The Integrated Reporting Movement. Eccles Robert G.

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СКАЧАТЬ performance, for example: Klapper, Leora F. and Inessa Love. “Corporate governance, investor protection, and performance in emerging markets.” Journal of Corporate Finance 10, no. 5 (2004): 703–728.

9

King, Mervyn and Leigh Roberts. Integrate: Doing Business in the 21st Century, by Cape Town: Juta and Company, Ltd., 2013.

10

Ibid., pp. 40–44. The five forces are growing investor power supporting sustainability issues, requirements of large corporate customers for more sustainable business practices in their suppliers, increasing regulation on societal issues, pressures on companies from governments to deal with poverty and growing social inequality, and the need to reduce the waste of diminishing natural resources.

11

Ibid., pp. 5–9.

12

Ibid., pp. 16–22. The problems are: (1) too heavy for the postman, (2) yesterday's story, (3) not the whole story – the financial pictures only, (4) not the whole story – some intangibles are excluded, (5) not the whole story – some costs are excluded, (6) different reports for different users, (7) nonfinancial information is not considered mainstream by all, (8) reporting influences behavior, (9) short-termism, (10) reporting is behind the technology curve, and (11) no common system for preparing the annual report.

13

While 1994, the year of the first multiracial democratic elections, is commonly regarded as the end date of apartheid, making it a 46-year phenomenon, the process to dismantle apartheid legislation officially concluded in 1990, when the African National Congress ceased to be regarded as a terrorist organization by the South African state and was instead made a legal political party and all laws enforcing apartheid were abolished.

14

Knight, Richard. “Sanctions, Disinvestment, and U.S. Corporations in South Africa.” Sanctioning Apartheid, edited by Robert Edgar, Trenton: Africa World Press, 1990.

15

Denmark, France, and Canada initiated bans on investment in and oil trade with South Africa, which Israel enacted in 1987 and Japan followed from 1986–88. To restrict loans and exports to South Africa, the United States passed its main anti-South Africa legislation, the Comprehensive Anti-Apartheid Act of 1986. Teoh, Siew Hong, Ivo Welch, and C. Paul Wazzan. “The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott.” The Journal of Business, Vol. 72, No. 1 (January 1999), pp. 35–89.

16

Ibid.

17

Knight, “Sanctions, Disinvestment, and U.S. Corporations in South Africa.”

18

The 1973 Companies Act allowed for the establishment of private and public limited-liability companies, and most foreign firms that created South African subsidiaries capitalized on the private form. Other policies that indicated the government's keenness to attract foreign investors included the absence of a requirement for approval of foreign investors, who are subject to the same laws as domestic investors in most cases. The Close Corporation Act of 1984 (Act 69) also created a third legal form for corporations that is suited for small businesses, and no limit exists for the amount of foreign ownership or the rights of foreign owners outside of the banking sector. UNCTAD Investment Country Profiles: South Africa. pp 1–29. http://unctad.org/sections/dite_fdistat/docs/wid_cp_za_en.pdf, accessed January 2014.

19

Bjorvatn, Kjetil, Hans Jarle Kind, and Hildegunn Kyvik Nordas. “The role of FDI in economic development.” The Research Council of Norway: Foundation for Research in Economic and Business Administration. Bergen, December 2001, http://brage.bibsys.no/nhh/bitstream/URN: NBN: no-bibsys_brage_24613/1/A62_01.pdf, accessed January 2014.

20

From 1956 to 1990, FDI as a percentage of GDP decreased from 34 % to 9 %. Fedderke, Johannes and A.T. Romm, 2004. “Growth Impact and Determinants of Foreign Direct Investment into South Africa, 1956–2003,” Working Papers 12, Economic Research Southern Africa.

21

Schulschenk, “Interview Summary Report,” p. 1.

22

Fedderke and Romm, “Growth Impacts and Determinants of Foreign Direct Investments into South Africa.”

23

Nxasana, Sizwe (2012b). Ibid. At the corporate level, governance was, in the words of many interviewed, “absent.” Sizwe Nxasana, CEO of FirstRand Limited & FirstRand Bank, remembered his experience as an articled clerk in the early 1980s as a time of unparalleled corporate licentiousness.

24

Bjorvatn, Kjetil, Hans Jarle Kind, and Hildegunn Kyvik Nordas. “The role of FDI in economic development.” The Research Council of Norway: Foundation for Research in Economic and Business Administration. Bergen, December 2001, p. 17, http://brage.bibsys.no/nhh/bitstream/URN: NBN: no-bibsys_brage_24613/1/A62_01.pdf, accessed in January 2014.

25

IoDSA was founded to empower those charged with organizational governance duties with the right skills and ethics to execute on their duties based on the values of southern African society. “About the IoDSA” Institute of Directors in Southern Africa, http://www.iodsa.co.za/?page=About, accessed February 2014.

26

Schulschenk, “Interview Summary Report,” p. 1.

27

Published in draft version in May 1992, the “Cadbury Report,” formally titled Financial Aspects of Corporate Governance, was a report produced by The Committee on the Financial Aspects of Corporate Governance in Britain, chaired by Adrian Cadbury, that set recommendations on corporate boards and accounting systems to mitigate governance risks and failures. Hailed as an international vanguard, certain recommendations of the Cadbury report were used to establish other codes in the United States, the European Union, and the World Bank, among others. “Report of the Committee on the Financial Aspects of Corporate Governance.” Gee (a division of Professional Publishing Ltd.) London. 1 December 1992, http://www.ecgi.org/codes/documents/cadbury.pdf, accessed February 2014.

28

“King Report on Corporate Governance for South Africa 1994, Chapter 20: The Code of Corporate Practices and Conduct,” Institute of Directors South Africa, p. 2, http://www.ecgi.org/codes/documents/king_i_sa.pdf, accessed February 2014.

29

Schulschenk, “Interview Summary Report,” p. 4.

30

Stout, Lynn A. “Bad and not-so-bad arguments for shareholder primacy.” S. Cal. L. Rev. 75 (2001): 1189. “Milton Friedman is a Nobel Prize-winning economist, but he obviously is not a lawyer. A lawyer would know that the shareholders do not, in fact, own the corporation. Rather, they own a type of corporate security commonly called ‘stock.’ As owners of stock, shareholders' rights are quite limited…Thus, while it perhaps is excusable to loosely describe a closely held firm with a single controlling shareholder as ‘owned’ by that shareholder, it is misleading to use the language of ownership to describe the relationship between a public firm and its shareholders.” (p. 1191)

31

Ibid. p. 14.

32

Schulschenk, “Interview Summary Report,” p. 6.

33

A pro forma internal audit charter is contained in an appendix to King II, which describes the scope of an internal audit as “an independent objective assurance activity” that “brings a disciplined approach to evaluate risk management, control and governance.” King II Report on Corporate Governance: Summary of Code of Corporate Practices and Conduct. Appendix 4. 2009, 343, https://www.icsa.org.uk/assets/files/pdfs/BusinessPractice_and_IQS_docs/studytexts/corporategovernance2/w_CorpGov_6thEd_StudyText_Appendix4.pdf, СКАЧАТЬ