This research interrogates a large population of shareholders, senior managers and company directors in New Zealand as to their reasons for considering board service, their competence in governance skills areas, their beliefs as to whether board room diversity is needed and their firms’ interests to recruit further independent directors to their boards. With a considerable deference to the contributions of agency theory as the conventional cornerstone to explain the connection of directors into organizations for the purpose of governance service, this work explores the extension of agency theory by adding an additional driver for governance engagement by company directors: Commitment. Based on this research, company directors in New Zealand appear to base their interest in serving as independent directors on company boards largely on the desire to “do good”. This raises the prospect of a deeper and more meaningful relationship with firms where they serve as directors. Ignorance of this important component of the director/firm relationship by the firms might render directors less willing to contribute and deprive firms of the strong support and engagement of their directors. Lack of recognition of this additional component to the fabric of an enduring committed relationship between external directors and their firms may require a different behavior of firms during the recruitment, board induction training and maintenance of the director relationship. While the strong expression of interest by SMEs in additional independent directors is a welcome sign of rising governance standards in New Zealand’s large group of such enterprises, concern emerges about the potential lack of competence by directors in several areas of governance. While directors appear to compensate for deficiencies in skills with an extra dose of commitment, significant needs for upskilling exists in this sector. It is noted that the absence of well-established, easily accessible and comprehensive director training schemes in New Zealand conflicts with the expected large number of additional independent director recruitments in the near future. Shareholders, senior managers and directors report a need for diversity on boards in the area of business experience, but no specific concern is expressed as to how any specific importance of gender or age while other factors, such as work experience and global knowledge, are of much greater interest. This could indicate that the status quo of only a small number of women on boards in New Zealand is accepted, but in the context of this work more likely indicates that directors will not be recruited (or excluded from recruitment) in the future on the basis of gender. This research attempts to lay groundwork for a more intensive investigation into the true motivations of company directors when they think of an independent director mandate and while they discharge directorship duties. There now appears to be solid evidence that the historic application of agency theory does not completely describe the factors of motivation and relationship under which independent directors serve on company boards.

