Equity and Trusts Law Essay Example | Topics and Well Written Essays - 750 words

Equity and Trusts Law - Essay Example The researcher states that a will is normally made in the presence of two witnesses who are not beneficiaries of the will. In a situation where the witnesses become beneficiaries, the will can be contested and invalidated under court’s guidance. After making the entire necessary directive, the testator should append their signature at the end of the will to indicate that everything else above the signature should be followed to the latter. If a clause or any kind of statement is made under the signature, such is considered null and void and cannot be implemented by the court. On 2nd January a one Mr. Clive made a will bequeathing Jamie and Muhammad  £100,000 absolutely. He also bequeathed his sister  £ 50, 000 indicating that he had communicated to her the purpose of this amount. A day before he made the will he had explained to Muhammad that he wished that the  £100,000 be held in trust for Ruth an old friend of his. He, later on, informed Karen that he had an illegitim ate child named Katherine whom he wanted to be taken care of after he was gone. He asked Karen to be his administrator and Karen Obliged. The law of equity states that equity seeks to deliver justice and not in halves. This means that where there is a need for justice such will be given; no more or less. The courts have been noted over the years to strictly observe the wishes of a dead man more than those of greedy relatives left behind fighting for something they did not create or help in any way to create. Despite the fact that Katherine is an illegitimate child, the will left behind by his father is enough indication that the deceased wanted the child taken care of when they are going to. Mr. Clive’s will has not left any ground for a challenger to stand on in court and an attempt by the widow Jane to challenge the will might turn out tone a big undoing for the widow. Once a will has been made and parties have been allocated gifts or any other kind of inheritance, the only way to nullify such a will is by proving that the testator made the will under duress and or was not in the right frame of mind when he was making the will.

Women's rights and culture Essay Example | Topics and Well Written Essays - 500 words

Women's rights and culture - Essay Example The Islamic law promotes patriarchy in the society giving women only a few privileges and defining their position as low as that of men in the society. Men are given many privileges and are highly esteemed in the society. The author sought to highlight the different ways in which the Islamic culture acts as a barrier for women who seek to acquire equal rights with men. As highlighted in the article, it is not easy for women from Muslim countries to enjoy equal rights enjoyed by men because the society is highly conservative (Cherif 1145). In this paper, I will analyze the views of the author and critique the evidence presented in support of the main ideas in the article. The author presents the context of the research by highlighting how Islamic culture determines inheritance and nationality rights. An in-depth description is presented as the author describes the stated problem that motivated this research. In order to ascertain that Islamic culture prevents women from advancing, seven different but related hypotheses were formulated. The author then embarked on empirical tests in an effort to collect data that could help reject or accept the hypotheses formulated. Notably, the focus of the author is to compare the status of women in countries that have embraced modernity and allowed women to acquire their rights and advance in education and those that have remained highly conservative. The author described both the dependent and independent variables defined for the study carried out. The purpose of the dependent variable was to assess whether countries have adopted laws that give men and women an equal standing or status (1147). On the other hand, the author identifies an independent variable as domestic institution, institutions tenure, treaty, treaty tenure, and advocacy groups. All the empirical tests carried out and their

IMAX Case Study Example | Topics and Well Written Essays - 2500 words

IMAX - Case Study Example IMAX originated in the market since 1967, was popular among all the business organizations. IMAX was the first company in the world getting involved in producing all characteristics of large format films (MPAA, 2009 Case Facts In 1994 Wechsler and Gelfond had purchased the long established business of IMAX Corporation from its traditional owners. The company was purchased for 80 million by the new owners. However, observing the growing competition in the market of movie theaters, the new owners launched the shares for the company to the public in 1994, in order to raise more capital for further business growth of IMAX. The investors who invested in the company started to face high volatility in their profits due to uneven business conditions of IMAX. At this juncture it became a primary matter of problem for all the investors and analysts to forecast sure economic surplus for the company in future in the presence of such growing uncertainties. At the time of the purchase the stock va luation of IMAX in NASDAQ was $196 million while in December 2008 its worth came down to $125 million. Despite of the large number of IMAX theaters in more than 40 countries in the world, the business of the company is decrementing over time (Chakravarty, 2002). Internal and External Constraints The commerce of IMAX is facing several internal and external limitations that have made the analysts worry about the long term success of its business. Internal Constraints The theaters of IMAX may lose its popularity and brand worth because its strategic managers only concentrate in non educational entertainment Hollywood movies. Further, the CEO’s of the company are in a dilemma to sell IMAX to some large media partners like Sony, Time Warner or Disney. The officials are also in a dilemma to release the Hollywood movies in both regular and large formats in IMAX. It is also a matter of internal constraint for the firm managers to analyze the requirement for further rise in Hollywood movie releases in IMAX theaters (Olijnyk, 2002). External Constraints Figure 2: Growing Substitutes of Movies (Source: IVEY, 2009) The number of movie viewers is higher than any other entertainments, as the ticket prices for movies are comparatively low. But it should be analyzed that the growing numbers of substitutes in the market of entertainment have lowered the aggregate movie viewers. Figure 3: Rising number of DVD Consumption in U.S. (Source: IVEY, 2009) The above schedule shows that the total DVD use in U.S. increasing with time, greater use of DVD has lowered visitors in movie theaters. Figure 4: Increasing Movie Ticket Prices (Source: IVEY, 2009) The falling Gross Domestic Product and increasing prices of movie tickets have lowered the total number of theater audiences, although the theater owners virtually find their revenues increasing. Statement of Criteria (Objectives) The objectives of business that IMAX should exhibit for its economic prosperity in future are: To bec ome a niche player in the competitive market of movie theaters. To diversify its operations. To augment the brand loyalty and tap more potential clients. Situation Analysis The context of situation analysis will help the readers

Removing Hurdles of Management Case Study Example | Topics and Well Written Essays - 1000 words

Removing Hurdles of Management - Case Study Example The first understanding that must be referenced has to do with the need for effective management techniques that can provide for a culture of success within the new expansion. Whereas the provision of certain products to the consumer is ultimately the means by which the company could hope to become successful, the establishment of an effective culture within the company, and exhibited amongst its employees, will also have a tangential and direct effect on whether or not consumers will be satisfied with the products and will seek to repeat the buying experience in the future (Gorden, 2009). Likewise, management should seek to promote a level of unified and uniform training of its employee base so that they will be capable and knowledgeable with respect to understanding unique nonverbal cues that the consumers might provide them (Mollins, 2008). For instance, Shaun Gallagher would promote interaction theory as a means of developing a level of social and psychological understanding in t erms of the way in which the consumer react and the means by which the salesperson or staff member engages with that. Rather than merely providing employees with a certain set of expected statements or product promotion that they can provide, interactional theory would encourage management to place a specific focus on the level and extent to which money is directed towards training sales numbers in terms of how they should respond from a nonverbal point of view (Marpin, 2013). Â  Likewise, in attempting to craft an effective firm, Burn’s theory of leadership as such, would indicate that stakeholders within management should either practice a transactional form of leadership or a transformational leadership (Oppenheimer, 2013). As such, the transactional form of leadership is one in which the leader focuses on building relationships between the leaders and followers.

