Accelerating Progress Toward a Lower-Carbon Future

Total Page:16

File Type:pdf, Size:1020Kb

Accelerating Progress Toward a Lower-Carbon Future Accelerating progress toward a lower-carbon future CDP S&P 500 Climate Change Report 2012 On behalf of 655 investors with assets of US$ 78 trillion Report written for Carbon Disclosure Project [email protected] Carbon Disclosure 6 W 48th Street, 10th Floor +1 212 378 2086 Project by: New York, NY 10036 www.cdproject.net 1 CDP Investor Members 2012 Members ABRAPP Mongeral Aegon Seguros e Aegon Previdência S/A CDP works with investors AKBANK T.A.Ş. Morgan Stanley globally to advance the Allianz Global Investors National Australia Bank investment opportunities Aviva Investors NEI Investments and reduce the risks posed AXA Group Neuberger Berman by climate change by Bank of America Merrill Newton Investment asking almost 6,000 of the Lynch Management Ltd world’s largest companies Bendigo and Adelaide Bank Nordea Investment to report on their climate Blackrock Management change strategies, GHG BP Investment Management Norges Bank Investment emissions and energy California Public Employees Management use in the standardized Retirement System - PFA Pension Investor CDP format. To CalPERS Robeco learn more about CDP’s California State Teachers Rockefeller & Co. member offering and Retirement Fund - CalSTRS SAM Group becoming a member, Calvert Asset Management Sampension KP please contact us or Company Livsforsikring A/S visit the CDP Investor Catholic Super Schroders Member section at CCLA Scottish Widows Investment www.cdproject.net/ Daiwa Asset Management Partnership investormembers Co. Ltd. SEB Generation Investment Sompo Japan Insurance Inc Management Standard Chartered HSBC Holdings TD Asset Management Inc. Legg Mason and TDAM USA Inc. London Pension Fund The RBS Group Authority The Wellcome Trust 1 CDP INVESTOR Signatories & ASSETS 2 2012 SignatorY (US$ TRILLION) AGAINST TIME INVESTOR BREAKDOWN • Investor CDP Signatories 259 Asset Managers • Investor CDP Signatory Assets 220 Asset Owners 143 Banks 35 95 155 225 315 385 475 534 551 655 33 Insurance 4.5 10 21 31 41 57 55 64 71 78 13 Other 700 80 600 70 60 500 50 400 40 Trillions) Signatories 300 of 30 (US$ 200 20 Assets Number 100 10 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2 39+33224+2+t Signatories CDP Signatory Investors 2012 Basler Kantonalbank Daiwa Asset Management Co. Ltd. 655 financial institutions with Bâtirente Daiwa Securities Group Inc. assets of US$78 trillion were Baumann and Partners S.A. Dalton Nicol Reid Bayern LB de Pury Pictet Turrettini & Cie S.A. signatories to the CDP 2012 BayernInvest Kapitalanlagegesellschaft mbH DekaBank Deutsche Girozentrale information request dated BBC Pension Trust Ltd Delta Lloyd Asset Management BBVA Deutsche Asset Management Investmentgesellschaft mbH February 1st, 2012 Bedfordshire Pension Fund Deutsche Bank AG Beetle Capital Development Bank of Japan Inc. BEFIMMO SCA Development Bank of the Philippines (DBP) Aberdeen Asset Managers Bendigo & Adelaide Bank Limited Dexia Asset Management Aberdeen Immobilien KAG mbH Bentall Kennedy Dexus Property Group ABRAPP - Associação Brasileira das Entidades Fechadas de Berenberg Bank DnB ASA Previdência Complementar Berti Investments Domini Social Investments LLC Achmea NV BioFinance Administração de Recursos de Terceiros Ltda Dongbu Insurance Active Earth Investment Management BlackRock DWS Investment GmbH Acuity Investment Management Blom Bank SAL Earth Capital Partners LLP Addenda Capital Inc. Blumenthal Foundation East Sussex Pension Fund Advanced Investment Partners BNP Paribas Investment Partners Ecclesiastical Investment Management AEGON N.V. BNY Mellon Ecofi Investissements - Groupe Credit Cooperatif AEGON-INDUSTRIAL Fund Management Co., Ltd BNY Mellon Service Kapitalanlage Gesellschaft Edward W. Hazen Foundation AFP Integra Boston Common Asset Management, LLC EEA Group Ltd AIG Asset Management BP Investment Management Limited Elan Capital Partners AK Asset Management Inc. Brasilprev Seguros e Previdência S/A. Element Investment Managers AKBANK T.A.