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[11:26:17] werty : {arij6} "Starting learning the course"!!!! I suggest reading
and planning and checking your plan against the suggested solutions
[11:26:49] werty : Guys, pay attention to this!!!! You cannot be expected to
produce answers of the quality nor length of the publishers' answers!
[11:27:13] werty : They have unlimited time to think, discuss, plan, write, edit,
lengthen ets
[11:27:13] hobenu : can you throw more light on tripple bottomline accouting,
not clear with wat i read in the textbook
[11:27:51] werty : {angel7} They certainly should be -often a point in the exam
qs -the neds are often "long time family friends"
[11:28:06] freefallin : neds are only paid basic salary
[11:28:33] werty : {sicily} hi -that would be wasting time -check out the front
of the rev kit -the publishers have done all that for you -sorry
[11:28:39] angel7 : {werty} Who sets their salary, terms & conditions?
[11:29:05] werty : {hobenu} wow, nor have I -I'll need to check that one out
[11:29:21] werty : {Freefallin} no, not a salary -they get paid "fees"
[11:30:04] werty : {angel7} fees are set, typically, by the CEO. There's a bit of a
problem! Conflict of interest? But who else is there to set the fee level?
[11:30:07] tklinn : Triple Bottom Lines -Social (people), Enviromental (planet),
Economic (proift)
[11:30:35] rachaeltucker : {werty} but surely the fact that Neds receive a
financial benefit is in conflict with independance?
[11:30:43] werty : {TKLinn} Thanks TK -it seems obvious then what that
involves!
[11:31:18] tklinn : yes, hence would include non financial and financial cost
incurred including enviromental and social cost
[11:31:20] werty : {rachaeltucker} well, yes, but you can't expect them to
perform / render their services for nothing. The fees will NOT be profit related
[11:31:32] werty : But they are encouraged to have shares
[11:31:41] shafinez : {werty} when considering on how to assess risk facing
company, besides the probability of occurence and its impact, what other factor
can we consider???
[11:32:13] freefallin : thats the risk map
[11:32:28] werty : {shafinez} appetite? if co is risk avaricious, they may
perceive a risk as acceptable whereas you may consider it too much
[11:33:07] werty : Share ownership concerned me when I first read it!
[11:33:26] werty : But what better way to encourage long-termism than give the
neds some shares
[11:33:45] werty : and TSR is what all ( presumably ) shareholders are after
[11:33:57] werty : Not necessarily all stakeholders though!
[11:34:28] freefallin : one of the disadvantages of NED's is remuneration i think
[11:35:15] werty : {Freefallin} But you have to compensate them somehow!
Unless they are ABSOLUTELY deontological and are doing the work for the greater
benefit of the society / planet
[11:34:28] freefallin : one of the disadvantages of NED's is remuneration i think
[11:35:15] werty : {Freefallin} But you have to compensate them somehow!
Unless they are ABSOLUTELY deontological and are doing the work for the greater
benefit of the society / planet
[11:35:16] tklinn : {Freefallin} one of the thing to consider their independence
[11:35:34] werty : {TKLinn} and strength of character
[11:35:47] tklinn : yes, thanks
[11:35:56] werty : I wish I were a fly on the wall of the Audit Committee
meeting with the CEO of BP!
[11:36:16] hobenu : under sustainability the use of Production of environmental
resource : use of environmental resource, this concept advocates FULL COST
ACCOUNTING and TRIPPLE BOTTOMLINE ACCOUNTING, need alittle help on the
TRIPPLE BOTTOMLINE ACCOUNTING
[11:37:15] werty : {hobenu} take into account not just the $ element. Must also
consider the planet and the people -employees, local society....
[11:37:23] tklinn : {werty} you mean currently BP offshore case?
[11:37:30] werty : Bring in ALL costs -not simply $$$$$
[11:37:38] werty : {TKLinn} yes
[11:37:52] shafinez : any particular industry we need to have knowledge for the
50marks case study???? like banking, shipping????
[11:37:49] tklinn : {werty} yah.. horrible
[11:38:07] hobenu : COOL THANKS
[11:38:33] werty : {shafinez} If I couuld predict with that certainty, I wouldn't
still be working!
[11:38:50] tklinn : {shafinez} yah last time, I did not know about Ship :(
[11:38:54] tklinn : The Mary Jane
[11:39:17] freefallin : anyone who is related to the examiner?
