Osakeperusteinen palkitseminen: maksuttoman osakkeen hyödyntäminen kannustinjärjestelmissä

Tutkielman tavoitteena on selvittää osakeyhtiön palkitsemisjärjestelmiin liittyviä kysymyksiä päämies–agenttisuhteiden ja osakeyhtiöoikeudellisten periaatteiden kautta. Tutkielmassa selvitetään, kuinka maksuttomia osakkeita voidaan hyödyntää julkisen osakeyhtiön palkitsemisjärjestelmissä ja mitä haasteita ja mahdollisuuksia niiden käyttöön liittyy. Tutkimusmetodi työssä on lainopillinen ja aihetta lähestytään luontevasti kauppatieteellisen ja oikeustieteellisen näkökulman yhdistävän oikeustaloustieteen kautta. Ensisijaisena aineistona tutkielmassa käytetään voimassaolevaa lainsäädäntöä valmisteluaineistoineen ja näkökulmaa syvennetään aiemmin voimassa olleen lainsäädännön tarkastelulla. Toissijaisena aineistona tutkielmassa käytetään sekä eri asiantuntijoiden oikeudellista kirjallisuutta että palkitsemisen asiantuntijoiden laatimaa kirjallisuutta Suomesta ja muista länsimaista. Teoreettista työtä on syvennetty asiantuntijahaastattelulla ja yhtiöiden sijoittajatiedosta saatavalla informaatiolla. Merkittävin osakeyhtiön johdon ja yhtiön välisen suhteen tehokkuutta alentava seikka on päämies–agenttisuhteen valvontaongelma. Tämä liittyy päämies - agenttisuhteeseen, joka ilmenee negatiivisesti yhtiön ja yhtiön johdon intressien ristiriitatilanteissa. Valvontaongelma voi aiheuttaa ylimääräisiä transaktiokustannuksia ja tämä näkyy yhtiön toiminnan tehokkuuden laskemisena. Päämies–agenttisuhteen ratkaisuna lainsäädäntö ja erilaiset valvonnan keinot ovat tehottomia ja nykyisen yhtiöoikeudellisen ajattelun vastaisia. Tehokkaimmin valvontaongelma saadaan ratkaistua erilaisin kannustimin tapahtuvalla johdon ohjauksella. Osakesidonnainen palkitseminen on suosituin johdon ja yhtiön intressien yhdistämisen keino. Osakesidonnainen palkitseminen on parhaimmillaan eri osapuolien näkökulmasta sitouttavaa ja kannustavaa mutta osakepalkitsemisen käyttöön liittyy myös riskejä. Eräs keskeisistä yhtiöoikeudellisista periaatteista on yhdenvertaisuus, jota saatetaan loukata eri palkitsemisjärjestelmiä käytettäessä. Varojen jakoon ja järjestelmien rahoitukseen liittyy niin ikään riskejä, jotka saattavat vaarantaa järjestelmän onnistumisen. Liian avokätiset palkkiojärjestelmät taas saattavat aiheuttaa yhtiön eri sidosryhmien piirissä tyytymättömyyttä joka taas alentaa järjestelmän tehokkuutta. Yhtiön johto vastaa yhtiön strategian toteutumisesta ja linjaa Corporate Governance käytännön mukaisesti johdon palkitsemisen tavat. Yhtiön johto on kuitenkin päätöksistään vastuussa yhtiön residuaalioikeuden omaaville päämiehille, eli osakkeenomistajille. Vaikka yhtiön johto vastaa viime kädessä yhtiön toiminnasta, sen on huomioitava toiminnassaan yhtiön toiminnan tarkoitus ja sitä kautta yksittäisen osakkeenomistajan etu. Vaikka osakeyhtiössä toteutettaisiin enemmistöomistajan valitsemaa toimintalinjaa, osakeyhtiön yhdenvertaisuusperiaate korostaa juuri vähemmistöosakkeenomistajan asemaa. Johdon fidusiaaristen velvoitteiden voidaankin nähdä korostuvan johdon suhteessa vähemmistöosakkeenomistajaan. Tämä on huomioitava myös palkitsemisjärjestelmissä. Johdon palkitsemisjärjestelmien suunnittelussa ja toteutuksessa on suunnattava keskeinen huomio sen tavoitteiden toteutumiseen, eli yksittäisen osakkeenomistajan omistuksen arvon kasvattamiseen pidemmällä aikavälillä, pitäen huolta osakeyhtiön kantavista periaatteista.

