The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

As countries caught on to the benefits of limited liability corporate structures, it became necessary to protect pecuniary and non- pecuniary rights of shareholders` from the unlawful and harmful actions of the company‘s management and supervisory organs. Differences in national legislations regulating work of companies undoubtedly restrict both the natural tendencies balancing the internal market as well as the protection of the shareholders` rights. To avoid this dischord it is necessary to pay close attention to the company law harmonisation at the EC level. The purpose of law harmonisation is not only to make it easier to exercise the right of establishment found in the EC Treaty, but also to diminish the risk for violation of shareholders`, creditors` and third parties` rights caused by different company law regimes in each of the member states. The company law harmonisation programme in the EC was mostly carried out by passing secondary legislation- the directives. Regulations were passed when there was a need not only to harmonise national legislation, but also to establish transnational business entities. This paper analyses the provisions of company law directives and Societas Europaea regulation related to the protection of shareholders` rights. This paper also highlights the fact that during recent years, the reform of EC company law preceded non-binding legislation passed by the European Commission. The European Commission supports simplification and modernisation... [to full text]

This paper argues that the despite the apparent rejection of the shareholder primacy model by the Supreme Court of Canada in Peoples Department Stores Inc. (Trustee of) v. Wise and BCE Inc. v. 1976 Debentureholders, there is a strong tradition of shareholder primacy in Canada that has persisted in jurisprudence and legislative materials. The dislodging of shareholder primacy as the guiding force in directors’ duties is discordant with this tradition and per incuriam. As such, at the moment, the duty of loyalty of directors to the corporation is adrift, lacking substantive guidance from the Supreme Court. This guidance, this paper argues, can be found in the “enlightened shareholder value” model embodied in s. 172 of the United Kingdom’s Companies Act 2006 which holds to shareholder primacy while exhorting directors to adopt an inclusive approach to the interests of non-shareholder stakeholders.

This paper argues that the despite the apparent rejection of the shareholder primacy model by the Supreme Court of Canada in Peoples Department Stores Inc. (Trustee of) v. Wise and BCE Inc. v. 1976 Debentureholders, there is a strong tradition of shareholder primacy in Canada that has persisted in jurisprudence and legislative materials. The dislodging of shareholder primacy as the guiding force in directors’ duties is discordant with this tradition and per incuriam. As such, at the moment, the duty of loyalty of directors to the corporation is adrift, lacking substantive guidance from the Supreme Court. This guidance, this paper argues, can be found in the “enlightened shareholder value” model embodied in s. 172 of the United Kingdom’s Companies Act 2006 which holds to shareholder primacy while exhorting directors to adopt an inclusive approach to the interests of non-shareholder stakeholders.

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