Rethinking the ontology of the shareholder model of the corporation

Purpose – The purpose of this paper is to examine the critical assumptions lying behind the Anglo American model of corporate governance. Design/methodology/approach – Literature review examining the concept of a nexus of contracts underpinning agency theory which, it is argued, act as the platform for neo-liberal corporate governance focusing on shareholder wealth creation. Findings – The paper highlights the unaddressed critical challenge of why eighteenth century ownership structures are readily adopted in the twenty-first century. Social implications – A re-examination of wealth creation and wealth redistribution. Originality/value – The paper is highly original due to the fact that few contributions have been made in the area of rethinking shareholder value.

Bdellovibrio bacteriovorus HD100 guards against Pseudomonas tolaasii brown-blotch lesions on the surface of post-harvest Agaricus bisporus supermarket mushrooms

BACKGROUND: Pseudomonas tolaasii is a problematic pathogen of cultured mushrooms, forming dark brown 'blotches' on mushroom surfaces and causing spoilage during crop growth and post-harvest . Treating P. tolaasii infection is difficult, as other, commensal bacterial species such as Pseudomonas putida are necessary for mushroom growth, so treatments must be relatively specific. RESULTS: We have found that P. tolaasii is susceptible to predation in vitro by the δ-proteobacterium Bdellovibrio bacteriovorus. This effect also occurred in funga, where B. bacteriovorus was administered to post-harvest mushroom caps before and after administration of the P. tolaasii pathogen. A significant, visible improvement in blotch appearance, after incubation, was observed on administration of Bdellovibrio. A significant reduction in viable P. tolaasii cell numbers, recovered from the mushroom tissue, was detected. This was accompanied by a more marked reduction in blotch severity on Bdellovibrio administration. We found that there was in some cases an accompanying overgrowth of presumed-commensal, non-Pseudomonas bacteria on post-harvest mushroom caps after Bdellovibrio-treatment. These bacteria were identified (by 16SrRNA gene sequencing) as Enterobacter species, which were seemingly resistant to predation. We visualised predatory interactions occuring between B. bacteriovorus and P. tolaasii on the post-harvest mushroom cap surface by Scanning Electron Microscopy, seeing predatory invasion of P. tolaasii by B. bacteriovorus in funga. This anti-P. tolaasii effect worked well in post-harvest supermarket mushrooms, thus Bdellovibrio was not affected by any pre-treatment of mushrooms for commercial/consumer purposes. CONCLUSIONS: The soil-dwelling B. bacteriovorus HD100 preys upon and kills P. tolaasii, on mushroom surfaces, and could therefore be applied to prevent spoilage in post-harvest situations where mushrooms are stored and packaged for sale.

Les Français sous les bombes alliées, 1940-1945

Plus de 517 000 tonnes de bombes sont déversées sur l’Hexagone par les alliés entre 1940 et 1945, soit près de sept fois plus que le total largué sur le Royaume-Uni par la Luftwaffe. Plus de 57 000 Français en sont morts, dont plus de 38 000 au cours de la seule année 1944. Cet aspect fondamental de l’histoire des années noires, que les survivants et les familles des victimes ne connaissent que trop bien, et qui a fait l’objet de nombreuses études locales, est encore relativement marginalisé de la « grande histoire » de l’Occupation et de la Libération. Pourquoi et comment les armées aériennes alliées ont-ils attaqué la France ? Quelles mesures ont été prises par le gouvernement de Vichy pour protéger les populations ? Comment les Alliés ont-ils justifié les attaques auprès des Français, et comment la propagande vichyssoise a-t-elle essayé de les mettre à profit ? Comment les populations civiles ont-ils vécu les bombardements, et comment se sont-elles mobilisées pour se défendre ? Comment la Résistance a-t-elle réagi à des attaques qui ne pouvaient que nuire à son audience au sein des Français, ainsi qu’à celle des « Anglo-saxons » ? Autant de questions auxquelles l’ouvrage comme le documentaire répondent, avec l’appui de documents d’archives britanniques et françaises, mais aussi de témoignages nombreux et émouvants.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

The post-financial crisis challenges for corporate governance and banking reform in China

The purpose of this paper is to review the impact of the global financial crisis on banking reform in China. The significant doubt concerning the efficiencies of Anglo-American model of corporate governance has raised a critical political question amongst scholars and practitioners as to whether China should continue to follow the U.K.-U.S. path in relation to financial reform. This conceptual paper provides an insightful review of the corporate governance literature and regulatory reports. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, which promotes greater liberalization and less control, the paper considers the risks in opening China’s financial markets and relaxing monetary and fiscal policies. A critique of shareholder-capitalism is outlined in relation to the German’s “social market economy” styled capitalism. Through such analysis the paper explores a number of implications for China to consider in terms of developing a new and sustainable corporate governance model applicable to the Chinese context.

L’illustration marginale d’un ouvrage profane : étude du manuscrit Paris, Bibliothèque nationale de France, français 95, xiiie siècle (1290)

BnF fr. 95 is a late 13th century manuscript containing Arthurian romances and other fictional and didactic texts. The Estoire del saint Graal and Merlin section is the most highly illuminated, with a rich marginal iconography, an unusual feature in the illustration of lay works and in these texts’ manuscript tradition. This article shows how in Merlin and its Vulgate Sequel marginal scenes overlap with widespread subjects in courtly and chivalric vernacular romances, in contrast with Latin and religious works. The reuse of similar patterns in principal and marginal miniatures, examined in the episode of the Battle of Danablaise, where King Arthur fights the Saxon King Rion, highlights the need for a comprehensive reading of text and images, taking into account the mise en page and the different levels of illustration in the manuscript.

'Where water wells up from the earth’: excavations at the findspot of the Late Bronze Age hoard from Broadward, Shropshire

The paper begins by considering the importance of springs as a focus for votive deposits in Bronze Age Britain. This is not a new idea, but nowhere has this association been examined through the excavation of one of these features. The point is illustrated by excavation at the findspot of a famous group of Late Bronze Age weapons, the Broadward hoard, discovered in 1867. Little was known about the site, where it was found or the character of the original deposit, but a study of contemporary accounts of the hoard, combined with geophysical and topographical surveys, led to small-scale excavation in 2010, which showed that the deposit had most probably been buried in a pit on the edge of a spring. Other finds associated with the spring included an Early Bronze Age macehead, a Roman pot and various Saxon and medieval animal bones. The latest deposit, with a post-medieval carbon date, included a wooden knife or dagger. An adjacent palaeochannel provided an important environmental sequence for this part of the English–Welsh borderland and suggests that the Late Bronze Age hoard had been deposited not far from a settlement. A nearby earthwork enclosure was associated with a clay weight, which may be of similar date. Despite the limited scale of the fieldwork, it illustrates the potential for treating springs associated with artefact finds on the same terms as other archaeological deposits.