By Emile Woolf International Publishing
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Extra info for ACCA P1 Governance, Risk and Ethics
In some companies, there may be a majority shareholder (controlling shareholder). A majority shareholder should be able to influence the decisions of the board of directors, because he has the power to remove directors who disagree with them. In quoted companies (stock market companies) the interests of shareholders are likely to be focused on the value of their shares and the size of dividends. However, the shareholders might have little influence over the decisions of the board of directors.
As a general rule, it is in the interests of a company’s management to carry out transactions internally, and not in the external market. 2 removes the risks and uncertainties about the future prices of products and about product quality removes all the risks and costs of dealing with external suppliers. Assumptions in transaction cost economics (TCE) Traditional economic theory is based on the assumptions that all behaviour is rational and that profit maximisation is the rational objective of all businesses.
Open and complete financial disclosure Requirement for audits both financial and of effectiveness in achieving the charitable purpose Agency realationships – An overview Purpose Agents Principals Typical governance arrangements 46 Public listed companies Maximisation of shareholder wealth Directors Shareholders Board of directors monitored by non‐ executive directors Non‐executive chairman. Charities and voluntary organisations Public sector Implementation of government policy Managers and sometimes elected representatives.