Examining corporate governance disclosures of listed companies in Fiji

In 2009, the Capital Markets Development Authority (CMDA) - Fiji’s capital market regulator - introduced the Code of Corporate Governance (the Code). The Code is ‘principle-based’ and requires companies listed on the South Pacific Stock Exchange (SPSE) and the financial intermediaries to disclose their compliance with the Code’s principles. While compliance with the Code is mandatory, the nature and extent of disclosure is at the discretion of the complying entities. Agency theory and signalling theory suggest that firms with higher expected levels of agency costs will provide greater levels of voluntary disclosures as signals of strong corporate governance. Thus, the study seeks to test these theories by examining the heterogeneity of corporate governance disclosures by firms listed on SPSE, and determining the characteristics of firms that provide similar levels of disclosures. We conducted a content analysis of corporate governance disclosures on the annual reports of firms from 2008-2012. The study finds that large, non-family owned firms with high levels of shareholder dispersion provide greater quantity and higher quality corporate governance disclosures. For firms that are relatively smaller, family owned and have low levels of shareholder dispersion, the quantity and quality of corporate governance disclosures are much lower. Some of these firms provide boilerplate disclosures with minimal changes in the following years. These findings support the propositions of agency and signalling theory, which suggest that firms with higher separation between agents and principals will provide more voluntary disclosures to reduce expected agency costs transfers. Semi-structured interviews conducted with key stakeholders further reinforce the findings. The interviews also reveal that complying entities positively perceive the introduction of the Code. Furthermore, while compliance with Code brought about additional costs, they believed that most of these costs were minimal and one-off, and the benefits of greater corporate disclosure to improve user decision making outweighed the costs. The study contributes to the literature as it provides insight into the experience of a small capital market with introducing a ‘principle-based’ Code that attempts to encourage corporate governance practices through enhanced disclosure. The study also assists policy makers better understand complying entities’ motivations for compliance and the extent of compliance.

Triumphs and tribulations in the psychotherapy of schizophrenia : reflections on a pilot study of metacognitive narrative psychotherapy

Schizophrenia results in a profound disruption of one’s capacity to make sense of mental states, coherently narrate self-experiences, and meaningfully relate to others. While current treatment options for people with schizophrenia tend to be symptom-focused, experience in designing and implementing a study focusing on enhancing sense of self demonstrates the feasibility of developing and implementing models of treatment that prioritize the subjective distress and self-experience of people with schizophrenia. There is emerging research evidence, based upon dialogical theory of self, that posits the potential of people with deficits of self to engage in meaningful therapeutic relationships and work toward greater integrity of self and degrees of recovery. The challenge is to translate these ideas into a research methodology that can be successfully applied within therapeutic contexts with people who meet the diagnostic criteria for schizophrenia. Based upon dialogical theory, we developed a principle-based manual for metacognitive narrative psychotherapy: a psychological approach to the treatment of people with schizophrenia, which aims to enhance metacognitive capacity and ability to narrate self-experiences. Five phases of treatment were identified: (1) developing a therapeutic relationship, (2) eliciting narratives, (3) enhancing metacognitive capacity, (4) enriching narratives, and (5) living enriched stories. Proscribed practices were also identified. We then implemented the manual within a university clinic context. Six therapists were trained to implement the model and, in turn, provided therapy to 11 patients who completed 12 to 24 months of treatment. Participants were assessed on metacognitive capacity, narrative coherence, narrative richness, self-reported recovery, and symptomatology at three points in time over the course of therapy. Contrary to expectations, participants were highly engaged in the therapeutic process, with minimal dropout. Overall, over 75% of participants evidenced improvement in their level of recovery over the course of therapy. The manualization and outcome findings demonstrate the feasibility of applying such interventions to a broader clinical population.

Analysis of risk management disclosures by Australian publicly listed companies

In the aftermath of the global financial crisis, effective risk management (RM) and its communication to stakeholders are now considered essential components in corporate governance. However, despite the importance of RM communication, it is still unclear how and to what extent disclosures in financial reports can achieve effective communication of RM activities. The situation is hampered by the paucity of international RM Research that captures institution differences in corporate governance standards. The Australian setting provides an ideal environment in which to examine RM communication because the Australian Securities Exchange (ASX) has since 2007 recommended RM disclosures under its principle-based governance rules. The recommendations are contained in Principle 7 of the Corporate Governance Principles and recommendations (ASX CGPR). Accordingly, to assess the effectiveness of the AXS's RM governance principle, this study examines the nature and extent of RM disclosures reported by major ASX-listed firms. Using a mixed method approach (thematic content analysis and a series of regression analysis) we find widespread divergence in disclosure practices and low conformance with the Principle 7 recommendations. Certain corporate governance mechanisms appear to influence some categories of RM dislcosure but equity risk has surprisingly little explanatory power. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders.