Investigation of institutional investors’ responsible investment practices in UK

The focus of Corporate Governance is shifting from the role of directors to active ownership. Based on their fiduciary duty to other shareholders, it is believed that institutional investors have an important role to play in this regard. However, the Pension Funds and the Sovereign Wealth Organisations are not driven by the same set of objectives. In addition, Environmental Social and Governance (ESG) issues in investment decision-making are now becoming more important and they are capable of becoming the mainstream in the future. However, there are widespread variations in perception of fiduciary responsibilities, ESG issues appraisal, as well as the strategies adopted by institutional investors on shareholder engagement as responsible investors. Responsible Investment market is largely driven by institutional investors and they are expected to continue to lead the way. This research work investigates the role of the main asset owners and their advisors in responsible investment practices in the UK. It adopts a qualitative approach using semi-structured interviews, questionnaire and meetings observations. Gathered data is analysed using grounded theory and the findings highlight the perception of the various investor groups to corporate governance. The research work contributes to the body of knowledge by assessing the corporate governance perspectives of the various classes of institutional investors which may have practical implications for other countries.

Breastfeeding and the responsibilities of GPs: a qualitative study of general practice registrars

The most recent National Health Survey reports that more than 80% of women initiate breastfeeding, while recent studies describe initiation rates of more than 90%. Yet fewer than 50% of women continue to breastfeed for 6 months or longer. This is at odds with National Health and Medical Research Council recommendations that 80% of infants be exclusively breastfed for the first 6 months of life. Women are more likely to initiate and continue to breastfeed if their doctor supports and encourages them to do so. Conversely, women perceive a neutral attitude by doctors toward breastfeeding to be similar to a negative attitude. Therefore, while doctors may not perceive their support or encouragement to be a determining factor in a woman’s breastfeeding decisions, women often place great emphasis on their GP's attitude to breastfeeding and are much more likely to think that information provided by a doctor is important. No previous research in Australia has addressed the issue of how GPs perceive their roles and responsibilities regarding breastfeeding. As part of a larger research project investigating the breastfeeding skills and knowledge of general practice registrars, this article reports the results of qualitative interviews with eight general practice registrars and their views and beliefs about GPs’ responsibilities to breastfeeding women.

What needs to be done? Occupational therapy responsibilities and challenges regarding human rights

Background: Addressing human rights issues brings forth ethical and political responsibilities for occupational therapists and requires new epistemological and educational approaches. The way occupational therapists have faced these challenges has depended upon historical, cultural and social contexts. Aim and method: By means of literature review and historical analysis, this paper reflects on how occupational therapists have dealt with human matters issues and on the contemporary changes within the profession. Results and discussion: The paper portrays how Latin American occupational therapists have engaged in social transformation by choosing not to transform ethical and political problems into technical matters. Taking into account experiences and views from South Africa, Brazil and Chile, the paper outlines the importance of developing political literacy and interdisciplinary professional/postprofessional education to prepare the new generation of occupational therapists to engage in social transformation. Addressing issues of invisibility and lack of access to human rights, the paper reflects on the need of developing conceptual tools and strategies for change, and discusses the transformations being produced in contemporary occupational therapy. Conclusion: Occupational therapists and scientists need to be attentive to human rights issues. They also need to answer the call for interconnectedness in the present-day complex societies, and engage in networking and a cross-bordering dialogue. Nevertheless, although necessary and welcome, international cooperation requires a permanent exercise of cultural sensitivity, political awareness and self-awareness.

Management Structure and Work Team Processes; Responsibilities and Responsiveness

This paper explores the management structure of the team-based organization. First it provides a theoretical model of structures and processes of work teams. The structure determines the team’s responsibilities in terms of authority and expertise about specific regulation tasks. The responsiveness of teams to these responsibilities are the processes of teamwork, in terms of three dimensions, indicating to what extent teams indeed use the space provided to them. The research question that this paper addresses is to what extent the position of responsibilities in the team-based organization affect team responsiveness. This is done by two hypotheses. First, the effect of the so-called proximity of regulation tasks is tested. It is expected that the responsibility for tasks positioned higher in the organization (i.e. further from the team) generally has a negative effect on team responsiveness, whereas tasks positioned lower in the organization (i.e. closer to the team) will have a positive effect on the way in which teams respond. Second, the relationship between the number of tasks for which the team is responsible with team responsiveness is tested. Theory suggests that teams being responsible for a larger number of tasks perform better, i.e. show higher responsiveness. These hypotheses are tested by a study of 109 production teams in the automotive industry. The results show that, as the theory predicts, increasing numbers of responsibilities have positive effects on team responsiveness. However, the delegation of expertise to teams seems to be the most important predictor of responsiveness. Also, not all regulation tasks show to have effects on team responsiveness. Most tasks do not show to have any significant effect at all. A number of tasks affects team responsiveness positively, when their responsibility is positioned lower in the organization, but also a number of tasks affects team responsiveness positively when located higher in the organization, i.e. further from the teams in the production. The results indicate that more attention can be paid to the distribution of responsibilities, in particular expertise, to teams. Indeed delegating more expertise improve team responsiveness, however some tasks might be located better at higher organizational levels, indicating that there are limitations to what responsibilities teams can handle.