Business Environment Essay Example for Free

Business Environment Essay Executive Summary This report provides an overall analysis on the types of organizations and their functions, performance of Superdry limited, market economies, international trade and how UK businesses are effected by the emerging market like BRIC countries. This report comprises 3 major tasks which includes explanation of the types of organizations and their nature. Organizations are mainly divided into 2 categories they are public organizations run under government e.g. public limited companies (plc) and private organizations operated by the private individual’s e. g. sole trader. People who are interested in the operations of the organizations are known as stakeholders e.g. shareholders, employees, customers, competitors etc. It a responsibility of the organization to fulfill their needs and interest if  they want to run the business in its most effective manner. In addition, it is important for large companies like Superdry ltd to have mission vision aims and objective of the business to know why they are existing in the market. A clear understanding of the company and its market provides better knowledge which can be used to operate the business in full potential. The report also highlights on the different type of economic system present in the current economy. Economic system is concerned with how the economy is going to use the scarce resources to gain maximum satisfaction. They are market, command and mixed economic system. For the countries to gain fast economic growth the government implies economical tools like fiscal and monetary policies to achieve macro-economic objective s like sustainable economic growth, price stability, trade surplus, equal distribution of income etc. Furthermore, report also contains about the benefits and drawbacks of the international trade by taking Superdry as an example. International trade is a good way for business to make high profits by selling their goods at wider market. But this depends on whether the people will buy good as the culture and taste of people may differ. Especially in emerging markets, as they have unstable economic environment which can hinder the flow of functions on firm. The reports also summarizes condition about the debt crises of EU and how it is effecting the UK businesses. As EU plays are big role in UK exports and the economy. Introduction Business environment is the study of how the business is effected by the  Economical, Political, Social, Technology by the operation of the business. It is important for business to have a clear understanding of its internal and external environment to take effective decision making and operation. Superdry is a clothing company operating in the UK and international fashion market. The company is well known for its quality and price of the brand. They have been continuously growing ever since they have entered the market. Their aim is to grow in UK and online market and always tried to outperform the competition. There are 2 types of organization in the market i.e. private and public organizations. These organization have unique goals for each. Superdry will have shareholder who must be satisfied at all cost if the company want to run on profit. The report has mentioned about the different type of economic system with characteristics and policies which government can use to balance the economies. Moreover, about the importance of trade internationally, especially in emerging market like BRIC countries. It advisable to conduct research on the market before a firm enter due to different market conditions. Task one 1.Organizations Organization is a group of people collaborating together for achieving particular goal or task (Kokemuller, N. 2014). In a business, organizations are divided in 2 main groups they are public sector organization and private sector organization. Public sector organizations are owned and controlled by government. They are usually nonprofit making organization created to serve the public. While private sector organizations are profit maximizing firms operated under private individuals. Types of organization: i.Sole trader A sole trader is a business owned and controlled under a single ownership. This is the most common form of any start up business. Here the owners will enjoy all the profits and loss generated by the company. The business is relatively easy to set up as few capital is needed to operate the business. Decisions are taken much faster with no influence of outside persons but  only by the owner of the business. The business can keep a good customer relationship as owners can personally keep interaction with customers thus allowing the business adapt to market changes faster. However, sole proprietorship business cannot generate a high profit as much as big companies does. The owners will have unlimited liability, this means the owner is liable for all the debts of the business, even to the extent of selling his own personal positions as there is no separate legal entity, the owner and business are considered to be one. Lack of creativity and innovation will exist as single owner is making the all the decisions and there is no guarantee that all decisions taken by him will result in profitable for the business. Less members in the business also reduces the amount of capital invested furthermore, this also results in more workload for the owner as he/she only have to deal with business activities. Life span of the business will end with the death of the owner. (The times 100. 1995-2014) ii.Partnership A group of people interact together for achieve particular objective or a goal is known as partnership. In here all the profit and loss made by the business is shared among the partners according to the law of agreement made between them. The agreement should be either verbal or written. Some of the things which includes in agreement are the profit and loss sharing ratio, capital invested, roles and responsibilities of partners, partners private information’s. The business must have at least have 2 members and can add up new members up to 20. Decisions are taken after the consulting with the partners therefore, this will slow the decision making process due to conflicts between them. Resulting slow adaptation to market changes. But in partnership they can invest more capital to the business helping to achieve more growth in future. Partnership allow partners to share skills and workload between them thus making them complete work faster. Partners can bring in new ideas into bu siness allowing it to be more innovative and creative. In partnership there will be at least one partner having unlimited liability and one who is having limited liability. (The times 100. 1995-2014) iii.Public limited company (plc) A plc is a large scale operating company issuing shares to the public and is controlled under the shareholders of the business. Before the business becomes a plc it must be registered under the Memorandum of Association specifying the business is public. This type of business is very expensive to set up and many formalities have to be filled before it can gain the license of plc. The shares issued by the company must be at least 50000 pound. Shareholders can enjoy limited liability as it have spate legal entity form its owners. Moreover, as plc is large scale operating company this gives more assurance for the banks and other institutes, that they will pay the loan amount making it easier for the company to borrow loan in big mount and can use that for future expansion of the business. There are some drawback of plc, it is difficult to operate due to more number of shareholders. The company cannot respond to changes in the industry as any decision made by the business is after consulting with shareholders which can slow down business operations. The biggest drawback is that the original owner of the business will lose absolute control over the activities business and the overall profit of the business must be shared among the shareholders which can result in low profit for the original owner. Death of a shareholder cannot will not affect the business operations. (Merchant, P. 2014) 2.Responsibilities of stakeholders in Superdry Stakeholders are group of people having interest in the activities of the business. They can be either external stakeholders or internal stakeholders. External stakeholders are the people who are outside the business environment, e.g. government, social groups. While internal stakeholders are the people who are inside the business environment. They can be directly affected by the activity of business, e.g. shareholders, employees. (The times 100. 