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Tuesday, November 19, 2013

Company Law and Administration


As the globalization endures to upsurge, it’s even further vital for corporate schemes through the world to ensure certain mark of consistency (Department of Trade and Industry 2005). Certainly, in terms of assisting businesses function on a universal gauge, taking a level of compatibility welfares experts and others whose correctness of evaluation rest on on the corporate evidence that are accessible. Nevertheless, the social, public, administrative and further modifications that possibly exist among nations can likewise spawn a multiplicity of industry code of practice and economic schemes (Department of Trade and Industry 2000a; 2000b). This is particularly substantial in the European Union or the EU, where substantial modifications in the corporate background could deter trade and destroy determinations of realizing a truthfully distinct marketplace.

As self-regulatory organization, accountancy’s obligation to the court of law is accordingly considerable few in evidence. Specialists point to numerous welfares of systematization comprising: (Department of Trade and Industry 2002)


taking an obviously defined scheme
overall guidelines instead of independent understanding. Nevertheless, some experts trust that analysis itself can finally progress and describe the law
fewer abysses, overlays and discrepancies in the law
a scheme that is more available particularly to individuals from a non-legal contexts

The arrangement likewise permits codes to be applied to ground-breaking circumstances not essentially projected at the period of structure (Wei 2007; Yu 2007). Accordingly, in anticipation of codes are rationalized or adapted, the scheme remains mutually supple and unchanging. Case regulation followers would likewise contend that their technique permits for shifting conditions, and yet others have faith in the scheme’s dependence on which circumstances have formerly been to law court demonstrates its impulsive landscape (Pei 2007; Reisberg 2007). However systematization is likewise not lacking of its faults. Codes are disreputably challenging to appeal up and certain extents of law are complicated to organize than others, predominantly when laws are created on diverse and occasionally inconsistent philosophies. In such conditions, even law experts can discover understated dissimilarities tough to perceive and comprehend. Systematization must, consequently, lessen some possible problems linking to understanding. Additionally, the difficulty and price involved in arranging codes is expected to dishearten efforts at change. The unchanged law might remain reliable however its significance can in period turn out to be exposed to interrogation (He 2008; Hui 2007).

Through company law effectiveness, the stakeholders serve as the inspiration for the organization to perform in their industry. The responsibility of the organization is expanded because they can explore the questions that, for example, improve their product development. When it comes in understanding the function of the parties like the shareholders, suppliers, customers, and the community, the business is prompt about the principles of good behavior and performing according to the organizational goals which is definitely the ideal needs of the firm (Wang 2006; Wang 2007). In the role of the financial management, there is an emphasis in the standards of the criteria like the appropriate facilitation and allocation of the needed resources. Nevertheless, aside from having the financial standards and giving the reports to the body of directors or executives, there is still a need for the report to gain the corporate governance that is elaborate in the idea of transparency because of the need of the organizations to respond in the issues and other risks that may involve.

The concern that stated evidence will be of slight importance to investors or that businesses will not trail voluntary strategies has, to certain degree, been set heaviness by a modern report through the Environment Agency (2006) on ecological exposes in business reports in business law government. This displays that reporting remains straightforward signalling that precisely few businesses trailed the administration’s guiding principle on private limited company coming from partnership base which are logically sensible and comprehensive in the process that are built in the grounds of company law and the continuation of legitimate ways of business actions (Liang and Feng 2008). The comprehensive law will enhance partnership through engaging in a social enterprise that supports trade with predominantly social goals whose excesses are mainly put into for that determination in the industry or in the public, somewhat than being determined by the requirement to make the most of revenue for investors or proprietors (Jiang 2007; Li and Wong 2008).
The extensive collection of lawful arrangements that can be utilized for community innovativeness is referenced in the effort of IFF Investigation (Department of Trade and Industry 2005). They determine that their review of businesses limited by assurance and manufacturing and prudent social order ‘undervalued the overall population’ by neglecting those businesses expending additional lawful arrangements (Hui 2007; Liebman 2007).
The company law and its administration for the business will place less importance on self-governing regulation than that industrialized by means of European Commission (Hui 2007). When listing as well as relating ‘community economy businesses’, the latter neglects orientation to the same voting privileges from its manuscripts on both basics and ‘community inventiveness however does talk about to them in its explanation of companies, mutual social order, and links. Wang (2006) point out, that in the situation of the European Directive, it is necessary for the business to keep all-out suppleness in lawful arrangement and significant that it change assemblies as the requirements of the organisation transform over period.

