofinterestandpower.Thecombinationoftheseisameasureofanygivenstakeholder’slikelyinfluenceoveranentitysuchasHayho.Theframeworkisdynamicinthatstakeholdersmovearoundthemapastheirpowerandinterestriseandfallwithevents.WBhasamoderatedegreeofpowerandavariabledegreeofinterest.Becauseitsinterest(inHayho)hasrecentlyreased,itsoverallinfluencehasrisen.OurresponsetoWBmustberesponsivetothis.WB’spowerderivesfromitsabilitytoconductresearchandmobiliseopinion,ludingamongandtradeorganisations,businesseslikeHayho.Wedonotneedtoagreewithitsagendatoappreciateitspower.Itspoweripressedasinfluencewhenitsinterestisalsoreased.ItwasnewsofourpossibleinvestmentinJaylandthatreasedWB’sinterestinHayho.This,combinedwithitsevidentpower,reasesitinfluenceoverHayho.ThismakesWBdifficulttoignoreinourdecisionoverwhethertoinvestinJaylandorPealand.(ii)AgencyanddemandsfromWBResponsibilitiestoshareholdersThofHayhoexistsinanagencyrelationshipwithitsshareholders,whocollectivelyowntheandhavethelegalandmoralrighttodetermineobjectives.Asagentsofourshareholdersandappointedbythem,wehaveafiduciarydutytoseektomanagethe’sresourcesfortheiroveralleconomicbenefit.InthecaseofHayho,aswithmostbusinessorganisations,thisinvolvesisingreturnsconsistentwithourcomplyingwithrelevantlaws,regulationsandnorms.QuarkInvestments,asoneofourmajorshareholders,haseveryrighttoremindusofthisdutyandweshouldtakeitsreminderveryseriously.LobbygroupWhilstbeingwell-meaning,thelobbygroupWBisoneoftheinvestmentoptionswehaveatthistime.ItclaimsthataninvestmentinJaylandwouldbedamagingtosinthatcountry.Withoutcommentingontheaccuracyorvalidityofthatclaim,weshouldremindcolleagueswhywemightthinkcarefullyabouttheinvestment,asitwouldbringusintowithWB.First,WBisrespectedanditsviewsaretrustedbymanypeople.Intermsofreputation,ithashighlightedourproblemsinArrlandand,asaresultofthat,hasbeenmonitoringouractivities.WemayneedtoconsiderpublicopinionbeforegoingaheadwithapotentialJaylandinvestmentasweneedthegeneralsupportofsocietytoSecond,WBhasinfluenceamongpoliticiansandmakersbothinthiscountryandabroad.Weriskthecensureofinfluentialpeopleandreasethepressureforreasedregulationifwedisregardoractthelobbygroup’sdemands.Ourreputationininternationalmarketsisoneofourstrategicassetsanditmaycompromiseourcommitment,giventheArrland,ifwewerenottoupholdthehigheststandardsofintegrity,sandenvironmentalprotectionfromnowon.Tutorialnotes:本題 的是Conceptsinsoundcorporate ernance和agencytheory，前者屬于頻繁考點(diǎn)， Third,WBisveryadeptatmobilisingpublicopinionthroughthemedia.ThismeansthatitcanstimulateinterestonditionsinJaylandandwewouldbelikelytobeheavilyscrutinisedonanongoingbasiswerethisinvestmenttobemade.Thiscouldattractpublicangerandriskdisruptions,suchasboycottsofourproducts.Becauseoftheseissues,itwouldseemprudenttoconsidertheseissuesasTutorialnotes:本題 的是Conceptsinsoundcorporate ernance和agencytheory，前者屬于頻繁考點(diǎn)， 2(a)RightsandresponsibilitiesRightsandresponsibilitiesThecommentbyAlbertDooidentifiesrightsandresponsibilitiesasbeingtwoessentialcharacteristicsofcitizenship,beithumanororganisationalinnature.Inthesamewaythatindividualshaverightsandresponsibilitiesinsociety,sodobusinessorganisationssuchasBiggo.ThequestionasksaboutrightsandresponsibilitiesinthecontextofBiggo.ArightisanexpectationofthebenefitsthatBiggocanreceive,byvirtueofcitizenship,fromsociety.Biggocanexpecttherighttohavethetoconductbusinessbyengaginginresourceandproductmarkets,toenjoytheprotectionofthelawandthegoodwillofothermembersofsocietyinsupportingtherightoftheorganisationtoexist,toinnovateandgrow.Biggohadtheright,forexample,toexpectfairtreatmentunderlawinrespectofitsnningapplication(andinfactreceivedthispermission).Aresponsibilityisadutyowed,bythecitizen(inthiscase,Biggo),backtosocietyasaquidproquofortheextensionofrights.Theseareowedbyvirtueofthecitizen’smembershipofsociety.Inmostsocieties,responsibilitietendtocompliancewithallrelevantlawsandregulations,ludingthepaymentoftaxes,andcompliancewiththebehaviouralnormsofthatsociety.Biggo,alongwithallotherbusinesses,hasanumberoflegalandethicalresponsibilitiesbutitistheextenttowhichtheethicalresponsibilitiesarerecognisedthatisthesubjectofdisputealongtheGray,Owen&Adamscontinuum.Gray,Owen&Adams’sGray,Owen&Adamsdescribedsevenpossiblepositionsthatcanbeadoptedona’srelationswithitsstakeholders.Theseconcerntheethicalassumptionsoftherolesofabusinessinsocietyandareasfollows:thepristinecapitalist,theexpedient,thesocialcontractarian,thesocialist,thesocialecologist,theradicalfeministandthedeepgreen.Therangeofviewsalongthiscontinuumareprimarilycharacterisedbythewaysinwhichtheyinterprettherightsandresponsibilitiesofbusiness.Broadlyspeaking,thenearertothepristinecapitalistendofthecontinuum,thegreatertherightsofshareholdersandthefewertheirresponsibilitiestoawiderconstituency.Conversely,thenearerthe‘deepgreen’endofthecontinuum,thefewertheperceivedrightsandthegreatertheresponsibilitiesoftheanditsagentstoamorewidelydefinedgroupofstakeholders.Atthe‘pristinecapitalist’endofthecontinuum,rightsandresponsibilitiesareunderstoodpripallyintermsofeconomicmeasures.Thehastherighttopursueitslegalbusinessactivityandtodevelopthatbusinesswiththesupportofsocietyandtheerning.Inreturn,itsresponsibilitiesarelimitedtotheprofitableproductionofgoodsandservicesand,accordingly,thegenerationofprofitsthatareentirelyattributabletoshareholders.Itisnottheresponsibilityofbusinessestopursueanyothersocial,environmentalorbenevolentend.Inthiscontext,itisclearlynotthe’sresponsibilitytouseshareholders’moneytocontributetothenewchildren’syarea.Atthesocialist-to-greenendofthecontinuum,itisarguedthatbusinesseslikeBiggohavefewer(andcontestable)rightsandmuchgreaterresponsibilities.Accordingtopositionsatthedeepgreenend,Biggo,doesnot,forexample,havetherighttoconsumenon-sustainableresources‘simply’forthepurposesofwealthcreation.Theymaynothavethemoralright,eveniftheyhavealegalright,tobuildonthecommunity’syarea.Atthesametime,Biggohasawideresponsibilitytosocietyandtotheenvironmentthatmightseriouslyconstraintheirbehaviourandactivities.:該題涉及對(duì)CSR的定義以及Gray,Owen&Adams’ss，即企業(yè)在承擔(dān)社會(huì)責(zé)任時(shí)自身道德立場(chǎng)的定位。除了對(duì)自身道德立場(chǎng)的定位。除了對(duì)7種道德立場(chǎng)概念的以外，需要根據(jù)案例中組織的行為來判斷其處于何種立場(chǎng)。而這7種道德立場(chǎng)可以簡(jiǎn)單地劃分為shareholderview和stakeholderview，而stakeholderview可以進(jìn)一步分為instrumentalandnormative，這兩種的比較可以參照考官的文章CSRSTRATEGY。P1考題的主基調(diào)是認(rèn)為案例中的企業(yè)應(yīng)該從stakeholderview出發(fā)。ThetwoRobertTensisclosesttotheexpedientposition.Theexpedientpositionisoneinwhichsocialresponsibilityisseenintermsofwhatreturncanbegainedfromsocialresponsibilitypoliciesandactions.Inotherwords,itmaybeexpedienttoadoptsocialresponsibilityactionsbutonlyifbyngso,itfurthersitsstrategicinterests.Theexpedientpositiondoesnotrecognizeanyimplicitsocialresponsibilityassuchandsocialpoliciesarethereforeonlypursuedifaclearstrategicrationalecanbeidentifiedforthem.Hiscommentconsiderstheactionstowardsthecommunityintermsofcultivatingcurrentandfutureemployees:itisanexerciseofspecificstakeholdermanagementwiththekeystakeholderbeingthelocalcommunity.Byengaginginactivitiesthatgivetheappearanceofbeingsociallyresponsible,i.e.makingtherequesteddonation,othereconomicallyadvantageousendscanbeachieved.Hehighlightedthreestrategicbenefitsthatmightarise:itmight‘cultivatethe ’sreputation’specificallyinorder‘helpinfuturerecruitment’.Third,itmight‘helptoreduce toanyfutureexpansionthe mightneedtomake.’Heclearlyseesthedonationininstrumentalterms.MargaretHeggs’scommentisclosesttothepristinecapitalistposition.HercommentsuggeststhatshebelievesthatthesocialresponsibilitiesofBiggodonotextendbeyondthesocialbenefitsitalreadyprovidesthroughemploymentandtheprovisionof‘excellentproducts’.ThepurposeofBiggoisnottoengageostlysocialresponsibilitymeasuressuchascommunitydonations,eveniftheycanbeshowntohaveapositivestrategicbenefit.Thatisnotthepurposeofabusiness.Inacceptingthatthe had‘nofurthercontractualorethicaldutiestothe ernmentnortothelocalcommunity’,shewasdemonstratingpristine Tutorialnotes:本題是非常典型的結(jié)合Gray,Owen&Adams’s SRandshort/longtermSocialresponsibilityThisphrasereferstothebeliefthatcompaniessuchasBiggomustactinthegeneralpublicinterestaswellasinthespecificinterestoftheirshareholders.Thiscanapplytothe ’sstrategyandthewayinwhich iserned,butMrDooisreferringtothespecificsocialfootprintthatthehaslocally.Itcanalsoapplytotheenvironmentalfootprintthompanyhas,i.e.theeffectofactivitiesonresourceconsumptionortheeffectthatemissionsfromoperationshave.Itispossibletointerpretthisphrasenarrowly,asMargaretHeggshasdone,ormorewidely,asAlbertDoohas.Shortandlong-termThisquestionrecognisesthattheattitudethompanymaytaketowardsaparticularstakeholderclaimcanvarywhenatimeisintroduced.Ashort-termislikelytoconsideratimeperiodofdays,monthsorperhapsuptoagivenfinancialyearintermsofanactionaffectingshort-termperformance.Alonger-term,typicallylookingtoyearsratherthanmonthsahead,islikelytoconsiderthelegitimacyofaclaimintermsofitseffectonlong-termshareholdervalue.Intheshortterm,BiggomayseetheclaimfromMrDoo,onbehalfofthecommunity,asacostbecausea‘sizeable’contributionwouldhaveaneffectontheprofitfortheyearandhencethereturntotheshareholders.Thecasementionsthatprofitsarelikelytobelowinthecurrentyearandsoallcostsshouldbecarefullyscrutinizedforvalueformoneyandreducedoreliminatedifpossible.AsBiggoisapubliclisted,ashort-termreducedprofitcanerodeshareholdervaluebecauseofreduceddividendsandapotentialreductioninshareprice.Tutorialnotes本題的是企業(yè)CSR的定義，企業(yè)選擇不同的道德立場(chǎng)就會(huì)承擔(dān)不同程度的社會(huì)責(zé)任，而社會(huì)責(zé)任會(huì)給企業(yè)帶來短期或長(zhǎng)遠(yuǎn)的利益。而企業(yè)承擔(dān)社會(huì)責(zé)任的方向應(yīng)從經(jīng)濟(jì)、社會(huì)、環(huán)境面的可持續(xù)發(fā)展sustainability出發(fā)，同時(shí)企業(yè)能從中獲取的長(zhǎng)期利益也能在這面得到體現(xiàn)。Inthelongerterm,Biggocanbeseentobecultivatinopotentiallykeystakeholders(MrDooandthelocalcommunity)andhencemaycreaongertermvalueintermsoftheadvantagesidentifiedbyRobertTens(suchaslocalemployeesandlowertofuturefactoryenlargements).Thecasementionsthefromthelocalcommunityand,giventhatthewillhaveto‘livewith’thecommunityformanyyearstocome,itmaybeinBiggo’slong-termstrategicinteresttodowhatitreasonablycantoreduceTutorialnotes本題的是企業(yè)CSR的定義，企業(yè)選擇不同的道德立場(chǎng)就會(huì)承擔(dān)不同程度的社會(huì)責(zé)任，而社會(huì)責(zé)任會(huì)給企業(yè)帶來短期或長(zhǎng)遠(yuǎn)的利益。而企業(yè)承擔(dān)社會(huì)責(zé)任的方向應(yīng)從經(jīng)濟(jì)、社會(huì)、環(huán)境面的可持續(xù)發(fā)展sustainability出發(fā)，同時(shí)企業(yè)能從中獲取的長(zhǎng)期利益也能在這面得到體現(xiàn)。