Ş. British Airways Pension Investment Management Limited ELETRA - Fundação Celg de Seguros e Previdência Alberta Investment Management Corporation (AIMCo) British Columbia Investment Management Corporation Environment Agency Active Pension fund Alberta Teachers Retirement Fund (bcIMC) Epworth Investment Management Alcyone Finance BT Investment Management Equilibrium Capital Group AllenbridgeEpic Investment Advisers Limited Busan Bank equinet Bank AG Allianz Elementar Versicherungs-AG CAAT Pension Plan Erik Penser Fondkommission Allianz Global Investors Kapitalanlagegesellschaft mbH Cadiz Holdings Limited Erste Asset Management Allianz Group Caisse de dépôt et placement du Québec Erste Group Bank Altira Group Caisse des Dépôts Essex Investment Management Company, LLC Amalgamated Bank Caixa Beneficente dos Empregados da Companhia ESSSuper AMP Capital Investors Siderurgica Nacional - CBS Ethos Foundation AmpegaGerling Investment GmbH Caixa de Previdência dos Funcionários do Banco do Nordeste Etica Sgr Amundi AM do Brasil (CAPEF) Eureka Funds Management ANBIMA – Associação Brasileira das Entidades dos Mercados Caixa Econômica Federal Eurizon Capital SGR Financeiro e de Capitais Caixa Geral de Depositos Evangelical Lutheran Church in Canada Pension Plan for Antera Gestão de Recursos S.A. CaixaBank, S.A Clergy and Lay Workers APG California Public Employees’ Retirement System Evangelical Lutheran Foundation of Eastern Canada AQEX LLC California State Teachers’ Retirement System Evli Bank Plc Aquila Capital California State Treasurer F&C Investments Arisaig Partners Asia Pte Ltd Calvert Investment Management, Inc FACEB – FUNDAÇÃO DE PREVIDÊNCIA DOS EMPREGADOS Arma Portföy Yönetimi A.Ş. Canada Pension Plan Investment Board DA CEB ASM Administradora de Recursos S.A. Canadian Friends Service Committee (Quakers) FAELCE – Fundacao Coelce de Seguridade Social ASN Bank Canadian Imperial Bank of Commerce (CIBC) FAPERS- Fundação Assistencial e Previdenciária da Extensão Assicurazioni Generali Spa Canadian Labour Congress Staff Pension Fund Rural do Rio Grande do Sul ATI Asset Management CAPESESP FASERN - Fundação COSERN de Previdência Complementar ATP Group Capital Innovations, LLC Fédéris Gestion d’Actifs Australia and New Zealand Banking Group Limited CARE Super FIDURA Capital Consult GmbH Australian Ethical Investment Carmignac Gestion FIM Asset Management Ltd AustralianSuper Catherine Donnelly Foundation FIM Services Avaron Asset Management AS Catholic Super FIPECq - Fundação de Previdência Complementar dos Aviva Investors CBF Church of England Funds Empregados e Servidores da FINEP, do IPEA, do CNPq Aviva plc CBRE FIRA. - Banco de Mexico AXA Group Cbus Superannuation Fund First Affirmative Financial Network, LLC Baillie Gifford & Co. CCLA Investment Management Ltd First Swedish National Pension Fund (AP1) BaltCap Celeste Funds Management Limited Firstrand Group Limited BANCA CÍVICA S.A. Central Finance Board of the Methodist Church Five Oceans Asset Management Banca Monte dei Paschi di Siena Group Ceres Florida State Board of Administration (SBA) Banco Bradesco S/A CERES-Fundação de Seguridade Social Folketrygdfondet Banco Comercial Português S.A. Change Investment Management Folksam Banco de Credito del Peru BCP Christian Brothers Investment Services Fondaction CSN Banco de Galicia y Buenos Aires S.A. Christian Super Fondation de Luxembourg Banco do Brasil S/A Christopher Reynolds Foundation Forma Futura Invest AG Banco Espírito Santo, SA Church Commissioners for England Fourth Swedish National Pension Fund, (AP4) Banco Nacional de Desenvolvimento Econômico e Social - Church of England Pensions Board FRANKFURT-TRUST Investment-Gesellschaft mbH BNDES