1995-2014) Figure 1 Types of stakeholders Customers: Customers are the most important stakeholders in the business. Without them there is no meaning of doing business. When a customer buys a product service the most common aspect they look for is the quality of the  goods/service, reasonable price and customer service. For any business waiting to run in profit, it must satisfy the needs of their customer. (The times 100. 1995-2014) Superdry have given lot of efforts on making their customer satisfied. Better customer service was one main point triggering the success of the company. This includes, fast online delivering, guarantee the quality of products, if any faults occur in the delivering process they will try to solve it as fast as they could. Customers was kept as their first priority, as happy customers will build brand loyalty which in turn create a good image of business and thus increase profit. (SuperdryGroup.plc. 2012) Suppliers: Suppliers are the people who are delivering raw materials or other production materials to the company. A company must have a good supply chain ensuring a smooth inflow of stock in business. As any delay caused by the suppliers will affect the business production. (The times 100. 1995-2014) Superdry have always tried to keep a good relationship with its supplier and takes seriously its roles and responsibilities and aim to ensure that’s their suppliers and manufacturers are following the local and international legislation and use the best practice for ethical trading. The Superdry also uses ‘hands-on-approach’ being actively engage in checking whether the raw products are delivered from responsible business partner. It’s a good practice as this will ensure that the supplier won’t deliver cheap or faulty goods knowingly or unknowingly. As a result this will help Superdry to maintain good reputation and avoid unnecessary problems. (SuperdryGroup.plc. 2012) Employees: Employees are the most important assets of any business. A well skilled and motivated workforce will help the business to maintain a good performance and increase the profit. They can affect growth of the business since their pay levels and their job security will depend on the profitability of the business. Superdry have kept a good employee loyalty by practicing ethical labour practices respecting the rights of their employees. These include independency creation of association, no forced employment, safe and healthy  working environment, no discrimination between employees regarding their gender or religion, fair wages, no physical maltreatment, reasonable working hours, no child labours and given job security as with the agreement made between employer and employees. The company also provides training to its employees to improve their knowledge and skill which in turn can increase the productivity of the business. Healthy workforce will generate more profits and help to sustain its growth in future. (SuperdryGroup.plc. 2012) 3.Superdry Superdry is a company operating in the fashion industry selling their goods internationally. Ever since the company was set up it have outperformed competitions and gained popularity and recognitions throughout UK and internationally. (SuperdryGroup.plc. 2012) The mission of the company was to grow in youth fashion industry of UK and world market by offering premium quality clothing and accessories for both men and women with an affordable price. The company have continued grow its market share throughout UK and internationally by opening new stores and through internet. Since the flotation in London stock exchange in 2010, the business is focusing its strategy on 5 important areas. This includes roll-out of standalone stores in UK and Europe, developing online offer (20% internet growth annually), expanding the international business, extending product range and developing an infrastructure that delivers profitable growth and operational efficiency. They are achieving this by building brand awareness by proving currency websites and franchise roll-outs. (SuperdryGroup.plc. 2012) The group has also had goals of providing better working environment to its employees and have given lot of care to improve their performance. Furthermore, by giving best customer service and offering quality product with reasonable price. (SuperdryGroup.plc. 2012) The group have gained 313.8 million profit in 2012 while 237.9 million in 2011. That’s a growth of 31.9% in the revenue of the company. (SuperdryGroup.plc. 2012) Task two 1.Economic systems An economic system is production and allocation of good and service inside the economy by using it scarce resources to gain maximum satisfaction in the economy. They can achieve this by answering 3 fundamental question arising inside the economy they are, what to produce? How to produce? For who to produce? There are basically 3 main types of economic system found in the economy. (Griffin, D. 2014). They are; Figure 2 Types of economic system Command/planned economic system Command economic system is where the government decide how to allocate resources inside the economy. The 3 fundamental questions in the economy are answered by the state itself. In the modern world, only very few countries like china, North Korea follow this economic system. (Griffin, D. 2014). This economic system is proven to be beneficial as it help to stabilize the development of the economy. All resources in the economy will be fully utilize, thus resulting full employment. The goal of this system is to provide the basic goods to the people and improve their overall standard of living and reducing the occurrence of disturbances in the economy. It balanced economy between rich and poor. Most of the production firms are run under government thus allowing sale of good at lower price which can be affordable to everyone. The government will be more efficient at mobilizing economies resources in a large scale and can carry out big projects much easily to increase the growth rate of the economy. In addition, this also eliminates the existence of self-interest and welfare generating population which can hinder the stability of the economy. However, this system uses strict rules and regulation to control the economy, resulting loss of freedom of individuals. Private individuals are discourage to start new businesses thus reducing competition in the market. Low competition will demoralize firms to become more innovative and creative in their production. People will not get many choices, whatever the government produce they must buy, resulting inefficient allocation of resources. Moreover as the firm is nonprofit making organization, they won’t try to reduce their cost by applying latest production methods, again resulting productive inefficiency in the economy. Mixed economic system In here both the government and the market will decide how to allocate resources in the economy. The 3 fundamental questions are answered by both government and market itself. This mean the economic system will comprise ownership of both private and public sector enterprises. Thus overcoming the draw backs of planned and market economic system. There are many countries following this system e.g. Maldives, Sri Lanka etc. (Griffin, D. 2014). The mixed economy will allow the resources to be fully utilize at its optimum level. Even though private sector play’s major role in the usage and production and provision of goods and service, the government will monitor their movement checking whether the private companies are following ethical practices in production or not. Private firms are encourage to become more innovate and creative at their work providing low price goods due to competitive market. Producers and consumers will have sovereignty of choosing between goods which are more appealing to them. However there may be chances of occurring unethical markets supplying harmful good to the economy. Government then can apply stick rules and regulations to control those unethical practices. Unequal distribution of income may occur as people who own the firms will become wealthier than people who are working under them. In here, the