Climate change and financial regulation : challenges for the financial sector post the Global Financial Crisis

Regulation has played a significant role in shaping the financial services sector in Australia over the past few decades. Regulatory changes have included the establishment of the Australian Prudential Regulation Authority (APRA), floating the Australian dollar, allowing foreign financial institutions to operate domestically, the introduction of the superannuation guarantee charge, and the removal of interest rate controls. As the economy emerges from the worst financial crisis since the great depression, a new force of change that is recognised as one of the most significant sources of risk and opportunity facing the business community in the foreseeable future is that of climate change. Climate change is expected to be a significant change agent in the financial services sector as extreme weather patterns, sea level rises, and atmospheric changes impact on asset values (both investment and lending), project finance, and risk products. The financial services industry will be particularly affected by these developments, both as a provider of financial products (capital, credit, investment, advice, and insurance), and also through its powerful influence on the economy in terms of capital allocation. In addition, industry constituents will be heavily impacted by government regulation in this area (reporting, emissions trading and environmental policies), with respect to their own business practices and also those of their clients. This study reports the results of interviews conducted with senior members of the finance sector working in the sustainability area to gauge their perceptions of the challenges facing the sector with respect to climate change. Our results confirm that that regulatory intervention will be critical to climate change response gaining traction and momentum. In particular, regulatory certainty will promote engagement, particularly in relation to the Carbon Pollution Reduction Scheme (CPRS), with other developments needed in terms of information disclosure, performance and remuneration, and incentive programs. Accordingly, the significant potential risks and opportunities that climate change presents to the sector, and the broader economy, will in part be managed/realised only if a swift and significant regulatory response is achieved.

Overexpression of the kiwifruit SVP3 gene affects reproductive development and suppresses anthocyanin biosynthesis in petals, but has no effect on vegetative growth, dormancy, or flowering time

SVP-like MADS domain transcription factors have been shown to regulate flowering time and both inflorescence and flower development in annual plants, while having effects on growth cessation and terminal bud formation in perennial species. Previously, four SVP genes were described in woody perennial vine kiwifruit (Actinidia spp.), with possible distinct roles in bud dormancy and flowering. Kiwifruit SVP3 transcript was confined to vegetative tissues and acted as a repressor of flowering as it was able to rescue the Arabidopsis svp41 mutant. To characterize kiwifruit SVP3 further, ectopic expression in kiwifruit species was performed. Ectopic expression of SVP3 in A. deliciosa did not affect general plant growth or the duration of endodormancy. Ectopic expression of SVP3 in A. eriantha also resulted in plants with normal vegetative growth, bud break, and flowering time. However, significantly prolonged and abnormal flower, fruit, and seed development were observed, arising from SVP3 interactions with kiwifruit floral homeotic MADS-domain proteins. Petal pigmentation was reduced as a result of SVP3-mediated interference with transcription of the kiwifruit flower tissue-specific R2R3 MYB regulator, MYB110a, and the gene encoding the key anthocyanin biosynthetic step, F3GT1. Constitutive expression of SVP3 had a similar impact on reproductive development in transgenic tobacco. The flowering time was not affected in day-neutral and photoperiod-responsive Nicotiana tabacum cultivars, but anthesis and seed germination were significantly delayed. The accumulation of anthocyanin in petals was reduced and the same underlying mechanism of R2R3 MYB NtAN2 transcript reduction was demonstrated.

Book review - Richard Goldberg, Medicinal Product Liability and Regulation (Hart Publishing, Oxford, 2013) 214pp

In December 2013, settlement was reached between approximately 100 Australian and New Zealand Thalidomide victims and the company which had acted as the Australian distributor of the infamous drug, thus putting to rest the possibility of litigation. Around the same time, Thalidomide victims in the United Kingdom (UK) launched a similar bid for compensation against the manufacturer and distributor. It is clear that despite a lengthy amount of time having passed ever since the thalidomide disaster commenced in 1962, the controversy over compensation continues. Indeed, the author of Medicinal Product Liability and Regulation (published before the announcement of the British legal claim), Professor Goldberg, notes that claims for resulting birth defects continue to emerge right into the present day. His prescient insight into the contemporary relevance of compensation for pharmaceutical injuries thus makes Medicinal Product Liability and Regulation a very relevant addition to the small body of scholarship that is available on this rather specific and complex issue.

