Nominating and Corporate Governance Committee Charter
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Ownership and Control of Private Firms
WJEC BUSINESS STUDIES A LEVEL 2008 Spec. Issue 2 2012 Page 1 RESOURCES. Ownership and Control of Private Firms. Introduction Sole traders are the most popular of business Business managers as a businesses steadily legal forms, owned and often run by a single in- grows in size, are in the main able to cope, dividual they are found on every street corner learn and develop new skills. Change is grad- in the country. A quick examination of a busi- ual, there are few major shocks. Unfortu- ness directory such as yellow pages, will show nately business growth is unlikely to be a that there are thousands in every town or city. steady process, with regular growth of say There are both advantages and disadvantages 5% a year. Instead business growth often oc- to operating as a sole trader, and these are: curs as rapid bursts, followed by a period of steady growth, then followed again by a rapid Advantages. burst in growth.. Easy to set up – it is just a matter of in- The change in legal form of business often forming the Inland Revenue that an individ- mirrors this growth pattern. The move from ual is self employed and registering for sole trader to partnership involves injections class 2 national insurance contributions of further capital, move into new markets or within three months of starting in business. market niches. The switch from partnership Low cost – no legal formalities mean there to private limited company expands the num- is little administrative costs to setting up ber of manager / owners, moves and rear- as a sole trader. -
Limited Liability Partnerships
inbrief Limited Liability Partnerships Inside Key features Incorporation and administration Members’ Agreements Taxation inbrief Introduction Key features • any members’ agreement is a confidential Introduction document; and It first became possible to incorporate limited Originally conceived as a vehicle liability partnerships (“LLPs”) in the UK in 2001 • the accounting and filing requirements are for use by professional practices to after the Limited Liability Partnerships Act 2000 essentially the same as those for a company. obtain the benefit of limited liability came into force. LLPs have an interesting An LLP can be incorporated with two or more background. In the late 1990s some of the major while retaining the tax advantages of members. A company can be a member of an UK accountancy firms faced big negligence claims a partnership, LLPs have a far wider LLP. As noted, it is a distinct legal entity from its and were experiencing a difficult market for use as is evidenced by their increasing members and, accordingly, can contract and own professional indemnity insurance. Their lobbying property in its own right. In this respect, as in popularity as an alternative business of the Government led to the introduction of many others, an LLP is more akin to a company vehicle in a wide range of sectors. the Limited Liability Partnerships Act 2000 which than a partnership. The members of an LLP, like gave birth to the LLP as a new business vehicle in the shareholders of a company, have limited the UK. LLPs were originally seen as vehicles for liability. As he is an agent, when a member professional services partnerships as demonstrated contracts on behalf of the LLP, he binds the LLP as by the almost immediate conversion of the major a director would bind a company. -
AIG Guide to Key Features of Private Limited Companies
PrivateEdge Key features and requirements of private limited companies It is crucial for businesses set up as private limited companies to comply with the requirements of the Companies Act 2006. This guidance note sets out the key legal requirements for private limited companies in the UK, discusses shareholders’ rights and duties, and the process for convening company meetings and the passing of resolutions 1 What is a private limited company? 1.1 A private limited company is the most common form of trading vehicle for companies in the UK. 1.2 The key features and requirements of a private limited company are that: – It will have a separate legal personality from its owners (shareholders). – Responsibility for the management of a company generally falls to its directors; – The liability of each shareholder for the company's debt and other liabilities is generally limited to the amount which remains unpaid on that shareholder's shares; • It must have an issued share capital comprising at least one share. Each issued share must have a fixed nominal value. The ways in which a company can alter its share capital is strictly controlled by the Companies Act 2006 (“CA 2006”). There are also strict statutory controls on a company's ability to make returns of value (dividends) to its shareholders; • It must have at least one director. A private limited company is not required to have a company secretary, although it may choose to do so; and • The nominal value of a private limited company does not have to exceed a specified amount. It is common practice for a private company to be incorporated with a share capital made up of just one £1 share. -
•One Person Company •Limited Liability Partnership •Private