government plays role only by proving goods which are under provided by the private firms, usually unprofitable businesses like providing street light facilities, or building roads etc. Market economic system In market economic system free market allocates resources in the economy. The three fundamental questions are answered by the market itself. In here the role of government is limited and the resources are utilized in its maximum potential. This is most common form of economic system followed by many countries in the world including India, UK and Kenya. (Griffin, D. 2014). In this economic system most of the firms are owned by private individuals. They are is existence of high competition among firm on achieving biggest market. People are having many choices for goods and service. All the firms are trying to reduce their cost as much as they can and provide the goods which are demanded by the consumers if they want to survive in the market, which in turn increases the innovation and creativity of firms. Higher competition will cut down inefficient firms in the economy. Thus resulting  best utilization of resources. However, as firms want to reduce their cost of production they may adapt capital intensive method of production which can reduce the employment level. Relatedly affecting the standard living of people and can widen the gap between the poor and rich. Which is not a good sight for any developing economy as it may drag down its growth rate. Cut down of firms can result in waste of resources as they are now unemployed and unused. In here government plays role only when it’s necessary. Like with the provision of important sectors like military, banking sector etc., which must be run under the state. They also will create laws which must be followed by the firms if they want to operate in the market. 2.Fiscal and monetary policy Fiscal and monetary policies are tools used by government to stabilize the economic conditions of the country. This includes achieving macro-economic objectives like full/higher employment, low inflation, surplus balance of payments, sustainable economic growth and higher standard of living. (Kenny, T. 2014) Fiscal policy is by changing government spending and taxes bring maximum welfare to the economy. Whereas monetary policy influence the spending of saving of people by varying the interest rate concerning with the current situation of economy. (Kenny, T. 2014) Figure 3 Trade Cycle GDP Boom Recovery Recession Slump Time As shown in the figure 3, when the economy is in recession, they will experience high rate of unemployment, low inflation or deflation, low GDP (Gross Domestic Product), unsustainable economic growth, low income and wealth of economy and lower standard of living. As economy is in recession the government can use expansionary fiscal policy. That is increasing government spending and reducing the tax rate of economy to increase the real income of the people (Kenny, T. 2014). Reduction in income tax will  encourage people to spent more thus increasing the demand. The government can also give subsides to firms in order to overcome the high cost and use it for innovation of the product leading to higher efficiency and employment in the economy. Higher demand motivates producers to produce and supply more goods to the economy, which in turn increasing the employment and overall GDP inside the economy. Moreover, government can use monetary policy to reduce the interest rate supporting producers to take on more loans to improve the efficiency of production and so on. Lower interest rate will suppress people to save more and spent less. It also will cause to equalize balance of payment as import will reduce while exports increase. Opposite conditions apply when the economy is in boom period. People are tend have more income thus increasing the aggregate demand. At this stage the inflation is tend to be very high, negative balance of payments will occur as imports are more than the exports. So to stop the economy form over heating government will apply the theory of contractionary fiscal policy. That is spending less and taking more money form the economy (Kenny, T. 2014). Higher tax rate will cause people to spend less on the goods and service. Thus controlling high demand and price of the economy. The government can also apply the concept of monetary policy to increase the interest rate to further tighten the level of pay. Higher interest rate will encourage people to save more and spent less, in addition this will also attracts foreign investors to invest in the economy. Nonetheless, high interest rate can cause people to import more since the value of currency is increased. Before government practice these theories they must be aware of the multipliers in the economy. Incorrect usage of the policies sometimes results in collapsed economy. 3.Effects of fiscal and monetary policies on Superdry Changes in the fiscal and monetary policies can have a massive effect on the overall performance of the Superdry, as it is related with the spending power of both consumers and producers. First of all, for an instance if the government apply expansionary fiscal policy this will help business to gain more benefit. Here, the government will increase its spending and reduce the tax rate. Which in turn can increase the spending power of people thus  leading to higher demand for the Superdry product. Lower corporation tax rate will also allow Superdry to enjoy higher net earnings and spend more on future development of the company. Nevertheless, contractionary fiscal policy will have a whole negative effect on the company. As contractionary fiscal policy will reduce the income of the economy by reducing government spending and increasing tax. Thus leading to lower demand for the company product. Additionally, profit of Superdry will be reduced due to new tax increments, effecting the fu ture development and performance of the company. Secondly, as Superdry is online and internationally operating company, changes in the monetary policy can affect its international trade. Higher interest rate can cause the currency value to appreciate causing the Superdry product to be more expensive, making it be less competitive in the world market. The demand for Superdry product will reduce if the price is high. The price of share likely to increase in the stock market due to higher interest rate. Likewise, high interest rate can make it expensive for Superdry to borrow loan form banks in huge amounts, thus causing to slow down the future development of the company. Nonetheless, low interest rate depreciate currency value which can then make Superdry products to be more price advantages due to low price. The company will be able to take on loans as interest are low. Also lower interest rate will reduce the Superdry share price. Task four 1.Effects of international trade on Superdry International trade is the exchange of capital, goods and service across borders of different nations. Super group business aims itself to establish its presence in wide range of geographical boundary’s through combination of building of stores, concessions, franchises, licenses and the internet. Spain, Greece, Hong Kong, South Korea, Swaziland are some countries which Superdry operates internationally. There are many advantages and disadvantages of international trading for Superdry. (Chand, S. 2014), (SuperdryGroup.plc. 2012) Superdry can gain many benefits by marketing its products internationally. This includes expanding their market by selling  its products to a wider range of people in different nations. If the lifecycle of the Superdry products in the current market are in saturation stage, the company can market its product into a new market before the life of the product is decline. This will help the business to sustain its growth and profit for a longer period. Ad ditionally, this allows the company to use the foreign resources and diversify its risks among the countries. For an instance, if one of Superdry branch makes loses this can be covered up by the profit made by another branch in another country. Thus gaining competitive advantage over its competitors. However there are some drawbacks which Superdry had to face in trading internationally. The most influential factor was the cultural and traditional change of people. Different countries adapt different life style due to