CI Mutual Funds’ Signature Global Advisors Fukoku Capital Management Inc Banco Popular Español City Developments Limited FUNCEF - Fundação dos Economiários Federais Banco Sabadell, S.A. Clean Yield Asset Management Fundação AMPLA de Seguridade Social - Brasiletros Banco Santander ClearBridge Advisors Fundação Atlântico de Seguridade Social Banesprev – Fundo Banespa de Seguridade Social Climate Change Capital Group Ltd Fundação Attilio Francisco Xavier Fontana Banesto CM-CIC Asset Management Fundação Banrisul de Seguridade Social Bank Handlowy w Warszawie S.A. Colonial First State Global Asset Management Fundação BRDE de Previdência Complementar - ISBRE Bank of America Merrill Lynch Comerica Incorporated Fundação Chesf de Assistência e Seguridade Social – Fachesf Bank of Montreal COMGEST Fundação Corsan - dos Funcionários da Companhia Bank Vontobel Commerzbank AG Riograndense de Saneamento Bankhaus Schelhammer & Schattera Kapitalanlagegesellschaft CommInsure Fundação de Assistência e Previdência Social do BNDES - m.b.H. Commonwealth Bank Australia FAPES BANKIA S.A. Commonwealth Superannuation Corporation FUNDAÇÃO ELETROBRÁS DE SEGURIDADE SOCIAL - BANKINTER Compton Foundation ELETROS BankInvest Concordia Versicherungsgruppe Fundação Forluminas de Seguridade Social - FORLUZ Banque Degroof Connecticut Retirement Plans and Trust Funds Fundação Itaipu BR - de Previdência e Assistência Social Banque Libano-Francaise Co-operative Financial Services (CFS) FUNDAÇÃO ITAUBANCO Barclays Credit Suisse Fundação Itaúsa Industrial Basellandschaftliche Kantonalbank Daegu Bank Fundação Promon de Previdência Social 3 39+33224+2+t BASF Sociedade de Previdência Complementar Daesung Capital Management Fundação Rede Ferroviária de Seguridade Social - Refer FUNDAÇÃO SANEPAR DE PREVIDÊNCIA E ASSISTÊNCIA KBC Group National Grid UK Pension Scheme SOCIAL - FUSAN KCPS Private Wealth Management National Pensions Reserve
Recommended publications
  • Pdf File of Paper
    DOES CORPORATE GOVERNANCE MATTER IN THE MARKET RESPONSE TO MERGER ANNOUNCEMENTS? Evidence from the U.S. and Germany Paul Lowengrub,a Torsten Luedecke,b and Michael Melvinc April 2004 ________________________________________________________________________ German executives can make misleading statements regarding merger activities while U.S. executives must either state “no comment” or provide a truthful statement. Do these differences in corporate governance standards cause differences in the market response to merger announcements? A sample of German and U.S. firms that announced acquisition plans between 1995 and 1999 suggests that for smaller firms, merger news has no significant impact on cumulative abnormal returns for German firms but a significant positive impact for U.S. firms. Large German firms, however, have similar experiences to large U.S. firms, as do German firms listed on a U.S. stock exchange, which require greater disclosure requirements. Aside from the smaller-firm effect, the evidence is consistent with no price-relevant differences arising from the differences in corporate governance rules. JEL Classification: G34 _______________________________________________________________________ aCapAnalysis, Washington, D.C., USA bUniversity of Karlsruhe (TH), Karlsruhe, Germany cArizona State University, Tempe, Arizona, USA 1 DOES CORPORATE GOVERNANCE MATTER IN THE MARKET RESPONSE TO MERGER ANNOUNCEMENTS? Evidence from the U.S. and Germany I. INTRODUCTION This paper addresses the following question: Does the market response to a merger announcement depend upon the regulations applying to corporate disclosure? Cross-country differences in securities laws and enforcement result in countries where firm executives must answer public questions about merger talks truthfully or else offer “no comment” while in other countries it is possible to make statements that the public may view as misleading.
