Freedom of testation is distinct from the right of a testator to nominate the executor of his choosing. Regulation 910 allows for the administration of deceased estates by the surviving spouse, person related by consanguinity to the deceased, or persons nominated as executor in a will. It will be purely incidental if such person has any idea how to administer an estate. Chief Master’s Directive 20 of 2015 further provides that the Master may not insist on the appointment of an agent to assist the executor where a person was nominated as such in a will, consequently leaving the estate to be administered by a layperson. The Courts have hinted towards the need for a figure such as the independent executor. An independent executor is a person who has no conflict between his own interests and his interests as an executor. Although a testator has the freedom to nominate an executor in terms of the Administration of Estates Act, such a nomination is distinct from the right to freedom of testation. If the legislator were to intervene by amending the law to only permit for independent outsiders to administer deceased estates, this will not be a limitation on the right to freedom of testation. Furthermore, an independent outsider as trustee in family trusts is a requirement. It is argued that the same should be implemented with appointing executors. The Master has enacted forms that must be lodged by trustees to determine whether a trustee is an independent outsider. Similar forms do not exist for the appointment of executors, but should be required. This dissertation works toward the recommendation that the legislator needs to intervene to permit only independent outsiders as executors. The Master must be put in a position whereby he can proactively determine whether a person is an independent outsider, rather than having to remove an executor after receiving a complaint by an aggrieved party. Such an independent executor must then be assisted by a professional person with the necessary skills and knowledge to administer an estate, thereby protecting the interests of the estate. / Mini Dissertation (LLM)--University of Pretoria, 2019. / Private Law / LLM / Unrestricted

In Company Law there are two bodies or organs of the company that have the power to make decisions regarding the management of the company. These two bodies are the shareholders in the general meeting and the board of directors. The exact nature of the relationship between the directors and the company is not easily described. While directors have been said to be agents, trustees or even managers of a company, none of these fully describe the position with total accuracy. The nature of the position of the director is best described as being sui generis, and having similarities to each of those in certain circumstances. The Companies Act 71 of 2008 gives a new expanded definition of “director” which clarifies who is considered to be a director. The Common Law initially considered the members in the general meeting, to be the company and any resolution by them was considered to be a corporate act. The constitutional documents of the company were considered to be a contract between them and the majority rule was enforced. The directors would have their power delegated to them. This position changed in 1906 after the case of Automatic Self-cleansing Filter Syndicate Co Ltd v Cunninghame [1906] 2 Ch 34 (CA). Here the court held that there was a division of power, according to the constitutional documents, between the shareholders in the general meeting and the board of directors. The general meeting could not interfere with those powers of the board, except if they changed the articles of association by special resolution. The shareholders had residual and default powers and were the ultimate organ of the company. The position of the board of directors in Companies Act 61 of 1973 was given in Article 59 of Table A. Here the board was given the power to manage the business of the company. It was found that this included the power to derive a profit and stop trading in certain circumstances but did not include the power to liquidate the company. The board’s powers, according to Article 59 of Table A, were still subject to the shareholders in the general meeting. This showed that the shareholders still remained the ultimate power in the company. The division of powers in Company Law has been drastically changed by Section 66(1) of the Companies Act 71 of 2008. The board of directors is now statutory empowered to manage not only the business of the company, but also the affairs. It was stated in the case of Ex parte Russlyn Construction (Pty) Ltd 1987 (1) SA 33 (D) that affairs had a wider meaning than business and could include the power to liquidate the company. Delport states, with reference to Canadian Law, that the word “affairs” means the internal dealings of a company as well as the existence of the company. The statutory empowerment of the board, and inclusion of the word ‘’affairs’’ in section 66(1), changes the division of powers in the company. The board of directors now has original powers and is the ultimate power in the company being able to bring an end to the very existence of the company. The full effect of this change is one which will only be revealed in years to come as case law around this matter develops. / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

No description available.

Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Tecnológico. Programa de Pós-Graduação em Engenharia de Produção. / Made available in DSpace on 2012-10-21T06:02:45Z (GMT). No. of bitstreams: 1 195298.pdf: 429753 bytes, checksum: ebaed44e6efa75ad01b3b6b6a720955a (MD5) / Neste trabalho, foram apresentados e analisados alguns indicadores genéricos de desempenho, tais como eficácia, eficiência, economia e qualidade e o grau de satisfação em serviços de transporte em Instituições Federais de Ensino Superior (IFES); constata-se também que o modelo de gestão utilizado para gerenciar o ambiente organizacional necessita ser configurado e adaptado às mudanças que vêm impactando o gerenciamento da informação.Após a implantação das ferramentas de controle e de instrumentos de controle de Gestão (modelo proposto com o fito de prover informações gerenciais), houve uma significativa melhoria na forma de gerenciamento da instituição estudada. A definição de indicadores do perfil dos serviços a serem prestados apresentou seus pontos fortes e fracos, o que incentiva o melhor aproveitamento de tais serviços e, dentro do possível, possibilita corrigir outros no processo de execução e avaliação do desempenho.