Responding to black markets: Role of IT and network structures

This paper presents the unique black markets of asset pooling and leasing services, which exposes the nature and extent of industry-specific threats. We explore how firms providing such services together with their network structures that constitute the foundations of asset pooling and leasing respond to the threat of black markets. We encapsulate detecting and encountering the threat of black markets through the theoretical lens of agility, which encompasses the elements of sensing and responding (Overby et al. 2006; Roberts and Grover 2012). This novel concept of responding to threats using the agility lens has not been adequately addressed by past studies on enterprise agility. Through a case study of a global asset pooling and leasing company, we reveal the criticality of network structures, the impracticality of IT and inadequate tracking mechanisms that challenge firms in minimizing such threats.

Fatigue and sleepiness: Complex bedfellows

Do you know how to drive a train? If you don’t you probably believe that you have a fair idea of what it’s all about. Forget what you know, or think you know. Trains are heavy and fast but they feel and handle like driving on ice so they take a long time to stop. The braking distances for a typical piece of track are unlike anything you will have experienced before. With that in mind, imagine you were driving with a bit of dew, or grease, or millipede over the track. You would lose traction and slip everywhere. To avoid this, you would need a compensatory driving strategy. You could drive more slowly, or brake sooner, or change how you brake. Your experience and intuition would lead the way. Folks, this is why it’s called “driving by the seat of your pants”...

The paradox of creative uncertainty in learning and teaching

In an ever-changing and globalised world there is a need for higher education to adapt and evolve its models of learning and teaching. The old industrial model has lost traction, and new patterns of creative engagement are required. These new models potentially increase relevancy and better equip students for the future. Although creativity is recognised as an attribute that can contribute much to the development of these pedagogies, and creativity is valued by universities as a graduate capability, some educators understandably struggle to translate this vision into practice. This paper reports on selected survey findings from a mixed methods research project which aimed to shed light on how creativity can be designed for in higher education learning and teaching settings. A social constructivist epistemology underpinned the research and data was gathered using survey and case study methods. Descriptive statistical methods and informed grounded theory were employed for the analysis reported here. The findings confirm that creativity is valued for its contribution to the development of students’ academic work, employment opportunities and life in general; however, tensions arise between individual educator’s creative pedagogical goals and the provision of institutional support for implementation of those objectives. Designing for creativity becomes, paradoxically, a matter of navigating and limiting complexity and uncertainty, while simultaneously designing for those same states or qualities.

Citizen journalism as social networking : reporting the 2007 Australian Federal Election