Corporatization of MSME More than 90% of MSMEs are proprietorship or partnership enterprise. Therefore, it is imperative to strive towards corporatisation of Small & Medium Enterprises for good corporate governance as well as energise the economy as a whole. MSME may be incorporated as: •One Person Company •Limited Liability Partnership •Private Company •Public Company One Person Company “One Person Company” means a company which has only one person as a member. • An OPC is incorporated as a private limited company, where there is only one member and prohibition in regard to invitation to the public for subscription of the securities of the company. • The Salient features of an OPC include the following: An OPC can be formed under Company limited by guarantee or shares. An OPC limited by shares shall have minimum paid up capital of Rs. 1 lakh. An OPC are restricted from the right to transfer its share and Prohibits any invitations to public to subscribe for the securities • An OPC is required to give a legal identity by specifying a name under which the activities of the business could be carried on. The words 'One Person Company' should be mentioned below the name of the company, wherever the name is affixed, used or engraved. PROCESS OF INCORPORATION OF ONE PERSON COMPANY (OPC) • Obtain Digital Signature Certificate [DSC] for the proposed Director(s) • Obtain Director Identification Number [DIN] for the proposed director(s). • Select suitable Company Name, and make an application to the Ministry of Corporate Affairs for availability of name. • Draft MOA & AOA • Sign and file various documents including MOA & AOA with the Registrar of Companies electronically. -
Companies Act 2014
Companies Act 2014 A PUBLIC COMPANY LIMITED BY SHARES MEMORANDUM AND ARTICLES OF ASSOCIATION of EATON CORPORATION PUBLIC LIMITED COMPANY As amended by special resolution dated 26 April 2017 Companies Act 2014 A PUBLIC COMPANY LIMITED BY SHARES CONSTITUTION -of- EATON CORPORATION PUBLIC LIMITED COMPANY MEMORANDUM OF ASSOCIATION 1 The name of the Company is Eaton Corporation Public Limited Company. 2 The Company is to be a public limited company. 3 The objects for which the Company is established are: 3.1 To carry on the business of a holding company and to co-ordinate the administration, finances and activities of any subsidiary companies or associated companies, to do all lawful acts and things whatever that are necessary or convenient in carrying on the business of such a holding company and in particular to carry on in all its branches the business of a management services company, to act as managers and to direct or coordinate the management of other companies or of the business, property and estates of any company or person and to undertake and carry out all such services in connection therewith as may be deemed expedient by the Company’s Board and to exercise its powers as a shareholder of other companies. 3.2 To carry on all or any of the businesses of producers, manufacturers, servicers, buyers, sellers, and distributing agents of and dealers in all kinds of goods, products, merchandise and real and personal property of every class and description; and to acquire, own, hold, lease, sell, mortgage, or otherwise deal in and dispose of such real estate and personal property as may be necessary or useful in connection with said business or the carrying out of any of the purposes of the Company. -
GCSE Business Studies -The Business Framework
GCSE Business Studies The Business Framework Support Materials KS4 Business Studies The Business Framework These documents are part of a larger blended learning pack, developed to support GCSE Business Studies. Each document is complemented by a range of digital resources. These digital resources could be used for whole class stimulus and discussion before directing the students to the corresponding work in the PDF documents, or the students could be asked to work in groups on the paper resources found in the packs and then the digital resource used for feedback and to check understanding. ($4& Business Studies The Business Framework The Business Framework Why and how businesses start People who set up and run their own businesses are often called ENTREPRENEURS. There are a number of reasons why entrepreneurs choose to become self-employed and run their own business. Reasons for starting a business include: Self employment may be an appealing option following redundancy as it provides employment and an income for the owner. Running a successful business can provide personal satisfaction. The ability to be their own boss and make all the decisions, for example, entrepreneurs can choose their hours RIZRUNWRVRPHH[WHQWWR¿WLQZLWKWKHLUOLIHVW\OH Continue to run an existing family business. Self-employment provides the opportunity for business owners to earn a living from a hobby or particular interest. (QWUHSUHQHXUVDUHQ¶WQHFHVVDULO\PRWLYDWHGE\SUR¿WVRPHGHYHORSVRFLDOHQWHUSULVHVFKHPHVWREHQH¿WWKHLU local area. The functions of an entrepreneur An entrepreneur is a person who uses their initiative to start a business enterprise. To succeed and achieve their aims, entrepreneurs need to be able to: )LQGDQGFRPELQHWKHKXPDQSK\VLFDODQG¿QDQFLDOUHVRXUFHVQHHGHGWRVWDUWDEXVLQHVVDQGRUJDQLVH production of a good or service. -
I. Differences Between a Co-Operative and a PC in India II. Comparison Of