Bolagsstyrning är ett angeläget diskussionsämne efter finanskrisen, särskilt beträffande hur en god bolagsstyrning kan uppnås i banker. Det råder konsensus om att god bolagsstyrning är av högsta betydelse för näringslivet och även övriga delar av samhället. Emellertid skiljer sig uppfattningarna om hur man på bästa sätt ska uppnå detta.                                           I uppsatsen har de viktigaste bolagsstyrningsteorierna behandlats. Agentteorin tar sikte på relationen mellan principalen och agenten samt de problem som uppkommer inom den relationen. Principalen har ett intresse av att övervaka agenten för att tillförsäkra sig att agenten utför uppdraget i enlighet med principalens intressen. Agenten har däremot intressen som skiljer sig från principalens intressen. I den aktiemarknadsrättsliga kontexten betraktas aktieägarna som principaler i förhållande till styrelsen respektive verkställande direktören. Dessutom betraktas styrelsen som en principal i förhållande till verkställande direktören. Nära relaterad till agentteorin är teorin om separation av ägande och kontroll. Den teorin förklarar agentproblematiken i de moderna aktiebolagen där ägandet och kontrollen av bolaget har separerats. Teorin utvecklades i USA genom att studera följden av spritt aktieägande. I Sverige finns det kontrollägare som engagerar sig i bolagets styrelse, vilket är ovanligt i USA där den verkställande ledningens makt är stor. Separation av ägande och kontroll kräver särskilda kontrollprocesser för att förhindra att beslutsmakarna i bolaget beslutar på ett sådant sätt som strider mot aktieägarnas intressen. Transaktionskostnadsekonomi är en teori som erbjuder en förklaring till varför bolag existerar. I princip bedrivs verksamhet i form av bolag pga. transaktionskostnaderna blir mindre än om verksamheten bedrivs via externa kontrakt. Stakeholder-teori innebär att aktieägare inte betraktas som den enda intressen i förhållande till bolaget. Istället anses ett bolag ha många intressenter vars intressen bör beaktas av ledningen.                                                                                                                                                            Det svenska bolagsstyrningssystemet innehåller både allmänna regler för aktiebolag och särskilda regler för banker. Utöver detta finns det även särskilda regelverk för börsnoterade bolag. ABL innehåller de grundläggande reglerna för aktiebolag och ur ett bolagsstyrningsperspektiv finns det viktigaste reglerna för bolagsorganen i ABL. LBF är en särskild lag riktad mot banker i Sverige. LBF innehåller många olika bolagsstyrningsregler för banker. Syftet med LBF:s bolagsstyrningsregler är att skapa väl fungerande banker och framför allt att soliditeten hos dessa banker är tillräcklig. En annan del av det svenska bolagsstyrningssystemet utgörs av vad som kallas för den svenska modellen för bolagsstyrning. I och med att de börsnoterade bolagen under en lång tid oftast haft en kontrollägare, betraktas detta som normaltillståndet. Reglerna i ABL syftar till att främja aktiva ägare som tar ansvar för bolaget genom att engagera sig i bolagets styrelse. Beträffande självreglering finns de viktigaste reglerna i koden och regelverk för emittenter. Av dessa två är koden den viktigaste eftersom koden har haft ett stort inflytande om vad som utgör god bolagsstyrning i börsnoterade bolag. Koden bygger på ”följ eller förklara”-modellen, vilket innebär att börsnoterade bolag kan göra avsteg från reglerna om de motiverar varför de har valt att göra det.                                                                                             Analysen av det svenska bolagsstyrningssystemet har visat att den är uppbyggd av olika teorier. Särskilt agentteorin kommer till uttryck i de grundläggande reglerna som finns i ABL. Stakeholder-teorin kommer däremot till uttryck främst i de regler som särskilt riktar sig till banker.                                                                                                               De nya reformerna från EU syftar till att återskapa både förtroendet till den inre marknaden och stabiliteten i det finansiella systemet. Reformerna har dock kritiserats av både näringslivet och akademin för att vara alltför långtgående. Kritiken noterades redan innan införandet av reformerna. T.ex. kritiserades förslagen om styrelsen sammansättning som presenterades i grönböckerna av EU-kommissionen. Många av förslagen från grönböckerna återfinns emellertid i CRD IV och CRR. De nya reglerna måste betraktas som stränga mot styrelsen i börsnoterade banker eftersom det ställs höga krav och samtidigt kan styrelseledamöterna och bankerna bli föremål för administrativa sanktioner och administrativa åtgärder om de inte följer de nya reglerna.                      Uppbyggnaden av de nya reglerna utmärks av stakeholder-teorins närvaro. Detta är överensstämmande med tidigare bankregler i Sverige som också var uttryck för stakeholder-teorin. Detta ligger väl i linje med bankverksamhetens särskilda natur enär samhället har ett befogat intresse av att ställa krav på bankerna. Dock har de nya reglerna förskjutit aktieägarna som den viktigaste intressenten medan samhällets intressen har fått alltför stort utrymme enligt mig.                                                                                                                         Trenden inom bolagsstyrningsområdet kan sägas bestå av flera aspekter. En aspekt är att bolagsstyrningen blir alltmer reglerad i form av detaljregleringar. En annan aspekt är att bolagsstyrningen har blivit allt viktigare och detta märks genom att det har införts många nya regler för bolagsstyrning i banker. En tredje aspekt är att reglerna skapas på EU-nivå istället för nationell nivå, vilket kan medföra svårigheter då bolagsstyrningen är väldigt olika inom EU.                                                                                                                                              Följderna av de nya reglerna kan bli digra. Med detta avses främst samhällsekonomiska aspekter som konkurrenskraft och bankers möjlighet att locka till sig kompetenta styrelseledamöter.  Vad som kommer att hända är inte skrivet i sten, men det finns anledning till att vara orolig för risken att EU:s konkurrenskraft tappar mot de nya expansiva ekonomiernas som t.ex. Kina. Vidare kan det ifrågasättas om de nya reglerna verkligen kommer att förebygga nya finanskriser inom EU. Avslutningsvis är min bedömning att de nya reglerna inte kommer att förbättra bolagsstyrningen inom EU utan istället leda till en försämrad bolagsstyrning pga. alltför detaljerade regler och dessutom alldeles för stränga mot bankerna.