Diese Dissertation umfasst drei Aufsätze über die Rolle von Informationsintermediären und Intermediäre mit Aufsichtsfunktionen in Kapitalmärkten. Der erste Aufsatz untersucht, ob sich verschiedene Leerverkäufer bei ihrer Auswahl von Zielunternehmen anhand von sichtbaren Merkmalen unterscheiden. Die Ergebnisse zeigen, dass Hedgefonds und Investmentmanager im Durchschnitt größere und jüngere Unternehmen bevorzugen, während sich Banken auf Unternehmen mit weniger Restatements der Finanzdaten und einem höheren Verschuldungsgrad konzentrieren. Der zweite Aufsatz beschreibt, wie Unternehmen auf aktivistische Leerverkäuferberichte reagieren. Es wird festgestellt, dass die Antwortrate erheblich steigt, wenn der Bericht von deutlich negativen abnormalen Renditen begleitet wird und wenn die Leerverkäufer neue Beweise vorlegen. Dies stimmt mit der Vorstellung überein, dass Leerverkäufer als Informationsintermediäre fungieren können. Eine Nichtbeantwortung ist außerdem ist mit einer weniger negativen Aktienkursreaktion bei Veröffentlichung und mit weniger nachteiligen Ergebnissen verbunden. Die dritte Aufsatz fokusiert sich auf so-genannte Monitoring Trustees. Sie sind bei der Überwachung von Banken behilflich, die in der Europäischen Union während der letzten Finanzkrise staatliche Beihilfen erhalten haben. In einer von Hand gesammelten Stichprobe werden die Merkmale und Aufgaben dieser neu implementierten Aufseher und ihre Rolle im Zusammenhang mit dem Berichtsverhalten der Banken untersucht. Die Ergebnisse deuten darauf hin, dass diese zusätzlichen Aufseher die Transparenz und das Berichtsverhalten der Banken bei der Finanzberichterstattung beeinflussen können, insbesondere wenn die Berichterstattung über Kreditverluste und Anpassungen der Geschäftsberichte berücksichtigt werden. Der zweite Aufsatz wurde im Journal of Accounting Research (https://doi.org/10.1111/1475-679X.12356) publiziert. / This dissertation comprises three essays on the role of information and monitoring intermediaries in capital markets. The first essay investigates whether different short sellers vary in their selection of target firms using observable firm characteristics. Results show that hedge funds and investment managers on average prefer larger and younger firms, whereas banks focus on firms with fewer restatements and a higher leverage. The second essay provides descriptive evidence on how firms respond to activist short seller reports and how these responses are associated with outcomes for the targeted firms. It finds that the response rate increases substantially when the report is accompanied by significantly negative abnormal returns and when the short sellers provide new evidence which is consistent with the idea of short sellers acting as information intermediaries. Not responding is associated with a less negative stock price response when the report is released and fewer adverse outcomes. The third essay shifts the attention to Monitoring Trustees who assist in the supervision of banks that have received state aid in the European Union during the last financial crisis. It explores in a hand-collected sample the characteristics and duties of these newly implemented monitors and it studies the role of these supranational monitors and the banks’ reporting behavior. Results suggest that these additional supervisors can influence the banks financial reporting transparency and reporting behavior when mainly loan loss reporting and restatements are accounted for. The second essay has been published in the Journal of Accounting Research (https://doi.org/10.1111/1475-679X.12356).