Regulating Workplace Risks: A Comparative Study of Inspection Regimes in Times of Change

Regulating Workplace Risks is a study of regulatory inspection of occupational health and safety (OHS) and its management in five countries – Australia, Canada (Québec), France, Sweden and the UK – during a time of major change. It examines the implications of the shift from specification to process based regulation, in which attention has been increasingly directed to the means of managing OHS more systematically at a time in which a major restructuring of work has occurred in response to the globalised economy. These changes provide both the context and material for a wider discussion of the nature of regulation and regulatory inspection and their role in protecting the health, safety and well-being of workers in advanced market economies.

An analysis of risk management disclosures: Australian evidence

- Purpose Communication of risk management practices are a critical component of good corporate governance. Research to date has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies in a setting where disclosures are explicitly required by the ASX corporate governance framework, disclose risk management (RM) information in the corporate governance statements within annual reports. - Design/methodology/approach To address our study’s research questions and related hypotheses, we examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, we identify, code and categorise RM disclosures made in the annual reports according to the disclosure categories specified in Australian Stock Exchange Corporate Governance Principles and Recommendations (ASX CGPR). The derived data is then examined using a comprehensive approach comprising thematic content analysis and regression analysis. - Findings The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all ‘material business risks’ possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. Notably, the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with improved levels of disclosure. we do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence, and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. - Research limitation/implications The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the finding may not be generalisable to smaller firms, or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. - Practical implications The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. - Originality/value Despite the importance of risk management communication, it is unclear whether disclosures in annual financial reports achieve this communication. The Australian setting provides an ideal environment to examine the nature and extent of risk management communication as the Australian Securities Exchange (ASX) has recommended risk management disclosures follow Principle 7 of its principle-based governance rules since 2007.

Cognição e Mediação Técnica: passagem analógico-digital da recepção de TV sob a ótica da Teoria Ator-rede

Algumas situações relativas às práticas de comunicacão chamam a atenção, seja pelas possibilidades técnicas que surgem a cada nova ferramenta criada, seja pela influência inconteste para as relações humanas e sociais. Em um momento em que a comunidade acadêmica é convocada a pensar uma nova televisão, este trabalho se propõe a entrar em campo para observar o que há disponível: usos, formatos e linguagens em fase de transição. Propomos, portanto, uma análise empírica ambientada em espaço de recepção midiática, e utilizamos como ferramenta metodológica o Princípio da Simetria com base na Teoria Ator-rede. Seguindo a ideia de rastrear conexões a partir de uma escrita etnográfica, o método propõe pensar o social menos como categoria de base analítica - posto antecipadamente e desvinculado do campo das ações - e mais como algo focado em processo contínuo. As práticas so-ciais e midiáticas são pensadas aqui para além dos limites humanos - ou exclusivamente técnicos. O ator-rede se estabelece não como uma entidade fixa, mas através de fluxos a partir dos quais o método ajudará a descrever a propagação das associações. A discussão sobre possibilidades técnicas e produção de conteúdo mal começou. Talvez por isso se encontre vivendo o momento de transcender o campo dos conceitos normativos e das especulações, para assim acompanhar as instâncias midiáticas como redes de actantes inventadas e re-inventadas a cada dia, nas condições de possibilidades dos momentos práticos de uso. Coube à pesquisa em questão a observação mais detida desses procedimentos e da relação entre tecnologias em transformação, audiências, materialidades, espaços, corpos, sensações e emoções, para que assim seja possível identificar algum entendimento sobre o que poderá caracterizar a televisão, pelo menos provisoriamente

Principles, Opportunism and Seeing in Design: A Computational Approach

This thesis introduces elements of a theory of design activity and a computational framework for developing design systems. The theory stresses the opportunistic nature of designing and the complementary roles of focus and distraction, the interdependence of evaluation and generation, the multiplicity of ways of seeing over the history of a design session versus the exclusivity of a given way of seeing over an arbitrarily short period, and the incommensurability of criteria used to evaluate a design. The thesis argues for a principle based rather than rule based approach to designing documents. The Discursive Generator is presented as a computational framework for implementing specific design systems, and a simple system for arranging blocks according to a set of formal principles is developed by way of illustration. Both shape grammars and constraint based systems are used to contrast current trends in design automation with the discursive approach advocated in the thesis. The Discursive Generator is shown to have some important properties lacking in other types of systems, such as dynamism, robustness and the ability to deal with partial designs. When studied in terms of a search metaphor, the Discursive Generator is shown to exhibit behavior which is radically different from some traditional search techniques, and to avoid some of the well-known difficulties associated with them.