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No description available.

This study investigates the management of the conflict and struggles that arise when a variety of cultural groups reside in one society, under one political system (plurality). As various groups endeavour to establish their particular value system as the prevailing value system of the society, the value system of one or more of the other groups is compromised. Tension, conflict and struggle ensue. Where this struggle becomes violent, hundreds of thousands of lives can be lost. During the middle of the twentieth century, the idea emerged that plurality can be accommodated in a positive manner. Over time, this idea crystallized into the theory (or ideology) of Pluralism. The purpose of this study was to identify measures that were applied over a period of more than three centuries (1652 to 1962) in three different areas (currently known as the USA, South Africa and Australia) to manage plurality; and to determine how such measures influenced these societies in the long-term. A theory (more accurately, an ideology) like Pluralism is not the ideal instrument for objective analysis, because of its inherent value bias. This study therefore developed an empirical analytical framework through which to analyse the measures employed to handle plurality, and the effects thereof. It was felt that using this framework to conduct a comparative analysis would shed more light on both the measures that were applied over a long period in various societies, and the longterm effect of the various measures on these societies. It would also assist in projecting the probable effect of certain measures if applied to a specific society, under specific circumstances. However, the emphasis of this study is on the development of the analytical framework and the application thereof on the historical data of the chosen areas and societies from the beginning of the seventeenth century to just after the middle of the twentieth century, with a cut-off date of 1962. Although the framework was not applied to other societies, in other periods, due to the colossal nature of such an exercise, the results of this historical analysis indicate that the analytical framework developed in this study could open perspectives that could not be obtained through other methods. In the course of applying the framework illustratively to the chosen historical data, this study describes the various cultural groups involved, as well as their differences regarding numbers, language and culture. Conflicts that arose are noted, as well as the measures employed to deal with the plurality. Furthermore, from the methods that were used in various time frames, deductions are made regarding the morality that was current in those times. From an ideologically pluralistic perspective, some of the identified measures employed to cope with plurality could be regarded as negative, in that they were intended to suppress or eliminate plurality â mostly accompanied by some form of violence â whereas others could be regarded as positive, in their attempt to take plurality into consideration when determining the overarching values of the society, and even to strengthen and broaden the plurality. Finally, the morality of the actions of the various governments was judged against the prevailing morality of their times. In this study it was established that the governments of the three territories applied more or less the same methods in more or less the same periods to handle plurality under the influence of the contemporary international morality.

Recent studies have focused on the study of social networks among local resource users, but few have attempted to study co-management networks. The objective of the research was to assess the strengths and weaknesses of the Chilean shellfish co-management system from an organizational network perspective. Starting with one detailed case study, representatives of 38 small-scale fisher associations from two administrative regions were interviewed to investigate (1) networks of actors in each co-management arrangement, (2) the functions of these actors in co-management, and (3) fisher perceptions about Chile’s co-management arrangement. Results indicate that decision-making is highly centralized and power is concentrated in government, with little horizontal exchange and cooperation among fisher associations. However, the network approach indicates the presence of a rich set of players, some seven sets of actors by function. Grassroots management innovations are hampered by the existing co-management structure, suggesting that the system may benefit from a modification of the arrangements to allow greater learning-by-doing and increase in flexibility.

The direction of this research is directed by the question ‘How well is co-management working?’ within the context of the arrangements between government agencies and an Indigenous organization. The Girringun Aboriginal Corporation represents the interests of nine Traditional Owner groups and has been involved in working through regional natural resources and protected areas partnerships with government over many years. These partnerships include an Indigenous ranger unit, Australia’s first Traditional Use of Marine Resources Agreement, and the plans for an Indigenous Protected Area, which will be the first over a mainstream multi-tenure area, as well as the first to incorporate both land and sea country. Girringun country is located in Northern Queensland Australia, at the coastal interface of the Wet Tropics and Great Barrier Reef eco regions, which are World Heritage Areas represented by their respective authorities. Other tenures include public freehold lands, State forests and reserves, and National parks.

