By Emile Woolf International Publishing
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Additional info for ACCA P1 Governance, Risk and Ethics
One of the objectives of corporate governance should be to provide enough satisfaction for each stakeholder group. Stakeholder groups in a company include: 28 The shareholders of the company: shareholders expect a reasonable return on their investment in the company. They may be able to influence what the company does by exercising their right to vote at general meetings of the company The company’s employees: employees expect a fair wage or salary, and often expect job security or career prospects.
Management must also ensure that new investments are sufficiently profitable so that the company can continue to pay the interest costs on its debt capital. The board of directors A different method of reducing the agency problem is to make the board of directors more effective at monitoring the decisions of the executive management. © Emile Woolf Publishing Limited 43 Paper P1: Governance, risk and ethics A board will be ineffective at monitoring the decisions of management if it is dominated by the chief executive officer (CEO).
The managers would gain personally from the enhanced status of managing a larger group of companies. The cost to the shareholders comes from the fall in share price that would result from paying too much for the acquisition. The third aspect of agency costs is costs that might be incurred to provide incentives to managers to act in the best interests of the shareholders. These are sometimes called bonding costs. These costs are intended to reduce the size of the agency problem. Directors and other senior managers might be given incentives in the form of free shares in the company, or share options.
ACCA P1 Governance, Risk and Ethics by Emile Woolf International Publishing