Child sun protection in New Zealand: parental view and societal responsibilities

Issue addressed: Cutaneous melanoma is a significant health problem in New Zealand. Excessive sun exposure in early life increases subsequent risk. This study investigated parental opinions, understanding and practices concerning the sun protection of young children. The study aimed to identify areas where improvements in sun protection may be most needed. Methods: Parents were recruited through licensed childcare centres and kindergartens in Dunedin to take part in semi-structured focus groups. Feedback was obtained from participants in response to summary reports based on audiotapes. Results: Parents noted increased social acceptability of sun protective behaviours and child sunburn was now unacceptable. Past media campaigns were well recalled. The 'time to burn' used in media weather reports was easier to understand than the Ultra Violet Index (UVI), about which more information was wanted. Protective messages were expected to be straightforward, consistent and readily and regularly available. Local radio may provide the most timely, relevant information. There was a perceived lack of authoritative information about sunscreens and sunglasses and a shortage of acceptable protective clothing. Fuller information on sunscreen containers and greater use of UV Protection Factor (UPF) ratings for clothing and Eye Protection Factor (EPF) for sunglasses would assist. The use of shade and rescheduling of activities were scarcely mentioned. Conclusions: Parents were aware of the need for child sun protection but lacked confidence about how best to achieve this. Future health promotion programs should emphasise how optimal protection can be achieved more than why sun protection is needed. Programs should include a repertoire of strategies targeted towards individuals through the education of children and caregivers. They should also aim at achieving modifications in physical and social environments, including appropriate product design and promotion. So what?: The development of a balanced, comprehensive program with environmental components that reinforce protective behaviours has the potential to sustain sun protection among the largest number of children in the longer term.

Review of Roles & Responsibilities of the Food Safety Promotion Board (FSPB/SafeFood)

The Department carried out a review during 2012 on FSPB’s work in the food safety, diet and nutrition areas. This review, approved by the Minister on 25 January 2013, provides a summary of the responses received and recommendations made. Click here to download   PDF 63KB  

The Americans with Disabilities Act Employer/Employee Rights & Responsibilities, May 2001

This publication was designed with the belief that the ADA addresses both employers and employees to achieve a viable workforce and productive society. The law was intended to reflect the balance between the employer and the employee with a disability. This booklet contains information on Title I of the ADA but should not be considered legal advice. Title I is directly related to the employment provisions of the law. Both employers and employees have responsibilities and rights under the ADA and this booklet addresses the balance of rights and responsibilities under the law. This law was designed to remove the barriers that prevent qualified persons from enjoying equal employment opportunities solely because of a disability. It demonstrates America recognizing the vitality and abilities of all people to contribute in our society, particularly in the area of employment. This is civil rights law. It prohibits discrimination against persons with disabilities and encourages the recognition of citizens with disabilities as full participants in American life. It recognizes that these members of the American work force are an excellent resource for employers.

The Americans with Disabilities Act: Employer/Employee Rights & Responsibilities, A Guide for Iowans, May 2015

This publication was designed with the belief that the ADA addresses both employers and employees to achieve a viable workforce and productive society. The law was intended to reflect the balance between the employer and the employee with a disability. This booklet contains information on Title I of the ADA but should not be considered legal advice. Title I is directly related to the employment provisions of the law. Both employers and employees have responsibilities and rights under the ADA and this booklet addresses the balance of rights and responsibilities under the law.

Immigration, family responsibilities and the labor supply of skilled native women

This paper investigates the effects of Spain s large recent immigration wave on thelabor supply of highly skilled native women. We hypothesize that female immigration led to an increase in the supply of affordable household services, such as housekeeping and child or elderly care. As a result, i) native females with high earnings potential were able to increase their labor supply, and ii) the effects were larger on skilled women whose labor supply was heavily constrained by family responsibilities. Our evidence indicates that over the last decade immigration led to an important expansion in the size of the household services sector and to an increase in the labor supply of women in high-earning occupations (of about 2 hours per week). We also find that immigration allowed skilled native women to return to work sooner after childbirth, to stay in the workforce longer when having elderly dependents in the household, and to postpone retirement. Methodologically, we show that the availability of even limited Registry data makes it feasible to conduct the analysis using quarterly household survey data, as opposed to having to rely on the decennial Census.

The Handbook of Iowa Boating Laws and Responsibilities, 2010

A synopsis of Iowa boating regulations. This synopsis is not intended to quote the complete law, but rather to present a summary of the various regulations concerning safe boating. These guidelines are, however, included as regulations in the Code of Iowa and the Administrative Code.

Youth Leadership Forum for Students with Disabilities Responsibilities of Primary Staff Volunteers, July 2011

Adults who can facilitate small group sessions. As a team they will be assigned to one of three small groups to assist students with completion of leadership exercises, facilitate small group discussions and help students develop their personal leadership plan. Responsibilities also include providing supervision, support and guidance to student delegates.

Youth Rights and Responsibilities Handbook. 2004

This handbook is designed to provide you with general information regarding your rights and the effect and operation of the law upon you as a minor. It is not intended to be legal advice. Should you find yourself in a situation with a specific legal problem, you should obtain competent legal advice from attorney