Internal Audit Report Stakeholder Management October 2020
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Towards a Stakeholder-Shareholder Theory of Corporate Governance: a Comparative Analysis Katharine V
Hastings Business Law Journal Volume 7 Article 4 Number 2 Summer 2011 Summer 1-1-2011 Towards a Stakeholder-Shareholder Theory of Corporate Governance: A Comparative Analysis Katharine V. Jackson Follow this and additional works at: https://repository.uchastings.edu/ hastings_business_law_journal Part of the Business Organizations Law Commons Recommended Citation Katharine V. Jackson, Towards a Stakeholder-Shareholder Theory of Corporate Governance: A Comparative Analysis, 7 Hastings Bus. L.J. 309 (2011). Available at: https://repository.uchastings.edu/hastings_business_law_journal/vol7/iss2/4 This Article is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings Business Law Journal by an authorized editor of UC Hastings Scholarship Repository. For more information, please contact [email protected]. TOWARDS A STAKEHOLDER- SHAREHOLDER THEORY OF CORPORATE GOVERNANCE: A COMPARATIVE ANALYSIS Katharine V. Jackson* Most of the groups and individuals affected by the behavior of American public corporations do not have a voice in their governance. Just as governments retreat from regulating these entities, whether by political choice or as a result of globalization and regulatory arbitrage,1 stakeholders' 2 ability to shape corporate behavior themselves remains weak. Government empowers only one corporate stakeholder group- employees-to bargain with corporations for terms in their own interest. 1. See Eugene D. Genovese, Secularism in the General Crisis of Capitalism, 42 AM. J. JURIS. 195, 202 (1997) (multinational corporations are coming to control the "world economy, over which.,.. centralized national governments have less and less control."); Larry CatA Backer, Multinational Corporations, TransnationalLaw: The United Nations ' Norms on the Responsibilities of Transnational Corporations as a Harbinger of Corporate Social Responsibility in International Law, 37 CoLUM. -
Comparing ESG and Value Added in European Companies
sustainability Article Stakeholder Value Creation: Comparing ESG and Value Added in European Companies Silvana Signori 1,* , Leire San-Jose 2,* , Jose Luis Retolaza 3 and Gianfranco Rusconi 4 1 Department of Management, University of Bergamo, 24127 Bergamo, Italy 2 Financial Economic II Department, University of the Basque Country, UPV/EHU, 48015 Bilbao, Spain 3 Deusto Business School, University of Deusto, 48014 Bilbao, Spain; [email protected] 4 Department of Law, University of Bergamo, 24127 Bergamo, Italy; [email protected] * Correspondence: [email protected] (S.S.); [email protected] (L.S.-J.) Abstract: In recent years, a renewed interest in value creation for stakeholders has been witnessed in different contexts. Different tools have been proposed to try to grasp and measure such value(s) but, in many cases, the main perspective remains that of the shareholders. To contribute to the field of research that aims to discuss novel ways of thinking about value creation measurement, this paper addresses the relationship between ESG (Environmental, Social, and Governance) ratings and Value Added, as proxies of value creation and distribution for stakeholders. In particular, we consider whether ESG ratings are able to capture companies that are characterized by their capacity for generating higher Value Added for stakeholders. Our analysis uses the frontier methodology combined with means comparison. Data from 2018 were downloaded from EIKON, for all companies within the Euro zone and for all sectors (1932 companies, of which 399 held an ESG rating, compared with 1533 without ESG analysis). Our analysis reveals that, although ESG is theoretically considered Citation: Signori, S.; San-Jose, L.; a good social responsibility proxy, ESG indices cannot be used as an indicator of value creation for Retolaza, J.L.; Rusconi, G. -
Integrating Human Health Into Urban and Transport Planning
Mark Nieuwenhuijsen Haneen Khreis Editors Integrating Human Health into Urban and Transport Planning A Framework Integrating Human Health into Urban and Transport Planning Mark Nieuwenhuijsen • Haneen Khreis Editors Integrating Human Health into Urban and Transport Planning A Framework Editors Mark Nieuwenhuijsen Haneen Khreis Barcelona Institute for Global Health Texas A&M Transportation Institute, Center ISGlobal for Advancing Research in Transportation Barcelona, Spain Emissions, Energy, and Health College Station, TX, USA ISBN 978-3-319-74982-2 ISBN 978-3-319-74983-9 (eBook) https://doi.org/10.1007/978-3-319-74983-9 Library of Congress Control Number: 2018942501 © Springer International Publishing AG, part of Springer Nature 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. -
Deloitte.Co.Za Conducted