I. Differences between a co-operative and a PC in India Feature Co-operative PC Registration under Co-op societies Act Companies Act Membership Open to any individual or co- Only to producer members operative and their agencies Professionals on Board Not provided Can be co-opted Area of operation Restricted Throughout India Relation with other entities Only transaction based Can form joint ventures and alliances Shares Not tradable Tradable within membership only Member stakes No linkage with no. of shares Articles of association can held provide for linking shares and delivery rights Voting rights One person one vote but RoC Only one member one vote and government have veto and non-producer can’t vote power Reserves Can be created if made profit Mandatory to create reserves Profit sharing Limited dividend on capital Based on patronage but reserves must and limit on dividend Role of government Significant Minimal Disclosure and audit Annual report to regulator Very strict as per the requirements Companies Act Administrative control Excessive None External equity No provision No provision Borrowing power Restricted Many options Dispute settlement Through co-op system Through arbitration II. Comparison of diff options for registration under the companies Act Type of company> Private limited Limited Company PC Parameter Company Minimum No. of 2 3 5 Directors required Number of Members Minimum 2; Minimum 7 Minimum 10 primary Maximum 50 producer members or two producer institutional members Membership Any one Any one Only primary eligibility producer or producer institutions can be member. Type of shares Equity and Equity and Preference Only Equity Preference Voting rights based on number of based on number of Only one vote equity shares held equity shares held irrespective of number of shares held. -
Ishares VI Public Limited Company
iShares VI Public Limited Company (An umbrella investment company with variable capital and having segregated liability between its funds incorporated with limited liability in Ireland under registration number 506453) ___________________________________ Country supplement for investors residing in the Grand Duchy of Luxembourg to the Prospectus dated 18 March 2021 as amended and supplemented from time to time THIS COUNTRY SUPPLEMENT IS INTENDED FOR INVESTORS RESIDING IN THE GRAND DUCHY OF LUXEMBOURG THAT SUBSCRIBE FOR SHARES IN LUXEMBOURG AND FORMS AN INTEGRAL PART OF THE PROSPECTUS 18 MARCH 2021, AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME. This country supplement is dated 18 March 2021 (the "Country Supplement") and forms part of the English language prospectus dated 18 March 2021 as amended and supplemented from time to time (the "Prospectus") for iShares VI plc (the "Company"). In particular, investors should refer to the section headed “Fund Expenses” in the Prospectus. This Country Supplement should be read in the context of and together with the Prospectus. The Prospectus is valid in Luxembourg only if it includes this Country Supplement. Capitalised terms used herein shall have the same meaning than the terms used in the Prospectus. Public Distribution of the Company in Luxembourg At the date hereof, Shares of some or all of the sub-funds of the Company have been notified for public distribution in Luxembourg (each a "Fund" for the purposes of this Country Supplement), all to be issued as provided for in the Prospectus. BNP Paribas Securities Services, Luxembourg Branch with its registered office at 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg ("BNP Paribas") has been appointed as paying and representation agent in respect of the Shares of all Funds. -
Setting up in Denmark
Setting up in Denmark 5. Forms of business enterprise Business operations in Denmark may be conducted under the fol- lowing legal forms: public limited company (aktieselskab) branch office (filial) private limited company (anpartsselskab) partnership (interessentskab) limited partnership (kommanditselskab) limited partnership company (kommandit-aktieselskab) co-operative society (andelsselskab) sole proprietorship or one-man firm (enkeltmandsfirma) commercial foundation (erhvervsdrivende fond) European companies European public limited-liability compa- nies, European Economic Interest Groupings and European Co- operative Societies (SE companies, EØFG and SCE) As foreign investors most often set up a public limited company or a branch office, these forms of business are explained in some detail. All public limited companies, private limited companies, limited partnership companies, commercial foundations, sole proprie- torships, partnerships, limited partnerships, co-operatives, cor- DANSKE BANK SETTING UP IN DENMARK 19 MARCH 2007 porate funds, the various types of European companies, branch offices of foreign corporations and other limited liability busi- nesses and societies must register with the Danish Commerce and Companies Agency. The registration is published in the Reg- istration Gazette on the Danish Commerce and Companies Agencys Web site. 5.1 Public limited company (aktieselskab) The Danish Public Companies Act reflects Scandinavian efforts to harmonise legislation with EU rules governing public limited com- panies and the right of establishment. DANSKE BANK SETTING UP IN DENMARK 20 MARCH 2007 5.1.1 Formation procedure The following procedure is mandatory: 1. The promoters must draw up and sign a memorandum of asso- ciation which must contain a draft of the articles of association, the price at which shares are offered for subscription, the period within which the first general meeting is to be held, etc. -
Lesson : 1 Meaning, Characteristics and Types of a Company
