Arrangements for Tesco Example For Free - Free Essay Example

Sample details Pages: 7 Words: 2186 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Case study Did you like this example? Essay Question: Research and evaluate the corporate governance arrangements for Tesco PLC Tesco Plc, one of the largest food and beverages retailers in the world is a non-cyclical company that has seen enormous investment from around the globe including Warren Buffets parent firm Berkshire Hathaway. On grounds of the companys established strategy and mature business model it is a recommended investment for the client. The report: Defines Corporate Governance Discusses Tescos governance structure Value drivers for corporate governance Corporate Governance: The fundamental pillar as to how corporations are run day to day and all stakeholder interests (shareholders, management, suppliers etc) are taken into consideration is referred to as Corporate Governance. The term encompasses the framework for internal controls that a company has in place to help management and those in charge of running the company to act in the best interests of the shareholders (CFA Institute, 2013). Principles relevant to Corporate Governance that achieve maximum shareholder wealth are attributed to three fundamentals (CFA Institute, 2013): Don’t waste time! Our writers will create an original "Arrangements for Tesco Example For Free" essay for you Create order Ability of shareholders to voice their opinions and concerns in regard to running of the company with minimum hassle; and The management responsible for running the company acts in an ethical as well as an independent capacity towards all stakeholders of the company so as to ensure the most efficient running of the corporation Consistent high quality financial reporting so as to ensure investors are receiving all relevant information in a timely and verifiable manner that eventually results in maximum profitable allocation of resources and capital. Tesco PLC Structure of Governance Tescos operations around the globe have allowed it to develop a strong and fair framework for running the company across all the markets it operates in. The Board of Directors incorporating the Chairman, the Chief-Executive alongside Non-Executive Directors who provide independent appraisal of the vision of the company whilst adding insight to the strategy lies at the forefront of governance (Tesco, 2014). Furthermore, a senior Independent Director is also present on the Board to ensure all conflicts amongst management and shareholders are resolved in the interests of the shareholders which eventually prevents any agency problems or front running by the management in regard to the shareholder investments. The specialised tasks of running the company have called for segregations of major duties to respective committees in the corporation. At present Tesco Plc supports its vision with the help of five committees (Tesco, 2014). Tesco PLC Board Committees The major drivers of each committee alongside its evolvement over the years are summarised below. The Audit Committee: The committee is tasked to ensure that the risk management principles for the company are effective and are consistently updated to keep risk management of Tesco in line with its strategy (Tesco, 2014). Furthermore, interim audits and financial disclosures are verifiable and accurately presented to any person who demands knowledge of them. The Audit committee is also responsible for recommending the appointment of an independent external auditor for the yearly audit and conducting inquiries into management in regard to any investigative matter it deems fit (Tesco, 2014). Over the years the committee has hired external legal counsel to advice on matters that have raised concern. Corporate Governance Critique for Tesco Presence of knowledgeable financial experts to help the operating environment of the company External auditors appointed through shareholder participation and not by management decision Adherence report in regard to compliance with the UK Governance Code Continuous training of personnel on the committee to remain updated on matters of accountancy and finance The Remuneration Committee: The Remunerations committee is primarily responsible for determining the compensation agreements of senior management as well as analyse structure of compensations that needs to be extended out to Executive members so as to retain the most competent and diligent executive management for overseeing the company (Tesco, 2014). The committee sets out the incentive fee specifications for senior management as well as deliberates on the aptness of expenses that can be claimed by management so as to focus on long term profitability and not short term goals (Tesco, 2014). Corporate Governance Critique for Tesco Disclosures regarding share scheme payments to management are discussed in the Annual Reports or any other public document Clawback provisions are present to discourage management from participating in short term profitability at the expense of