    [Show full text]
  • IJBEM-2017-4(4)-82-94.Pdf
    International Journal of Business, Economics and Management 2017 Vol. 4, No. 4, pp. 82-94 ISSN(e): 2312-0916 ISSN(p): 2312-5772 DOI: 10.18488/journal.62.2017.44.82.94 © 2017 Conscientia Beam. All Rights Reserved. IMPLICATIONS OF ACCOUNTANTS’ UNETHICAL BEHAVIOR AND CORPORATE FAILURES Udeme Enobong 1Faculty of Social and Management Sciences Department of Accounting Eshiet1 Akwa Ibom State University Obio Akpa Campus Akwa Ibom State Nigeria ABSTRACT Article History Purpose/objective: Emphasis on short term profit and share prices as criteria for the Received: 19 November 2015 determination of business success have led to attrition of stakeholder trust and Revised: 23 June 2016 Accepted: 22 March 2017 unlocked the doors for unethical conducts by professional accountants. Acceptable Published: 3 August 2017 ethics and encounters of accountants are very critical in the global market place. This study was undertaken to advocate high ethical practices by accountants to protect the interest of the stakeholders. Methodology/approach: A literature review of fifteen Keywords scholarly peer-reviewed journal articles on corporate scandals caused by unethical Accounting profession behaviors of corporate leaders and accountants. Findings: (1) Unethical practiced by Accountants Corporate failures accountants have unintended consequences globally; (2) The accounting profession has Ethics suffered severe image damages as a result of unethical behaviors by corrupt Reorganization Tyco international accountants; (3) Unethical behaviors by accountants significantly contributed to the Stakeholders. global corporate scandals, the Nigerian banking sector reorganization, and the extinction of some global companies from 2002 - 2009; (4) With the right corrective measures, organizations plagued with scandals can survive ethical challenges; (5) Audit committees oversight functions are critical in preventing corporate scandals; (6) (Un) ethical behaviors by professional accountants, organizational leaders is a tenable leadership theory.
    [Show full text]
  • Does Economics and Business Education Wash Away Moral Judgment Competence?
    J Bus Ethics DOI 10.1007/s10551-016-3142-6 Does Economics and Business Education Wash Away Moral Judgment Competence? 1 1 2 Katrin Hummel • Dieter Pfaff • Katja Rost Received: 30 October 2015 / Accepted: 21 March 2016 Ó Springer Science+Business Media Dordrecht 2016 Abstract In view of the numerous accounting and cor- Keywords Economics and business education Á Moral porate scandals associated with various forms of moral judgment competence Á Moral reasoning Á Self-selection misconduct and the recent financial crisis, economics and effect Á Treatment effect business programs are often accused of actively con- tributing to the amoral decision making of their graduates. Abbreviations It is argued that theories and ideas taught at universities CMD Cognitive moral development engender moral misbehavior among some managers, as DIT Defining issues test these theories mainly focus on the primacy of profit-max- MJC Moral judgment competence imization and typically neglect the ethical and moral MCT Moral competence test dimensions of decision making. To investigate this criti- cism, two overlapping effects must be disentangled: the self-selection effect and the treatment effect. Drawing on Introduction the concept of moral judgment competence, we empirically examine this question with a sample of 1773 bachelor’s The recent economic and financial crisis as well as and 501 master’s students. Our results reveal that there is accounting and corporate scandals over the last decades neither a self-selection nor a treatment effect for economics such as Enron (2001), WorldCom (2002), Global Crossing/ and business studies. Moreover, our results indicate that— Qwest (2002), Merck & Co. (2002), AOL Time Warner regardless of the course of studies—university education in (2002), Tyco International (2002), Computer Associates general does not seem to foster students’ moral (2004), Swissair (2001), Ahold (2003), YLine (2003), development.
