The disclosure of directors' share option information in UK companies

This paper considers the empirical determinants of the quality of information disclosed about directors’ share options in a sample of large companies in 1994 and 1995. Policy recommendations, consolidated in the recommendations of the Greenbury report, argue for full and complete disclosure of director option information. In this paper two modest contributions to the UK empirical literature are made. First, the current degree of option information disclosure in the FTSE 350 companies is documented. Second, option information disclosure as a function of variables that are thought to in¯uence corporate costs of disclosure is modelled. The results have implications for corporate governance. Speci®cally, support is oVered for the monitoring function of nonexecutive directors. In addition, nondisclosure is found to be related to variables which proxy proprietary costs of revealing information (such as company size).

The board of directors, executives and risk knowledge management

Enterprise Risk Management (ERM) and Knowledge Management (KM) both encompass top-down and bottom-up approaches developing and embedding risk knowledge concepts and processes in strategy, policies, risk appetite definition, the decision-making process and business processes. The capacity to transfer risk knowledge affects all stakeholders and understanding of the risk knowledge about the enterprise's value is a key requirement in order to identify protection strategies for business sustainability. There are various factors that affect this capacity for transferring and understanding. Previous work has established that there is a difference between the influence of KM variables on Risk Control and on the perceived value of ERM. Communication among groups appears as a significant variable in improving Risk Control but only as a weak factor in improving the perceived value of ERM. However, the ERM mandate requires for its implementation a clear understanding, of risk management (RM) policies, actions and results, and the use of the integral view of RM as a governance and compliance program to support the value driven management of the organization. Furthermore, ERM implementation demands better capabilities for unification of the criteria of risk analysis, alignment of policies and protection guidelines across the organization. These capabilities can be affected by risk knowledge sharing between the RM group and the Board of Directors and other executives in the organization. This research presents an exploratory analysis of risk knowledge transfer variables used in risk management practice. A survey to risk management executives from 65 firms in various industries was undertaken and 108 answers were analyzed. Potential relationships among the variables are investigated using descriptive statistics and multivariate statistical models. The level of understanding of risk management policies and reports by the board is related to the quality of the flow of communication in the firm and perceived level of integration of the risk policy in the business processes.

What does board capital really bring to the table? Exploring the effect of directors' human and social capital on effective governance during international expansion

What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors' international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors' experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays.^ In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms' cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors' depth of international experience is associated with superior pre-deal outcomes. This suggests that boards' deep, market-specific knowledge is valuable during the target selection phase. I further find that directors' breadth of international experience is associated with superior post-deal performance, suggesting that these directors' global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards' internal social ties.^ In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms' internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards' depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms' have higher scope of internationalization, when information-processing demands are higher.^

What Does Board Capital Really Bring to the Table? Exploring the Effect of Directors’ Human and Social Capital on Effective Governance During International Expansion

What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors’ international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors’ experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays. In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms’ cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors’ depth of international experience is associated with superior pre-deal outcomes. This suggests that boards’ deep, market-specific knowledge is valuable during the target selection phase. I further find that directors’ breadth of international experience is associated with superior post-deal performance, suggesting that these directors’ global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards’ internal social ties. In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms’ internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards’ depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms’ have higher scope of internationalization, when information-processing demands are higher.

Fifth Annual Report OF THE BOARD OF DIRECTORS OF THE SOUTH CAROLINA PUBLIC SERVICE AUTHORITY TO THE ADVISORY BOARD AND Audit Report OF THE SANTEE-COOPER PROJECT July 1, 1939-June 30, 1940

The South Carolina Public Service Authority makes annual reports to the Advisory Board, reports are submitted to the General Assembly by the Governor, in which full information as to all of the Acts of said Board of Directors shall be given, together with financial statement and full information as to the work of the Authority.

Eighth Annual Report OF THE Board of Directors of the South Carolina Public Service Authority TO THE Advisory Board AND AUDIT REPORT OF THE Santee-Cooper project JULY 1, 1942-JUNE 30, 1943

The South Carolina Public Service Authority makes annual reports to the Advisory Board, which reports shall be submitted to the General Assembly by the Governor, in which full information as to all of the Acts of said Board of Directors shall be given, together with financial statement and full information as to the work of the Authority.

The Influence of Accounting Information in the Re-Election of the Mayors in Portugal

The changes recommended by the New Public Management (NPM) in public accounting have given special attention and importance to the evaluation of mayor’s performance by citizens/voters. Thus, this study aims to assess the impact of accounting information on the re-election of Portuguese mayors. Taking the agency theory as a point of departure, we start from the following research question: Does the accounting information disclosed by the municipalities influence the re-election of Portuguese mayors? The research methodology used in this study is the quantitative type, through which a multivariate analysis of data was performed on 308 Portuguese municipalities, in the period 2005-2008, based on the election results of 2009. The results from the binary logistic regression show that some indicators of accounting nature have impact on the re-election of mayors in Portugal, namely, the components of financial accounting and municipal revenues.

