Multiple directorships and corporate performance in Australian listed companies

How many directorships are too many? Globally, normative advice emphasises the importance of limiting the number of directorships any individual should hold due to the workloads they entail. However, there is little empirical evidence to support this view. Rather, there is a strong tradition of supporting multiple directorships as a mechanism for the firm to co-opt external resources. To explore the issue of director workloads and multiple directorships, we first consider the issues related to multiple directorships and outline the conclusions of extant international and Australian studies into multiple directorships. We then detail our objectives in undertaking this research and our approach to data collection. Our findings indicate that the incidence of multiple directorships in Australian listed companies is low. We also find that many of the apparent examples of multiple directorships are due to related entities, which share common directors and, due to the nature of these entities, have much lower workload requirements. Further, there does not appear to be any relationship between holding multiple directorships and firm financial performance. Finally, we discuss the implications for boards and those interested in governance, particularly the need to ensure governance recommendations and guidelines reflect empirical findings. We offer one solution to address the concerns of boards, investors, other stakeholders and the community regarding multiple directorships: board and individual director evaluations.

Degrees of freedom and motor planning in purposive movement

This paper presents empirical evidence suggesting that healthy humans can perform a two degree of freedom visuo-motor pursuit tracking task with the same response time delay as a one degree of freedom task. In contrast, the time delay of the response is influenced markedly by the nature of the motor synergy required to produce it. We suggest a conceptual account of this evidence based on adaptive model theory, which combines theories of intermittency from psychology and adaptive optimal control from engineering. The intermittent response planning stage has a fixed period. It possesses multiple optimal trajectory generators such that multiple degrees of freedom can be planned concurrently, without requiring an increase in the planning period. In tasks which require unfamiliar motor synergies, or are deemed to be incompatible, internal adaptive models representing movement dynamics are inaccurate. This means that the actual response which is produced will deviate from the one which is planned. For a given target-response discrepancy, corrective response trajectories of longer duration are planned, consistent with the principle of speed-accuracy trade-off. Compared to familiar or compatible tasks, this results in a longer response time delay and reduced accuracy. From the standpoint of the intermittency approach, the findings of this study help make possible a more integral and predictive account of purposive action. (c) 2005 Elsevier B.V. All rights reserved.

"We do it, but they don't": Multiple categorizations and work team communication

The present study adopted an intergroup approach to information sharing and ratings of work team communication in a public hospital (N = 142) undergoing large-scale restructuring. Consistent with predictions, ratings of communication followed a double ingroup serving bias: while team members reported sending about the same levels of information to double ingroup members (same work team/same occupational group) as they did to partial ingroup members (same work team/different occupational group), they reported receiving less information from partial ingroup members than from double ingroup members and rated the communication that they received from partial ingroup members as less effective. We discuss the implication of these results for the management of information sharing and organizational communication.

Biodiversity conservation planning tools: Present status and challenges for the future

Species extinctions and the deterioration of other biodiversity features worldwide have led to the adoption of systematic conservation planning in many regions of the world. As a consequence, various software tools for conservation planning have been developed over the past twenty years. These, tools implement algorithms designed to identify conservation area networks for the representation and persistence of biodiversity features. Budgetary, ethical, and other sociopolitical constraints dictate that the prioritized sites represent biodiversity with minimum impact on human interests. Planning tools are typically also used to satisfy these criteria. This chapter reviews both the concepts and technical choices that underlie the development of these tools. Conservation planning problems can be formulated as optimization problems, and we evaluate the suitability of different algorithms for their solution. Finally, we also review some key issues associated with the use of these tools, such as computational efficiency, the effectiveness of taxa and abiotic parameters at choosing surrogates for biodiversity, the process of setting explicit targets of representation for biodiversity surrogates, and

Conservation planning with irreplaceability: does the method matter?

A number of systematic conservation planning tools are available to aid in making land use decisions. Given the increasing worldwide use and application of reserve design tools, including measures of site irreplaceability, it is essential that methodological differences and their potential effect on conservation planning outcomes are understood. We compared the irreplaceability of sites for protecting ecosystems within the Brigalow Belt Bioregion, Queensland, Australia, using two alternative reserve system design tools, Marxan and C-Plan. We set Marxan to generate multiple reserve systems that met targets with minimal area; the first scenario ignored spatial objectives, while the second selected compact groups of areas. Marxan calculates the irreplaceability of each site as the proportion of solutions in which it occurs for each of these set scenarios. In contrast, C-Plan uses a statistical estimate of irreplaceability as the likelihood that each site is needed in all combinations of sites that satisfy the targets. We found that sites containing rare ecosystems are almost always irreplaceable regardless of the method. Importantly, Marxan and C-Plan gave similar outcomes when spatial objectives were ignored. Marxan with a compactness objective defined twice as much area as irreplaceable, including many sites with relatively common ecosystems. However, targets for all ecosystems were met using a similar amount of area in C-Plan and Marxan, even with compactness. The importance of differences in the outcomes of using the two methods will depend on the question being addressed; in general, the use of two or more complementary tools is beneficial.

