Piercing the decision-making sphere : happiness as the key to real shareholder participation

The purpose of this article is to explain why recent corporate governance reforms and initiatives proclaiming to enhance shareholder participation and elevate shareholder rights, do not go far enough. Indeed, it is suggested that corporate governance polices and reform programs, which have emerged across the world in response to a number of high-profile corporate collapses, act to re-emphasise the limited, 'passive' role which individual shareholders have traditionally experienced in public companies. Although increasing the amount information provided to shareholders about corporate decisions and strategies, and providing shareholders with a greater opportunity to participate in annual general meetings, do go some way in 'empowering' shareholders, it is argued that shareholders essentially remain passive observers, rather than becoming active participants. To become active participants, or corporate governance 'insiders " it is argued that corporate law needs to be directed at piercing the 'decision-making sphere' for individual shareholders in public companies. This involves accommodating an active role for shareholders in the actual decision-making processes of the corporation, rather than simply being informed of decisions that are made and being entitled to veto decisions at the annual general meeting. The second part of the article looks specifically at how the 'oppression' or 'unfair prejudice' remedy, the most commonly used shareholder remedy, is capable - if reformulated so that the pursuit of happiness, rather than vague notions of 'fairness' and 'justice' is the central objective of the remedy - of being used to influence a change of culture within public companies directed at facilitating an active participatory role for shareholders.

Giving content to the principle of proportionality: happiness and pain as the universal currency for matching offence seriousness and penalty severity

The principle of proportionality prescribes that the punishment should equal the crime. It is one of the most important principles of sentencing. Yet, despite its widespread acceptance it offers no meaningful guide to sentencing. Hence penalty levels fluctuate greatly between jurisdictions and within jurisdictions. This is because there is no universally agreed criterion for measuring offence seriousness or penalty severity. This article suggests that the appropriate criteria for matching offence seriousness and penalty severity is the level of unhappiness or pain stemming from each of these impositions. Thus, for example, the level of pain meted out to a rape offender should equal the level of pain caused to a rape victim. Emerging scientific studies on human well-being and happiness show that human beings are similarly built in terms of the experiences that are either conducive or inimical to well-being. This commonality provides a strong foundation to be confident to make reasonably accurate predictions concerning the extent to which adverse events, such as being the victim of a criminal offence or subjected to a form of criminal sanction will stifle human flourishing. This will then allow us to match accurately offence seriousness and penalty level.

The separation of ownership and control under a happiness-based theory of the corporation

Explores the happiness-based theory of the corporation, suggesting that there is no conflict between the pursuance of economic and social objectives on the basis that their interplay is required to facilitate shareholder happiness. Considers: (1) the Berle-Means hypothesis and the separation of ownership and control, the dominant governance structure for large companies; (2) a happiness-based perspective on the separation; and (3) law reform applicable to a happiness-based theory. Argues that the separation of ownership and control is not in shareholders' best interests because the structure is not conducive to the happiness of individual shareholders and should be reformed.

Distribution of resources, population happiness and public policy

This paper concerns the ways in which public policy regarding the distribution of resources might be used to increase the happiness of the Thai population. The term happiness refers to the subjective side of life quality, which in contemporary science is more commonly referred to as subjective wellbeing (SWB). The SWB construct is described within the theoretical context of SWB homeostasis. This is a proposed management system which has the role of maintaining a positive view of the self It will be described how the homeostatic system can be challenged by hardship. The resources that the system requires to manage such challenges will also be described.  Recommended forms of SWB measurement will be considered. It is concluded that public policy which directs resources to disadvantaged population sectors may be one of the most effective initiatives to enhance population wellbeing and national productivity.