LESSON : 1 MEANING, CHARACTERISTICS AND TYPES OF A COMPANY STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Meaning of Company 1.3 Characteristics of a Company 1.4 Distinction between Company and Partnership 1.5 Types of Company 1.6 Summary 1.7 Keywords 1.8 Self Assessment Questions 1.9 Suggested Readings 1.0 OBJECTIVE After reading this lesson, you should be able to: (a) Define a company and explain its features. (b) Make a distribution between company and partnership firm. (c) Explain the various types of companies. 1.1 INTRODUCTION Industrial has revolution led to the emergence of large scale business organizations. These organization require big investments and the risk involved is very high. Limited resources and unlimited liability of partners are two important limitations of partnerships of partnerships in undertaking big business. Joint Stock Company form of business organization has become extremely popular as it provides a solution to (1) overcome the limitations of partnership business. The Multinational companies like Coca-Cola and, General Motors have their investors and customers spread throughout the world. The giant Indian Companies may include the names like Reliance, Talco Bajaj Auto, Infosys Technologies, Hindustan Lever Ltd., Ranbaxy Laboratories Ltd., and Larsen and Tubro etc. 1.2 MEANING OF COMPANY Section 3 (1) (i) of the Companies Act, 1956 defines a company as “a company formed and registered under this Act or an existing company”. Section 3(1) (ii) Of the act states that “an existing company means a company formed and registered under any of the previous companies laws”. This definition does not reveal the distinctive characteristics of a company . -
The German Supervisory Board
The German Supervisory Board: A Practical Introduction for US Public Company Directors The German Supervisory Board: | A Practical Introduction for US Public Company Directors The German Supervisory Board: | A Practical Introduction for US Public Company Directors Contents Foreword Foreword 03 As the world’s economy globalizes, there is often an expectation that business practices will Executive Summary 04 harmonize along with it. This is an expectation The German Supervisory Board: Characteristics and Context 05 that we will see a kind of convergence of corporate The German Supervisory Board in Action: Regular Order, M&A, Crisis 14 governance forms and practices, where boards the world over resemble each other, perhaps Conclusion 15 with a large majority of independent directors, an Endnotes 17 audit committee, a separate chair and CEO, and so on. A lot of this reflects a certain familiarity Claus Buhleier with the Anglo-Saxon board model among Partner, Center for Corporate institutional investors in London and New York. Governance Deloitte Germany [email protected] The reality, however, is quite different. Despite real advances in globalization in other areas, differences in what boards look like and how they work in practice persist across countries. This publication brings to light the differences between the predominant Anglo Saxon, one-tier corporate governance model on the one hand, and the still influential Germanic two-tier-model on the other. The authors, Yvonne Schlaeppi and Michael Marquardt, both experienced corporate directors Kai Bruehl who have served on European company boards, Director, Risk Advisory Deloitte highlight the main characteristics of the German Germany [email protected] supervisory board model and how it demands accountability from its members, despite looking rather different than the combined board model. -
Commonly Used International Entity Types
Commonly Used International Entity Types COUNTRY/REGION ENTITY STRUCTURE BASIC FORMATION REQUIREMENTS Minimum Registered Corporate Secretary Minimum # of Minimum # of Directors Legal Liability ASIA-PACIFIC Capital Address Shareholders/Partners Australia Public Company (Limited or Ltd.) AUD 0 Required One Unlimited Three. At least 2 must be Limited to the amount local residents subscribed for shares Private or Proprietary Company AUD 0 Required Not required 1-50 One. At least 1 must be Limited to the amount (Pty. Ltd. or Proprietary Limited) local resident subscribed for shares China Limited Liability Company CNY 0 Required Not required. But a 1-50 Board of directors or a Limited to the amount local representative single executive director subscribed for shares may be required. Company Limited by Shares CNY 0 Required Not required 2-200 Board of directors Limited to the amount required subscribed for shares Partnership CNY 0 Required Not required 2-50 Partner managed Not a separate legal entity from its parent Hong Kong Limited Private Company HKD 0 Required Required, must be local 1-50 Board of directors Limited to the amount resident or company required subscribed for shares India Private Limited Company (Pvt Ltd) INR 0 Required Required if initial 2-200 Two. At least 1 must be Limited to the amount capital investment local resident subscribed for shares exceeds INR100 million Limited Liability Partnership (LLP) INR 0 Required N/A Two. At least 1 must be Partner managed Limited to the amount local resident subscribed for shares Japan General Corporation (Kabushiki JPY 1 Required Not required Unlimited One Limited to the amount Kaisha) subscribed for shares Limited Liability Company (Godo- JPY 1 Required Not required Unlimited Managed by managing Limited to the amount Kaisha) members subscribed for shares Singapore Private Limited Company (Private $1 in any Required Required and must be 1-50 One.