Achieving key dimensions of sustainability: Strategic visioning as a tourism destination planning tool

Tourism has had, and is continuing to have, a profound impact upon destinations, economically, environmentally and socially. The negative impacts of tourism have been attributed, among other things, to inadequate or non-existent planning frameworks for tourism development, and it has therefore been advocated that tourism planning is vital to offset some of these negative impacts. While several different approaches have been supported over the years, tourism planning based on the philosophies of sustainability has emerged as one ofthe most comprehensive approaches. However, two critical concepts have been identified as precursors to sustainable development: a strategic Qrientation towards tourism planning and enhanced levels of multiple stakeholder participation in the tourism planning process (Simpson 2001 ). While both strategic tourism planning and stakeholder participation and collaboration, have received considerable attention in the academic literature, there has been relatively little written about its practical application. However, the somewhat recent emergence of the strategic visioning concept as a destination planning tool may provide the necessary practical framework for incorporating stakeholder collaboration into destination strategic planning and management. This paper will provide a synthesis of the stakeholder collaboration, strategic planning and strategic visioning literatures, before conceptually examining the potential applicability._ of the strategic visioning process in achieving meaningful stakeholder participation and collaboration in destination planning.

Strategic planning as communicative process

This paper looks at how a strategic plan is constructed through a communicative process. Drawing on Ricoeur’s concepts of decontextualization and recontextualization, we conceptualize strategic planning activities as being constituted through the iterative and recursive relationship of talk and text. Based on an in-depth case study, our findings show how multiple actors engage in a formal strategic planning process which is manifested in a written strategy document. This document is thus central in the iterative talk to text cycles. As individuals express their interpretations of the current strategic plan in talk, they are able to make amendments to the text that then shape future textual versions of the plan. This iterative cycle is repeated until a final plan is agreed. We develop our findings into a model of the communication process that explains how texts become more authoritative over time and, in doing so, how they inscribe power relationships and social order within organizations. These findings contribute to the literature on the purposes of largely institutionalized processes of strategic planning and to the literature on organization as a communications process.

Raising the bar for systematic conservation planning

Mathematical methods in systematic conservation planning (SCP) represent a significant step toward cost-effective, transparent allocation of resources for biodiversity conservation. However, research demonstrates important consequences of uncertainties in SCP. Current research often relies on simplified case studies with unknown forms and amounts of uncertainty and low statistical power for generalizing results. Consequently, conservation managers have little evidence for the true performance of conservation planning methods in their own complex, uncertain applications. SCP needs to build evidence for predictive models of error and robustness to multiple, simultaneous uncertainties across a wide range of problems of known complexity. Only then can we determine true performance rather than how a method appears to perform on data with unknown uncertainty.

Administration routes affect the quality of immune responses:a cross-sectional evaluation of particulate antigen-delivery systems

Particulate delivery systems such as liposomes and polymeric nano- and microparticles are attracting great interest for developing new vaccines. Materials and formulation properties essential for this purpose have been extensively studied, but relatively little is known about the influence of the administration route of such delivery systems on the type and strength of immune response elicited. Thus, the present study aimed at elucidating the influence on the immune response when of immunising mice by different routes, such as the subcutaneous, intradermal, intramuscular, and intralymphatic routes with ovalbumin-loaded liposomes, N-trimethyl chitosan (TMC) nanoparticles, and poly(lactide-co-glycolide) (PLGA) microparticles, all with and without specifically selected immune-response modifiers. The results showed that the route of administration caused only minor differences in inducing an antibody response of the IgG1 subclass, and any such differences were abolished upon booster immunisation with the various adjuvanted and non-adjuvanted delivery systems. In contrast, the administration route strongly affected both the kinetics and magnitude of the IgG2a response. A single intralymphatic administration of all evaluated delivery systems induced a robust IgG2a response, whereas subcutaneous administration failed to elicit a substantial IgG2a response even after boosting, except with the adjuvanted nanoparticles. The intradermal and intramuscular routes generated intermediate IgG2a titers. The benefit of the intralymphatic administration route for eliciting a Th1-type response was confirmed in terms of IFN-gamma production of isolated and re-stimulated splenocytes from animals previously immunised with adjuvanted and non-adjuvanted liposomes as well as with adjuvanted microparticles. Altogether the results show that the IgG2a associated with Th1-type immune responses are sensitive to the route of administration, whereas IgG1 response associated with Th2-type immune responses were relatively insensitive to the administration route of the particulate delivery systems. The route of administration should therefore be considered when planning and interpreting pre-clinical research or development on vaccine delivery systems.