culture, tradition, religion, climate etc. it was expensive and time consuming for Superdry to conduct research on each market. Furthermore, the company had to adjust with the law system which can be hard as laws will differ in each country. Some governments don’t support the foreign firms and use higher tax rates and strict rules to protect domestic firms and dive away the foreign firms. The Group overseas performance has achieved a significance growth in the year 2011. After the acquisition of SuperGroup with Europe BVBA (Besloten Vennootschap met Beperkte AansprakelikheidP) the SuperGroup have gain 83% of international growth due to the assistance, knowledge and experience given by them. (SuperdryGrou p.plc. 2012) 2.UK business in emerging markets Emerging markets are developing economies which are having some of the features of developed counties like fast economic growth in GDP, strong financial and physical infrastructure. According to World Bank the BRIC countries are known to be world’s fastest emerging markets. They are Brazil, Russia, India and China. UK is considered to as developed country. (Kuepper, J. 2014). According to corporate council magazine; UK has ranked itself as the work 6th largest economy and trading nation and second in exporting service. For a UK business to enter these emerging markets are tend be far risky. As the economic condition of these countries are unstable. Changes in political and legal environment can disrupt the smooth functioning of the  firm. For an instance a UK firm entering to Indian market have to deal with different traditions and culture. So to understand the market firms have to conduct market research which is both expensive and time consuming. There will be existence of some laws which can prevent UK firms to operate as their government first priority would be to protect and support the domestic producers rather than foreign investors. By applying high entry barriers and tax will discourage firms to operate in the market. High competition can also be a risky factor as Indian firm knows better about the changes in their market and how should they reach to it. Even though there are risk operating in emerging markets, there are many benefits which business can enjoy. UK is known to be more technically advanced. Therefore they can use advanced technology as their competitive advantage to produce high quality good at lower price. Which can then be used to drive off inefficient firms thus reducing competition. The firms also will be able to use the country’s resources and enjoy the low price rate to buy raw materials. Furthermore, these countries are having high rate of unemployment as the countries can’t make as many jobs equivalent to number of unemployed. Thus creating large supply of cheap labour. So there are room for government to support UK firms to operate in market to create job opportunities by gi ving more subsidies, reducing the tax rate and other trade barriers. 3.European Union effects on UK firms European economic and monetary union, commonly known as European Union (EU) is a group of European counties joining together to form a common market. There are currently 28 member countries in EU. Some the features of the EU are free transfer of goods, labour, capital and service among them, and following one currency, i.e., euro. The aims of the EU is to create efficiency, achieve higher economic growth, freedom, equity, application of rules and regulations made for protecting human right and dignity. (Amandeo, K. 2014) In the 2008 the EU have faced with a high debt crisis which had led to European Union economies to collapse. Due to the inefficient use of the fiscal and monetary policy the government have faced with a high debt which they are unable to pay. The year 2008 Greece have faced with a heavy debt. As they didn’t had proper structure for government spending and taxation.  They continuously went on spending on public and reduced it tax rate. Finally resulting a budget deficit. Furthermore, the interest rate was very low encouraging people to spent more and save less. Thus increasing the inflation and causing a negative balance of payment. In order for the government to overcome the budget and trade deficit they went on taking loan form the ECB (European Central Bank) leading to credit crunch. Low economic performance and interest rate have made lenders to think that they will not get their money asking them to demand for higher interest rate. Further worsening the situation. In 2010 including Greece, Portugal, Ireland, Italy have gone through speculative attacks making the economy to become unstable, increasing unemployment, unstable price effecting the economic and social wealth and efficiency of the economy. This have massively effected the UK economic condition as EU is the main exporter for UK firms. Unstable and low economic performance of EU have led to cut down on UK exports. Thus leading to lower production and high cost. They have reduced number of employment for overcoming the cost. Leading to lower income and wealth in economy. Spending causing the demand for UK firms to reduce. Some of the firms may go out of business as the profit made is not enough to cover up the cost of the business. Conclusion and recommendation After a close evaluation about the organization it can be said that private and public sector organizations exist in the market for varied purposes. Like how public organizations are created to offer goods and service which are under provided by the market mechanism. After analyzing the condition of Superdry ltd, I have found that Superdry have given a lot of effort to satisfy its stakeholders of the company. For example, creating a strong communication, often conducted meetings, information’s are shared openly to all she shareholders, follow rules and regulation of the community and government and taking care of employer needs and emotions. Furthermore, the company has developed its own strategies on how to achieve their mission, vision, objective and goals of the business. Without knowing these the company will not have a clear direction on how to operate. In each economy follow a unique system to use the resources in it optimum way to get fast  economic growth and welfare . There are isn’t any pure market or command economic system existing in the current market. It is best for the country to know the current condition of the market and accordingly react to it. International trade can be beneficial factor for a growing company like Superdry to expand their business and gain economies of scale. Nonetheless, company must face with the different trade barriers like competition, government law which can be a big downturn for business. Moreover counties like India and China who are still emerging the economic conditions are far too unstable. For a UK company to enter these emerging market they must clearly know the PEST (political, economical, social, technological) conditions clearly. Without a risk there cannot be any profit. Finally, the current condition of the EU are tend to be very sensitive. There is a possibility that the economy may collapse. However, there are chances that by redesigning the policy structures the country can cope up. Reference AMANDEO, K. (2014). What is European Union? [Online]. Available from: http://useconomy.about.com/od/worldeconomy/p/european_union.htm. [Accessed: 25.03.2014] AMANDEO, K. (2014). What is Eurozone debt crisis? [Online]. Available from: http://useconomy.about.com/od/Europe/p/Eurozone-Crisis.htm. [Accessed: 26.03.2014] CHAND, S. (2014). The meaning and definition of foreign trade or international trade exchange [Online]. Available from: http://www.yourarticlelibrary.com/foreign-trade/the-meaning-and-definition-of-foreign-trade-or-international-trade-explained/5972/. [Accessed: 22.03.2014] GRIFFIN, D. (2014). Economic system types [Online]. Available form: http://smallbusiness.chron.com/economic-system-types-1129.html. [Accessed: 12.03.2014] KENNY, T. (2014) The difference between fiscal policy and monetary policy [Online] Available from: http://bonds.about.com/od/Issues-in-the-News/a/The-Difference-Between-Fiscal-Policy-And-Monetary-Policy.htm. [Accessed: 15.03.2014] KOKEMULLER, N. (2014 ). What is the meaning of business organizations? [Online]. Available from: http://smallbusiness.chron.com/meaning-business-organization-41925.html. [Accessed: 08.03.2014] KUEPPER, J. (2014). What are emerging markets? [Online]. Available from: http://internationalinvest.about.com/od/gettingstarted/a/What-Are-Emerging-Ma rkets.htm. [Accessed: 23.03.2014] MERCHANT, P. (2014). Features of public limited company [Online]. Available from: http://smallbusiness.chron.com/features-public-limited-company-18143.html [Accessed: 10.03.2014] SUPERDRY GROUP. PLC. (2012). Annual report 2012 [Online]. Available from: http://www.supergroup.co.uk/investors/reports-and-publications/annual-report-2012. [Assessed: 11.03.2014] THE TIMES 100. (1995-2014). Engaging with stakeholders [Online]. Available from: http://businesscasestudies.co.uk/primark/engaging-with-stakeholders/what-is-a-stakeholder.html#axzz2xACZ7d4t. [Accessed: 09.03.2014] THE TIMES 100. (1995-2014). The types of business organizations [Online]. Available from: http://businesscasestudies.co.uk/business-theory/strategy/types-of-business-organisations.html#axzz2whhOgm5l. [Accessed: 08.03.2014]

