How should regulators deal with entrenched company executives?

The regulatory framework for corporate governance, both in Australia and internationally, shifts between rules based regimes and principles based approach. The rules based regimes are typified by legislation that imposes mandated compliance based rules, such as the Sarbanes Oxley Act. Other regimes, such as Australia’s CLERP 9 and the ASX Corporate Governance Council’s principles, have opted for a disclosure approach. This paper examines these approaches in the context of the non-binding vote rule, which arguably combines aspects of both. The study’s methodology empirically considers evidence relating to actual voting patterns as well as case study examples of the non-binding vote’s effectiveness. Significantly, our analyses show that from its inception, the non-binding vote was effective in motivating management to change the remuneration package to one they perceived as more acceptable to shareholders and that the non-binding vote is an effective regime to manage CEO remuneration (and by extension) executive remuneration.

Changing the company name : a model for identity change through communication

In an ever evolving business landscape, change is an ever present part of any organisation’s lifecycle. This thesis presents communication as a fundamental element of effective change management. Drawing from the existing change communication literature and two case studies, this thesis examines how organisations utilise strategic change communication to manage identity change. As a result this study presents a conceptual model that outlines a process of change communication strategy and implementation. This model is offered as a step toward connecting important scholarship into a more comprehensive portrait of change communication during identity change than so far has been available.

The ethics of corporate governance: A (South)African perspective

Purpose – The purpose of this paper is to review the developments in South African corporate governance since the end of apartheid, with a view to identifying themes and points of convergence and/or divergence with other models. Design/methodology/approach – The paper presents a critical review of South African corporate governance in the context of political and economic developments. Where relevant, aspects of corporate governance theory (in particular the stakeholder and shareholder debate) are considered in the South African context. Findings – South African corporate governance can be seen to broadly follow Anglo‐American examples with the notable exception of the stakeholder approach of the two King reports. This approach emphasises the responsibilities of companies to various stakeholders and encourages stakeholder engagement as an integral element of company strategy. There has not, however, been any substantial incorporation of stakeholder interests into formal corporate governance structures such as board structure and financial reporting. Practical implications – The ongoing consideration of corporate governance developments in South Africa is important for its continued development in the country and the region. Originality/value – A review of South African corporate governance is timely given the probable release of the third King report in 2009, together with new company legislation.

Role Ambiguity and conflicts: A study of company secretaries and two-tier boards in the Netherlands

Recent research suggests that company secretaries are increasingly involved in governance responsibilities in addition to traditional administrative tasks. Little is known in the literature, however, about company secretaries' changing governance role, and their daily challenges in liaising with boards and other stakeholders. In addition, few studies have been able to gain access to learn firsthand how company secretaries operate. This exploratory study fills this void by gaining access to the opinions of about one hundred company secretaries in the Netherlands who operate in the two-tier board system. Our findings indicate that company secretaries significantly influence an organisation's governance framework, while they face a number of practical challenges with directors, employees and management in fulfilling their diverse roles and responsibilities.

Assessing acculturation over time: A four-year prospective study of Asian American young adults

Acculturation is commonly defined as a dynamic and multidimensional process in which individuals and groups change over time when coming into contact with another culture. Despite the emphasis on acculturation as a process of change over time, few researchers have directly assessed this hypothesis. The current study first identifies and then examines "stable" and "dynamic" dimensions of acculturation within a 4-year prospective study of 433 first- and second-generation Chinese- and Korean-American college students. Separate growth model analyses revealed significant linear change for first-generation students toward greater U.S. acculturation. In comparison, tests of linear and quadratic change for second-generation students were not significant. When stratifying by gender, acculturation increased for women but there was no significant change in acculturation for men. While all students reported increases in alcohol consumption over the study period, changes in acculturation predicted changes in alcohol consumption only for women. Chinese men showed greater increases in alcohol consumption than Korean men but there was no effect for ethnicity among women. There was significant individual variability in the models, which underscores the importance of examining change prospectively through within and between person analyses. The findings highlight the importance of examining acculturation changes over time for different migrant groups with implications for further development of acculturation measures, research methodologies, and health interventions. More prospective research designs of acculturation are needed to examine changes in health behavior and overall adaptation across migrant groups at varying stages of development.

