Friday, January 31, 2020

Corporate Social Responsibility in India Essay Example for Free

Corporate Social Responsibility in India Essay The basic principle of the sustainable development and Corporate Social Responsibility is the combination of needs important both from the point of view of an institution, as well as a group of entities operating in its environment (employees, shareholders, stakeholders, borrowers, local society) within its business policy. Thus, the goal of a contemporary organisation should be to maximise its shareholders’ value satisfying, at the same time, expectations of other stakeholders (stakeholders’ value) by integrating economic, social and environmental operations. There are many factors that make us interested in Corporate Social Responsibility 2: †¢ †¢ †¢ †¢ New problems and expectations of citizens, customers, public authorities and investors in the context of globalisation and significant industrial changes; Social criteria have bigger and bigger influence on investment decisions made by units and institutions playing both the role of consumers as well as investors; Bigger and bigger care for damages caused to natural environment by business activities; Transparency of business activities supported by media and IT technologies. Corporate Social Responsibility principles, as well as the quality of information in their web sites and annual reports, the main sources of knowledge about the company for potential investors, counterparties and local communities. In the near future, we should also expect that as a result of the globalisation of financial markets, Polish listed companies will meet investors that are more aware of Corporate Social Responsibility and consumers that invest and co-operate better with companies supporting environmental and social development. The analysis of awareness rates and progress in implementing the concept of Corporate Social Responsibility in the sector of Polish companies covered all joint stock companies listed in the Warsaw Stock Exchange4, excluding listed banks (covered in the analysis of the banking sector) and national investment funds. Results of the study are based on information disclosed and presented in web sites and annual reports of the analysed companies and they refer to the following aspects: †¢ †¢ †¢ reporting on Corporate Governance principles adopted by the company, including audit rules; reporting on the company’s environmental policy, reporting on the company’s social policy. The study covered possibilities of an access for investors, local communities, potential business partners to the information about the company’s financial standing, and strategies in progress. The principles for reporting on Corporate Governance were stipulated in the resolution of the Stock Exchange Council of October 16, 2002 (58/952/2002) on best practice in public companies in 2002. Pursuant to this document, companies were obliged to publish and deliver, by July 1, 2003, their first statement confirming their will to observe the newly introduced rules. The study carried out by the Institute shows that over 90 percent of companies publish their reports on incorporating (adopting) principles of Corporate Governance in their business strategies. However, we have to point out that the quality and availability of the information presented in web sites and in annual reports of companies for potential investors and society is relatively low. 4 The analysis was carried out from August – October 2003. 5 The Gdansk Institiute for Market Economics Among the listed companies under the study, only 40 percent disclose and publish detailed information about the structure of their Corporate Governance, and mostly in web sites, where companies present the information about the composition and structure of their management board (74. 4 %) and the composition and structure of their supervisory board (62. 2 %). Chart 1. 1. 1 Do domestic companies publish detailed information about the structure of their supervisory bodies? 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Board structure Supervisory board structure Responsibilities of board member Definition of independence 25,6% 37,8% 51,7% 87,2% 99,4% 99,4% 74,4% 62,2% 48,3% 12,8% 0,6% Any supervisory board Commities 0,6% Individuals responsible for implementation, oversight and audit of economic, social and environmental policies YES NO Source: Own study based on research carried out by the Gdansk Institute for Market Economics. The Institute’s studies on the companies’ informing about the structure and responsibilities of their main bodies in charge of Corporate Governance also show that: †¢ domestic listed companies have not appointed persons in charge of implementing and supervising their policy related to Corporate Social Responsibility, yet (only 0. 6%), †¢ companies usually do not disclose the information about the existing committees at their supervisory boards. Potential investors and business partners willing to establish co-operation with a given entrepreneur want to know external auditors analysing the company’s financial statements and know whether they are reliable. 6 The Gdansk Institiute for Market Economics The Institute’s study shows that 88 percent of domestic public companies presents information related to their audit policy in their web sites. The companies usually give procedures for selecting external auditors, principles for rotation (changes) of external auditors and point out that external auditors are independent of the company. Nevertheless, in Poland, companies still do not present statements on audit costs and costs of other services performed by auditors. The Institute’s analysis also shows that most listed companies under the study (86. %) have undertaken to respect such shareholders’ rights specified in the Best Practice like: †¢ †¢ right to express their opinion and make motions to the company’s management board; right to see minutes and reports from previous meetings (usually available to the shareholders at the company’s office); †¢ publishing information on future General Shareholders Meetings and their agenda. Chart 1. 1. 2 Do domestic companies publish information about audit, shareholders’ rights, implemented principles of their Code of Business Conduct / Code of Ethics? 100% 90% 80% 70% 60% 12,8% 13,3% 98,9% 50% 40% 30% 20% 10% 87,2% 86,7% 1,1% 0% Does the Company disclose audit related Does the company disclose its policy on information? shareholder rights? Does the company disclose and report on its internal Code of Business Conduct/ Code of Ethics? YES NO Source: Own study based on research carried out by the Gdansk Institute for Market Economics. Assessing the awareness and progress in implementing the concept of Corporate Social Responsibility by Polish listed companies, it is worth underlining that still a small percentage of companies has developed and adopted the Code of Ethics and the Code of Business Conduct, 7 The Gdansk Institiute for Market Economics where the companies define, for example, principles for social, environmental policy, issues related to the protection of human rights, employment policy. The managements have to guarantee that the Code of Business Conduct is effectively implemented, monitored and improved. Therefore, the European Commission promotes companies which adopt and implement the Codes of Business Conduct prepared by international corporations. In the opinion of the European Commission, the Code of Business Conduct should 5: †¢ Be based on guidelines of the Convention of the International Labour Organisation, defined in the Declaration on Fundamental Principles and Rights at Work from 1998 and OECD’s guidelines for international companies related to social partners and their stakeholders; †¢ †¢ †¢ Incorporate mechanisms required to assess and verify the Code implemented; Involve social partners and other groups of stakeholders influencing the company’s operations in the dialog about the shape of the Code; Expand the experience related to best practice in European companies. The concept of Corporate Social Responsibility also assumes that the company should purposefully get involved in environmental protection. The study shows that domestic listed companies do not find it purposeful to present information about actions taken to protect t e natural environment. On the one hand, it h results f rom the fact that the companies are not aware of potential benefits they could obtain, according to the assumptions of Corporate Social Responsibility, for example if their environmental actions are positively perceived by their stakeholders. The research carried out by the Market and Opinion Research International (MORI) under the CSR Europe campaign on the sample of 12 thousand citizens representing 12 countries shows that around 70 percent of consumers buying a product or a service take into account the level which a given producer is involved in social and environmental activity to. At the same time, every fifth consumer is ready to pay more for goods produced by a socially responsible company. On the other hand, the lack of information about environmental actions taken by the companies results from relatively low financial expenses borne by these companies for environmental purposes.

