This dissertation investigates the sources of growth which are available to conglomerate companies and draws some limited conclusions with regard to which are the major sources.

Private military and security companies (PMSCs) have been extensively used to provide military and security services in various armed conflicts. Aspects of their use have generated concerns that the personnel of these companies are no more than modern mercenaries. This thesis clarifies the legal regime applicable to such companies in armed conflicts. This regime includes both the legal status and legal regulation of PMSC personnel. The aim of this thesis is not to create a new status for PMSC personnel, but to clarify which of the existing legal statuses adopted by international humanitarian law (IHL) can apply to them. This status relies completely on the actors to whom these companies supply their services, and the sort of mission in which they are involved. This approach is not employed in the literature. Most attention has been paid to the use of PMSCs by States. This is not, however, the only scenario whereby PMSCs become engaged in armed conflicts. PMSCs provide their services to other actors such as the United Nations (UN), Non-Governmental Organisations (NGOs) and armed groups. Consequently, one definitive status cannot be applied in all situations. Different types of status can be applied in accordance with the nature of the particular PMSC involvement in armed conflicts. Accordingly, the three statuses established by IHL can apply to PMSC personnel; namely those of “mercenary”, “combatant” and “civilian”. Two environments classify the personnel of PMSCs as mercenaries; this is when they provide their services to a State party to an international armed conflict and to an armed group in non-international armed conflicts. Mercenary status is not applicable to the use of PMSCs in UN peacekeeping operations or providing protection to NGOs, because in both circumstances neither can be considered as a party to an armed conflict. PMSC personnel can be categorised as “combatants” when hired to provide their services to States and when they are used as UN peacekeepers. They are most likely to be classified as “civilians” if they are not “combatants”. There are two types of civilians; “civilians accompanying armed forces of a party to an armed conflict”, and “normal civilians”. The former categorisation only applies in international armed conflict, while the latter can apply to all other PMSC involvement in armed conflicts. Appropriate regulation of PMSCs depends on the legal status of their personnel. Therefore, this thesis asserts that IHL can regulate the activities of PMSCs. Additionally, international human rights law can apply to PMSCs and their personnel.

The master thesis deals with regulation of group of companies with emphasis on compensation of damages. In the introduction of the paper the law of group of companies is defined and the main purposes of the regulation are pointed out. The main aim of this legal field is to protect minority shareholders and creditors of subsidiaries through the system of compensation of damages. This primary obligation is supplemented by other legal institutes protecting vulnerable subjects. The paper also mentions leading concepts, which represent a template for the new system of regulation in the Act on commercial companies and cooperatives. The analysis of new rules concerning compensation of damages in a group of companies is determined by the structure of provisions in the Act on commercial companies and cooperatives. The most important is a new institute of influence, which protects the integrity and interests of the influenced subsidiary. In case that the parent company affects the subsidiary, the parent company shall compensate damages to the subsidiary and it shall be liable for the subsidiary's debts to its creditors. The paper provides an analysis of group of companies and compares it with rules of domestic and European tax law. It is also compared with rules in previous commercial code. Because of that...

The degree of transfer of technical training to workplace behavior was evaluated using a Solomon Four-Group experimental design. Additionally, all groups received retrospective pretests. Subjects were 103 technicians in an electronics company. Supervisors rated technicians on behaviorally anchored rating scales which were developed and labeled as behavior description scales for simplicity. Analysis of variance revealed no effect for training nor pretest. A training-pretest interaction effect was revealed for one dimension (Communication with Support Groups). Analysis of covariance revealed main effects for pretesting for two dimensions (Problem Solving and Communication with Supervisor) and a pretest-training interaction-for one dimension (Problem Solving). Except for one dimension, t tests revealed no significant differences between traditional pretests and retrospective pretests, thus negating a hypothesized response shift bias.