In 20th period, the company regulation government did not deliver an inexpensive and easy approach of inhibiting a business that has been agreed up to function as a cooperative or additional system of community creativity, from changing to a business possessed and measured by stakeholders to whom revenues and resources could be disseminated. Entrenchment in a firm structure was lawfully conceivable but associates demanding to keep that had to vigor to the court of law to object an expensive and time intense industry. That was likewise implausible to take place if they had no considerable economic post in keeping the cooperative landscape or community determination of the commerce.

Lawful opposition might be unbearable if a further sophisticated means of moving the industry or resources out of the corporation and into additional object that permitted circulation and contributed influence to investor holders were utilized. This did not spread on to segments, such as accommodation links and assistances, in which a controller, in those circumstances, the Accommodation Company and Assistance Directive correspondingly, had legal control to stop such modifications. Nevertheless, non-charitable ‘public benefit’ community innovativeness, or a cooperative that permitted limited delivery of resources or revenues would merely be sheltered if it was, for case in point, an accommodation relationship. This organized it essential to use an arrangement further than an unassuming registered business to guarantee that non-charitable community innovativeness would continue their distinctiveness and not be transformed out of the community inventiveness procedure.
The company arrangement could be organized incontrovertible and efficiently fixed by means of the usage of single or additional conviction or predetermined strategies, which prohibited individuals with the influence to generate the transformation from undertaking so. Whereas being luxurious and awkward, that is doubtful to enable the improvement of social innovativeness and is ill matched, lacking cautious adaptation, to investor involvement.




For the business set up for advantage of public, the further obtainable corporate arrangement rests that of the business and prudent social order. This system of lawful arrangement is controlled so that only public advantage cultures can register and stay listed. The controller up to 2010 was the Administrator of Approachable Cultures. Ever since then it has remained the Shared Cultures group in Financial Services Authority or what is known as the FSA (Financial Services Authority 2007 in Liang and Feng 2008).
Company law has remained the substance of common and considerable amendments in command to improve and keep posted about it. Extents of business law that have remained reviewed comprise: (Financial Services Authority 2007 in Liang and Feng 2008)
-    accounting necessities comprising considerable exceptions and reductions for minor business
-    practical, but upsetting, matters about the volume of the business to sort out trade in addition to the role as well as influences of its representatives
-    improved familiarity in deference of conferences and additional measures in minor businesses
-    better measures for the security of marginal investors
-    the restructuring bankruptcy guidelines with an understanding to liberating additional industries and punishing delinquent executives
-    talking difficulties about business governance in addition to self-dealing by way of executives

In the meantime, company regulation has dropped behind schedule, with no one of those modifications being prolonged to business and prudent cultures. The Business and Prudent Cultures Act of 1965 (He 2008; Hui 2007) remains the foremost law in that ground, combining previous legislature into a lawful background little transformed ever since the 1870s prevailing business and prudent social order. Furthermost of the business law improvements in late 20th century were intended to generate life stress-free for industries. Nevertheless, business and well-prepared cultures were not encompassed in the reorganizations. As a consequence, they have ached factual or professed economic drawback (He 2008; Hui 2007).


Even the regulating component that prohibited adaptation out of community advantage presentation was unsatisfactory. The mainstream prerequisite, lacking orientation to the crowd, to transform a culture into a business was 75 per cent of voting in addition to the instrument of the choice was absent to social order specific guidelines (He 2008). If the mainstream were indifferent, this permitted a marginal to change the culture to an investor possessed, revenue allocating business. The culture was not controlled by organizations with the influence to stop such a transformation, such as Accommodation Firm or Assistance Command. Through the late 20th century, foremost problems involved the detail that informed industry arrangements did not secure the community initiative landscape of the industry and the arrangement that did accomplish that was fewer valuable for business commitments (He 2008; Hui 2007).