3.(a)CodesofcorporateAcode(ofcorporateernance)isathatspecifiescertainstandards,priples,normsofbehaviourorspecificinstructionsovermattersofcorporateernance.Somehaveevolvedovertimeasdifferentpreviousreportswerewrittenfordifferentaspectsofernance,whichwerethenbroughttogetherombinedcodes.Othershaveborrowedfromexistingcodes,perhapsamendedslightlytoaccountfornationaldifferences.Codesofcorporateernanceareissuedbyregulatory(suchasstockexchanges,ernmentsorsemi-autonomousernmentbodies)andarestatementsofgeneralpriplesanddetailedguidelinesonmanymattersofcorporateernance.Theycanbeimplementedeitheraslistingrules(inpriples-basedjurisdictions)orinlaw(inrules-basedjurisdictions).Theytypicallycoverallrelevantaspectsofcorporateernanceludingtherolesofth,riskmanagement,internalcontrols,executiveremunerationandcontracts,reportingissuesandsimilarrelevantthemes.Thepurposeistoensurethatcompaniesarewell-runandinlinewithshareholders’interests.Thepurposesofsuchcodesareasfollows.First,theyguideandspecifybehaviourinmattersofernance,internalcontrolandriskmanagementwiththeobjectivethatbycomplyingwiththecode,corporateernancewillbeimprovedandenhanced.Second,theyaimtoencouragebestpracticeandtoimprovemanagementperformancebypreventingpracticethatmightreducevalueaddedorshareholdervalue.Third,codesaimtounderpininvestorconfidenceinthathighlevelsofcompliancetendtobeappreciatedbyshareholdersandpoorlevelsofcompliancearesometimespunished.Itenablesboardstodemonstratethevaluetheyceuponncyrelationshipandtomoreadequaydischargencyresponsibilitiesceduponthem.,codesaimtoreduce,wasteorinefficiency.Oneofthemaausesofthedevelopmentofcodes(forexampleintheUKandintheUSA)wasinresponsetohighprofiles,anditwashopedatthetimethatcodeswouldaddressthis.Tutorialnotes:該題涉及codeofcorporate iples-basedandrules-based的比較以及優(yōu)劣分析也是?？嫉膬?nèi)容。Fifth,inpriples-basedjurisdictions,theimplementationofcodesisthoughttobeawayofreducingthechancesofernmentallegislationbeingimplemented.ernmentsaremorelikelytolegislatewhereotherregulatoryfailureisevidentandsoaneffectivecodeappliedaslistingrulesTutorialnotes:該題涉及codeofcorporate iples-basedandrules-based的比較以及優(yōu)劣分析也是?？嫉膬?nèi)容。ComponentsofrewardSarahUmmtoldtheremunerationcommitteethattherewardsshouldbelinkedstronglywiththe’sstrategyandthatthesestrategicprioritieswereto‘entivisemediumtolong-termgrowthwhilstretainingtheexistingexecutivaslongaspossible.’Theretentionoftheexistingboardwillbeaidedbyprovidingabasicsalarythatmeetsmarketratewithin-kindbenefitscommensuratewiththerole.Thisistoensurethatthedirectorissatisfied,andbelieveshimselforherselftobefairlyrewarded,regardlessofperformanceintherole.Retentioncanbehelpedbythepaymentofoneormoreloyaltybonusesforstayingmorethananagreedtimeperiod.Again,thesewouldberegardlessofperformanceandintendedsolelytorewardloyalty.Thesemaynotnecessarilybemaryrewards.Itmaybe,forexample,thatadirectorreceivesacarupgradeoradditionaldayspaidholidayaftertheagreedtimeperiod.Theentivisationofmediumtolong-termperformancewillrequiretheuseofrewardcomponentssuchasperformancebonusesandshareoptions.Performancebonusescanbeludedforachievingcertaintargetsinalignmentwithstrategy.Thedatesonwhichthesearepaidcanreflectthetime-elementoftheentivisation.SarahUmmwantsentivizemediumtolong-termperformance,sothisislikelytorefertoyearsratherthanmonths.Inaddition,thepackagecouldludeshareoptionswhichcanbeexercisedafnumberofyears.Theseenabledirectorstobenefitdirectlyfromreasesinsharevaluean