Convergence in the ownership and governance of East Asian firms

In the past decade, policymakers in over 70 markets have introduced corporate governance codes or best practice guidelines. In East Asia, they have been introduced in Hong Kong in 1999 and 2006, Indonesia in 2000 and 2007, Malaysia in 2000 and 2007, the Philippines in 2002, Singapore iu 2001 and 2005, South Korea in 2003, Taiwan iu 2002 and Thailand iu 2006. The common focus of these codes is to encourage but not force companies to improve their corporate governance practices to a specified target level, e.g., board independence of 30%. Another commonality is that the guidelines apply to all listed companies regardless of their ownership structure or other characteristics.

On the efficacy of key corporate governance recommendations in mid-tier companies : window-dressing or value-adding?

This paper examins the relationship between firm performance and key board and audit committee variables in a sample of mid-tier listed Australian firms. Unlike the UK where the corporate governance Code specifically outlines special arrangements for companies outside the FTSE 350 index, the ASX Corporate Governance recommendations make no special provisions for mid-tier companies. Consequently, mid-tier Australian companies may be expending scarce resources in conforming with recommendations that are not value-creating.

Institutional investors, risk/return and corporate governance : practical lessons from the Global Financial Crisis

The global grown in institutional investors means that firms can no longer ignore their influence in capital markets. However, not all institutional investors have the same motives to influence the firms they invest in. Institution investors' ability to influence management depends on the size of their investment and whether they have any business relations with the firm. Using a sample of Australian firms from 2006 to 2008, our empirical results show that the proportion of a company's shares held by institutional investors is positively associated with firm governance ratings, risk and profitability. This study shows that a positive association between risk and return is associated with large active institutional ownership, which we interpret as shareholders with sufficient power to pressure management to increase short-term profits.

Convergence in European corporate governance : the audit committee concept

This paper analyses recent corporate governance codes issued by 20 countries for evidence of convergence in corporate governance systems in Europe. The analysis shows that there has been a degree of convergence towards an Anglo-Saxon model of corporate governance as the audit committee concept is widely accepted in countries with both unitary and two-tier governance systems. Further, the latest audit committee recommendations in countries that have issued several governance codes show a strengthening of the recommendations for an audit committee over time in line with the Anglo-Saxon audit committee concept and convergence with the debate in the US and UK on issues such as the independence and financial expertise of members. However, consistent with the literature on the convergence of European corporate governance systems, at an operational level there is limited consistency in the recommended structure and role of audit committees.

Environmental, personal, and genetic determinants of response to vitamin D supplementation in older adults

CONTEXT AND OBJECTIVE: Suboptimal vitamin D status can be corrected by vitamin D supplementation, but individual responses to supplementation vary. We aimed to examine genetic and nongenetic determinants of change in serum 25-hydroxyvitamin D (25(OH)D) after supplementation. DESIGN AND PARTICIPANTS: We used data from a pilot randomized controlled trial in which 644 adults aged 60 to 84 years were randomly assigned to monthly doses of placebo, 30 000 IU, or 60 000 IU vitamin D3 for 12 months. Baseline characteristics were obtained from a self-administered questionnaire. Eighty-eight single-nucleotide polymorphisms (SNPs) in 41 candidate genes were genotyped using Sequenom MassArray technology. Serum 25(OH)D levels before and after the intervention were measured using the Diasorin Liaison platform immunoassay. We used linear regression models to examine associations between genetic and nongenetic factors and change in serum 25(OH)D levels. RESULTS: Supplement dose and baseline 25(OH)D level explained 24% of the variability in response to supplementation. Body mass index, self-reported health status, and ambient UV radiation made a small additional contribution. SNPs in CYP2R1, IRF4, MC1R, CYP27B1, VDR, TYRP1, MCM6, and HERC2 were associated with change in 25(OH)D level, although only CYP2R1 was significant after adjustment for multiple testing. Models including SNPs explained a similar proportion of variability in response to supplementation as models that included personal and environmental factors. CONCLUSION: Stepwise regression analyses suggest that genetic variability may be associated with response to supplementation, perhaps suggesting that some people might need higher doses to reach optimal 25(OH)D levels or that there is variability in the physiologically normal level of 25(OH)D.

Volunteering and recent governance reforms

The regulatory reforms touching volunteer governs over the last 25 years are identified and analysed. BOth direct reforms such as the Australian Charities and Not-for-profits Commission's (ACNC) governance standards and society--wide indirect reforms to workplace health and safety, civil liability and deemed liability provisions are discussed in this chapter.

The ACNC's new governance rules

Australian charities have a new regulator in the form of the Australian Charities and Not-for-profits Commission (ACNC) which began operations in December 2012; and new governance rules which applied from 1 July 2013. While there is some uncertainty over the ACNC's future, the new legislative framework currently applies to approximately 58,000 charities which seek federal tax concessions and other benefits, and includes governance standards that apply across charitable organisational forms (company, trust and association) with some exceptions. The governance standards are a minimum benchmark that many charities will already meet, if they are companies or incorporated associations.

The civic virtue of developmentalism : on the mining industry’s social licence to develop Western Australia

This paper examines the social licence to operate (SLO) of Western Australia's (WA's) mining industry in the context of the state's ‘developmentalist’ agenda. We draw on the findings of a multi-disciplinary body of new research on the risks and challenges posed byWA's mining industry for environmental, social and economic sustainability. We synthesise the findings of this work against the backdrop of the broader debates on corporate social responsibility (CSR) and resource governance. In light of the data presented, this paper takes issue with the mining sector's SLO and its assessment of social and environmental impacts in WA for three inter-related reasons. A state government ideologically wedded to resource-led growth is seen to offer the resource sector a political licence to operate and to give insufficient attention to its potential social and environmental impacts. As a result, the resource sector can adopt a self-serving CSR agenda built on a limited win–win logic and operate with a ‘quasi social licence’ that is restricted to mere economic legitimacy. Overall, this paper problematises the political-cum-commercial construction and neoliberalisation of the SLO and raises questions about the impact of mining in WA.