In the aftermath of the 1997/1998 Asian financial crisis, there are signs that in Malaysia, corporate governance practices are gradually converging towards the Anglo-American model. Drawing on three key theoretical lenses, namely agency theory, institutional theory and resource dependence theory, this study investigates an unexplored phenomenon in corporate governance reformation, at least in the context of Malaysia. The study examines the relationship between corporate governance elements and the level of foreign equity ownership (FEO) in Malaysian public listed companies (PLCs). More specifically, the aim of this study is to answer the following research question - Does corporate governance influence the level of FEO in Malaysian companies? In the context of this study, corporate governance is taken to be the aggregate of board of directors characteristics, directors attributes and ownership structure. On the other side of the equation is FEO, which is taken to be the proportion of equity owned by foreigners. The majority of foreign investors who are making investments in Malaysia originate from Western countries, and are accustomed to the Anglo-American corporate governance system. Thus, this study examines the influence of governance mechanisms in attracting foreign investors in a unique governance context following a major economic event i.e. the Asian financial crisis of 1997/1998. Accompanied by institutional theory and resource dependence theory, agency theory is used as the key lens to explain the hypothesised relationships. The study's hypotheses are tested using the panel data derived from 1,836 observations over a 12 year period, from 2000 through 2011. By considering the existence of heteroscedasticity and the serial correlation problems, the generalised least square (GLS) method was employed to estimate the model. To enrich the findings, logistic regression analysis was further applied and the potential endogeneity issue was resolved with a GMM test. The findings indicate that the level of FEO in Malaysian PLCs is significantly related to foreign directorships, the Western educational background of directors, professional directors, and multiple-directorships. However, the results defy the significant relationships of board size and outside directors, as generally proposed in the extant literature. In addition, the role of ownership structure is important in foreign investors behaviour, since it is found that foreign investors avoid investing in family-controlled companies and in companies with high institutional ownership. Therefore, from the overall results of this study, it can be concluded that there is evidence that corporate governance mechanisms do influence foreign investors decision making, at least in Malaysian PLCs. The implications of this study are discussed in terms of the relevant literature, theory, methodology and practice. In brief, this study has great potential impact in many respects including its relevance for policymakers in setting up new policies, designing new rules and strengthening existing regulations, both at country and firm levels.

Magister Legum - LLM / The global financial crisis resulted in a corporate collapse in different parts of the world. The global financial crisis was caused by poor governance. Consequently many countries, including South Africa, began to place more emphasis on good governance. The framework and guidelines for the development of good governance in South African company law was published by the Department of Trade of Trade and Industry (hereafter DTI) in a document referred to as The South African Company Law for the 21st Century: Guidelines for Corporate Law Reform (hereafter the DTI Policy Document) published by the DTI. The DTI Policy Document recognised the need for a regulatory framework within which enterprises operate to promote growth, employment, innovation, stability, good governance, confidence and international competitiveness. In order to further develop governance, the effectiveness of directors’ standards as well as the liability of directors was also said to have developed. Prior to the development of South African corporate law, liability of directors was to a large extent governed by the common law and the King Codes, despite the existence of the Companies Act 61 of 1973 (as amended). As of the 1st of May 2011, corporate law in South Africa appears to have dramatically changed the duties and liabilities of directors. The 1st of May 2011 marked the implementation of Companies Act 71 of 2008 (hereafter the Act). The Act is written in plain language in an attempt to make it more accessible and align it with international trends. The Act has also theoretically changed the roles and duties of directors as well as the liability that they may face in that it potentially changes the existing common law and alters policies and philosophies of corporate law in general. The Act partially codifies the common law and introduces the business judgement rule to South Africa. The business judgment rule will draw a balance between the directors’ ability to steer a company and the shareholders' right to hold directors accountable for their decisions. It is perceived as a mechanism that can be used to balance the tension between these opposing rights.

Abstract This dissertation assesses the potential impacts of corporate governance codes and legislation on Directors and Officers (D&O) Liability Insurance. Corporate failures lead to numerous losses for stakeholders especially shareholders. Worldwide including in South Africa, this has resulted in an increase in legal liability claims against directors and thus insurers. Often these failures are ascribed to corporate governance breaches giving rise initially to corporate governance codes and more recently many countries are legislating certain aspects of corporate governance; this includes a codification of director‟s duties. South Africa, in-line with the United Kingdom, Australia and to an extent the United States has followed suit with the Companies Bill of 2008. This dissertation seeks to assess the possible effects of the codes of practice and new Companies Act on Directors‟ and Officers‟ Liability insurance. This will be done by ascertaining what impact the new Act will have on directors‟ liability using inter alia the Delphi Technique.