long term ones Use of external counsels and consultants to ensure no conflict arises in regard to compensation between management and the committee Outlining philosophy for compensation to management and shareholders so as to assess compensation in Best case and Worst case situations The Corporate Responsibility Committee: The committee was established in 2012 and incorporates the principles of the Companies Act 2006 to help govern its scope of operation (Tesco, 2014). The committee ensures Tesco acts in a sustainable manner to benefit the communities and environment. Moreover, it considers impact of corporate actions by Tesco or any of its subsidiaries on the ethical culture present across all its markets of operation. Corporate Governance Critique for Tesco Consistent and timely updates on ethical stances of Tesco throughout its financial year and implications of such actions on the communities Updating investor and consumer beliefs in regard to sustainable business model and sourcing of operations for Tesco Plc Develop strong communication channels to ensure investors are aware of business model and the company is living up to its reputation The Nominations Committee: The Nominations committee lies at the heart of the company. It is tasked primarily with all matters relevant to management. Acting in accordance with the Companies Act 2006, the committee ensures that executives on the board possess relevant skill to discharge duties, project a vision for the achievement of goals and the balance required between executive and the non-executive directors so as to maintain independence within the organisation (Tesco, 2014). Furthermore, the committee deals with regular appraisal of management so as to make sure the leadership quality of the board is not compromised. Since its development the committee has also taken up the responsibility to ensure that equitable nomination procedures are drawn and implemented on a firm wide basis as well as a smooth transition mechanism is prevalent for passing over of responsibility when managerial personnel change. Corporate Governance Critique for Tesco Presence of independent members ensure shareholder interests are at the forefront of discussion Linking management performance to compensation by means of regular appraisals helps Tesco ensure that it is extending out the most cost-effective expertise at every level The Disclosures Committee: The committee not only makes sure that consistency prevails in financial statements making them easily verifiable but also scrutinizes the annual reports to ensure that accounting estimates or policies are not inappropriate for treatment of various matters (including financial and operating leases) (Tesco, 2014). The committee also deals with incorporating a framework within the firm to handle material nonpublic information and how it is to be disclosed. Corporate Governance Critique for Tesco Helps ensure effective risk management with regard to insider information and assessing best course of action to dealing with speculations in the market Enhancing investor confidence by making sure that notes to the financial statements are comparable over periods of time The Corporate Governance framework at the Executive Management level is limited to the Board, the Boards composition and the committees formed to review their respective matters. To deal with corporate governance on a business strategy level Tesco ensures that each division possesses its own strategic plan to enhance performance and help achieve the companys vision. The committees can be thought of as being responsible for a distinct business segment of the company and at the moment are made up of the following (Tesco, 2014): Compliance Committee Multichannel Committee People Matters Group Property Strategy Committee Social Responsibility Committee Technology Committee Commercial Committee Given the nature of the work of such committees the overall oversight responsibility lies with the Chief Executive of the company. These add value by ensuring the laying down of a strategy for fulfillment of objectives. A brief critical outline for other minor stakeholders is also provided below. However, corporate governance should be more closely linked with management, the Board and shareholders. (CFA Institute, 2013). Customers Tescos Clubcard rewards programmes and the Finest Product range helps the mature company retain its trusted image. Customers see such aspects as the most value efficient means for satisfying their needs. A store format from hypermarkets to corner stores ensures that each store type caters to the unique needs of the community it is housed in. Tescos ability to house a multichannel leadership under one roof helps keep barriers to new entrants high and protect market share in the UK. Employees Tesco places immense importance on the skill and betterment of its employees. The company trained more than 250,000 employees last year in light of turning around the company. The employees are not only encouraged to suggest improvements in stores or company policies