United States as expansionist country Essay Example for Free

United States as expansionist country Essay The United States has been an expansionist country since the pilgrims landed. Until the US established them selves as a definite world power, they had shown themselves to be a very expansionist country. The imperialism of the 1900s may have departed from past actions in terms of size and ambition, but the fundamental reasons and drive for expansion remained the same throughout much of America’s history. Past expansion of the US includes the Manifest Destiny-driven push to the West coast, the annexation of Texas, and the purchase of Alaska. Around the close of the nineteenth century and the beginning of the twentieth, the United States was an expansionism; such events include the Spanish-American War and the annexation of Hawaii, Guam, Puerto Rico, and the Philippines. The Spanish-American war was fought in Cuba and the Philippines and was the result of American intervention in the ongoing Cuban War of Independence. The U.S. joined because of the Spanish’s treatment of the Cubans and they blamed Spain for the sinking of the USS Maine. The war only lasted for ten weeks; however, the U.S. gained Hawaii as the fiftieth state and received Guam, Puerto Rico and the Philippines as territories. At the time, the U.S. was very jingoistic and thought they could just take what they wanted (B). This idea is what led to expanding outside of the continental U.S. The U.S. gained Guam, Puerto Rico, and the Philippines as a result of the Treaty of Paris in 1898. The U.S. also gained temporary control of Cuba, which somewhat still exists today with Guantanamo Bay. The U.S. definitely received the favorable end of the deal. The Kingdom of Hawaii was sovereign from 1810 until 1893 when resident American businessmen overthrew the monarchy. Hawaii was annexed by the U.S. but did not become a state until 1959. The United States’ began expanding ever since the original thirteen colonies. Every country desires additional land for resources and economic reasons. After the United States had established itself as a world power, its expansionism did not stop there, the US then set its sights on the countries it sought, in particular the Philippines, Puerto Rico, Guam, and Hawaii. Not to mention that the other world powers were not picking and choosing what they wanted as well, Britain and Japan were claiming all the weak territories they could on the other side of the world (A). America has also always been very interested in its own economy and making sure that no European countries such as Germany and Britain could dominate economically (C).

Improving Pay for Performance with SOP

Improving Pay for Performance with SOP INTRODUCTION: Executive pay has been a big controversial issue over the past twenty years due to various governance failures which have generated a forceful policy debate on the appropriate role of shareholder voice in corporate governance (e.g., Bebchuk 2007; Bainbridge 2006). Some say the pay is too high and is set by captured boards while some say it reflects the marketplace in action. Therefore, some companies are either willing to or mandated to give shareholders an advisory vote on the prior years compensation of top executives-a say on pay (SOP). SOP is a term used for a rule in corporate governance whereby stakeholders are given the opportunity to vote on the enumeration of executives. SOP potentially not only gives shareholders an advisory vote on pay practices, but also increases scrutiny from shareholders over top managements compensation at most companies. Therefore, this study illustrates how SOP improves pay for performance. Under certain circumstances, this study will show that pay for performance has been increasing significantly after the adoption of SOP. When further decomposing executive pay into its cash-based and equity-based components, this study finds evidence of an increase at most companies in the relationship between performance and these compensation components, and the potential to enhance transparency, governance, and accountability, which, in turn, should lead to greater efficiency and social responsiveness (Bebchuk, Friedman, and Friedman, 2007). MAIN: This study is going to discuss further about the principal of SOP and its effect on pay for performance in firms and the related principal-agency problems in corporate governance. SOP might have not been a new concept in corporate governance in the UK, but some firms in developed and developing countries have been implementing this concept over these years around the world. SOP is known as one of the recent phenomenon of shareholder activism, a voice mechanism for shareholders (Hirschman, 1970). It is the effectuation of providing shareholders the right to vote on executive compensation program at the annual meeting. The regulation changes a variety of attitudes toward corporate governance and disclosure habitudes of all public companies. This concept allows shareholders to either raise their voices or express their opinions against executive compensation programs. In other words, instead of letting top executives to decide the level of compensation plans, shareholders can use their voting rights to either approve or give advice on executive compensation plans that link to top executives performance. To clearly justify, SOP is seen as a friendly tool to express, improve the dissent, giving advice on remuneration, but not an aggressive governance rule to destroy firm value or dissociate the relationship between principal and agent. While companies are not bound by SOP advisory votes, the act not only requires firms to disclose the vote results after the shareholders meeting, but also report whether and how the board considers the voting results in the following year. Consistent with this argument, De Franco, Hope and Larocque (2013) find that additional disclosures improves board effectiveness at monitoring executive c ompensation and in strengthening the link between pay and performance. SOP was used formally in UK in 2003, but in fact it was unofficially started and practiced in July 1999 as non-binding vote on executive compensation or remuneration. In the early of 2001, there are various companies beginning to propose the remuneration committee report, and there is an evidence that the number of firms submitting the proposal grew rapidly in 2002. After the UK, several EU countries consequently adopted this principle such as Netherlands, Norway, Sweden, then it spreaded to Australia and USA. It has been lasting for nearly 15 years in the UK while in the USA, this concept started in 2010 and became compulsory in the same year, which is relatively brief and the current knowledge of SOPs results and effects are still limited along with many academic discussion and practices. Basically, the objectives and models of SOP vary considerably across the world. Under Dodd-Frank, SOP in the USA requires companies to hold a non-binding vote on compensation at least once every three years. Afterwards, firms are also required to request shareholders to regulate the frequency of future say on pay votes at least once every six years but no less than that, also the shareholders are given the option of doing annually or every two or three years. However, in the UK, the government presented the Directors Remuneration report to record for a shareholders vote on current level of compensation at every annual general