[11:39:20] freefallin : lol :)
[11:39:23] werty : {TKLinn} But you know what a ship is! I don't think that such
specific knowledge is necessary
[11:39:35] werty : {Freefallin} Yes, Mrs Campbell
[11:39:54] freefallin : haha :) that does not help :/
[11:39:56] shafinez : haha
[11:39:57] tklinn : {werty} yes I suppose so, but I felt alittle nervous at that
time
[11:40:26] tklinn : that's why I failed, as I felt that all questions are asking for
the same answer
[11:40:29] werty : well, if you had been on the ship, in or near Somalia, then I
could understand your nervousness
[11:40:45] tklinn : {werty} :d
[11:41:02] werty : {TKLinn} Haveyou not realised that, in fact, you're not far off
the truth!
[11:41:54] tklinn : umm.. I still not realise yet
[11:41:55] arij6 : hey i support the somalian pirates... r there any specific topics
you would focus on more due to time constraints?
[11:42:01] werty : That's why "reading, planning and then checking" is not such
a HUGE task -many of the points raised in the publishers' answers are effectively
the same -or certainly very similar
[11:42:14] tklinn : {werty} yes, thanks
[11:42:23] hobenu : under institutional shareholders exerting their influence one
way is the use of FOCUS LIST, but in ghana we use the GHANA CLUB 100 , which
shows the well performing 100 companies in th country, can i use this point in an
exam
[11:42:26] werty : {arij6} yes, concentrate on the ethics of supporting Somalian
pirates!
[11:43:11] shafinez : how can internal audit established by the company can
really provide an independent appraisal???
[11:43:13] werty : {hobenu} absolutely -yes. Credit will be ( should be ) given
for local cultures -norms -practices
[11:44:17] werty : {shafinez} I met a former student recently -an internal
auditor she had become -working in the former USSR states. she was frightened
of no-one when it cam eto having to criticise their work / ethics.
[11:44:38] werty : She could be fired only by the audit committee in the head
office in Switzerland
[11:44:42] hobenu : but i stuck on how to relate it to the explanation of FOCUS
LIST
[11:45:00] werty : How can int aud be independent? Don't have them
answerable to the execs!
[11:45:26] freefallin : yep separate from management
[11:45:46] werty : {hobenu} Say ".....focus list ( the equivalent in Ghana is the
Ghana Club 100 ) ...."
[11:46:15] rachaeltucker : {werty} Whats a focus list?
[11:47:12] werty : {rachaeltucker} BPP study text, page 30
[11:48:31] freefallin : werty, if i fail 2nd time whats next
[11:48:34] freefallin : lol :)
[11:48:35] werty : {rachaeltucker} Placing the names of cos on a list of under-
performers -effectively "name and shame"
[11:48:44] werty : {Freefallin} a third?
[11:48:57] freefallin : :/ i hope not haha
[11:49:19] werty : {Freefallin} so, don't fail! There, that was easy
[11:49:21] freefallin : maybe do an easy master ;P
[11:49:28] angel7 : {werty} Am I right in assuming that unless u are asked to
draw the diagram of Medelow u are NOT to draw it?
[11:49:52] werty : Now why? what's the point of an easy exam -you may as
well buy a university degree from the internet!
[11:51:02] werty : {angel7} not heard that before. I seem to remember reading
that in a recent exam, the question invited you to discuss risk and impact, and
players. some students drew Mendelow and didn't really get to grips with the
question that had been asked
[11:51:10] shafinez : {werty} the article internal n external actors...what
basically we need to know from the article???
[11:51:37] mrsickpro : {shafinez} good qs
[11:51:53] hobenu : under the OECD the ROLE OF STAKEHOLDERS seems to be
explained similar to THE RIGHTS OF SHAREHOLDERS , wats the difference
[11:51:57] tklinn : Mendelow is Stakeholder mapping
[11:52:17] werty : {shafinez} the artcle! Q could say "What's meant by 'internal
actors' and how is their role different from the external actors in the context of
corporate governance?"
[11:52:46] freefallin : hmm thats a good question :)
[11:53:42] werty : {hobenu} wow! shareholders are stakeholders ) arguably the
most important ) but stakeholders are not necessarily shareholders ( all elephants
are animals but not all animals are elephants )
[11:54:03] werty : {TKLinn} But you can also apply the idea to risk!
[11:54:30] werty : Likelihood / impact
[11:55:00] werty : 6 minutes
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