Furthermore, the law was similarly additional costly to register than a firm and to establish respectable private company, it need to be shown that it will work for to advantage in the public and not event administrative commitments, the economic comforts of a minor, distinct cluster such as its particular personnel, executives or the associates of a specific cluster. It can practice all the obtainable business arrangements of private limited company, public business or company partial by agreement. Costs or interest can be remunerated to individuals who capitalize money however there is ‘capital’ on the quantity of return. The purpose is, will permit investment to be elevated from individuals who upkeep community innovativeness with the promise of the acquainted business arrangement and that the improvements from the trade will not be resumed decently or predominantly to stakeholders.
Excess importance on disbanding can merely be moved to additional advantage protected system. A company grounded law is agreed up by reassuring the controller that the business is not owned or organized by a party-political demonstration group through delivering a declaration of public advantage determination. The business’s constitution need to come across the necessities of the controller on concerns and on the matter of partial yield on investment. A yearly report distributed to investors through the law guidelines will display in what way the partnership has approved out its persistence and permit shareholders to criticize to the controller if they sense the guidelines have not remained trailed. The controller has execution and analysis influences to guarantee compliance with the company law and its underlying rules. The business has to conform with procedures as to financial records and reports in addition to extra stuffs appropriate to some other business of its magnitude and kind, private business or the small enterprises (Wang 2006; Pei 2007).

Examination is desirable into the lawful and fiscal developments and choices tangled in modifications to or from bona fide organizations, public advantage company laws and likewise to or commencing partnership and changed into private limited business and or companies. That must be tolerated in concentration in some assessment of the existing business grounded law. The role of clusters and pledged or additional preparations likewise requires to be explored in that perspective even though stabilizing the safety of the community determination and the resources enthusiastic to it. Indeed, involvedness to the company law can provide upsurge to suppleness, misunderstanding or mutually in identical degree. It is vital to generate the scheme agile, balanced and comprehensible. That challenge must update upcoming investigation programs, policy improvement in addition to law reorganization in the ground of lawful structures for private limited businesses.


References

Department of Trade and Industry (2000a), ‘‘Modern company law for a competitive economy: developing the framework’’, available at: www.dti.gov.uk/bbf/co-law-reform-bill/clr-review/page25086.html

Department of Trade and Industry (2000b), ‘‘Modern company law for a competitive economy: completing the structure’’, available at: www.dti.gov.uk/bbf/co-law-reform-bill/clr-review/page25080.html

Department of Trade and Industry (2002), Modernising Company Law, Department of Trade and Industry, London.

Department of Trade and Industry (2005), ‘‘Company law reform’’, available at: www.dti.gov.uk/files/file13958.pdf

Environment Agency (2006), Environmental disclosures: first 100 FTSE all-share companies to report under the new company law reporting requirements.

He, X. (2008), ‘‘Rule of law in China: Chinese law and business – the enforcement of commercial judgments in China’’, The Foundation for Law, Justice and Society, Vol. 3, pp. 2-7

Hui, H. (2007), ‘‘The statutory derivative action in China: critical analysis and recommendations for reform’’, Berkeley Business Law Journal, Vol. 4 No. 2, pp. 227-50.

Jiang, L. (2007), ‘‘Discussion of a shareholder’s right of knowing the company’s management’’ (in Chinese), Shangye Jingji, No. 4, pp. 123-4.

Li, Y. andWong, D. (2008), ‘‘From lawsuits initiated by minority shareholders to see the theory of majority shareholders’ control (in Chinese)’’, Market Modernization, April.

Liang, Q. and Feng, Y. (2008), ‘‘The practical significance of derivative action in China’s corporate governance (in Chinese)’’, Journal of Long Fang Normal University, Vol. 24 No. 2, pp. 79-81.

Liebman, B.L. (2007), ‘‘China’s courts: restricted reform’’, The China Quarterly, pp. 620-38.

Pei, C. (2007), ‘‘Share repurchase and protection of minority shareholders (in Chinese)’’, Trade Union Forum, No. 4, pp. 137-8.

Reisberg, A. (2007), Derivative Actions and Corporate Governance, Oxford University Press, New York, NY, pp. 244-6.

Wang, H. (2006), ‘‘A few issues on protection of minority shareholders in the new company law (in Chinese)’’, available at: www.zdfw.cn/news/e/182825745.htm (accessed 15 June 2010).