Jurisdictional ownership of all natural resources, including wetlands and river channels, belongs to the state in Bangladesh, and access to and control over wetland resource are determined by the existing top-down, command-and-control, bureaucratic management regimes. Grounded solely in the economic aspects of natural resources, the wetland management objective of the government focuses on rent-seeking to maximize revenues and other economic benefits. At the operational level, this approach presumes bounded and closed economic and social systems and an equilibrial environment. The purpose of this research was to investigate options for institutionalizing participation of stakeholders in wetland (haor) resource management. It was intended to seek alternatives to the state-governed management approach (SMA) and find a means of governance that would encompass multi-stakeholders in the management of natural resources. The specific objectives of this research were to: i) Examine the state-governed management approach and the relationship between formal and informal institutions concerned with access and control over wetland (haor) resources; ii) Analyze, as an alternative to SMA, the processes and structures of stakeholders’ participation and deliberations in decision-making; and iii) Examine the potential for multi-stakeholder governance in wetland resource management. This research selected three development initiatives in Hakaluki haor (major wetland of Bangladesh) for assessment. A set of PRA methods, which included baseline surveys, focus group discussions, key informant interviews, semi-structured interviews, individual discussion meetings, addah (informal chatting with friends and fellows), and workshops, was used during the research to attain the objective of the study. The research findings have revealed that the community-based organizations (CBOs) were capable of contributing effectively to the community-based or co-management approach in wetland resource management. Establishing a multi-level stakeholder governance system as an institutional structure and process is necessary to sustain CBOs’ operations in decision-making. The participation of local resource users would require appropriate degree of integration of the “bottom-up” and “top-down” approaches to include all relevant stakeholders in the decision-making processes at multiple levels of social organizations. This alternative approach could be an effective instrument to facilitate the deliberations of stakeholders and to strengthen institutional linkages to engender benefits to the local resource users.

The ability of Indigenous peoples of Canada to manage their environment according to their own laws and values has been usurped by the imposition of colonial frameworks. Indigenous people in Canada, like many other Indigenous groups, are seeking to reassert their ability to carry out their ancestral relationships with their territories, and are recovering and improving their systems of governance in order to do so. This research explores the relationships between frameworks for Indigenous governance developed by the National Centre for First Nations Governance and Indigenous and non-Indigenous theories of sustainability in both theory and practice. The author concludes that Indigenous governance and sustainability are interlinked: Indigenous visions of a sustainable future underpin the development of governance, and effective governance is required in order to give effect to community aspirations of sustainability. / Graduate

This study analyses the financing decisions of listed non-financial corporations in France, Germany and the UK over the period 1969 to 2000. These countries represent satisfactorily different financial structures of their classes, Le., Latinic, Germanic and Anglo-Saxon traditions, respectively. Thus, this thesis attempts to shed light on the impact of institutional differences (accounting and taxation systems, bankruptcy laws, corporate governance structure) on corporate financing mix policies. The empirical investigation comprises three main themes; capital structure (debt versus equity), debt maturity structure (short-term versus long-term debt), and debt ownership structure public versus private debt). It is obvious that factors influencing financial strategies of firms change overtime and firms are expected to adjust themselves to their target financing structure according to random events. For these reasons we use dynamic panel data and choose Generalised Methods of Moments (GMM) as an appropriate estimation procedure for our autoregressive-distributed lag model GMM methodology overcomes the problems of endogeneity, heteroscedasticity, normality, simultaneity and measurement errors, which are common for studies using firm-level data. The empirical evidence shows that corporate financing decisions are determined by both firm-specific (profitability, tangibility and maturity of assets, growth, quality, size, liquidity, payout policy, corporate tax rates, and earnings volatility), and market-related factors (term structure of interest rates, market equity premium, interest rate volatility, stock return volatility, stock price performance). However, the strength and nature of the effect of these factors are dependent on the financial environment and tradition of the countries of interest. Therefore, our research argues that financing mix decisions of firms are not only the product of their own characteristics, but also the outcome of environment and traditions in which they operate.