Thursday, January 23, 2020

JFK Assassination :: American America History

JFK Assassination What reasons did the HSCA in suggesting that John F Kennedy was the victim of a conspiracy? In 1976, the US Senate ordered a fresh inquiry into the assassination of John F Kennedy, who was murdered in 1963 during a motorcade in Dallas, Texas. People who had been involved in the original Warren Commission investigations were asked to make fresh statements. The FBI and the CIA were persuaded to release more of their documents on Oswald. New lines of inquiry were opened and individuals who had not previously given evidence were persuaded to come forward. Most important of all, pieces of evidence such as photos and sound recordings were subjected to scientific analysis using the most up-to-date methods and equipment. The House Select Committee on Assassinations (HSCA) completed their investigation in 1979 and they finally came to a discrete verdict that Lee Harvey Oswald fired three shots at Kennedy, one of which killed the president. The fourth shot was fired from the grassy knoll. They concluded that John Kennedy was assassinated as a result of a conspiracy. There are many re asons why the HSCA came to this verdict, but firstly it was important that the American people understood why this case was re-opened over a decade later! The investigation was set up as direct result of the assassinations of two other major political figures; the civil rights leader, Dr Martin Luther King and the Presidents brother Robert Kennedy, in 1968. Naturally this aroused immense suspicion and the American public started questioning why so many key US figures had been assassinated in the space of just four years when previously this type of incident had been rare. At the time there was also an increasing amount of corruption and scandal within the government. This alarmed the public who had completely trusted the government before. The Watergate Scandal in 1974 involving President Nixon had clearly shown that this was not the case anymore. Nixon had abused his authority and power to his advantage. This indicated that even politicians were prone to sleaze and scandal. As a result of this, people also started questioning the behaviour of the government. This is most likely why they were more receptive in accepting that Kennedy wa s the victim of a conspiracy, later on. The public also became increasingly interested in the Kennedy assassination as books such as 'Rush to judgement' by Mark Lane and 'Inquest' by Edward Jay Epstein, started to be written.