    [Show full text]
  • The Pattern of Fraudulent Accounting : Ethics, External Auditing and Internal Whistle-Blowing Process
    Journal of Governance and Regulation / Volume 5, Issue 4, 2016 THE PATTERN OF FRAUDULENT ACCOUNTING : ETHICS, EXTERNAL AUDITING AND INTERNAL WHISTLE-BLOWING PROCESS Loredana Ferri Di Fabrizio * * University “Gabriele d’Annunzio”, Chieti-Pescara, Italy Abstract How to cite this paper: Ferri Di The ongoing debate in the literature centres on the compromised Fabrizio, L., (2017). The Pattern Of auditor’s independence in consequence of the relevant provisions Fraudulent Accounting : Ethics, External Auditing And Internal Whistle-Blowing perceived for non-audit services provided to the audited clients. Process. Journal of Governance and The accounting scandals that have occurred over the past two Regulation, 6(1), 12-25. decades show the lack of competence and independence of external http://dx.doi.org/10.22495/jgr_v6_i1_p2 auditors, who kept quite in the face of attempted frauds. The case Copyright © 2017 The Author of Tesco represents an undeniable example of the loss of auditor’s independence, who failed to detect accounting manipulation This work is licensed under the Creative Commons Attribution-NonCommercial confirming the importance of whistle-blowing procedures in 4.0 International License (CC BY-NC 4.0) disclosing concerns before they become serious problems. When http://creativecommons.org/licenses/b turnover occurs in CEOs it is more likely that a rotation in external y-nc/4.0/ auditors occurs as well. Finally, changes in top management enable ISSN Online: 2220-9352 whistle-blowing actions to be successful, interrupting the ISSN Print: 2306-6784 organization’s dependence on serious wrongdoings and preventing Received: 26.11.2016 a disastrous ending. The success of whistle-blowing in preventing Accepted: 20.12.2016 company failure makes it an effective instrument of сorporate пovernance.
    [Show full text]
  • Creative Accounting, Fraud and International Accounting Scandals
    Creative Accounting, Fraud and International Accounting Standards Michael Jones University of Bristol [email protected] 1 Overview • Based on Book: Creative Accounting, Fraud and International Accounting Scandals • Investigates nature of creative accounting and fraud • Examines history of accounting scandals • Looks at creative accounting, fraud and accounting scandals in 13 countries worldwide • Focus on political aspects 2 Creative Accounting 3 Two Quotes “How do you explain to an intelligent public that it is possible for two companies in the same industry to follow entirely different accounting principles and both get a true and fair audit report?” M. Lafferty “Every company in the country is fiddling its profits”. I. Griffiths 4 Definitions 1. Fair Presentation Using the flexibility within accounting to give a true and fair picture of the accounts so that they serve the interests of users 5 Definitions 2. Creative Accounting Using the flexibility within accounting to manage the measurement and presentation of the accounts so that they serve the interests of preparers 6 Definitions 3. Impression Management Using the flexibility of the accounts (especially narrative and graphs) to convey a more favourable view than is warranted of a company’s results serving the interests of preparers 7 Definitions 4. Fraud Stepping outside the Regulatory Framework deliberately to give a false picture of the accounts 8 Definitions No Flexibility to give Flexibility to Flexibility to Flexibility a “true and fair“ give a give a view creative view fraudulent view Regulatory Working within Working within Working framework regulatory regulatory framework outside eliminates framework to ensure to serve preparer’s regulatory accounting choice users’ interests interests framework Within regulatory framework Outside regulatory framework 9 Managerial Motivation 1.