Corporate governance and bankruptcy risk

We examine how firm characteristics, particularly the degree of firm complexity and the firm’s need for specialty knowledge, affect the relationship between corporate governance and the risk of bankruptcy. We find that having larger boards reduces the risk of bankruptcy only for complex firms. Our results also suggest that the proportion of inside directors on the board is inversely associated with the risk of bankruptcy in firms that require more specialist knowledge, and that the reverse is true in technically unsophisticated firms. The results further reveal that the additional explanatory power from corporate governance variables becomes stronger as the time to bankruptcy is increased, implying that although corporate governance variables are important predictors, governance changes are likely to be too late to save a firm on the verge of bankruptcy.

Emerging Planning Frameworks for Climate Adaptation

This chapter focuses on the more strategic activities that lead people in the regional community to decide how they want to respond to climate change. Such strategic activities include analysing, prioritising and deciding upon the best course of action. Planning for climate adaptation (usually seen to include the setting of visions and objectives, the determination of key strategies and the monitoring of broad outcomes) encompasses the strategic activities involved in the system of governance for climate adaptation. Planning occurs at all scales from global to the business, property, family and even individual scales. Applying a rapid appraisal technique, this chapter analyses the system of planning for climate adaptation as it relates to the achievement of adaptation outcomes within the Wet Tropics Cluster. It finds that some aspects of the system are healthier than others, and identifies several actions that regional NRM bodies may consider (either collectively or individually) to enhance adaptation outcomes by improving the planning system within the cluster.

Use of contract models to improve environmental outcomes in transport infrastructure construction

The type of contract model may have a significant influence on achieving project objectives, including environmental and climate change goals. This research investigates non-standard contract models impacting greenhouse gas emissions (GHG) in transport infrastructure construction in Australia. The research is based on the analysis of two case studies: an Early Contractor Involvement (ECI) contract and a Design and Construct (D&C) contract with GHG reduction requirements embedded in the contractor selection. Main findings support the use of ECIs for better integrating decisions made during the planning phase with the construction activities, and improve environmental outcomes while achieving financial and time savings. Key words: greenhouse gases reduction; road construction; contracting; ECI; D&C

Practical analysis of big acoustic sensor data for environmental monitoring

Monitoring the environment with acoustic sensors is an effective method for understanding changes in ecosystems. Through extensive monitoring, large-scale, ecologically relevant, datasets can be produced that can inform environmental policy. The collection of acoustic sensor data is a solved problem; the current challenge is the management and analysis of raw audio data to produce useful datasets for ecologists. This paper presents the applied research we use to analyze big acoustic datasets. Its core contribution is the presentation of practical large-scale acoustic data analysis methodologies. We describe details of the data workflows we use to provide both citizen scientists and researchers practical access to large volumes of ecoacoustic data. Finally, we propose a work in progress large-scale architecture for analysis driven by a hybrid cloud-and-local production-grade website.

Assessing agronomic and environmental implications of different N fertilisation strategies in subtropical grain cropping systems on Oxisols

A multi-season 15N tracer recovery experiment was conducted on an Oxisol cropped with wheat, maize and sorghum to compare crop N recoveries of different fertilisation strategies and determine the main pathways of N losses that limit N recovery in these agroecosystems. In the wheat and maize seasons, 15N-labelled fertiliser was applied as conventional urea (CONV) and urea coated with a nitrification inhibitor (DMPP). In sorghum, the fate of 15N-labelled urea was monitored in this crop following a legume ley pasture (L70) or a grass ley pasture (G100). The fertiliser N applied to sorghum in the legume-cereal rotation was reduced (70 kg N ha−1) compared to the grass-cereal (100 kg N ha−1) to assess the availability of the N residual from the legume ley pasture. Average crop N recoveries were 73 % (CONV) and 77 % (DMPP) in wheat and 50 % (CONV) and 51 % (DMPP) in maize, while in sorghum were 71 % (L70) and 53 % (G100). Data gathered in this study indicate that the intrinsic physical and chemical conditions of Oxisols can be extremely effective in limiting N losses via deep leaching or denitrification. Elevated crop 15N recoveries can be therefore obtained in subtropical Oxisols using conventional urea while in these agroecosystems DMPP urea has no significant scope to increase fertiliser N recovery in the crop. Overall, introducing a legume phase to limit the fertiliser N requirements of the following cereal crop proved to be the most effective strategy to reduce N losses and increase fertiliser N recovery.

Corporate governance quality, audit fees and non-audit services fees

This paper extends prior research on the relationship between governance quality and auditor remuneration.We examine the influence of audit committee effectiveness (ACE), a proxy for governance quality, on audit fees (AF) and non-audit services fees (NASF) using a new composite measure comprising audit committee independence, expertise, diligence and size. We find that after controlling for board of director characteristics, there is a significant positive association between ACE and AF only for larger clients. Our results indicate that effective audit committees undertake more monitoring which results in wider audit scope and higher audit fees. Contrary to our expectations, we find the association between ACE and NASF to be positive and significant, especially for larger clients. This suggests that larger clients are more likely to purchase non-audit services (NAS) even in the presence of effective audit committees probably due to the complexity of their activities. Overall, our findings support regulatory initiatives aimed at improving corporate governance quality.