Financial Statement. Besides‚ we are able to know the importance of corporate governance in the business world. A part from that‚ we are notice about the principle of separation of ownership and management in the company relating to the director’s fiduciary duty to the company. Plus‚ we need to recognize the code of ethics for Company Secretary. Last but not least‚ we should consider other aspects in this case to reflect the best recommendation to achieve the effectiveness and efficiency of the business
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executive action no. 15 february 2002 The Enron Ethics Breakdown By Ronald E. Berenbeim It is perhaps the most compelling business ethics case in a generation—a textbook version of what can go wrong in an organization that lacks a true culture of ethical compliance. Investors and the media once considered Enron to be the company of the future‚ but as its demise suggests‚ it was in reality not a particularly modern business organization‚ especially in its approach to ethics. On the surface
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meets the definition of promoters. She is a sole proprietor who selling cupcakes‚ promoted the company to take over her business. Besides‚ she also obtained shareholders by approaching Molly and Polly. Promoters’ duties Thus‚ Rolly is under a fiduciary relationship with the company. She has an obligation to act in good faith for the best interest of the company and must avoid conflict of interest which will affect her behavior. Under the duty of promoter‚ promoter should not make secret profit
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1. We can assume that by reference to Bentley Physiotherapy’s partnership agreement that Tim‚ Kathy and Martin are partners and that Bentley Physiotherapy is operating as a partnership so no further analysis into the essential elements of a partnership is necessary. It is stated that Adam made it clear that he didn’t want to be a partner. This does not give us any reason to believe that Adam is not a partner of the business. Whether a partnership exists is a mixed question of fact and law. WA
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of treating directors as trustees which means in the performance of their assigned legal and corporate duties‚ they stand in a fiduciary relation to the shareholders of the company. A director as a trustee shall act in the best of his ability to benefit the company and not in furtherance of his own interest. Each of the four directors of the company stand in a fiduciary position to the company and thus liable for their acts of omission and commission to the shareholders of the company. They did
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Question 1: provide a definition/ description of strategic planning process‚ addressing the critical issues/questions the process takes into account. Answers (a) Strategic planning process is an organization’s process‚ which is designed to identify a long-term goal or direction to develop the organization‚ and put into practice. Strategic planning guides conversations about an organization’s purpose‚ helps integrate perspectives from multiple stakeholders‚ and provides the steps to develop goals
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business efficiency. However‚ in terms of business ethics‚ the sole purpose of the use of trust is to promote business efficiency. Customers and the community put trust in businesses and their methods by buying their products. Businesses trust fiduciaries that act for them by working with them to acquire their expertise. Even within a business there is trust in the form of employee-employer relationships. For example‚ employees trust that they will receive compensation for their work after certain
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claim‚ Nocton was found guilty of breach of his fiduciary duties towards his client. RATIO DECIDENDI Wide Liability for breach of fiduciary duty is not dependant on proof of deceit or negligence. Equity imposes duties in special relationships above and beyond the minimal duties to be honest and to be careful. Fiduciary duties rest on the ideas of trust and of conducts offensive to conscience. The equitable remedies available for breach of fiduciary duty are more elastic than the sanction of damages
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Introduction For a contract to appear in the situation of the question‚ one of agent employed to do any act for another while one of principal which is represented in business transactions….. Issues Ian had been assigned to be in charge of an art gallery that owned by Sarah while she is away on a business trip. Ian understood that he cannot buy any item for the gallery without approval and cannot offer a discount on any displayed items without Sarah’s permission. While Sarah is away‚ Ian sold an
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Project Background Providian trust head quartered in New York‚ delivered financial and fiduciary services through a network of 216 branches. In 1994‚ this company managed $49.4 billion in trust asset with a staff of 840 full time employees. Sixty percent of company’s fee income and 9% of gross earnings generated by its fiduciary business that year. Though they had a huge team working on the front and back office handling and record keeping and settling activities‚ there was always a chance for
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