    [Show full text]
  • Process, Not Structure: an Organizational Behavior
    SHARPE - JCI.DOC (DO NOT DELETE) 3/28/2012 8:12 PM ARTICLES PROCESS OVER STRUCTURE: AN ORGANIZATIONAL BEHAVIOR APPROACH TO IMPROVING CORPORATE BOARDS NICOLA FAITH SHARPE* ABSTRACT History has shown that the scholarly and regulatory focus on board composition and structure is a dangerously incomplete solution to the problems that have caused recent corporate failures. The media and corporate scholars have assigned much of the blame for the 2008 financial crisis and the Enron-era corporate scandals to corporate boards. The conventional diagnosis of these ills is that boards were largely at fault because they failed to effectively monitor corporate officers. Unfortunately the conventional diagnosis of the problem is incomplete and the policy prescriptions flowing from this faulty diagnosis are unlikely to address the very real problems that continue to plague corporate governance. * Associate Professor of Law and Richard W. and Marie L. Corman Scholar, University of Illinois College of Law. J.D., Yale University, M.B.A., Yale University, B.A. Cornell University. Email: [email protected]. © 2012 Nicola Faith Sharpe. For helpful comments and suggestions, I am grateful to Michael Abramowicz, Jena Martin Amerson, Lisa Fairfax, George Geis, Patrick Keenan, Donald Langevoort, Larry Ribstein, Usha Rodrigues, Arden Rowell, Jamelle Sharpe, Lynn Stout, Suja Thomas, Cindy Williams, and participants in the faculty workshops at the George Washington University Law School Center for Law, Economic, and Finance, Northwestern University School of Law, the University of Illinois College of Law, and Washington University in St. Louis School of Law. I would also like to thank participants in the Loyola University Chicago School of Law and Notre Dame Law School faculty workshops at which I presented some of the ideas found in this Article.
    [Show full text]
  • In-House Communitytm of IN-HOUSE LEGAL & COMPLIANCE PROFESSIONALS ALONG the NEW SILK ROAD (ASIA-MENA)
    In-House CommunityTM OF IN-HOUSE LEGAL & COMPLIANCE PROFESSIONALS ALONG THE NEW SILK ROAD (ASIA-MENA) Annual Report Q1 – 2016 www.inhousecommunity.com TM In-House Community Annual Report Q1 – 2016 “The In-House Community™ provides a unique combination of best practice sharing, networking, news and technical updates that all practitioners need in order to meet the competing pressures of legal coverage, compliance & commerce. The In-House Community™ empowers the modern lawyer to work smarter and become a trusted business partner” Trevor Faure, Global Adviser, Legal Transformation Former General Counsel, Ernst & Young Global, Tyco International, Dell & Apple EMEA Author of “The Smarter Legal Model: more from less” “Through the In-House Congress series, ASIAN-MENA COUNSEL’s In-House Community provides a home for senior in-house counsel. I am proud to call myself a member of this community” Evangelos Apostolou, President, EMEA SirionLabs, ex-General Counsel, Asia-Pacific, and Partner, Ernst & Young and ex-General Counsel, Asia-Pacific, British Telecom 2 Contents Introduction ..............................................................................................................4 Breakdown of the In-House CommunityTM ..........................................................6 Growth of the Community .....................................................................................7 Community Forums ............................................................................................. 8-9 Corporate Credo ....................................................................................................13
    [Show full text]
  • Tyco International 2009 Annual Report
    TYCO INTERNATIONAL 2009 ANNUAL REPORT I RELY. “I rely on SimplexGrinnell to be our partner in life safety. Our relationship is built on mutual respect and trust. The SimplexGrinnell team combines the technical excellence we need with outstanding customer service.” MIchAEL McGOVERN DEPUTY CHIEF FOR INSPECTION AND CODE ENFORCEMENT UNIVERSITY OF CONNECTIcuT FIRE DEPARTMENT ON THE COVER University of Connecticut students make their way to class on the main campus. From its humble beginnings in 1881 as a highest percentages of students living on school of agriculture, the University of campus of any public university in the U.S. Connecticut (UConn) has developed into In fact, more than 70 percent of undergraduate a leading public university