Great Expectations: What shareholders and directors expect from New Zealand public company boards

<p>One of the key roles of corporate boards is to decide how the cash generated by these companies is distributed, and through these decisions they influence the wealth of many in our society. But beyond this task what is expected of corporate boards? Although researchers have spent decades examining boards, a general consensus regarding the objectives and tasks that they should perform has yet to emerge. Using a combination of primary and secondary research, this study examines the expectations that shareholders and directors have of corporate boards in New Zealand and identifies some concordance between their views and some of the extant literature. These findings highlight the contingent nature of corporate governance and provide guidance to both practitioners and future researchers. New Zealand public companies were selected for this study because their directors and shareholders remain open to sharing their views and experiences with external researchers. New Zealand uses a straightforward variant of the common Anglo-Saxon corporate governance model so there is some potential to generalise to other contexts. Developing the foundation for this research required refreshing and extending the extant research concerning aspects of the NZ commercial environment including company ownership and control, shareholder and director demographics, and the underlying commercial environment. Subsequently, a mixed methods approach was adopted for the core study which included conducting focus groups and surveys with both shareholders and directors. Data were also derived from secondary sources including, company annual shareholder meeting minutes, the Companies Office’s records and the social media website Linkedin. The research finds that while both directors’ and shareholders’ expectations of boards are broadly aligned, the expectations that both groups have of boards are heterogeneous in some key respects. Interestingly, the diversity of opinion that appears to exist within each of these groups tends to reflect the diversity that is apparent within the governance literature. Socio-economic factors including the influence of ‘women on boards’ lobby groups and company specific environmental factors such as a company’s financial position were identified as some of the influences which contribute to this diversity of opinion. Environmental factors not only appear to influence the opinions of directors and shareholders but also appear to influence other aspects of corporate governance such as the selection of directors, and the tasks that boards choose to perform. This suggests that a pragmatic rather than a doctrinal basis for this heterogeneity is applicable. So rather than boards adhering to a specific pre-established framework such as ‘shareholder advocate’ or ‘company controller,’ corporate boards appear willing to adjust their objectives and practices to meet the circumstances at hand. For researchers, these findings emphasise the importance of considering contextual factors when designing corporate governance research projects. They also highlight the importance of understanding stakeholder motivations when applying common governance theories. From a policy perspective, the findings reinforce the advantages of the ‘comply or explain’ approach to regulation and they add caution to making local and international best practice guidelines mandatory.</p>

Great Expectations: What shareholders and directors expect from New Zealand public company boards

<p>One of the key roles of corporate boards is to decide how the cash generated by these companies is distributed, and through these decisions they influence the wealth of many in our society. But beyond this task what is expected of corporate boards? Although researchers have spent decades examining boards, a general consensus regarding the objectives and tasks that they should perform has yet to emerge. Using a combination of primary and secondary research, this study examines the expectations that shareholders and directors have of corporate boards in New Zealand and identifies some concordance between their views and some of the extant literature. These findings highlight the contingent nature of corporate governance and provide guidance to both practitioners and future researchers. New Zealand public companies were selected for this study because their directors and shareholders remain open to sharing their views and experiences with external researchers. New Zealand uses a straightforward variant of the common Anglo-Saxon corporate governance model so there is some potential to generalise to other contexts. Developing the foundation for this research required refreshing and extending the extant research concerning aspects of the NZ commercial environment including company ownership and control, shareholder and director demographics, and the underlying commercial environment. Subsequently, a mixed methods approach was adopted for the core study which included conducting focus groups and surveys with both shareholders and directors. Data were also derived from secondary sources including, company annual shareholder meeting minutes, the Companies Office’s records and the social media website Linkedin. The research finds that while both directors’ and shareholders’ expectations of boards are broadly aligned, the expectations that both groups have of boards are heterogeneous in some key respects. Interestingly, the diversity of opinion that appears to exist within each of these groups tends to reflect the diversity that is apparent within the governance literature. Socio-economic factors including the influence of ‘women on boards’ lobby groups and company specific environmental factors such as a company’s financial position were identified as some of the influences which contribute to this diversity of opinion. Environmental factors not only appear to influence the opinions of directors and shareholders but also appear to influence other aspects of corporate governance such as the selection of directors, and the tasks that boards choose to perform. This suggests that a pragmatic rather than a doctrinal basis for this heterogeneity is applicable. So rather than boards adhering to a specific pre-established framework such as ‘shareholder advocate’ or ‘company controller,’ corporate boards appear willing to adjust their objectives and practices to meet the circumstances at hand. For researchers, these findings emphasise the importance of considering contextual factors when designing corporate governance research projects. They also highlight the importance of understanding stakeholder motivations when applying common governance theories. From a policy perspective, the findings reinforce the advantages of the ‘comply or explain’ approach to regulation and they add caution to making local and international best practice guidelines mandatory.</p>

Analysis of damaged Alumina Enhanced Thermal Barrier

The paper presents the problem of aerodynamic heating of a damaged Alumina Enhanced Thermal Barrier AETB. At the given minimum dimensions of the cover layers, the impact of damage size on the temperature increase on the skin surface was analyzed. The aim of the study was to determine the temperature curve as a function of the size of damage. In the calculations FreeFem ++ non-commercial environment was used.