meeting. Pay for performance is currently a big issue in corporate governance due to several executive compensation scandals. Additionally, House Report 110088 noted that the average of a CEO in a top company earned approximately 140 times higher than the pay of a regular employee in 1991; nonetheless, this ratio increased exponentially to about 500 to 1 in 2003. The compensation for CEOs is divided into 2 parts which are fixed compensation such as cash and bonuses, and variable compensation ,also called performance-based compensation. The variable compensation which strongly relates to CEOs performance, including option grants, stocks option,.etc will be determined comprehensively in this study so as to favour the practical impact of SOP. Refer to Jensen and Meckling (1976), the traditional principal-agent theories stated that the owner of the firm constructed the compensation contracts to the agent in terms of maximizing the value of the firm. Muller-Kahle (2013) finds some evidence that, w hen CEOs have a dominant ownership stake, firm monitoring is diminished and firm performance suffers. However, most of public companies generates it infeasible for shareholders to debate the managerial compensation. In the phenomenon, the executive compensation scandals occurred frequently and severally than we could imagine. For examples, Tyco International was reported a CEOs scandal in 2005, its CEO Dennis Kozlowski and CFO Mark H. Swartz were convicted of stealing $600 million, these money was symbolized as the excess of executive remuneration, i.e. Kozlowski gave his wife $2 million birthday gift on Islands Mediterranean at companys expense. From our point of view, if Say on Pay was introduced and implemented earlier, those compensation scandals would had possibly not happened and also its reasonable to achieve and practice the SOP policy at the moment. According to Vicente Cuà ±at, Mireia Gine, and Maria Guadalupe (2013), the main purposes of Say on Pay is to raising shareholders voices, concentrating on the shareholders interests but also focusing on values that CEOs added to the firm and the transparency of CEOs interests. It leads to the improvement of the agency problem. Although a variety of evidence are against the benefits of Say on Pay, Bebchuk (2007) contended that a formalized say on pay vote is able to overcome the psychological barriers and support the negotiation of better compensation contracts. Indeed, many articles suggest that the approach of SOP does have a positive correlation between both firms value and the issue of pay for performance. We believe that there is nothing 100% right or wrong in all circumstances and its inherently difficult to determine precisely influences of any corporate governance regulation. Hence, the objective of this paper is to approve the improvements of Say on Pay on pay for performance in corporations in terms of increasing firms values, shareholders values, reducing agency problems and enhancing the transparency of executive compensation under certain conditions. First condition is firms with excessive or ineffectiveness CEO remuneration, as stated by Core at el. (1999), less effective boards are regularly related to high abnormal CEO compensation and low sensitivity pay for performance, which means that SOP is likely to benefit to the firm with weaker corporate governance and incompetent remuneration design. Secondly, firms with independent-minded shareholders willing to vote against management are likely to face more pressure if the say on pay is achieved; thirdly, firms are willing to b oost performance, enhance compensation and reform as a consequence of shareholder pressure. Due to Baird and Stowasser (2002), the first benefit of implementing SOP is certainly promoting accountability and transparency in the compensation report. To earn stakeholders support or prevent litigation, boards not only have sought to enhance disclosures concerning executive compensation plans but also publish an annual directors remuneration report over the past year, which causes directors more carefully to consider shareholder interests when designing executive pay plans. The recent trend confirmed the increased directors accountability after the introduction of say on pay (Cai et al. 2007, 2009; Del Guercio et al. 2008). As found in the previous articles, Davis (2007) stated that the Say on Pay proposal did associate smoothly with the communication and relationship between shareholders and board of directors. Refer to the UK evidences, after annual general meeting and the accurately analysis of remuneration report, there is a substantially development in the connection and tr ansmission between compensation committees and shareholders. Firms are more opened to a dialogue with shareholders to justify a broader compensation decisions and practices. Companies will not only have the opportunity to include additional resolutions on specific compensation decisions, but also have the opportunity to ask shareholders views on specific compensation decisions, including decisions related to various aspects or categories of pay. Each company, however, will be required to permit shareholders to vote on a resolution addressing all of the compensation disclosed in the annual proxy. This finding may advance scrutiny and also lead to more informed voting decision and the acceptance of a remarkable premium. Also, Deane (2007) and Davis (2007) suggested that SOP probably superior adjusts for principal-agent interests and enhance corporate governance and performance. The SOP allows shareholder to raise their voices in executive which definitely better align with CEO and shareholders interests, consequently, it comes up with the reduction of agency cost and a more adequately compensation contracts. Due to Peter Iliev and Svetla Vitanova (2015), the market reacted positively to the practices of Say on pay votes and the general supports of directors from shareholders are spotted to be increased. In practices in the UK, the impact of SOP was found to be positive as well, Fabrizio and David A. Maber (2013) analysed that the adoption and implementation of say on pay to the UK regulation was escorted with positive stock price reactions at firms with high dissent compensation conflicts and particularly practices diluting punishment for poor performance. By the same token, enforcing SOP may potentially increase Earnings per shares (EPSs), Return on assets (ROA) and Return on equity (ROE), the appliance also gains profitability and efficiency, higher growth in labour yield and constructive effect on accounting statement in the following years after the binding vote. As a result of Vicente Cuà ±at, Mireia Gine, and Maria Guadalupe (2013), the shareholder value increased by 5.4 percent after Say on Pay implementation, this such high market gains were explained by the improvement of CEOs performance under shareholder pressure and the effect of better alignment of pay for performance and also the reduction of pay for failure. Those evidences are consistent with the aims of this study that say on pay is used as a value-creating governance mechanism to contribute value to firm and shareholders. According to Stephen Davis Millstein Center Fellow (2007), advisory Say on Pay votes are extensively seen as having been an influential committing factor in taming the rate of increase, reduce controversial compensation of CEO, pressure firm to increase sensitivity between compensation and performance curbing opportunities for reward for failure and tying compensation dramatically closer to performance. As we mentioned above, not every firms reported the same results on the impact of SOP. However, we do find the strong positive influence in the firm with high dissent between shareholders and directors and the firm with excessive CEOs compensation based on the managerial power viewpoint (Bertrand (2009), Frydman and Jenter (2010), Murphy (2013). As documented by Fabrizio and David A. Maber (2013), their tests were coherent with Core et al(1999) s research that the introduction of SOP was followed by positive stock price reaction, especially in the firms with controversial compensation report and those which abate penalties for poor performance. Correa and Lel (2013) also recorded a numerical decrease in CEO pay of 6.1% after implementation of Say-on-Pay regulation in a sample of countries. Moreover, by using regression