through Tescos feedback approach but are also made to feel as an intangible asset of the company by continuous investment in their betterment. Regulators Legislation has a huge impact on how Tesco conducts its businesses around the globe. The impact is further magnified when the companys policies are in the spotlight. Anti-competitive and employment legislation have affected Tesco the most over the years, whether in developing or developed markets (Tesco, 2014). For a better public image and to comply with local legislation Tesco actively hires from the local community where new stores are opened. Furthermore, Tesco actively participates in sustainability projects where its huge hypermarket stores open up so as to benefit the community. Suppliers Tescos significant market share allows it to obtain favorable terms from its suppliers from a monetary point of view whereas special teams such as the agricultural team within the corporation help make sure that the company obtains products of utmost quality from its suppliers (Tesco, 2014). Moreover, the protector line initiative by Tesco under which any wrongdoing on part of the supplier can be raised by the suppliers employees on behalf of Tesco would enable Tesco to improve its operations (Tesco, 2014). Having analysed the broad corporate governance framework prevalent at Tesco, improvements that can be instituted to reflect better corporate publicity and reputation are related to three main aspects of the company. The table below illustrates methods for strengthening the prevalent model. The Board Election policy of the Board members should be with staggered whilst keeping a majority of independent members at all times thus making sure that shareholders interests are paramount Related party transactions or any conflict of interest arising from people serving on the Board should be disclosed in all interim reports and annual reports The board should meet without the presence of the management so as to prevent any over riddance of independence Little or no barriers to communication with investors or shareholders should be prevalent Management Establish a Code of Ethics to dictate corporate culture of the firm Increased transparency of options, their exercise period and fees paid out to management for their services rendered (currently amounts disclosed in Financial Statements) Choosing the optimal peer group to benchmark performance so as to allow for the most meaningful comparison The use of company assets and property should be limited to circumstances as determined by shareholders and the usage as such should be disclosed at the Annual General Meeting Shareholders Use of different share classes with different voting powers are fully known to the shareholder Whether the company allows for shareholders to cast their vote in absence (proxy voting) Procedure for raising concerns at the Annual General Meeting Procedures that need approval from the shareholders prior to implementation by the management ( such as defenses in takeovers) Recommendation Summary The complex and ever-changing nature of Corporate Governance does not allow for a limited set of principles that govern the matters. The interpretation of the framework for the corporate governance lies with the collaborate interaction of the shareholders and the management. Given Tescos strong framework to delegate matters of public interest and scrutiny to committees independent of the Board and delegating internal strategy vision to segments within the corporation, Tesco successfully ensures that all stakeholder interests are looked after at all times. The continuous updating of the foundations that form the Corporate Governance framework allows the company to retain its strong customer base and investor confidence. The internal review and revamping of the companys strategic committees after the Horse-meat scandal ensure that the company strives to deliver the very best of responsibility at all levels. Given the responsibilities of various committees of the Board and a Cor porate Code of Ethics within the firm it is safe to conclude that the company has established an effective corporate governance framework. Reference List CFA Institute (2013). Corporate Finance Portfolio Management. USA: Wiley. Tesco PLC [2014] Annual Report [Online] Available from www.Tescoplc.com/files/pdf/reports/ar14/download_annual_report.pdf Bibliography Gray, I. Manson, S. (2011). The Audit Process. 5th ed. USA: South Western Cengage Learning. Hillier, D., Ross, S. Westerfield, R. (2010). Corporate Finance. 1st European Edition UK: McGraw-Hill Higher Education Robinson, T., Greuning,H., Henry,E. Broihahn, M. (2009). International Financial Statement Analysis. USA: John Wiley Sons Inc Seal, W., Garrison, R. Noreen, E. (2009). Management Accounting. UK: McGraw Hill Higher Education

Yjt Task 1 - 1224 Words