Stakeholder Engagement 1 Next Introduction Important stakeholder groups are inherently known to An Integrated Report is a single report that the companies and most companies are interacting with International Integrated Reporting Council (IIRC) these stakeholder groups in some form or another as a anticipates will become an organisation’s primary report. matter of course. Such engagement happens in different This primary report needs to tell the overall story of the formats and at various levels in any organisation, and company by providing material and relevant information the process has been embedded in sound business specifically aimed at the general needs of wide range of practices for some time. However, this process is often key stakeholders, within the context of an ever-evolving ad-hoc at many companies without a formal structure business, social and physical environment. and process in place. Business leaders and managers will normally be able to list their key stakeholders and One of the fundamentals of the Integrated Reporting concerns, but not furnish the structure and process of process is stakeholder engagement. It is the key starting engagement as easily. point for a company, not only in terms of its corporate reporting cycle, but also connects to its business strategy The value of the stakeholder engagement process can and demonstrates how a company is responsive to the be greatly enhanced while the risk of missing important legitimate needs and concerns of key stakeholders. But perspectives – which may negatively affect reputation let’s start with the definition: what are stakeholders and and cause embarrassment or worse – be reduced by what is stakeholder engagement? formalising the implementation of a formal stakeholder engagement policy. -
Survey of Stakeholder Perspectives of Audit Quality – Detailed Discussion of Survey Results
IFAC Board Survey on Audit Quality Prepared by the Staff of the IAASB December 2012 Survey of Stakeholder Perspectives of Audit Quality – Detailed Discussion of Survey Results This document was prepared by the Staff of the International Auditing and Assurance Standards Board (IAASB). This IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The objective of the IAASB is to serve the public interest by setting high-quality auditing, assurance, and other related standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). Copyright © December 2012, February 2014 by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please see page12. A Framework for Audit Quality Survey of Stakeholder Perspectives of Audit Quality – Detailed Discussion of Survey Results 1. Some academics have observed that audit involves both a technical component and a service component. The relative importance of these two components is likely to vary between different stakeholder groups. 2. The technical component of audit quality is often considered as having been achieved when there is a high probability that an auditor will both (a) discover a misstatement in the client’s financial statements, and (b) report that misstatement. -
STAKEHOLDER EXPECTATIONS of AUDIT the Audit Quality Forum Brings Together Representatives of Auditors, Investors, Business and Regulatory Bodies
EVOLUTION STAKEHOLDER EXPECTATIONS OF AUDIT The Audit Quality Forum brings together representatives of auditors, investors, business and regulatory bodies. Its purpose is to encourage stakeholders to work together by promoting open and constructive dialogue in order to contribute to the work of government and regulators and by generating practical ideas for further enhancing confidence in the independent audit. The completed programmes of Supporting Shareholder Involvement and Fundamentals of the Audit Quality Forum lead naturally to further work on the evolution of the audit. The forum’s Evolution work programme covers the changing environment in which auditors work, the reporting relationship between auditors and the audit committee and how the differing interests of stakeholders and their expectations of audit can be reconciled. Anyone interested in providing feedback on this paper should send their comments to [email protected]. Further information on the Audit Quality Forum, the current work programme and how to get involved is available at www.auditqualityforum.com or telephone 020 7920 8493. December 2008 © Institute of Chartered Accountants in England and Wales Dissemination of the contents of this paper is encouraged. Please give full acknowledgement of source when reproducing extracts in other published works. No responsibility for any persons acting or refraining to act as a result of any material in this paper can be accepted by the ICAEW, the Audit and Assurance Faculty or authors. ISBN 978-1-84152-633-1 Cover image: SPL -
Stakeholder Engagement and Government Accountability