with a diverse students at the main Storrs campus reside student body and faculty from all corners in university-owned buildings. Each of these of the world. Today, UConn—with a main 114 residential facilities is equipped with campus in rural Storrs, five regional advanced fire detection technology and fire campuses, Health Center, School of Law, sprinklers. and School of Social Work—has a combined SimplexGrinnell has a long-standing enrollment of nearly 30,000 students. relationship with UConn, having provided the university with fire and life-safety systems FIRE since the 1980s. During this time, UConn PROTECTION Over the last decade, the university has come to rely on SimplexGrinnell as a carried out a major building construction single-source provider of fire alarm, fire program to modernize facilities, boost student sprinkler, fire suppression, and emergency enrollment and support its commitment to communications systems and services.
    [Show full text]
  • Fraud and the Failure of Oversight at Adelphia Communications Corporation and Tyco International Ltd
    Norwegian School of Economics and Business Administration Bergen June 2008 Master Thesis in the area of Business Analysis and Performance Management Greed at the Top: Fraud and the Failure of Oversight at Adelphia Communications Corporation and Tyco International Ltd By Therese Thoresen and Anita Rakstad Jakobsen Supervisor: Iris Stuart This thesis was written as a part of the masterprogram at NHH. Neither the institution, the advisor, nor the sensors are - through the approval of this thesis - responsible for neither the theories and methods used, nor results and conclusions drawn in this work. PREFACE This paper is a part of our “masterstudiet” on the Norwegian School of Economics and Business Administration. In the paper we examine the concept of fraud in relation to two contemporary business scandals. We focus on the scandals in Adelphia and Tyco to explore the concept of fraud. Accounting scandals like these have received major publicity in recent years. Because fraud persists as a threat to modern businesses it is important to study particular cases and explore how futures scandals may be prevented. We found this theme very interesting, and we chose to write our master thesis on these two major scandals. As we both start our careers in the same big audit firm, we chose to look at fraud from the auditor’s perspective. Many people may believe that the auditor has all the responsibility in discovering business fraud, but is this really the case? We ask: “What is the responsibility of the auditor, and who else shares the responsibility?” In writing our paper we have gathered information using several different sources including books, articles and the Internet.
    [Show full text]
  • Midstreamnews | PLS Inc | 44 Characters Or Less
    October 10, 2012 • Volume 02, No. 12 OILFIELDSERVICES Serving the marketplace with news, analysis and business opportunities Transocean grows backlog ~43% led by $7.6 billion Shell order Seadrill orders 7th UDW Just weeks after announcing a billion-dollar exit from the standard jackup space, drillship for $600 million Transocean showed the industry why with $7.6 billion order from Shell for four Saying current strong demand will result newbuild UDW drillships under 10-year contracts. DSME will build the vessels at in limited rig availability in 2014, Seadrill its Okpo, South Korea yard beginning in 4Q13, with the first delivered mid-2015 and ordered a newbuild UDW drillship from additional deliveries occurring in six-month increments. Transocean said it expects to Samsung for construction invest $3 billion toward construction. at its South Korea yard in a Shell EVP Peter Sharpe DSME will field 4 newbuild UDWs, $600 million deal. Payments are weighted said the company was adding to 2 currently being built. toward the tail of the construction period, collaborating with Transocean in rig with delivery expected in 4Q14. The design and described the rigs as state-of-the-art, with the highest operational, safety deal includes a fixed price option for a and environmental standards. They will feature dual-activity drilling, industry leading housing capacity, two 15,000 psi BOPs to reduce non-productive time, capacity for 7th newbuild UDW is slated for 2014, when Seadrill projects tight market. a 20,000 psi BOP and Tier III international emission compliant diesel engines, with drilling capacity of up to 40,000 feet in up to 12,000 feet of water.