One of the perceived Achilles heels of online citizen journalism is its perceived inability to conduct investigative and first-hand reporting. A number of projects have recently addressed this problem, with varying success: the U.S.-based Assignment Zero was described as "a highly satisfying failure" (Howe 2007), while the German MyHeimat.de appears to have been thoroughly successful in attracting a strong community of contributors, even to the point of being able to generate print versions of its content, distributed free of charge to households in selected German cities. In Australia, citizen journalism played a prominent part in covering the federal elections held on 24 November 2007; news bloggers and public opinion Websites provided a strong counterpoint to the mainstream media coverage of the election campaign (Bruns et al., 2007). Youdecide2007.org, a collaboration between researchers at Queensland University of Technology and media practitioners at the public service broadcaster SBS, the public opinion site On Line Opinion, and technology company Cisco Systems, was developed as a dedicated space for a specifically hyperlocal coverage of the election campaign in each of Australia's 150 electorates from the urban sprawls of Sydney and Brisbane to the sparsely populated remote regions of outback Australia. YD07 provided training materials for would-be citizen journalists and encouraged them to contribute electorate profiles, interview candidates, and conduct vox-pops with citizens in their local area. The site developed a strong following especially in its home state of Queensland, and its interviewers influenced national public debate by uncovering the sometimes controversial personal views of mainstream and fringe candidates. At the same time, the success of YD07 was limited by external constraints determined by campaign timing and institutional frameworks. As part of a continuing action research cycle, lessons learnt from Youdecide2007.org are going to be translated into further iterations of the project, which will cover the local government elections in the Australian state of Queensland, to be held in March 2008, and developments subsequent to these elections. This paper will present research outcomes from the Youdecide2007.org project. In particular, it will examine the roles of staff contributors and citizen journalists in attracting members, providing information, promoting discussion, and fostering community on the site: early indications from a study of interaction data on the site indicate notably different contribution patterns and effects for staff and citizen participants, which may point towards the possibility of developing more explicit pro-am collaboration models in line with the Pro-Am phenomenon outlined by Leadbeater & Miller (2004). The paper will outline strengths and weaknesses of the Youdecide model and highlight requirements for the successful development of active citizen journalism communities. In doing so, it will also evaluate the feasibility of hyperlocal citizen journalism approaches, and their interrelationship with broader regional, state, and national journalism in both its citizen and industrial forms.

Capability green

Tract consultants are a landscape architecture practice, founded in 1973 as an offshoot to the highly innovative, interdisciplinary design and build company Merchant Builders, and was perhaps the first truly corporate practice of this type in Australia. Founding directors Rodney Wulff and Steve Calhoun were both instrumental in establishing the undergraduate landscape architecture course at RMIT University, and bringing our Jim Sinatra, who had taught Calhoun at the University of Iowa. Wulff remained for many years the holder of the only doctorate in landscape architecture in the country. This combination of an academic, design and professional agenda was a rich one for Tract in their early days. This founding generosity and interest in the intellectual aspects of landscape architecture continues in relation to the university in a number of ways, including information ones, such as the regular employment of applicants who fail to get into the course at RMIT. In preparing them for re-applying, he has given a number of individuals a way into the profession that the university could not allow.

Email advertising : exploratory insights from Finland

Since the advent of the internet, much speculation has ensued regarding its tangible benefits to business. This article looks at the effectiveness of email advertising to promote information to consumers. Within this email promotion context, and using data from a survey of 838 female Finnish consumers of a major international cosmetics brand, we investigate consumer perceptions of email advertising. Specifically, within an exploratory research context we address two research questions: (1) What email advertising factors may influence visits to the company website? and (2) What email advertising factors may influence visits to a physical (i.e., bricks-and-mortar) company sales outlet? Results suggest that email advertisers should strive to generate emails that are perceived as useful. Useful emails appear to influence consumers to visit the store primarily to either buy the product or view the product firsthand, rather than visit the company website. However, as consumers could not buy the advertised products from the website, these findings should be regarded as preliminary. Factors influencing perceptions of email advertising usefulness are explored along with limitations and future research directions.

E-mail marketing in the context of cosmetics

This study investigates e-mail marketing using data from a survey of 839 Finnish customers of an international cosmetics brand. E-mail marketing involves the use of e-mail to send promotions and information to customers. In this context we address two research questions: (1) What e-mail advertising factors drive visits to a physical (i.e., bricks-and-mortar) company sales outlet? and, (2) Does e-mail advertising influence brand satisfaction? Our findings indicate that useful e-mails can influence customers to visit the store. Further, brand satisfaction is positively influenced if e-mails are interesting and also by the amount of e-mail received by customers.

The Equality of Sub-Surface Minerals

Sub-surface minerals are in most cases considered to be the proprietary right of a country should those minerals be found within its borders. PRO169 (Indigenous Peoples’ Rights, International Labour Organization) has recorded instances where the private land of indigenous peoples has been pilfered by a government – often through the sale of a contract to a private company, and without the consent of the people living on that land. Other times, indigenous peoples, the government they find themselves living in, and the company that bought mining rights engage in consultation. But these practices are far from transparent, equitable, or fair as indigenous peoples are often unskilled in contractual law and do not have the same legal resources as the company or government does. This paper argues that the sub-surface minerals found within the territory of indigenous tribes should be legally allocated as theirs.