A dissertation submitted to the Faculty of Commerce, Law and Management of the University of the Witwatersrand, Johannesburg, in fulfilment of the degree Master of Commerce (Insurance and Risk Management) by dissertation, June 2017 / In 2011, National Treasury proposed the introduction of the Twin Peaks regulatory model for the South African financial sector. The adoption of this model will significantly change the regulatory landscape in South Africa. A growing body of mainly government generated literature focuses predominantly on the introduction of the Twin Peaks regulatory model and concentrates on the structure of this model rather than on the details of the model’s two peaks: prudential and market conduct. Market conduct regulation is understood in broad terms, however only limited studies are available as to the details of this peak. The study provides discourse as to the history and the role of the state (with specific reference to the Lockean framework) and further examines the various economic theories of regulation which provide the justifications for regulation. A brief discussion of the Twin Peaks system provides the necessary background and contextualisation. The purpose of this study is to establish the origins, development and nature of market conduct regulation in four insurance markets, including the United Kingdom (UK), European Union (EU), United States (US) and South Africa, with specific reference to the South African short term insurance market. This is achieved by providing a narrative of the development of insurance regulation in the four markets. From this narrative, the development of market conduct regulation is specifically distilled and the applicability of the various economic theories of regulation is sporadically assessed. The findings indicate that traces of market conduct issues can be detected at various periods in the nearly 500 year history of the global insurance market. However contemporary market conduct regulation evolved in the mid-1900s in the US and between 1986 and 2000 in the UK. In this regard, market conduct regulation was pioneered in these two markets. Furthermore, the study argues that contemporary regulatory developments in the UK have seen the market gradually transition away from regulation that historically was underpinned by the Lockean framework to a new framework. The study does not define or critiqued this new framework. This may be an avenue for further and more focused research. / XL2018

Dissertation submitted in partial fulfilment of the requirements for the degree Master of Management in Finance and Investments at the Wits Business School, 2015 / The South African insurance industry exists within the shifting paradigm of regulation. The global financial crisis in 2008 has fostered a worldwide need to reassess the financial regulatory environment. Financial stability, reduction of redundancies and the closing of loopholes, so as to avoid arbitrage, has since come under the spotlight. In keeping with the international principals and trends The South African National Treasury has tabled a series of legislation that will help close the gaps, ensure the prudential integrity of the insurance system and outline the fair treatment of customers involved. Micro-insurance and funeral insurance present systems that are highly unregulated and therefore pose a threat to both the principals of prudential and market conduct oversight. Micro-insurance is also heralded as the saving grace (Morduch, 2002) in providing a vehicle to include the formerly excluded members of the society to the mainstream insurance market. The paper explores the various operators that exist in the funeral insurance market and aims to answer whether an opportunity exists for them under the new regulatory paradigm. Perceptions of industry role players are presented in the findings of this paper. These perceptions were attained by interviewing the industry professionals that are privy to the compliance information and are well versed in the strategy of their company. The findings in the paper show that the current system that exists is not conducive for informal operators. It further acknowledges that even though a great opportunity exists for informal insurers, because of their understanding of socio-economic factors of the low income sector, they do not see the opportunity that is presented to them. Furthermore there exists a place for these players to operate in the formal network, and their entrance will not cannibalise the existing insurance industry. / GR2018

Submitted in partial fulfilment of the requirements for the degree of Master of Arts of International Relations in the Faculty of Humanities Department of International Relations, Johannesburg 2017 / The growing role of Private Military Companies (P.M.C) has led to a magnitude of security concerns internationally. Due to their past reputation, P.M.Cs have been demonised by the international community in the form of scholars as well as journalists, as their personnel have been misunderstood for mercenaries (De Nevers 2009). It is therefore important to clarify the difference between contractors and mercenaries. However due to the growth of different actors and security threats, Private Military Companies have emerged as an effective alternative solution in engaging non-traditional threats in the international arena, a role states have increasingly failed in. Private Military Companies have become more successful in applying counterinsurgency tactics due to their structural setup, skills and expertise as well as technological advancement and understanding of warfare. This has led to an increase in reliance from states including the United States, Angola, and more recently Nigeria. Through the examination of the Nigerian case study, the thesis paper aims to understand how the P.M.C (S.T.T.E.P) was able to apply its COIN tactics effectively in combating Boko Haram. It is important to examine the Nigerian case study as P.M.C success could possibly be used to combat the proliferation of terrorist manoeuvres such as Al-Shabaab. The Nigerian case is also important as it displays how S.T.T.E.P working together with the N.D.F could strengthen their COIN campaign against Boko Haram. / XL2018