Tuesday, January 14, 2020

Metapath’s capital structure Essay

Questions: 1. Analyze Metapath’s capital structure, in particular the various forms and prices of preferred stock from the previous rounds of financing. How has this capital structure affected the offer from Robertson & Stephens? How would RSC’s participating preferred interact with the other tranches of preferred stock? Up to the date in issue, Metapath has raised $9m in four rounds of financing, of which two occurred simultaneously in the beginning. The two participating investors, Bessemer and STI, which supplied the initial funds, received redeemable preferred for the total amount of $1.6m, the third and fourth rounds brought in $1m and $7m respectively (in both cases preferred convertible were issued), with the calculated price for common being the same for the first three rounds ($1.05) and higher ($1.62) for the fourth round. In case of non-conversion, the last issue was supposed to be paid out first, then the last but one, finally, the first two issues, on a pro rata basis. All of the issues had demand registration rights provision, however, the third and the fourth issues, had more leeway in the exercising of the rights (not only on request of 50%+ of all the issues, but also after-IPO or specific date (July 31, 1999), whichever is earlier), thus protecting the interests of the holders. That said, in fact the holders of the two first issues in many respects enjoyed the position of debt holders, with a scheduled payment of principal and dividends. Given the structure and the fact the managers hadn’t invested from their own pockets, RSC suggested investment in participating convertible preferred shares supposed to protect RSC from possible early sale, which would enrich the management disproportionally and leave RSC abused. Through PCPT, RSC would be able to keep both liquidation preference (with the right to receive the first payment in the amount of invested capital and accrued, not unpaid dividend (8%), before any other security holders receive their part) and equity participation along with other investors (after payment of similar to its own liquidation preference), thus, staying in a highly beneficial position. 2. How do you analyze the RSC offer? In particular, what is the value of the  participating preferred feature of the RSC syndicate? What are the risks to the Metapath shareholders if the board accepts the RSC offer? Even though the company has only projected its activity one quarter forward, is it possible to assess the reasonableness of the valuation? (The ten-year treasury rate in September 1997 was 6.21%). To value the participating feature, first, calculate the options’ values for $11.75% and $87.75 million exercise prices. For calculation, assume: ten-year option price; 40% volatility (corresponding to the middle stock volatility range 20-40%); abovementioned exercise prices ($11.75% and $87.75 million); valuation of $87.75 million is reflective of a true â€Å"asset† value; interest rate of 6.21% (as suggested). Apply Black-Scholes model to receive prices of $81.44 and $49.44 million for the two strikes respectively. For $11.75 is 13.4% of post-money $87.75, the price of the issue is $10.91 and $6.62 million respectively; hence, the participation feature’s value is c. $4.29 million. Therefore, the corresponding share of the company, which makes choice irrelevant is $81.44*0.134/$49.44=22%, that is concession of 22% of the company without the participation feature will make Series E holders equally happy, the corresponding price is 0.134/0.22*$6=$3.65 per share. Acceptance by the board of the RSC’s offer will put Metapath shareholders will add a new senior holder to claim the proceeds, both in case of early liquidation and in case of successful exist. This offer will reduce shareholders’ wealth not only by capital dilution, but also by the absolute amount of investments of Series E holders even in the case of future success. With negative earnings and absence of predictable cash flows, one can do the rough check on the basis of P/Sales ratio (given both companies’ (Metapath and Celltech) similar capital structure, the proxy seems reasonable). With the last quarterly figures as of June 1997, when numbers were available for both Celltech and Metapath, and considering the market cap of Celltech of approximately 260 million, the valuation of around 130 million could be used, which means the company might be worth more. The projections per se, however, don’t tell the story as the two segments (system sales and services) are expected to demonstrate different dynamics, so further investigation is needed. A cautionary note on Black-Scholes model application should be made: 3. Is the Celltech offer reasonable? How should the Metapath board view the Celltech stock? What are the risks for the Metapath shareholders if the board accepts the Celltech offer? While the Celltech’s offers seems to be more reasonable in terms of price offered, the shareholders may face additional risks, including the risk of Celltech’s stock price. While possible liquidity within near future (90 days plus other possible restrictions, which is considerably less than its own IPO in 1+ years) as well as lack of dilution appealed to the managers, the fluctuation in the price of Celltech may wipeout the fortune (the stock had only a short history and the view of insiders doesn’t seem to strongly support Celltech). Furthermore, the fit of the Metapath and Celltech’s businesses is questionable, with Metapath potential possibly higher than that of Celltech, which on the other hand may have a limited upside. 4. If you were on the Metapath board, which option would you support? While the offer of RSC is restrictive in many ways, it is more attractive for a team that will manage to perform. With a set of potential liquidity and financial risk questions, which may arise from Celltech’s financing, Metapath board should not only consider the price, but also other terms (which eventually will incentivize the management in the long-term success and keep its interest in business). With this in mind Metapath board will be better off with the RSC’s proposal, rather than Celltech’s.

Monday, January 6, 2020

The, Birds And The Bees Analogy - 1575 Words

Sex is a very awkward subject to talk about especially for parents to their children, as it brings up thoughts and topics over raging hormones and actions. Ever since humans have evolved through time, sex has been imperative to survival by sharing various genetics, skills, and traits from both parties. Seems easy enough? Not necessarily. Even if parents do use the classic ‘birds and the bees’ analogy for discuss this scandalous subject, children are still curious about how it works and wish to explore it for themselves. During the Victorian era, women became more open with sexuality. Such misconceptions like masturbation stunting growth and making one crazy as well as uterine suction preventing rape were also developed as a result of the time period. However, despite their openness, this period also pushed women to be delicate and submissive towards their partner . This is the twenty-first century, however, things have changed since back then. 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