Women directors on boards of Australian Real Estate Investment Trusts

Purpose – This is the first paper which aims to investigate factors that might influence the gender composition of boards of directors of Australian Real Estate Investment Trusts (A-REITs).

Design/methodology/approach – This study follows Mateos de Cabo, Gimeno and Nieto and the gender diversity literature and investigates the existence and number of women directors on the boards of directors of 37 A-REITs from 2006 to 2011.

Findings – There is evidence that larger (by market capitalization) A-REITs are more likely to employ a woman director and that A-REITs with larger boards are more likely to employ a woman director and indeed more women directors. It also appears that A-REITs whose head office is in Sydney are more likely to employ a woman director and also more women directors.

Practical implications – Women seeking to be engaged as directors of A-REITs are more likely to be employed by larger A-REITs (by market capitalization), those with larger boards and those located in Sydney.

Originality/value – This paper adds to the existing literature on gender diversity by examining the factors that appear to influence the employment of women on A-REIT Boards.

Report on survey of directors (or equivalent) of Australian University Teaching and Learning Centres

This document reports on the results and findings of a national survey of Directors (or equivalent) of Teaching and Learning Centres at Australian universities. The respondent group included 31 out of the 38 Centres invited to participate, and was a highly representative sample of the generally recognised institutional groupings in Australian higher education. While there is wide variation in the characteristics of individual Centres, the richness of which can only be appreciated by exploring the results and findings in detail, a summary of the results is provided here in the form of a description of a mythical ‘average’ Australian university Teaching and Learning Centre.

Australian real estate management and development companies and women directors

Purpose – There is a large literature advocating the importance of a greater proportion of women directors on boards of publicly listed firms. The purpose of this paper is to examine the numbers and proportions of women directors, including women executive directors, on listed Australian Real Estate Management and Development (REMD) companies to identify how prevalent women directors are on such boards.
Design/methodology/approach – The study examines the numbers and proportions of women directors for 35 REMDs in 2011 and compares this to the broad board composition data on 1,715 Australian Stock Exchange listed entities. Statistically significant findings are evident due to the identified low proportions.
Findings – The study finds that of all the Financials Sub Industry sector groups, REMDs have the lowest proportion of female directors on theirs boards – eight women on each of 35 company boards compared to 159 men on these 35 boards at 2011. Of the eight, there were only two women executive directors on boards compared to 50 men. Statistically, it appears that having women directors on REMD boards is not considered important. Even at December 2014, there are only ten women on seven company boards and only one remaining executive director of an REMD company.
Practical implications – Given that female board representation is positively related to accounting returns and that there is a growing voice for legislation to impose mandatory proportions of women directors on boards around the world, it may be in the interests of REMD boards to consider appointing more women more quickly.
Originality/value – The study is the first to examine the numbers and proportions of women directors amongst REMD companies to identify the paucity of such women directors.

May 1994: Statewide Library Network Urged; WPA and Libraries in S.C.; Library Directors' Forum

Inside this Issue: WPADirector's ForumArchivesM. L King LibraryElectronic Info

Punitive damages in Brazilian law and the boundaries between criminal and civil liabilities

This article demonstrates the existence of civil responsibility with punitive purposes in Brazilian Law, explaining how it was introduced by jurisdictional activity in cases involving moral damages. Next, it points out main problems this situation represents to Brazilian Law from the standpoint of our juridical dogmatics and public policies. Additionally, it proposes the execution of an empirical research for comprehension of the structure and fundamentals of jurisprudence on the punitive character of civil responsibility for moral damages and establishes criteria for use in this research based on theories of punishment. Finally, it positions the problem of punitive function of civil responsibility in the broader ambit of relationships and boundaries between civil and criminal responsibility.

Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Power relations perceptions in a Brazilian favela: a case study of Vila Nova Esperança inhabitants association directors

Vila Nova Esperança é uma das 400 favelas do estado de São Paulo. Nos últimos anos, esta comunidade sobreviveu a um duro processo judiciário em contra de poderosos órgãos governamentais e ganhou a atenção de organizações não governamentais que vêm esta comunidade como um lugar de sucesso para implementar os seus projetos. O objetivo desta dissertação é analisar quem som os atores de dentro e de fora que mais influencia têm na comunidade, como foi que eles conseguiram esse poder e as implicações da distribuição de poder. As principais conclusões desta dissertação são que o poder dentro da comunidade está centrado em apenas uma pessoa, que a os membros da comunidade sentem que eles não tem controle da sua situação, que existe um déficit de comunicação entre a comunidade e as administrações publicas e que as ONGs que alcançam posições de influência dentro da comunidade fazê-lo graças ao seu esforço e persistência prolongado no tempo.

Mercury in soils and sediments from gold mining liabilities in Southern Amazonia

The 1980-1990 Amazonian gold rush left an enormous liability that increasingly has been substituted by developing fish aquaculture. This work aimed at the identification of the mercury levels in the environment, associated with fish farms located in the North of Mato Grosso State, Southern Amazon. Sediment and soil samples were analyzed for total organic carbon and total mercury. Results indicate that the chemical characteristics of the sediment largely depend on the management procedures of the fish pond (liming, fish food used and fish population). The soils presented relatively low concentrations when compared with other data from the literature.

Informe final de la Reunión de Directores de Estadística de las Américas = Report of the Meeting of Directors of Statistics of the Americas

Presenta la organizacion de los trabajos y resumen de los debates de la reunion, en la que se analizaron aspectos globales de los Censos de Poblacion y Vivienda que requieren decisiones a nivel de Directores de Estadistica; la participacion de los paises latinoamericanos y del Caribe en el 24o periodo de sesiones de la Comision de Estadistica de las Naciones Unidas; y se evaluaron las actividades acordadas en la 9a Conferencia Interamericana de Estadistica.

Informe final de la Reunión de Directores de Estadística de las Américas = Final report of the Meeting of Directors of Statistics of the Americas

Presenta el resumen de los debates de la reunión que tuvo como principales propósitos evaluar los avances logrados en actividades preparatorias de la Ronda de Censos del 90, absorción de tecnologías computacionales para el desarrollo estadístico de la región, cooperación técnica, capacitación y situación de las estadísticas sociales.