YJT Task 1 Sherrie Byrd 000550774 March 5, 2016 Purpose: The purpose of this speech is to persuade my audience that music can be used to help with stress as well as pain. I want my audience to see that the use of music in everyday life is good for the mind, body and soul. My central idea is that music is what can be used in the medical field as therapy use for pain, stress relief and in everyone’s everyday life. Intended Audience: My ideal audience for this speech would be those of any age that will be willing to try the power of music. The topic would also be beneficial to a larger group as in doctor, nurses, and anyone in the medical field whom help patients with pain or stress.†¦show more content†¦Music is what makes the body feel no pain†¦.. 3 Audience Questions/Responses: a. Can music be used for chronic pain or acute pain? Music can be used for both chronic and acute pain in the right setting and with the correct supervision. As stated in the article Frontiers in Human Neuroscience, in contrast to acute pain, which requires a pain stimulus to be present, the perception of pain in chronic pain occurs even though no current pain stimulus is present. Linnemann, A., Kappert, M. B., Fischer, S., Doerr, J. M., Strahler, J., Nater, U. M. (2015) b. So what type of music reduces stress the best? Well this will depend on what type of music is best suited to your taste. If you have had a long and hard day at work, maybe Mozart classical is best for your or if you are like me I de-stress with upbeat music like the song â€Å"Blurred Lines†, by Robin Thicke. It will depend on what the mood is for and the music that is best for you. c. What hormone in the body is relieved by music? The stress hormone, cortisol. According to the journal The Effect of Music on the Human Stress Response was significant positive changes in cortisol were reported when listening to music before and / or during medical interventions considered stressful (decreases and lower increases in cortisol). Thoma, M. V., La Marca, R.,Show MoreRelatedPersuasive Speech : School Officials Should Focus And Advocate For Visual And Music Art Based Programs1516 Words   |  7 PagesMary McGraw, SN# xxx, YJT Task 1 (0615) Purpose: The purpose of this presentation is to persuade my audience that school officials should focus on and advocate for visual and music art based programs, making them a continued part of the school curricula because such programs facilitate the learning process for all students and should never be eliminated. Also, art based programs provides a well-rounded education and levels the playing field for at risk youths that are socioeconomic disadvantaged

Principles of Statutory Interpretation

Question: Discuss about the Principles of Statutory Interpretation. Answer: Introduction: In this case, the issue before the Federal Court of Australia was to review the decision delivered by the Migration Review Tribunal. It was the finding of the Tribunal that it did not have the jurisdiction as the review application has been filed late by the applicant. The court also had to decide if the Minister's department had properly notified the applicant regarding the delegate's decision. In this case, the applicant had provided an incomplete residential and postal address while making his visa application. However subsequently, the applicant provided a document to the department in which his complete address, residential as well as postal, was set out. However the department failed to use this address. Under these circumstances, the Court was of the view that the Migration Review Tribunal's decision should be quashed and the Tribunal should re-determine the application made by the applicant in accordance with law. In this case, Mr. Yelaswarapu made an application for a Student (Temporary) Visa online. While answering the questions mentioned in the online form, he provided a purported postal address which was also his purported residential address. In the decision made by the delegate of the minister, it was decided to refuse granting the visa to Mr. Yelaswarapu. The delegate was of the opinion that evidence was not present to support the fact that Mr. Yelaswarapu had maintained enrollment in an appropriate full-time course as required for the grant of visa and he also failed to fulfill condition 8516 and regulation 573.235, migration regulations, 1994. This decision of the delegate was sent to Mr. Yelaswarapu through registered post at the purported residential and postal address of the applicant in Westmead under cover of a letter on 7 December 2011. However the Department of Immigration and Citizenship got back the letter On 14 December 2011 with a note in which it was mentioned, RTS Insufficient Address. The delegate's decision was resent by the department through registered post on 22 December 2011 to another address on Everton Road, Strathfield. However the department got back the letter and a box was ticked according to which the item was not claimed. Under the circumstances, an e-mail was sent by the department to Mr. Yelaswarapu in which it was mentioned that the visa application of Mr. Yelaswarapu had been assessed and finalized by the Department. It was also mentioned in the e-mail that as a result of an administrative error, the decision letter was