The new conquistadors: Patent law and expressed sequence tags

It's akin to the old Spanish, English and Portuguese explorers. They would take their boats until they found some edge of land, then they would go up and plant the flag of their king or queen. They didn't know what they'd discovered; how big it is, where it goes to - but they would claim it anyway. David Korn of the Association of American Medical Colleges This article analyses recent litigation over patent law and expressed sequence tags (ESTs). In the case of In re Fisher, the United States Court of Appeals for the Federal Circuit engaged in judicial consideration of the revised utility guidelines of the United States Patent and Trademark Office (USPTO). In this matter, the agricultural biotechnology company Monsanto sought to patent ESTs in maize plants. A patent examiner and the Board of Patent Appeals and Interferences had doubted whether the patent application was useful. Monsanto appealed against the rulings of the USPTO. A number of amicus curiae intervened in the matter in support of the USPTO - including Genentech, Affymetrix, Dow AgroSciences, Eli Lilly, the National Academy of Sciences, and the Association of American Medical Colleges. The majority of the Court of Appeals for the Federal Circuit supported the position of the USPTO, and rejected the patent application on the grounds of utility. The split decision highlighted institutional tensions over the appropriate thresholds for patent criteria - such as novelty, non-obviousness, and utility. The litigation raised larger questions about the definition of research tools, the incremental nature of scientific progress, and the role of patent law in innovation policy. The decision of In re Fisher will have significant ramifications for gene patents, in the wake of the human genome project. Arguably, the USPTO utility guidelines need to be reinforced by a tougher application of the standards of novelty and non-obviousness in respect of gene patents.

Curtains and the Soft Architecture of the American Postwar Domestic Environment

This article investigates the role of “soft architecture” and interior effects—including window treatments, textiles, and electric lighting—in the physcial and social construction of the postwar domestic environment in the USA. In this period the American home became an increasingly visual and visible space, defined more by the view out and the view in than by traditional conditions of domestic enclosure. Popular how-to columns and home decoration articles offered homemakers a variety of mechanisms for sustaining the appearance and psychological comfort of the modern domestic setting. Examining a range of popular decorative strategies used to mediate residential picture windows and window walls, this study challenges the deep-seated cultural and disciplinary biases associated with both the design and study of domestic architecture and interiors. Drawing upon historical documents and contemporary theorizations of the interior, this paper argues for the agency of “soft architecture” in the domestication of modern residential architecture.

American lessons: Implementing fair use in Australia

This article discusses the recent Australian Law Reform Commission report proposing a fair use defense to copyright infringement in Australia. It examines the experience of fair use cases in the United States and draws three lessons from the jurisprudential history. First, it suggests that decisions in fair use can only really be understood within a theoretical framework, and that unless we import that framework into Australia any fair use defense will not work as expected. Secondly, the article argues that the area where fair use jurisprudence appears to be most helpful, in dealing with “transformative” works, is actually much more limited than outsiders to the US would expect. And finally, it suggests that any implementation of a factor related to market substitution should take account of the gaming of the system that has gone on in the US.

Trialling a technopulp belt press filter at Pioneer Mill

Wilmar’s Pioneer Sugar mill has a need to replace some small rotary vacuum filters (RVFs) due to the condition of existing aged plant. A vacuum belt press filter (VBPF) manufactured by Technopulp of Brazil was purchased and installed at Pioneer Mill in September/October 2012 and commissioning trials undertaken over a five week period commencing in early November. There are no vacuum belt press filters currently in use in Australian sugar mills for mud processing. The Technopulp filter is a relatively common and well accepted technology with over 600 units installed. The main attractions for the VBPF to Pioneer Mill were…

Practical determination of cane wagon derailment forces for the Australian sugar industry

Derailments are a significant cost to the Australian sugar industry with damage to rail infrastructure and rolling stock in excess of $2 M per annum. Many factors can contribute to cane rail derailments. The more prevalent factors are discussed. Derailment statistics on likely causes for cane rail derailments are presented with the case of empty wagons on the main line being the highest contributor to business cost. Historically, the lateral to vertical wheel load ratio, termed the derailment ratio, has been used to indicate the derailment probability of rolling stock. When the derailment ratio reaches the Nadal limit of 0.81 for cane rail operations, there is a high probability that a derailment will occur. Contributing factors for derailments include the operating forces, the geometric variables of the rolling stock and the geometric deviations of the railway track. These combined, have the capacity to affect the risk of derailment for a cane rail transport operating system. The derailment type that is responsible for creating the most damage to assets and creating mill stops is the flange climb derailment, as these derailments usually occur at speed with a full rake of empty wagons. The typical forces that contribute to the flange climb derailment case for cane rail operations are analysed and a practical derailment model is developed to enable operators to better appreciate the most significant contributing factors to this type of derailment. The paper aims to: (a) improve awareness of the significance of physical operating parameters so that these principles can be included in locomotive driver training and (b) improve awareness of track and wagon variables related to the risk of derailment so that maintainers of the rail system can allocate funds for maintenance more effectively.

Daybreakers

It is 2019, ten years after a plague turns most humans into vampires. Human blood is in short supply. The shortage of causing panic in vampire population Charles Bromley, CEO of pharmaceutic company Bromley Marks - the largest supplier of human blood in the United States- is intent on developing a viable blood substitute. When a cure that can transform vampires back into human...