When do conservation planning methods deliver? Quantifying the consequences of uncertainty

The rapid global loss of biodiversity has led to a proliferation of systematic conservation planning methods. In spite of their utility and mathematical sophistication, these methods only provide approximate solutions to real-world problems where there is uncertainty and temporal change. The consequences of errors in these solutions are seldom characterized or addressed. We propose a conceptual structure for exploring the consequences of input uncertainty and oversimpli?ed approximations to real-world processes for any conservation planning tool or strategy. We then present a computational framework based on this structure to quantitatively model species representation and persistence outcomes across a range of uncertainties. These include factors such as land costs, landscape structure, species composition and distribution, and temporal changes in habitat. We demonstrate the utility of the framework using several reserve selection methods including simple rules of thumb and more sophisticated tools such as Marxan and Zonation. We present new results showing how outcomes can be strongly affected by variation in problem characteristics that are seldom compared across multiple studies. These characteristics include number of species prioritized, distribution of species richness and rarity, and uncertainties in the amount and quality of habitat patches. We also demonstrate how the framework allows comparisons between conservation planning strategies and their response to error under a range of conditions. Using the approach presented here will improve conservation outcomes and resource allocation by making it easier to predict and quantify the consequences of many different uncertainties and assumptions simultaneously. Our results show that without more rigorously generalizable results, it is very dif?cult to predict the amount of error in any conservation plan. These results imply the need for standard practice to include evaluating the effects of multiple real-world complications on the behavior of any conservation planning method.

Computer aided process planning (CAPP) for flat rolling of copper alloys

The manufacture of copper alloy flat rolled metals involves hot and cold rolling operations, together with annealing and other secondary processes, to transform castings (mainly slabs and cakes) into such shapes as strip, plate, sheet, etc. Production is mainly to customer orders in a wide range of specifications for dimensions and properties. However, order quantities are often small and so process planning plays an important role in this industry. Much research work has been done in the past in relation to the technology of flat rolling and the details of the operations, however, there is little or no evidence of any research in the planning of processes for this type of manufacture. Practical observation in a number of rolling mills has established the type of manual process planning traditionally used in this industry. This manual approach, however, has inherent drawbacks, being particularly dependent on the individual planners who gain their knowledge over a long span of practical experience. The introduction of the retrieval CAPP approach to this industry was a first step to reduce these problems. But this could not provide a long-term answer because of the need for an experienced planner to supervise generation of any plan. It also fails to take account of the dynamic nature of the parameters involved in the planning, such as the availability of resources, operation conditions and variations in the costs. The other alternative is the use of a generative approach to planning in the rolling mill context. In this thesis, generative methods are developed for the selection of optimal routes for single orders and then for batches of orders, bearing in mind equipment restrictions, production costs and material yield. The batch order process planning involves the use of a special cluster analysis algorithm for optimal grouping of the orders. This research concentrates on cold-rolling operations. A prototype model of the proposed CAPP system, including both single order and batch order planning options, has been developed and tested on real order data in the industry. The results were satisfactory and compared very favourably with the existing manual and retrieval methods.

A systems approach to strategic manpower planning for technological development under conditions of manpower scarcity and centralised control

This thesis deals with the integration of the manpower criterion with the strategic decision making processes of technological projects in developing countries. This integration is to be achieved by ensuring the involvement of the actors, who have relevant roles and responsibilities along the whole life cycle of the project, in the strategic decision making phases of the project. The relevance of the actors is ascertained by the use of a responsibility index which relates their responsibility to the project's constituent stages. In the context of a technological project in a typical centrally-planned developing environment, the actors are identified as Arbiters, Planners, Implementors and Operators and their roles, concerns and objectives are derived. In this context, the actors are usually government and non-government organisations. Hence, decision making will involve multiple agencies as well as multiple criteria. A methodology covering the whole decision-making process, from options generation to options selection, and adopting Saaty's Analytical Hierarchy Process as an operational tool is proposed to deal with such multiple-criteria, multipleagency decision situations. The methodology is intended to integrate the consideration of the relevant criteria, the prevailing environmental and policy factors, and the concerns and objectives of the relevant actors into a unifying decision-making process which strives to facilitate enlightened decision making and to enhance learning and interaction. An extensive assessment of the methodology's feasibility, based on a specific technological project within the Iraqi oil industry is included, and indicates that the methodology should be both useful and implementable.