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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102944512
Category : Political Science
Languages : en
Pages : 54
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Book Description
Despite privatisation, central and local government still own or part own a number of companies with a combined turnover of over £25 billion. Reconciling public policy with shareholder value can be problematic and so the Shareholder Executive was established in 2003 to improve the Government's ability to act as an effective shareholder. This report examines the impact of the Executive and whether it is on course to meet its objectives. The overall finding is that, to date, it has generally acted as an effective and intelligent shareholder and has proved value for money. However there issues that need to be addressed to allow the Executive to build on its early work. A number of recommendations are made, including moving it out of DTI and giving it independent status.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102944512
Category : Political Science
Languages : en
Pages : 54
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Book Description
Despite privatisation, central and local government still own or part own a number of companies with a combined turnover of over £25 billion. Reconciling public policy with shareholder value can be problematic and so the Shareholder Executive was established in 2003 to improve the Government's ability to act as an effective shareholder. This report examines the impact of the Executive and whether it is on course to meet its objectives. The overall finding is that, to date, it has generally acted as an effective and intelligent shareholder and has proved value for money. However there issues that need to be addressed to allow the Executive to build on its early work. A number of recommendations are made, including moving it out of DTI and giving it independent status.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215036155
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
This particular report follows on from an earlier NAO report on the same topic, see (HCP 255, 06/07 ISBN 9780102944518), published February 2007. The Shareholder Executive was established in 2003, to act as an effective owner of businesses that are owned or part-owned by government. It is now an operational group within the Department of Trade and Industry, with a portfolio covering 27 businesses and a combined turnover of £21 billion. The Committee notes that the role of the Executive marries both public and private objectives, setting out to both achieve public policy objectives through the most cost effective means and provide a satisfactory return on the public money invested through the shareholder value. The Committee states that the Executive has delivered value for the taxpayer by adopting a business criteria through a framework that sets out clear priorities for the businesses, alongside performance monitoring and, with management held to account for their delivery. The Committee sets out a number of conclusions and recommendations, including: that the Department of Trade & Industry is setting up a Board to provide direction and accountability for the Executive; that there should be a presumption that all government businesses come within the Executive's portfolio; that the Executive should market its services comprehensively and seek to be more visible across government; that the Executive should be given an explicit responsibility for advising sponsor departments on the investment needs of their businesses; that the performance management of the Executive needs to include wider measures that are based on the results of individual businesses; also, that the Executive needs sufficient pay flexibility to continue to recruit high calibre staff; that the Executive's responsibility for the postal services industry extends beyond shareholder value issues, and the Committee believes the Department should identify options for relieving the Executive of responsibility for Royal Mail policy; that the Executive should set business-level dividend targets, which take into account the risks faced by the business and the Executive should systematically undertake valuations of the businesses in its portfolio.
Author: Lynn Stout
Publisher: Berrett-Koehler Publishers
ISBN: 1605098167
Category : Business & Economics
Languages : en
Pages : 151
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Book Description
An in-depth look at the trouble with shareholder value thinking and at better options for models of corporate purpose. Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and irresponsible behaviors. And she looks at new models of corporate purpose that better serve the needs of investors, corporations, and society. “A must-read for managers, directors, and policymakers interested in getting America back in the business of creating real value for the long term.” —Constance E. Bagley, professor, Yale School of Management; president, Academy of Legal Studies in Business; and author of Managers and the Legal Environment and Winning Legally “A compelling call for radically changing the way business is done... The Shareholder Value Myth powerfully demonstrates both the dangers of the shareholder value rule and the falseness of its alleged legal necessity.” —Joel Bakan, professor, The University of British Columbia, and author of the book and film The Corporation “Lynn Stout has a keen mind, a sharp pen, and an unbending sense of fearlessness. Her book is a must-read for anyone interested in understanding the root causes of the current financial calamity.” —Jack Willoughby, senior editor, Barron’s “Lynn Stout offers a new vision of good corporate governance that serves investors, firms, and the American economy.” —Judy Samuelson, executive director, Business and Society Program, The Aspen Institute
Author: Christopher McMahon
Publisher: University of Pennsylvania Press
ISBN: 0812207262
Category : Business & Economics
Languages : en
Pages : 216
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Book Description
In modern capitalist societies, the executives of large, profit-seeking corporations have the power to shape the collective life of the communities, local and global, in which they operate. Corporate executives issue directives to employees, who are normally prepared to comply with them, and impose penalties such as termination on those who fail to comply. The decisions made by corporate executives also affect people outside the corporation: investors, customers, suppliers, the general public. What can justify authority with such a broad reach? Political philosopher Christopher McMahon argues that the social authority of corporate executives is best understood as a form of political authority. Although corporations are privately owned, they must be managed in a way that promotes the public good. Public Capitalism begins with this claim and explores its implications for issues including corporate property rights, the moral status of corporations, the permissibility of layoffs and plant closings, and the legislative role played by corporate executives. Corporate executives acquire the status of public officials of a certain kind, who can be asked to work toward social goods in addition to prosperity. Public Capitalism sketches a new framework for discussion of the moral and political issues faced by corporate executives.