Leach Glover, ‘Dancing Master to the Royal Family’ Part One: The Professional Dancer in Context

Leach Glover (1697–1763) danced in London's theatres from 1717 until 1741 and was a leading dancer for nearly twenty years. In 1738, he was appointed as a dancing master to Britain's royal family, a post he retained following his retirement from the stage. This article looks at Glover's family and professional background and places his theatrical career within the wider context of dancing on the London stage. It looks in detail at his first and last seasons working for John Rich, manager of the Lincoln's Inn Fields and then Covent Garden theatres. It examines not only Glover's repertoire but also his changing status in the dance company that existed within the theatrical company. As part of this investigation, it discusses some of Glover's contemporaries alongside its appraisal of his own work and looks at the challenges as well as the opportunities he experienced within the commercial environment of the London stage.

Associations between Work Resources and Work Ability among Forestry Professionals

Globalization and structural changes in forestry have changed the content and operating practices of timber harvesting. Furthermore, digitization and new forms of work organization have changed work characteristics, requirements and resources. The importance of knowledge and competence, and the management of new technology, are emphasized more. The purpose of this study was to find out how work resource factors are related to the work ability of forest machine entrepreneurs and drivers. The research material was collected in 2018 through an online survey involving 322 professionals in the timber harvesting industry, 87 forest machine entrepreneurs and 235 forest machine drivers. The Mann-Whitney U-test and logistic regression analysis have been used for statistical analysis. Effective work organization and social support from co-workers, as well as the perceived meaningfulness of one’s work, were resources that increased the likelihood of good work ability. Based on our results, good management may enhance work resources, and by developing work it is possible to support employee ability amid the pressures of change inherent to a competitive commercial environment and new forms of work.

The Relationship of Chilean Minors with Brands and Influencers on Social Networks

This article presents the results of a study that sought to analyze the relationship between minors and brands on social media. The frequency with which minors search for or share information or subscribe to brand web pages was measured, as well as their following of influencers, who commonly refer to consumer goods. The main purpose of this article is to contribute to learning about the commercial environment that surrounds children in their routines on social media, particularly because of their growing influence in home purchasing decisions. The results, obtained from a survey applied in 501 homes in the Metropolitan Area of Santiago de Chile to minors between 10 and 14 years old, show that the respondents effectively interact with brands through social media. Although it is not a widespread practice among 10- to 12-year-olds, it is increasingly becoming present among 13- to 14-year-olds. Children seem most interested in sportswear, fashion, and technology brands, areas in which children have significant influence in family purchasing decision. Following influencers through social media is also a common activity among minors. In particular, the age groups here studied preferred to follow celebrities, particularly from the worlds of music, football, or YouTube, over specific brands.

Short-Term Rental and Tourism in Urban City Centres

This research aims to study the role of the local accommodation establishments (EAL) in the development of Lisbon's historic district by matching fundamental features linked to its tourist attraction with the dynamics associated to the residential function of the city such as its services, urban rehabilitation, and living experiences. Empirical analysis was applied using a qualitative approach with interviews to specialists on tourism management and to residents. This research shows changes occurring in social and commercial environment of Santa Maria Maior parish are not only caused by EAL activity. The aim is to present contributions to the definition of a more sustainable EAL management model in Lisbon. Findings show that stakeholder input can improve the balance and sustainability of both touristic and residential functions. Results of this research show that there is no agreement between the stakeholders in terms of regulatory and inspection measures. Nevertheless, stakeholders gave valuable feedback, and a summary of proposals was drawn to improve EAL supervision in Lisbon.

Modification of superalloy honeycomb thermal protection system

Purpose Paper aims to present problem of aerodynamic heating of a metallic heat shield. The key elements of this construction are metallic layers of superalloy honeycomb, which significantly increase the structure’s resistance to impact. Paper describes the problem of influence of damage size on increase of thermal load. Design/methodology/approach Numerical analysis was performed in a non-commercial environment FreeFem++ using finite element method, and its results were compared with the results given in the literature. Findings In thermal protection system, a modification was used to delay increase in temperature on the underlying structure as well as to reduce its maximum value. Originality/value In the further part of the paper, selected insulation material was modified by adding additional conductive material.

Modern features of accounting and taxation in budget organizations

Современный бухгалтерский учет и налогообложение в бюджетных организациях подчинены действующему, систематически обновляемому законодательству и регламентированы в строгом порядке. Бюджетному учету присущи очевидная специфика и отраслевые особенности, но в целом его принципиальные положения и стандарты учета схожи с аналогичными параметрами в коммерческой среде. В «сердце» учета бюджетных организаций находится специфическая бюджетная классификация, требуемая для соизмеримости бюджетных параметров по уровням единого бюджетного комплекса России. На основании такой классификации выработаны бухгалтерские счета в соответствующих учреждениях. Modern accounting and taxation in budget organizations are subject to the current, regularly updated legislation and are regulated in a strict manner. Budget accounting has obvious specifics and industry-specific features, but in General its principles and accounting standards are similar to similar parameters in the commercial environment. At the heart of accounting for budget organizations is a specific budget classification required for the comparability of budget parameters at the levels of the unified budget complex of Russia. Based on this classification, accounting accounts have been developed in the relevant institutions.