analysis on large sample of UK firms, Fabrizio and David (2013) tested on some vital elements in CEO pays including bonuses, equity awards to evaluate whether the sensitivity of CEO compensation is highly adequated to performance along with economics factors before and after the regulation. In general, they concluded that even though others economic elements persist unchanged, there is still a significant rise in the sensitivity of CEO pay to poor performance in less observable elements of pay. Moreover, this finding is consistent with the result of Ertimur, Muslu, and Ferri (2011) which is the most pronounced in high dissent firms and firms maintaining excessive executive compensation before SOP, means that SOP policy does reduce the excessive performanced-base salary to create value and link the remuneration more dramatically to the performance. Various companies either removed or altered provisions that investors considered as rewards for failure such as generous severance contracts and low performance hurdles, often in response to institutional investors explicit requests. Fabrizio and David A. Maber (2013) examined this issue on high dissent(HD) firm (with 20% dissent vote) and low dissent(LD) firm (with less than 5% dissent vote) before and after the vote , the result showed that the high dissent firms reducing the notice periods of severance contracts after the first vote (80%) are likely to be higher than before the vote (20%) and also substantially higher than the low dissent firms (33.3%). Therefore, this figures suggested that say on pay is the reason of reduction of controversial compensation, besides, 70% of low dissent firms scaling down the notice period before the vote which is the evidence of elimination of dissension between shareholders and executives. Moreover, a variety of firms established a formal proces s for proactive consultation with their major shareholders going forward (Ferri and Maber, 2011). As a result, the threat of a vote was effective in inducing firms to revise CEO pay practices ahead of the annual meeting and decreasing the situation of pay for failures and the growth rate of pay. Meanwhile, they also analysed the second most influenced remuneration item which is performance-based vesting conditions in equity grants. During the following years that performance targets are not accomplished, this retesting provision is seemed to contribute for reexamining and subsequently assists for the potential pay for failure. After the research, they concluded that before the first vote, HD firms and LD firms achieved 5% and 25% respectively to reduce or remove this issue. Nonetheless, the result changed significantly after the SOP vote, HD firms agreed to shorten or abolish retesting provision with statistically 76.3%, while the LD gained 28%. Generally, several evidences support that these contractual modification are the direct repercussion of SOP regulation. Base on the top 100 companies 2016 surveys in the US, SOP is raising shareholders voices and putting more pressure on CEO in order to perform better, however, we found that shareholder doesnt empower themselves to manipulate the CEOs compensation. In fact, the number of companies adopting this policy is increasing, in 2016 there are 95 over top 100 US companies holding say on pay vote in 2016, 94 out of 95 firms held approval say-on-pay votes which is higher than 2015 and only 1 firm didnt approve which also failed in both 2014 and 2015. As being reported, 41 corporations reviewed and elected not to significantly change the compensation report, while 20 noted modification into the remuneration in response to the vote. In table 4, the Say on Pay approval rate in 2016 is relatively high with 78% receiving approval rates in excess of 90% and only 6% for-voting below 70%. This figures coordinate with data in the last 2 years 2014 and 2015, which the approval rates are comparably high. Th is finding suggests that the even shareholders have more control power in the firm, they are not likely to destroy the value or raise the unfairness and dissension through the firm. In contrast, they seem to use this policy as a friendly tool, not an aggressive regulation, to raise their voice and cut down excessive expense in compensation. Furthermore, this regulation is contributing to the competitiveness of the British economy and the attraction of London as an international capital market (Stephen Davis Millstein Center Fellow,2007). The UK Department of Trade and Industry confirmed that the votes lead to a better planning by corporations, fewer surprises, better dialogue with shareholders, and apparently, it can reduce downside risks and big scandals among quoted companies in recent years. Due to London Stock Exchange, by involving Say on Pay voting rights, London will possibly be equipped with a more competitive border in order to attract capital, comparing to New York. Last but not least, while companies are not bound by SOP advisory votes, it requires companies to disclose the vote results after the shareholders meeting. In addition, firms must report whether and how the board considers the voting results in the following year. Ferri and Maber (2013) study the market reaction in 2002 to SOP that mandates non-binding but advisory vote on the compensation report and find that firms with high dissent alter the compensation composition, thereby improving pay for performance. Moreover, in a sample of the largest UK companies from 2002 to 2006, boards reduced excess salary as well as the dilutive effect of stock option grants in response to past negative non-binding votes (Carter and Zamora,2009). Consequently, shareholders right of non-binding votes could provide a useful mechanism that addresses the potential problem of incomplete firms management, suggesting that monitoring and reward mechanism dynamics can effectively coexist between owners and firm managers, thereby improving corporate governance (Kimbro and Xu, 2016). Conclusion To conclude, we investigate the impact of the right of shareholders non-binding but advisory votes on say-on-pay. We find evidence that firms either modified or altered their compensation structures in order to win shareholders positive votes. CEOs compensation decreases in most firms while larger decreases are found in firms that overpaid their CEOs in the previous year. Similarly, affected firms linked their pay mix to more close for performance. In terms of voting itself, shareholders are not more likely to vote for executive compensation when the firm pays excessive pay for top management, or has a large increase in CEO compensation compared to previous years. Moreover, among the components of the compensation plan, shareholders are more likely to vote against the plan when they contain other compensation, such as private bonuses unrelated to performance, which have been opposed by critics of executive pay. Most importantly, SOP does not limit the level of compensation or empower shareholders to control the interests of top management. It can be seen as a friendly corporate governance tool to prevent conflicts of the issues between top management and shareholders regarding pay for performance. Additionally, this study finds that the increase in pay for performance after the implementation of SOP is larger in firms with excessive pay for CEO relative to firms with average level of pay for CEO. The evidence suggests that SOP do increase the executive compensation monitoring ability for investors who care about the long-term value of a firm but who are lack of the ability to influence executive compensation structure before SOP. By contrast to most prior studies on the impact of SOP on executive incentives and compensation, the evidence shown in this study is consistent with SOP improves rather than weakens the alignment of managerial wealth and shareholder interests in certain circumstances. References: Bainbridge S. 2006. The Case for Limited Shareholder Voting Rights. UCLA Law Review, 53: 601-636. Bainbridge, Stephen M. The Corporate Governance Provisions of Dodd-Frank. (2010). Bainbridge, Stephen M. Is Say on PayJustified?. (2009). Baird, J. and Stowasser, P. (2002) Executive compensation disclosure requirements: The German, UK, and US approaches, PracticalLaw.com, PLC Document 4-101-7960, September 23. BBC News. 2003. Glaxo defeated by shareholders. 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