Methods for Parallelizing Search Paths in Phrasing

Many search problems are commonly solved with combinatoric algorithms that unnecessarily duplicate and serialize work at considerable computational expense. There are techniques available that can eliminate redundant computations and perform remaining operations concurrently, effectively reducing the branching factors of these algorithms. This thesis applies these techniques to the problem of parsing natural language. The result is an efficient programming language that can reduce some of the expense associated with principle-based parsing and other search problems. The language is used to implement various natural language parsers, and the improvements are compared to those that result from implementing more deterministic theories of language processing.

Causality enabled compositional modelling of Bayesian networks

J. Keppens and Q. Shen. Causality enabled compositional modelling of Bayesian networks. Proceedings of the 18th International Workshop on Qualitative Reasoning, pages 33-40, 2004.

Prices versus quantities versus bankable quantities

Quantity-based regulation with banking allows regulated firms to shift obligations across time in response to periods of unexpectedly high or low marginal costs. Despite its wide prevalence in existing and proposed emission trading programs, banking has received limited attention in past welfare analyses of policy choice under uncertainty. We address this gap with a model of banking behavior that captures two key constraints: uncertainty about the future from the firm's perspective and a limit on negative bank values (e.g. borrowing). We show conditions where banking provisions reduce price volatility and lower expected costs compared to quantity policies without banking. For plausible parameter values related to U.S. climate change policy, we find that bankable quantities produce behavior quite similar to price policies for about two decades and, during this period, improve welfare by about a $1 billion per year over fixed quantities. © 2012 Elsevier B.V.

Making way for change at the Bar: The practical implications of the new Bar Standards Board Handbook

The Legal Services Act 2007 caused a need to change professional conduct rules for lawyers in England and Wales. The Bar Standards Board Handbook brings substantial changes to the way barristers are regulated. Changes include litigation rights, reporting of professional misconduct, an increased focus on chambers, and expansion to include employees of chambers and barristers without practicing certificates (unregistered or non-practicing barristers). The approach to enforcement and supervision moves to include elements of outcome focused, principle based and risk based approaches. These changes have the potential to change the practice of different groups of barristers and the dynamics between them.

Legalistic or Inspirational? Comparing University Conflict of Interest Policies

In response to growing public and policy concern about conflicts of interest (COI) in university research, academic institutions in North America and Europe have introduced policies to manage COI. However, depending on their form and content, COI policies can be more or less helpful in the effective management of COI. In this paper, we examine and compare the design and content of COI policies at two Canadian research universities (the Université de Montréal and the University of Waterloo), which we suggest, exemplify two general categories or poles on a spectrum of policy approaches. We describe 1) a legalistic approach that promotes a concise but rigid structure, and 2) an inspirational approach that encourages principle-based deliberation and wider interpretation. Each of these approaches has its particular strengths and weaknesses. We conclude with some recommendations to help administrators and policy makers improve the quality, utility and effectiveness of university COI policies.

La responsabilité pénale des sociétés canadiennes pour les crimes contre l’environnement survenus à l’étranger

Avec l’accentuation du libéralisme, les entreprises multinationales ne cessent d’être de plus en plus présentes dans les États en développement, et certaines sont peu scrupuleuses du respect des normes environnementales. Par ailleurs, notons que la plupart de ces États ne disposent pas de mécanismes juridiques contraignant ces entreprises de répondre à d’éventuels crimes contre l’environnement qu’elles sont susceptibles de commettre sur leurs territoires. Or, en l’absence de telles dispositions, peu de sociétés se conforment aux politiques permettant d’internaliser les risques en raison de leur coût élevé. La volonté de maximiser le profit amène ces entreprises à se livrer à des actes attentatoires à l’environnement, à la santé et à la sécurité des individus lorsque rien ne les contraint à procéder autrement. De façon générale, il appartient à l’État sur le territoire duquel opère une société de réglementer ses activités. Précisons que dans plusieurs États en développement, les entreprises multinationales échappent aux mesures contraignantes en vertu de l’influence financière qu’elles exercent sur les dirigeants de ces États. De même, l’impunité des crimes contre l’environnement commis dans les pays en développement découle aussi du manque de volonté politique accentué par le phénomène de la corruption. Malgré la multiplicité de traités et de conventions internationales dédiés à la protection de l'environnement, ces instruments ne sont pas directement applicables aux sociétés multinationales, considérées comme des acteurs non-étatiques. Alors, les pays développés d’où proviennent la majeure partie des entreprises multinationales sont appelés à combler cette lacune en prenant des mesures qui obligent leurs entreprises à se préoccuper de la préservation de l’environnement dans leurs activités. Cette thèse propose d’examiner les mécanismes juridiques par lesquels les crimes contre l’environnement survenus dans les pays en développement peuvent entraîner des poursuites pénales au Canada. En l’absence de législation ayant une portée extraterritoriale explicite en la matière, cela exige de se référer au droit existant et de proposer une nouvelle approche d’interprétation et d’adaptation tenant compte des récents développements envisageant la protection de l’environnement comme une valeur fondamentale pour la société canadienne. De nos jours, la portée de la protection de l’environnement au Canada requiert l’abandon des anciennes conceptions du principe de la territorialité pour adopter une autre approche plus soucieuse des nouvelles réalités entraînées par la mondialisation économique. Il serait donc légitime pour le Canada d’étendre sa compétence pour réprimer les crimes contre l’environnement survenus à l’étranger lors des activités menées par ses ressortissants. La nécessité de réprimer les atteintes à l’environnement survenues à l’étranger devient plus pressante lorsque ces crimes présentent un degré de gravité comparable à celui des crimes internationaux.