    [Show full text]
  • Companies with Matching Gift Programs
    Companies with Matching Gift Programs Many companies encourage charitable giving by matching gifts made by their employees. As a 501(c)(3) non-profit organization, CHCA is eligible for matching gifts. Below is a list of companies that have matching gift programs. Even if a company is not listed, they may still have a matching gift program. In addition, not all companies match PK-12 schools. To find out if your company matches gifts made to CHCA, please contact your HR representative. If you need additional assistance, please e-mail Paige Tomlin at [email protected]. A AK Steel 3Com Corporation Albemarle Corp. 3M Company Alco Standard AlliedSignal Inc. Alexander and Baldwin Inc. Allstate Alexander Hamilton Life Abacus Capital Investments Alexander Haas Martin and Partners Abbott Laboratories Al Neyer Altera Corp. Contributions Allegro Microsystems Inc. Accenture Alliance Bernstein Access Fund Alliance Capital Management L.P. ACE INA Foundation Alliance Coal LLC Adams Harkness and Hill Inc. Alliant Techsystems Altria Group Allegiance Corp. and Baxter International Adaptec Foundation Allendale Insurance Foundation AMBAC Indemnity American Natl Bank & Trust ADC Telecommunications American Intl Group, Inc. AMD Corporate Giving American Standard Found Adobe Systems Inc. Amgen Inc. ADP Foundation AMN Healthcare Services American Express Co. AmSouth BanCorp. A & E Television Networks American Stock Exchange AEGON TRANSAMERICA Ameriprise Financial AEP Ameritech Corp. AES Corporation AMETEK / Sealtron A.E. Staley Manufacturing Co. AMSTED Industries Inc. American Fidelity Corp. Amylin Pharmaceuticals Aetna Foundation, Inc. Anadarko Petroleum Corp. American General Corp. Analytics Operations Engineering AG Communications Systems Analog Devices Inc. American Honda Motor Co. Avon Products Foundation, Inc.
    [Show full text]
  • Midstreamnews | PLS Inc | 44 Characters Or Less
    September 14, 2012 • Volume 02, No. 11 OILFIELDSERVICES Serving the marketplace with news, analysis and business opportunities Transocean sells all standard jackups in $1.1 billion deal Baker & Schlumberger win Transocean announced contracts to sell 37 jackups and a swamp barge to Shelf $847 million in Statoil work Drilling International Holdings for ~$1.05 billion. Shelf will pay $855 million in cash Statoil has awarded $847 million and $195 million in preferred shares issued by Shelf’s parent. The shallow water jackups in major integrated drilling and wireline were built between 1974 and 1992 and have an operating depth range from service contracts to Big 4 companies in 250-400 feet of water. Transocean will also provide various transition support recent weeks. The big winner services to Shelf subsequent to was Baker Hughes, which Rigs were sold at an average of $28MM; closure, which is expected in Q4. all based outside United States. was awarded a $504.5 million, The sale represents a full 30% of two-year integrated drilling Transocean’s 128-unit fleet as of its prior fleet which included 32 standard jack-ups services contract with and a swamp barge classified as discontinued and another 12 jackups classified as held- Statoil for 25 fields on the Norwegian for-sale. The sold units included 31 operating, five cold-stacked and two in process of Continental Shelf (NCS). Statoil said reactivation. The sale spells formal discontinuance of Transocean’s standard jackup the deal would cover directional drilling, and swamp barge operations. The company is also seeking a buyer for its remaining seven cold-stacked standard jackups.
    [Show full text]