SbL Flashcards
(30 cards)
What is environmental audit
Asses org impact on environment
Based on voluntary standards EMAS and ISO 14001
What three elements does Environmental audit contain
Agreed metrics
Performance measured against those metrics
Reporting on compliance
What benefits does enviro audit bring
Responsiveness to stakeholder concerns
Show that systems in place for collection of data for wider reporting
Metrics are externally verified by audit team
Confidence to stakeholders
What is environment accounting
Development of acctg system to support integration of enviro performance into core financial process.
So not ignored
Benefits of environmental accounting
Use metrics from environmental audit and incorporate into environmental report
Enable business to make decisions on full environmental cost
Demonstrate commitment to environmental matters
Assists in providing info for disclosures in annual reports
What is environmental footprint
As animals make footprints, organisations impact on environment
Resource consumption - energy water
Construction additional energy
Pollution - carbon emissions (equipment on construction and planes) and noise pollution( take off
What are elements of Portor’s Diamond
National Competiveness
Factor Conditions - Basic - weather
Advanced - education telecommunications
Demand Condidtions - v. demanding cust
Firm Structure, Strategy and Rivalry
Related and Supporting Industries
Baldridge Performance Excellence
Leadership Customer Focus Strategic Direction Knowledge Management, Analysis and Measurement Workforce Focus Process Management Results
CSF of No Frills
Finding Cheaper Alternatives
Eliminating ALL waste
Threat - Changes in Buyer Pref
Loss of Barriers to eEntry
CSF for Low cost
Economimes of Scale
Focus on Cost Reduction
threats - larger rivals
CSF for Hybrid
Economeis of Scale
Brainding
Service Levels
threats - loss of brand, difficult to achieve, target for all rivals
CSF for Differentiation
Innovation
Branding
Marketing
threat being copied
New tech which differentiats
CSF for Focused Differentiation
Market KNowledge
Unique product/service
threat - reecssion, small mkt size, few barriers
Key Concepts of Governances (II RJ RAT FISH)
Integrity Independence Responsibility Judgement Reputation Accountability Transparency Feasibiliy Innovation Scepticism Honesty
Behaviour towards Stakeholders
Instrumental View - take stakeholder view into account only so far as they are consistent with other economic objectives. So only acknowledge as it’s the best way to make profit, not because they really care about their views.
Normative View - What should be, the moral view .
Should view stakeholder concers, not because of what it can get out of it but because it’s doing its moral duty to each stakeholder.
Stakeholder/Stockholder Debate
Stockholder - orgs owned by shareholders, agents have moral and legal duty to only take principal’s objecive into account when making decisions.
Stakeholder - argue that because business is a citizen of society, enjoying its protection, support and benefits, it has a duty to act as a responsible citizen.
What is CSR?
Consideration and managing impact on a variety of stakeholders
Suggested Approach for CSR Strategy?
Board make public commitment to CSR
Determine critical business objectives
Determine Strategy that will meet objectives
Align strategy with core competences
Integrate CSR into culture
Social Responsiveness
Reaction - Corp denies any reposnibility for social issues
Defence - Admist reponsibility but fights it
Accomodation - Corp accepts responsbility and does what is demanded of it
Proaction - Corp goes above and beyond industry norms
Leadership Behavioural Styles
Autocratic - Manager makes all decisions -obey without question
Persuasive - Mgr makes all decisions but believes team must be motivated to accept them
Participative - Mgr confers with team, still retains final say
Democratic - Make decisions together
What do the board do?
Leadership of company
Represent company view and account to public
Formal schedule of matters to be reserved for board decision
Determine company mission and objectives
Select and appoint CEO, chairman and board members
Ensure mgmt performin job correctly
Appropriate internal controls
Ensure necessary financial and HR in place to meet objecti
What must the board of listed companies do
Appoint Appropriate NEDS Establish remunueration comms Nominations Comm Audit Comm Asses perf and monitr to sharehodlers Submit themselves for reelection at regular intervals
Roles of a NED
Scrutinise - Hold execs to account for decisions taken and results obtained
Risk - ensure adequate systems of internal conrol and system of risk mgmt in place
People - Oversee appt and remuneration of execs
Strategy - Challenge, offer advice, contribute toware
Responsibilities of Nominations Committee
Review size, structure and composition of board and make recommendations
Consider balance between execs and NEDS
Ensure appropriate Diversity
Appropriate balance of power to reduce dom in exec selection by ceo/chairman
Evaluate balance of skills, knowledge and experience
Succession planninf for directors
Prepare Job descriptions
Identify and nominate candidates
Operate independently for shareholders