A gestão universitária: um estudo na UFPA, de 2001 a 2011

A pesquisa aqui apresentada teve como foco e objetivo principal a gestão universitária na Universidade Federal do Pará (UFPA), com ênfase na participação e na autonomia no processo de decisão interna, no contexto da Reforma do Estado, no período de 2001 a 2011. Constituiu-se num estudo de caso que partiu da premissa de que, no contexto de reformas neoliberais, por meio de regulações nacionais e internacionais, vem se difundindo o modelo de gestão gerencialista para os setores sociais, como as universidades que, sob consentimentos internos, seguem as orientações que a aproximam do mercado, fazendo com que a participação se restrinja à colegialidade e se desvalorize a autonomia. Na UFPA, por meio da atuação dos Conselhos Superiores, as reformulações dos marcos legais, o planejamento, a eleição para administradores centrais vêm se adequando aos princípios subjacentes àquelas orientações, produzindo o remodelamento da gestão universitária. A investigação utilizou o método do materialismo histórico dialético para analisar os conflitos e contradições presentes no modelo de gestão adotado na UFPA. Os dados foram coletados em documentos como atas, regimentos e resoluções da instituição, bem como em instrumentos legais nacionais e documentos dos organismos internacionais. Também foram realizadas entrevistas semiestruturadas com nove sujeitos e observação direta das reuniões dos Conselhos Superiores, no período de setembro de 2010 a setembro de 2011, que possibilitaram analisar: – as concepções teóricas de gestão e sua transposição para o setor educacional no contexto da sociedade capitalista; – o modelo de gestão gerencial e sua relação com as reformas do Estado neoliberal e da Educação Superior, a partir das regulações feitas pelo governo federal de acordo com as orientações dos organismos internacionais; – os principais conflitos inerentes à gestão universitária, na UFPA, com ênfase na reformulação estatutária, na escolha de dirigentes e no planejamento institucional; e – a materialização da gestão universitária por meio da atuação dos Conselhos Superiores, na UFPA. Os resultados indicam que, na UFPA, em meio a conflitos e contradições, vem se concretizando, com o consentimento dos Conselhos Superiores, o modelo de gestão com princípios gerencialistas, manifestado nos processos de elaboração do novo Estatuto, do Plano de Desenvolvimento Institucional (PDI) e do Programa de Apoio a Planos de Reestruturação e Expansão das Universidades Federais (REUNI), nas escolhas dos dirigentes superiores, bem como na própria atuação dos Conselhos Superiores. Aspectos estes que demonstram relação com as orientações do Estado neoliberal e organismos internacionais que, por meio das regulações, indicam um modelo de gestão que, por um lado, não possibilita a participação coletiva e restringe a autonomia institucional na UFPA, e, por outro, promove distanciamento do debate e da implementação de um projeto emancipatório.

O Fórum Nacional em Defesa da Escola Pública e o princípio de gestão democrática na Constituição Federal de 1988

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

ELEIÇÃO PARA DIRETORES EM DIADEMA: ENTRAVES E AVANÇOS

O objetivo dessa pesquisa foi investigar a trajetória da eleição para diretores no município de Diadema, sendo que o mesmo não é efetivado por Concurso Publico. Pretendeu também investigar os avanços e os possíveis entraves que ocorrem neste processo, considerado democrático. Pais, alunos, comunidade, funcionários e outros são envolvidos de forma participativa no momento da eleição, pois é com o voto dos atores sociais da escola que se elege aquele que irá representar a unidade escolar por três anos ou mais. Será que este processo garante realmente a democracia dentro dos espaços escolares? Essa foi a problemática levantada em nosso trabalho. Para tanto, foi feita uma pesquisa documental, com os documentos oficiais, pautados nas legislações que tratam a respeito do assunto, bem como outros documentos existentes. Também realizamos uma pesquisa de campo, entrevistando diretores eleitos em Diadema para que esses dados levantados nas categorias analisadas dessem respaldo ao corpo teórico do trabalho. Foram usados trabalhos anteriores sobre o tema, associado a autores tais como Vitor Paro (1997), Heloisa Luck (1996), Juan Bordenave (2011), Maria Leila Alves e Décio Saes (2004).

Directors Meeting November 28, 1896 and By-Law No. 14 & 15

The meeting included an election of officers which resulted as follows: John Reid, President; Geo Barnes, Vice President; Geo. Barnes, Man-Director; J. Evans, Secretary. There are also two more by-laws (14 and 15) signed by both G. Barnes and J. Evans.

A Comprehensive Analysis of the Legal Issues Relating to Nominee Directors

Dans la foulée des scandales financiers ayant secoué le milieu des affaires ces dernières années, l’efficacité des pratiques de régie d’entreprise, et, en particulier celles liées à l’indépendance des administrateurs, a été passée au crible. L’administrateur désigné par une partie pour la représenter est un type d’administrateur que l’on rencontre fréquemment au sein des conseils d’administration des entreprises. Toutefois, l’on peut se questionner sur l’indépendance réelle de ces administrateurs, considérant leur loyauté envers la personne les ayant désignés, laquelle détient habituellement un intérêt à titre d’actionnaire ou de partie prenante dans l’entreprise visée. En outre, alors que les principes légaux requièrent que les administrateurs agissent dans le meilleur intérêt de l’entreprise, la réalité pratique est parfois toute autre: aux prises avec les instructions ou les souhaits de la personne les ayant nommés, les administrateurs désignés se retrouvent placés en situation inhérente de conflit d’intérêts. Ce texte vise à offrir une analyse détaillée au sujet de l’administrateur désigné et du conflit d’intérêts résultant de cette double exigence de loyauté. L’objectif est de présenter un examen approfondi des diverses difficultés résultant de la nomination d’un administrateur désigné ou associées à celle-ci, ainsi que des réponses judiciaires et législatives liées à cette problématique. Cette réflexion mènera à une exploration de certains systèmes législatifs et légaux, en particulier ceux du Royaume-Uni, de l’Australie et de la Nouvelle-Zélande, afin d’obtenir une meilleure compréhension et d’offrir une perspective éclairée quant aux enjeux analysés par la présente.