STAKEHOLDER ENGAGEMENT AND GOVERNMENT ACCOUNTABILITY Lead writer: Afandi – Anwar Muhammad Foundation Co-writer: Aldi Muhammad Alizar – IAP2 Indonesia For: International Forum on Public Participation and Stakeholder Engagement for SDGs Date: 29 November 2016 FACTS Asia Pacific 3 Transformation of citizen expectation The rising phenomena of citizen’s expectation to the government Influenced by four transformations that has been occurred over the past few decades, – globalization, demoCratization, information and CommuniCation teChnologies. Ø Led to greater demands on the state to deliver services, adequate economic opportunities, and skills. Ø Declining citizen trust in government institutions dealing with representation, law and order, and economic management. Ø Many countries in Asia Pacific region have been under tremendous stress to meet the rising expectations of citizens. Cheema, Shabbir, 2010. “Preface”, Building trust in government : innovations in governance reform in Asia, edited by G. Shabbir Cheema and Vesselin Popovski. Japan, United Nations University. 4 Challenges for AP-SDGs Implementation • Asia Pacific Countries Committed to Achieve SDGs • Much progress has been made in Asia and the Pacific region in the 15 years of implementation of the MDGs. • Despite the progress: • As many as 743 million people in the Asia Pacific region continue to live in extreme poverty. • The gap between the rich and the poor has increased. • Many vulnerable groups facing inequalities in access to health, education and basic services including watsan. • Moreover, environmental factors exacerbate vulnerabilities. 5 Distruts from Citizen to Government More than half of the global population expresses distrust in government’s institutions accountability in carrying out social development agenda (Edelman Trust Barometer Global Report, 2016). -
SA8000:2014 Drafters' Notes
DRAFTERS’ NOTES SA8000: 2014 PREPARED BY: SOCIAL ACCOUNTABILITY INTERNATIONAL JULY, 2014 1 Drafters’ Notes SA8000: 2014 Introduction These Drafters’ Notes were prepared in consultation with the Standard Revision Committee of the SAI Advisory Board. These Drafter’s Notes provide background information on and explanations of the SA8000: 2014 revision process. They are useful to read in conjunction with the SA8000: 2008 Drafter’s Notes, which provide information about the changes made at that time. About the SA8000 Standard The SA8000 Standard was first published in September 1997 after a multi-stakeholder, consensus- based drafting process. SA8000 is an auditable, voluntary standard that intends to: sustainably empower and protect all personnel within an organisation’s control and influence who provide products or services for that entity, through a management systems-based approach. This includes personnel employed by the organisation itself, as well as home workers and those employed by its suppliers, sub-contractors and sub-suppliers. The Standard is based upon the United Nations Declaration of Human Rights, International Labour Organization (ILO) conventions, international human rights norms and national labour laws that promote workers’ rights, decent work and working terms and conditions, while also strengthening sustainable livelihoods and enriching employment opportunities. The Standard also draws on ISO-based principles, with extensive management systems requirements and a view to continuous improvement. The Standard combines an emphasis on management processes with clearly defined minimum levels of social performance. SA8000 is based on the principle that ensuring workers’ rights and well-being is not a burden for employers, but rather an investment in human resources that leads to a productive, healthy and sustainable workplace for all. -
Journal of GXP Compliance, Vol.13 No. 1 (Winter 2009), Pp. 79-89
Page 79 “Framework for Continuous Improvement,” Journal of GXP Compliance, Vol.13 No. 1 (Winter 2009), pp. 79-89. Gordon Welty This article considers occasions that lead to the • Regulatory investigators continuous improvement of GMP processes and the • Health care providers revision of SOPs. Five groups of stakeholders in the • Patients and other health care consumers. sphere of FDA-regulated industry are identified: operational employees, quality unit auditors, regulatory investigators, health care providers, and In brief, operational staff manufacture the patients. The kinds of observations that tend to be regulated product, be it a drug, medical device, associated with each of these stakeholders are: nutritional supplement, etc. The quality auditors escalated events tend to be associated with employees; function independently to monitor the activities internal audits with auditors; 483 observations with of operational staff as well as the quality regulatory investigators; adverse events with health attributes—the safety, identity, strength, purity, care providers; and customer quality complaints with and quality (SISPQ) of the product. Agency patients. These observations initiate an investigation investigators in turn regulate the activities of and revising process that varies in emphasis but that both operational and quality staffs. Healthcare has an underlying logic. An observation is typically providers prescribe the product, and patients escalated, triaged, and can become the basis of an investigation and root cause analysis. At the utilize the product. conclusion of the investigation, remediation can be proposed in the form of CAPA, and may ultimately Any member of these groups can make an lead to the revision of an SOP. A diligent approach to observation that may bring about an revision promotes the continuous improvement of the investigation and root cause analysis. -