Wang, J. (2007), ‘‘Shareholders’ rights to company information based on company interest balance (in Chinese)’’, Journal of Guangxi Socialist College, Vol. 18 No. 3, pp. 59-61.

Wei, J. (2007), ‘‘Some thoughts about accumulative voting rights (in Chinese)’’, Journal of Henan Textile College, Vol. 19 No. 3, pp. 37-40.

Yu, G. (2007), Comparative Corporate Governance in China – Political Economy and Legal Infrastructure, Routledge, London/New York, NY, p. 56.

Sunday, November 17, 2013

Why Does Money Have A Time Value



QUESTION 4

Why does money have a time value? Your answer must be supported with examples and academic citations.

Money that one has on hand right now, will most likely be worth more in the future because the money on hand today can be invested to earn interest to yield more value of the money (in whatever denomination it may be, in the future. The time value of money quantifies its value through time. This usually depends on the interest rate which can be earned on the money invested.
The concepts of the time value of money can either be its future value and its present value.  Its future value describes the process of finding what an investment today will grow to in the future while the present value describes the process of determining what a cash flow to be received in the future is worth in today's dollars.
For example, if a person deposited HK$100 today in a bank account to earn an interest rate of 10% compounded annually, this deposit will grow to $110 in one year. This can be shown as follows: 100 (1 + 0.1).  As one leaves the deposit and allows it to grow through the years, each year, the interest earned will also increase as it is compounded.  This is where the concept of compound interest comes from. 
Under compound interest, interest is earned not only on the initial principal but also on the accumulated interest. Interest begins to be earned on the accumulated interest as soon as it is paid, which occurs at the end of each compounding period.  Therefore, the future value of an initial investment at a given interest rate compounded annually at any point in the future can be found using the following equation:
where
  • FVt = the Future Value at the end of year t,
  • CF0 = the initial investment,
  • r = the annually compounded interest rate, and
  • t = the number of years.
Using the aforementioned example, if one leaves the deposit there for a decade, the future value of the initial HK$100 deposit becomes,
FV (in ten years) = 100 (1 + 0.1)10 = 259.37
The present value describes the process of determining what a cash flow to be received in the future is worth in today's money.  This means that the present value of a future cash flow represents the amount of money today which, if invested at a particular interest rate, will grow to the amount of the future cash flow at that time in the future. The process of finding present values is called discounting and the interest rate used to calculate present values is called the discount rate. For example, the present value of HK$100 to be received one year from now is $90.91 if the discount rate is 10% compounded annually.
Reference: Foundations and Applications of the Time Value of Money by Pamela Drake and Frank Fabozzi, 2009.

Importance of a Human Resource Department



QUESTION 1 Justify in detail the importance of a human resource department. 

            The most important reason why there should be an HR department for every company is valuing human capital.  An in-house human resources staff or a human resources expert on staff can increase the understanding of how important human capital is to the company's bottom line. Small businesses may think an HR department is something that they can forego but for them, human capital is very critical since many of their employees perform cross-functional duties. With a smaller workforce, if just one person leaves, it leaves the company with a huge gap to fill and a potential threat to the company's profitability, that’s why an HR expert in the staff, at least, can pick out correct candidates who can multitask and do the different cross-functional duties required.
            The second most important reason is the ability of the HR department to curb  excessive spending by developing ways of trimming workforce management costs.  This includes negotiating better rates for benefits such as health care coverage. Furthermore, human resources ensures competitive and realistic wage-setting based on the prevailing labour market, employment trends and salary analysis based on job functions. For small businesses have budget constraints, this human resources function is especially helpful.
            Another important task of an HR department is conflict resolution.  Obviously, workplace conflict is inevitable, given the diversity of personalities, work styles, backgrounds and levels of experience among employees. A human resources manager who is specifically trained to handle employee relations matters can identify and resolve conflict between two employees or a manager and employee and restore positive working relationships. 
            Another importance of an HR department is determining the type of skills training and employee development necessary for improving skills and qualifications. Companies in the beginning or growth phases can benefit from identifying training needs for existing staff. It's much less expensive than the cost to hire additional staff or more qualified candidates. In addition, it's a strategy that also can reduce turnover and improve employee retention.
            Making sure that the employees are satisfied, is another responsibility of the HR department.  With carefully designed employee surveys, focus groups and an exit interview strategy, human resources determines what underlies employee dissatisfaction and addresses those issues to motivate employees.  Furthermore, hiring new employees or replacing old ones, can be expensive, especially small businesses. With a well-constructed recruitment and selection process, the HR department can minimize expenses regarding advertising job postings, training new employees and enrolling new employees in benefits plans.