Wellbeing of Australians : work, wealth and happiness : part A

The Australian Unity Wellbeing Index monitors the subjective wellbeing of the Australian population. Our first survey was conducted in April 2001 and this report concerns the 17th survey, undertaken in April 2007. Our previous survey had been conducted six months earlier in October 2006. This intervening period was relatively uneventful in terms of events likely to change population wellbeing. A new leader of the opposition Labor Party was appointed (Kevin Rudd) who seemed more likely than
his predecessors to wrest power from long-serving Prime Minister John Howard (Liberal Party) in an election to be held around the end of 2007.
Each survey involves a telephone interview with a new sample of 2,000 Australians, selected to represent the national population geographic distribution. These surveys comprise the Personal Wellbeing Index, which measures people’s satisfaction with their own lives, and the National
Wellbeing Index, which measures how satisfied people are with life in Australia. Other items include a standard set of demographic questions and other survey-specific questions. The specific topics for Survey 17 are time at work, and anticipated happiness at doubling or halving household income.

Stop taxing happiness : a new perspective on progressive taxation

The development of taxation law and policy has been driven largely by economic considerations and economic theory. Underlying this is the assumption that money is important to human well-being and is in fact the most important thing in this regard. Recent empirical studies of human well-being disprove this assumption. Money has only a limited bearing on happiness. It follows that economic arguments that have long shaped taxation law and policy should be discarded in preference for recent learning concerning what really matters to people. The results of the recent studies have significant implications for the manner in which we should raise tax. We argue that for income under approximately $20,000 the rate should be 0 to 5 per cent. For income between $20,000 to $50,000 the rate should be about 15 per cent. Incomes beyond this level should taxed at approximately 75 per cent. There is no reason to have further rate differentials.

Increasing population happiness through the distribution of resources

This paper concerns the ways in which public policy regarding the distribution of resources might be used to increase the happiness of the Thai population. The term happiness refers to the subjective side of life quality, which in contemporary science is more commonly referred to as subjective wellbeing (SWB). The SWB construct is described within the theoretical context of SWB homeostasis. This is a proposed management system which has the role of maintaining a positive view of the self. It will be described how the homeostatic system can be challenged by hardship. The resources that the system requires to manage such challenges will also be described. Recommended forms of SWB measurement will be considered. It is concluded that public policy which directs resources to disadvantaged population sectors may be one of the most effective initiatives to enhance population wellbeing and national productivity.

Encouraging governments to enhance the happiness of their nation : Step 1: understand subjective wellbeing

This article considers the issue of facilitating policies that enhance population happiness. An impediment to such action is the failure of most policy makers to understand that subjective wellbeing can be measured and understood within the framework of science. Additionally, they fail to realize that enhancing the subjective wellbeing of populations enhances not only the functioning of individuals but that of the population as a whole. A framework for understanding calls on the Theory of Subjective Wellbeing Homeostasis and data from the Australian Unity Wellbeing Index. This Index has been used to monitor the subjective wellbeing of the Australian population over the 6-year period 2001–2006. The article begins by a description of the subjective wellbeing construct and the theory that it is homeostatically managed. The operation of homeostasis makes very determined predictions as to the kinds of relationships that should be found in association with various environmental challenges and resources. These predictions will be examined in the light of the data from our surveys and the benefits of population happiness will be discussed. Finally, consideration will be given as to and how such understanding may be conveyed to politicians, in order to assist the development of policies aimed at enhancing the level of happiness in society.

Music, in early childhood education : teachers' levels of confidence and happiness

This paper presents the results of a study which investigates early childhood teachers’ levels of confi dence
and happiness in conducting music activities with young children. A sample of 284 in-service and preservice
early childhood teachers in Hong Kong participated in the study. Two new research instruments
entitled Teachers Music Confi dence Scale (TMCS) and Teachers Happiness Scale (THS) were designed for
data collection to answer the research questions. Results showed that early childhood teachers have the
highest and the lowest level of confi dence in singing and composing/improvising respectively. In-service
teachers showed higher confi dence and happiness levels in conducting several musical activities with
young children than pre-service teachers. There was also a statistically signifi cant relationship between
these two variables. Implications for engagement in music are discussed in the paper.