also forward it to the address on Everton Road and it asked for an update d postal address. In reply to this e-mail, the department got an e-mail from Mr. Yelaswarapu in which it was as bad the letter should be forwarded to the address on Baresford Road, Strathfield. As a result, the department sent a letter to this address and after some time it got an application to review the decision made by the delegate. Thereafter, the Tribunal wrote a letter to Mr. Yelaswarapu inviting him to comment on the validity of his application. It was indicated in this letter that the Tribunal held a preliminary view according to which the application has not been lodged by Mr. Yelaswarapu within the prescribed time limit, which was 21 days from which he can be considered to have been notified regarding the decision of the delegate. In return, a fax was received by the Tribunal in which a migration agent was appointed by Mr. Yelaswarapu and he also expressed surprise that when the department had received back the notification letter, why Mr. Yelaswarapu was not contacted th rough e-mail or on his telephone. Under these circumstances, the Tribunal reached at the decision that it did not have the jurisdiction. The fact was noted by the Tribunal that the applicant had to provide contact details to the Department so that the department could contact Mr.Yelaswarapu and give them the notice regarding decision and other matters regarding which the department is under an obligation to inform the applicant. The Tribunal also noted that the responsibility was imposed on the applicant to make sure that the information provided by him is correct and similarly, multiple contact details are given to the department, but the department is not under an obligation to send notifications through all the methods. While arriving at the decision regarding the fact that MRT had the jurisdiction to deal with the matter, the Court was of the opinion that the visa application that had been made by Mr. Yelaswarapu online was not a valid application until an identifiable residential address was provided by him. He did so when he gave a copy of his health insurance policy to the Department. Further, the court stated that if the Department of the minister had decided to correspond with the applicant to an address that is insufficient for making a valid visa application, instead of the other address that was available with the department to be used for the purpose of correspondence, it can be said that the Department failed to comply with the notification requirements. The court also rejected the submission of the Minister that the first purported notification regarding the decision of the delegate was a valid notice for the purpose of section 66(1), Migration Act. As is the case with the Tribunal, the Minister's Department also had the requirement to make obvious inquiries regarding a critical threat that can be made easily. When the Department received back the first notification letter with comments that it was insufficiently addressed, the department tried to find an alternative address from the Education Department and later on, by contacting the applicant. However it could have been simpler for the department to simply look into its own files for the obviously missing unit number but it was not done. Therefore, the Court stated that an error had been made by the minister's delegate when the applicant was not notified regarding the decision on his complete residential address, that was available on the files of the department. What principles of statutory interpretation (if any) were utilized by the Federal Court in this case? Statutory interpretation can be described as the process that is used for interpreting and applying the various laws to decide the cases. Integration is required when subtle or ambiguous aspects of a particular statute are involved in the case. Generally the words used in the statute have a straightforward and a plain meaning but sometimes, it is possible to have some vagueness or ambiguity in the words used in the statute that has to be resolved by the court. Such vagueness or ambiguity in the legislation is the basic nature of language. Hence it is not always possible to transform the intention of the legislature exactly in the written words. Some of the significant rules of statutory interpretation are the:- Literal Rule: According to this rule, the statute has to be interpreted with the help of the ordinary meaning of the language used in the statute, unless some of the terms have been explicitly defined by the statute as otherwise. Mischief Rule: under this rule, efforts are mad e to decide the intention of the legislators. The role was created in the 16th century case in UK and the purpose of this rule is to decide the mischief and defect that the statute in question tries to remedy. The third primary rule of statutory interpretation is the golden rule. It can be described as a compromise between the literal rule (that is in favor of plain meaning) and the mischief rule. Therefore, like the literal rule, this rule