Utilisation des formulaires de niveaux d’interventions médicales (NIM) en fin de vie chez les patients qui décèdent en milieu hospitalier au Québec

Ce mémoire porte sur l’utilisation des niveaux d’interventions médicales (NIM) en centre hospitalier (CH) au Québec. Les NIM sont des formulaires organisés sous forme d’échelle, qui ont été développés afin de faciliter la prise de décision en lien avec la réanimation, les traitements de maintien en vie et de prolongation de la vie, et les soins à offrir. L’objectif de ce mémoire est d’offrir un portrait de l’utilisation actuelle des NIM au Québec en CH afin d’émettre des recommandations pour les professionnels de la santé, les institutions et les décideurs politiques. Dans un premier temps, un article de recension des écrits est présenté afin de situer les concepts associés aux NIM avec les problèmes actuellement vécus, par exemple le grand nombre de patients qui décèdent en CH, les problèmes de communication entre les professionnels de la santé, les patients et leur famille, les difficultés liées à la prise de décision en fin de vie et les délais liés aux ordonnances de non-réanimation. Dans un deuxième temps, le second article présente les résultats de recherche. Afin d’établir le portrait de l’utilisation des NIM en CH, un audit de 299 dossiers de patients adultes, décédés dans trois CH a été entrepris. Le cadre éthique d’analyse des résultats est l’approche par principes. Bien que l’utilisation des NIM peut différer sur certains aspects selon l’hôpital, les NIM sont un système efficace pour promouvoir le respect de l’autonomie des patients, la bienfaisance et le caring, mais ceux-ci ne protègent pas contre les problèmes d’iniquité dans l’accès aux soins palliatifs. Afin de faciliter et promouvoir leur utilisation, il est recommandé de standardiser les échelles de NIM à travers la province et les institutions et d’émettre des lignes directrices d’utilisation claires. Également, une plus grande formation pour les professionnels de la santé et l’inclusion d’un membre de l’équipe interdisciplinaire permettraient aux professionnels d’être mieux outillés pour les discussions difficiles et pour la prise de décision, et encourageraient la pratique interdisciplinaire.

Femmes autochtones et intersectionnalité : féminisme autochtone et le discours libéral des droits de la personne

Les femmes autochtones vivent une discrimination intersectionnelle, en ce qu’elle provient d’au moins deux sources: le genre et la race (ou la culture), et qu’elle est plus complexe que la somme de ses sources. Par conséquent, les revendications des femmes autochtones se situent sur au moins deux plans: elles ont des revendications comme autochtones au sein de la population canadienne et comme femmes à l’intérieur de leurs communautés. Partant de la prémisse que l’État canadien doit reconnaître le droit à l’autodétermination des peuples autochtones et par le fait même le droit autochtone, nous nous interrogeons sur les moyens qui permettraient aux femmes autochtones d’exercer l’influence nécessaire pour faire reconnaître et accepter leurs revendications politiques et juridiques dans les processus décisionnels de leurs communautés. Féminisme et revendications autochtones sont-ils nécessairement antinomiques? Pour certaines auteures autochtones, une approche libérale fondée sur la « structure des droits » est incompatible avec les valeurs autochtones. Comment surmonter ces objections en apparence inébranlables? Le problème des femmes autochtones est-il simplement une affaire de « droits » non reconnus? N’est-ce pas plutôt un problème de rapports de pouvoir à l’extérieur, mais également à l’intérieur, des communautés? Nous tentons dans ce qui suit de démontrer qu’au-delà d’un cadre théorique basé sur les droits de la personne, une approche basée sur le principe démocratique permettrait aux femmes autochtones de faire valoir leurs revendications en tant que femmes et en tant qu’autochtones d’une manière plus efficace. En effet, la participation démocratique de tous les membres de la communauté permettrait de contourner les problèmes théoriques liés à une dichotomie entre droits individuels et collectifs, en mettant l’accent sur le processus décisionnel plutôt que sur la valeur des décisions en découlant. Dans cette perspective, féminisme et revendications autochtones peuvent s’allier avantageusement.