Author: Ian Lienert
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
The real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness. We develop a methodology to estimate the REER that incorporates two distinctive elements that are not considered in the current literature and apply it to the Mediterranean Quartet (MQ) of Greece, Italy, Portugal, and Spain, whose common pattern of real appreciation has created concern in policy and academic circles. The two elements that we add to the existing literature are (i) product heterogeneity when identifying each country's international competitors and their weights and (ii) a comprehensive treatment of services exports. Our refined measure suggests a modest reduction in the observed REER gap between the MQ countries and the other euro area countries. In particular, considering product heterogeneity and services exports implies a lower real appreciation from 1998 to 2006 on the order of 2-3 percent for all MQ countries. These are difference-in-difference estimates relative to the results obtained for the rest of the euro area countries using the same methodology.
Author: Tony Prosser
Publisher:
ISBN: 0199644535
Category : Law
Languages : en
Pages : 296
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Book Description
There has been little analysis of the constitutional framework for management of the UK economy, either in constitutional law or regulatory studies. This is in contrast to many other countries where the concept of an 'economic constitution' is well established, as it is in the law of the European Union. Given the extensive role of the state in attempting to resolve recent financial crises in the UK and elsewhere in Europe, it is particularly important to develop such an analysis. This book sets out different meanings of an economic constitution, and applies them to key areas of economic management, including taxation and public borrowing, the management of public spending, (including the Spending Review), monetary policy, financial services regulation, industrial policy (including state shareholdings) and government contracting. It analyses the key institutions involved such as the Treasury and the Bank of England, also including a number of less well-known bodies such as the Office for Budget Responsibility. There is also coverage of the international context in which these institutions operate especially the European Union and the World Trade Organisation. It thus provides an account of the public law applying to economic management in the UK. This book also adopts a critical approach, assessing the degree to which there is coherence in the arrangements for economic management, the degree to which economic policy-making is constrained by constitutional norms, and the degree to which economic management is subject to deliberation and accountability through Parliament, the courts and other institutions.
Author: Klaus Schwab
Publisher: John Wiley & Sons
ISBN: 1119756138
Category : Business & Economics
Languages : en
Pages : 311
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Book Description
Reimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate over the causes of the broken economy—laissez-faire government, poorly managed globalization, the rise of technology in favor of the few, or yet another reason—is wide open. Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet argues convincingly that if we don't start with recognizing the true shape of our problems, our current system will continue to fail us. To help us see our challenges more clearly, Schwab—the Founder and Executive Chairman of the World Economic Forum—looks for the real causes of our system's shortcomings, and for solutions in best practices from around the world in places as diverse as China, Denmark, Ethiopia, Germany, Indonesia, New Zealand, and Singapore. And in doing so, Schwab finds emerging examples of new ways of doing things that provide grounds for hope, including: Individual agency: how countries and policies can make a difference against large external forces A clearly defined social contract: agreement on shared values and goals allows government, business, and individuals to produce the most optimal outcomes Planning for future generations: short-sighted presentism harms our shared future, and that of those yet to be born Better measures of economic success: move beyond a myopic focus on GDP to more complete, human-scaled measures of societal flourishing By accurately describing our real situation, Stakeholder Capitalism is able to pinpoint achievable ways to deal with our problems. Chapter by chapter, Professor Schwab shows us that there are ways for everyone at all levels of society to reshape the broken pieces of the global economy and—country by country, company by company, and citizen by citizen—glue them back together in a way that benefits us all.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264056645
Category :
Languages : en
Pages : 132
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Book Description
This guide provides viable policy options and a step-by-step road map on how to address typical difficulties, risks and hurdles that may be encountered in the governance of state-owned enterprises.
Author: PLM (Firm)
Publisher: New York : Mason & Lipscomb Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
Papers from a conference sponsored by PLM in Malmo, Sweden, June 1970. Includes bibliographical references.
Author: S. M. Dewan
Publisher: Pearson Education India
ISBN: 9788177586091
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
This book attempts to understand issues of corporate governance in the case of the public sector units in India.