Devising a scenographic approach in Jonzi D's Hip Hop theatre

Jonzi D, one of the leading Hip Hop voices in the UK, creates contemporary theatrical works that merge dance, street art, original scored music and contemporary rap poetry, to create theatrical events that expand a thriving sense of a Hip Hop nation with citizens in the UK, throughout southern Africa and the rest of the world. In recent years Hip Hop has evolved as a performance genre in and of itself that not only borrows from other forms but vitally now contributes back to the body of contemporary practice in the performing arts. As part of this work Jonzi’s company Jonzi D Productions is committed to creating and touring original Hip Hop theatre that promotes the continuing development and awareness of a nation with its own language, culture and currency that exists without borders. Through the deployment of a universal voice from the local streets of Johannesburg and the East End of London, Jonzi D creates a form of highly energized performance that elevates Hip Hop as great democratiser between the highly developed global and under resourced local in the world. It is the staging of this democratised and technologised future (and present), that poses the greatest challenge for the scenographer working with Jonzi and his company, and the associated deprogramming and translation of the artists particular filmic vision to the stage, that this discussion will explore. This paper interrogates not only how a scenographic strategy can support the existence of this work but also how the scenographer as outsider can enter and influence this nation.

Regulating non-executive directors in Australia : a socio-legal approach

Discusses the role of legislation and codes of conduct in influencing the behaviour of non-executive directors. Outlines the functions of a board of directors and considers the role on non-executive directors in particular. Traces the development of standards of skill required on non-executive directors both under the Australian Corporations Act 2001 and under common law. Questions whether these have brought about a real change in behaviour. Considers whether professionalisation of directorship could be more effective.

In search of good governance for Asian family listed companies : a case study on Hong Kong

Discusses the importation of Western concepts of corporate governance into Hong Kong where many companies are family companies to which Asian culture is more familiar. Considers different models of corporate governance and questions the application of Western structures to family owned companies. Examines the weaknesses inherent in the typical structure of Asian companies, particularly from the point of view of minority shareholders. Suggests that a system of governance based on Confucian philosophy may be more effective in Hong Kong.

Tendering ethics : a study of collusive tendering from a marketing perspective

This thesis provides a behavioural perspective to the problem of collusive tendering in the construction market by examining the decision making factors of individuals potentially involved in such agreements using marketing ethics theory and techniques. The findings of a cross disciplinary literature review were synthesised into a model of factors theoretically expected to determine the individual's behavioural intent towards a set of collusive tendering agreements and the means of reaching them. The factors were grouped as internal cognitive (the individuals' value systems) and affective (demographic and psychographic characteristics) as well as external environmental (legal, industrial and organisational codes and norms) and situational (company, market and economic conditions). The model was tested using empirical data collected through a questionnaire survey of estimators employed in the largest Australian construction firms. All forms of explicit collusive tendering agreements were considered as having a prohibitive moral content by the majority of respondents who also clearly differentiated between agreements and discussions of contract terms (which they found to be a moral concern but not prohibitive) or of prices. The comparisons between those of the respondents that would never participate in a collusive agreement and the potential offenders clearly showed two distinctly different groups. The law abiding estimators are less reliant on situational factors, happier and more comfortable in their work environments and they live according to personal value and belief systems. The potential offenders on the other hand are mistrustful of colleagues, feel their values are not respected, put company priorities above principles and none of them is religious or a member of a professional body. The research results indicate that Australian estimators are, overall law abiding and principled and accept the existing codification of collusion as morally defensible and binding. Professional bodies' and organisational codes of conduct as well as personal value and belief systems that guide one's own conduct appear to be deterrents to collusive tendering intent and so are moral comfort and work satisfaction. These observations are potential indicators of areas where intervention and behaviour modification can increase individuals' resistance to collusion.