Stakeholder Engagement for Inclusive Climate Governance: the Case of the City of Turku
sustainability Article Stakeholder Engagement for Inclusive Climate Governance: The Case of the City of Turku Savitri Jetoo Department of Social Sciences, Åbo Akademi University, Tuomiokirkontori 3, 20500 Turku, Finland; savitri.jetoo@abo.fi Received: 29 August 2019; Accepted: 25 October 2019; Published: 1 November 2019 Abstract: The city of Turku is located in southwest Finland, in Northern Europe. Founded in 1229, it is the country’s oldest city. It is situated around the Aura River, which flows into the Baltic Sea, making it an ideal location for its 184,000 inhabitants and 20,000 enterprises. In June 2018, the city unveiled an ambitious climate plan to be carbon neutral by 2029. This plan was prepared according to the common model of the European Union (EU) (SECAP, Sustainable energy and climate action plan) with key milestones for years 2021, 2025, and 2029. It focuses on both adaptation and mitigation strategies with six measures outlined as necessary to meet the targets, two of which directly target citizen outreach and engagement. These two measures focus on mobilizing communities as partners in the climate plan and on raising awareness of climate change. Given its significance to the plan, this paper examines stakeholder engagement in the City of Turku’s climate policies from a governance perspective. It asks the question, how does stakeholder participation materialize in the City of Turku’s carbon neutral planning process? It aims to give a snapshot of baseline stakeholder participation in the city’s carbon neutral aspirations. It has found that whilst the plan contains ambitions for stakeholder participation, it is not fully implemented. -
GLOBAL SUSTAINABILITY SOLUTIONS Sustainability Solutions
GLOBAL SUSTAINABILITY SOLUTIONS Sustainability Solutions Companies are increasingly facing challenges in their sourcing, production and distribution chains, as well as addressing consumers’ expectations for corporate sustainable responsibility of their products, services and behaviors. Intertek’s Total Quality Assurance proposition recognizes that with increasing value chain complexity, our clients need a trusted partner and integrative sustainable solutions that provide confidence and peace of mind. Our services range from solutions to address immediate environmental, social and ethical compliance to the development of strategic portfolio initiatives, such as stakeholder engagement programs, sustainable supply chain management tools, reporting and assurance. Our proven value chain expertise, global network and on-the-ground local knowledge help our customers with increased transparency to manage risk and resiliency, whilst supporting their ability to operate effectively and act responsibly. Our customers trust us to ensure quality, safety and sustainability in their business, to protect their brands and to help them gain competitive advantage. We not only provide valuable insight into companies’ current sustainability needs, we identity emerging trends, enabling our customers to manage the circular economy in their business and safeguard their reputation. Through our global network of Sustainability Experts and integrated Assurance, Testing, Inspection, and Certification solutions, Intertek is uniquely placed to help organisations understand, -
Guidance Document for Social Accountability 8000 (Sa8000®:2014)
GUIDANCE DOCUMENT FOR SOCIAL ACCOUNTABILITY 8000 (SA8000®:2014) RELEASE DATE: MAY 2016 SOCIAL ACCOUNTABILITY INTERNATIONAL 15 WEST 44TH STREET, 6TH FLOOR NEW YORK, NY 10036 WEBSITE: WWW.SA-INTL.ORG EMAIL: [email protected] CONTENTS CONTENTS ............................................................................................................................................................. 1 INTRODUCTION TO THE SA8000:2014 GUIDANCE DOCUMENT .............................................................................. 3 HOW TO READ THIS DOCUMENT ....................................................................................................................................... 3 1. CHILD LABOUR ................................................................................................................................................... 5 RELEVANT SA8000 DEFINITIONS ...................................................................................................................................... 5 SA8000 REQUIREMENTS................................................................................................................................................. 5 BACKGROUND AND INTENT .............................................................................................................................................. 5 IMPLEMENTATION GUIDANCE ........................................................................................................................................... 8 AUDITOR GUIDANCE ....................................................................................................................................................