also gives plain and ordinary meaning to the words of the statute. But if doing so may result in an irrational result that was not the intention of the legislature, the rule allows the judge to depart from such a meaning. In the present case, the court considered the words used in regulation 2.07, Migration Regulations and arrived at the conclusion that the application made by Mr. Yelaswarapu was not a valid application as there was no complete residential address on which he may be contacted. Bibliography Einer Elhauge (2008) Statutory Default Rules: How to Interpret Unclear Legislation. Harvard University Press, p. 148 Garner, Bryan A.. Ed. (1999) Black's Law Dictionary (7th ed.). St. Paul, MN: West Publishing. p.602 Antonin Scalia and Bryan A. Garne (2012) Reading Law: The Interpretation of Legal Texts Singh v Minister for Immigration [2011] FCAFC 27 Smith vs. Hughes [1960] 2 All E.R. 859 Xie v Minister for Immigration [2005] FCAFC 172 Zhang v Minister for Immigration [2007] FCAFC 151exts

Volleyball Essays - Ball Games, Team Sports, Summer Olympic Sports

Volleyball History The sport of volleyball originated in the United States, and is now just achieving the type of popularity in the U.S. that it has received on a global basis, where it ranks behind only soccer among participation sports. Today there are more than 46 million Americans who play volleyball. There are 800 million players worldwide who play Volleyball at least once a week. In 1895, William G. Morgan an instructor at the Young Men's Christian Association (YMCA) in Holyoke, Mass., decided to blend elements of basketball, baseball, tennis, and handball to create a game for his classes of businessmen which would demand less physical contact than basketball. He created the game of Volleyball (at that time called mintonette). Morgan borrowed the net from tennis, and raised it 6 feet 6 inches above the floor, just above the average man's head. During a demonstration game, someone remarked to Morgan that the players seemed to be volleying the ball back and forth over the net, and perhaps volleyball would be a more descriptive name for the sport. On July 7, 1900 at Springfield College the first game of volleyball was played. In 1900, a special ball was designed for the sport. Volleyball can be played indoors and outdoors. It was adopted as an indoor Olympic sport in 1964 at Tokyo. In 1984 the United States men and women won their first Olympic Volleyball medals. In 1996, two-person beach volleyball was approved as an Olympic Sport. Today's NCAA Volleyball is more popular and exciting than ever. Some top collegian programs include Long Beach State, Penn State, BYU, UCLA, Hawaii and Stanford. Some of the best players ever to play the sport include Karch Kiraly, Gabrielle Reese, Sinjin Smith, Misty May and Ryan Millar. Today the game of volleyball requires team strategies and highly refined individual skills. Outdoor volleyball, which is played with two or four people for each side, is becoming more and more popular across the nation Overview A typical volleyball game lasts about 25 minutes. It is a team sport played by two teams consisting of six people on a playing court divided by a net. The object of the game is for each team to send the ball regularly over a net in order to ground it on the opponents' side, and to prevent the opponents from doing the same. The ball is put into play by the right back row player who serves the ball into their opponent's court. The rally continues until the ball is grounded on the playing court, goes "out" or a team fails to return it properly. Only the team, which is serving, can score a point. The players are split into back and front row; the players in the front are usually the key hitters and the ones who will get the ball passes/set to. The players in the back row normally concentrate on defense and passing the ball to the setter who is the main person in the offensive attack. A team wins a game by scoring 15 points with a two-point advantage; and the match by winning the best three of five games. In a deciding, fifth game, which is called a rally game, a point is scored no matter which team is serving. A team earns a point when serving and when they side-out. Rules A team is allowed to hit the ball three times (not counting a block contact) to return it to the opponent's court. A player may not catch, lift, scoop, or throw the ball. They also may not hit the ball twice consecutively when attempting a pass or block. In a regular volleyball game, only the serving team may score a point. A player may serve anywhere behind the backline, but between the court's boundary/side lines. A point is scored if the serving team wins the rally. If the serving team does not win the rally then it is a side-out to the other team. When the receiving team wins a rally, it gains the right to serve, and its players rotate one position clockwise. For instance, the player in the right back move to middle back, the player in left back moves to left front. Rotation ensures that players play both the front row and the back