Training Program for Taxi Drivers



QUESTION 2 

If you were asked to develop a training program for taxicab drivers, how would you do it? How would you evaluate the program? 

            My training program for taxicab drivers will focus mainly on improving the existing KSA (knowledge, skills and abilities) of the taxicab drivers, I am training. 
Obviously, knowledge is the first part of my training program.  The most basic knowledge of any taxicab driver is knowledge of the city’s streets and places.  The taxicab drivers should know the basic geography of the city where they are driving, the names of prominent places and streets and knowing the fastest routes to go to any place in the city.  Other important knowledge that any taxicab driver should know include which streets are one-way and alternative routes to a certain place to avoid being stuck in a traffic jam.  Furthermore, each taxicab driver should be able to read and identify accurately all types of road signs being used in traffic in the city, and know by heart the rules of driving in the city, i.e. the speed limit, loading capacity of each taxi.
The skills that will be in the training program for taxi drivers include driving safely, defensive driving and following traffic rules and regulations.  Moreover, another important skill for any taxi driver is to fix simple car problems like changing flat tires, what to do when a car overheats, or how to fix the car’s airconditioning system.  The taxi driver should also be able to check simple safety measures before starting on the shift.  That means checking the water of the radiator, cleaning the windshield and the trunk of the taxi, cleaning the interior of the taxi so that it smells clean and looks clean, cleaning the side mirrors and the overhead mirror to ensure visibility, checking the oild of the engine, if it’s still enough, checking the air in the tires, and making sure the taxi has the requisite equipment like flashlights, hazard signs, extra tire, just in case car troubles occur.
            Finally, the last phase of my training program will be measuring the abilities of the taxi drivers.  This can be in the form of actual road tests which will measure the ability of the taxi driver to solve problems and deal with commuter concerns. 
            This training program can be evaluated by using several measures including measuring the number of accidents met by the taxicab drivers being trained, the number of passengers they carry in a day, the amount of money they earn every day, their safety record, their police citations and tickets, the number of complaints they received from commuters, number of police reports against them – basically, statistics that would show how careful they are as drivers.

Human Resource Management Bottom-line Improvement



QUESTION 3

As a human resource manager, how might you go about convincing top management  that you should be heavily involved in the company's strategic planning process? Stress the potential for bottom-line improvement brought about with the help of HRM in the various areas.

                Well, there are several ways I can think of to convince top management of my heavy involvement in the company’s strategic planning process.  First, I can focus on showing them the importance of hiring the right people for the job required.  For example, I can point out the best performers in the sales department which the HR department has chosen and how much they contribute to the company.  Another way is pointing out the savings the HR department has made because of proper recruitment of people, specifically pointing out how some employees who have different skills can be valuable to the company.  Most importantly, I should be able to point out to the top management how the HR department contributed to achieving the goals of the company, whether it be in monetary profit or man hours lost.  It is important, at this point, for making the top management realize that the HR department is an important ally in achieving whatever directing the company’s top management wants to take.  That the HR department is an active and valuable partner in ensuring that the company meets all its profit goals and even contribute to its business expansion in the future.
            Working in HR also allows one to find ways to improve the performance of the company from the bottom up.  Since the HR manager should practically know everyone and their specific skills and liabilities, the HR manager can definitely communicate with each employee, especially those who work in the frontlines, to find out what their problems and concerns are, and from there, address these concerns, if the HR department can take care of it, or bring it to the attention of the top management, especially if it is crucial to achieving the profit goals of the company.  Taking care of the backbone of any company, be it the sales department, or the research department, the HR manager will be ensured that the company will grow in both sales and research development for the years to come.  Opening the communication lines with these employees allows the HR manager to have direct access to what these frontline employees are experiencing and can feed this information back to the top management when needed.  Using training and development, the HR department can practically boost the performance of any of the company’s department, as it tries to be in step with what the industry is demanding and what the employees are providing as individual performances of their jobs.

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