nÃo hà / O desenvolvimento das tecnologias, nos seus mais variados campos, à alicerÃado pela pesquisa cientÃfica. à ela que fomenta as grandes inovaÃÃes que refletem na melhoria de vida das pessoas. No Brasil, a pesquisa à realizada, principalmente, pelas Universidades Federais, com recursos da UniÃo e convÃnios com organizaÃÃes privadas. Entretanto, esses grandes investimentos precisam e devem ser monitorados por mecanismos de controle interno e externo. Nas Universidades Federais, o Tribunal de Contas da UniÃo e a Controladoria Geral da UniÃo realizam o controle externo, subsidiado pelo sistema de controle interno de cada InstituiÃÃo. O Conselho de Curadores (CONCUR) da Universidade Federal do Cearà (UFC) à um ÃrgÃo consultivo de deliberaÃÃo coletiva, integrante da AdministraÃÃo Superior da UFC, que tem como finalidade exercer as atribuiÃÃes de fiscalizaÃÃo econÃmico-financeira da InstituiÃÃo, acompanhando toda a sua execuÃÃo orÃamentÃria. Embora tenha sido instituÃdo para tal funÃÃo, a AdministraÃÃo Superior da UFC estuda ampliar os trabalhos do CONCUR para alcanÃar outros setores considerados importantes. Desta forma, esta dissertaÃÃo objetiva discutir a percepÃÃo que a AdministraÃÃo Superior da UFC tem acerca do novo papel do Conselho de Curadores como ÃrgÃo de controle interno, apÃs a criaÃÃo da Auditoria Interna, verificando se hà sobreposiÃÃo de trabalhos ou conflitos de competÃncia e investigar que alteraÃÃes sÃo planejadas para o CONCUR e como serÃo implementadas, na prÃtica, com foco na visÃo integrada dos atos de auditoria. O mÃtodo de abordagem da pesquisa foi exploratÃrio e descritivo, com tÃcnicas de pesquisa documental e bibliogrÃfica, observaÃÃo direta e entrevistas. A populaÃÃo pesquisada se limitou a integrantes da AdministraÃÃo Superior ligados direta ou indiretamente ao controle interno da UFC. MudanÃas na atuaÃÃo do Conselho de Curadores, de fato, estÃo sendo estudadas, inclusive respaldadas por modificaÃÃes substanciais no prÃprio Regimento da Curadoria. Entretanto, propor alteraÃÃes significativas para os trabalhos de um ÃrgÃo como a Curadoria nÃo à tarefa simples. Hà toda uma estrutura material e humana que deve acompanhar tais mudanÃas. Desta forma, percebemos que ainda nÃo hà conclusÃes definitivas por parte da AdministraÃÃo Superior, sobre o novo perfil e a nova forma de atuaÃÃo deste importante ÃrgÃo deliberativo superior. / O desenvolvimento das tecnologias, nos seus mais variados campos, à alicerÃado pela pesquisa cientÃfica. à ela que fomenta as grandes inovaÃÃes que refletem na melhoria de vida das pessoas. No Brasil, a pesquisa à realizada, principalmente, pelas Universidades Federais, com recursos da UniÃo e convÃnios com organizaÃÃes privadas. Entretanto, esses grandes investimentos precisam e devem ser monitorados por mecanismos de controle interno e externo. Nas Universidades Federais, o Tribunal de Contas da UniÃo e a Controladoria Geral da UniÃo realizam o controle externo, subsidiado pelo sistema de controle interno de cada InstituiÃÃo. O Conselho de Curadores (CONCUR) da Universidade Federal do Cearà (UFC) à um ÃrgÃo consultivo de deliberaÃÃo coletiva, integrante da AdministraÃÃo Superior da UFC, que tem como finalidade exercer as atribuiÃÃes de fiscalizaÃÃo econÃmico-financeira da InstituiÃÃo, acompanhando toda a sua execuÃÃo orÃamentÃria. Embora tenha sido instituÃdo para tal funÃÃo, a AdministraÃÃo Superior da UFC estuda ampliar os trabalhos do CONCUR para alcanÃar outros setores considerados importantes. Desta forma, esta dissertaÃÃo objetiva discutir a percepÃÃo que a AdministraÃÃo Superior da UFC tem acerca do novo papel do Conselho de Curadores como ÃrgÃo de controle interno, apÃs a criaÃÃo da Auditoria Interna, verificando se hà sobreposiÃÃo de trabalhos ou conflitos de competÃncia e investigar que alteraÃÃes sÃo planejadas para o CONCUR e como serÃo implementadas, na prÃtica, com foco na visÃo integrada dos atos de auditoria. O mÃtodo de abordagem da pesquisa foi exploratÃrio e descritivo, com tÃcnicas de pesquisa documental e bibliogrÃfica, observaÃÃo direta e entrevistas. A populaÃÃo pesquisada se limitou a integrantes da AdministraÃÃo Superior ligados direta ou indiretamente ao controle interno da UFC. MudanÃas na atuaÃÃo do Conselho de Curadores, de fato, estÃo sendo estudadas, inclusive respaldadas por modificaÃÃes substanciais no prÃprio Regimento da Curadoria. Entretanto, propor alteraÃÃes significativas para os trabalhos de um ÃrgÃo como a Curadoria nÃo à tarefa simples. Hà toda uma estrutura material e humana que deve acompanhar tais mudanÃas. Desta forma, percebemos que ainda nÃo hà conclusÃes definitivas por parte da AdministraÃÃo Superior, sobre o novo perfil e a nova forma de atuaÃÃo deste importante ÃrgÃo deliberativo superior.

The purpose of this study is to determine whether a discretionary inter vivos trust is still an effective instrument for estate planning. The process of estate planning, the role the trust plays in it and the background to the trust are described. The taxability and tax saving opportunities when the trust are utilised are discussed in the light of the Estate Duty Act, 45 of 1955, the Income Tax Act, 58 of 1962 (including the Eighth Schedule thereof) and the Transfer Duty Act, 40 of 1949. The opinions of tax and legal authorities in articles and relevant case law are also discussed. The impact of the "letter of wishes" on the stipulations of the trust deed is examined. Amendments to the Income Tax Act have placed a limit on the use of a trust for estate planning through a number of anti-avoidance measures, the introduction of a capital gains tax (in the Eighth Schedule) and the imposition of a high tax rate. The increase in the deduction granted in arriving at the dutiable amount of an estate, in terms of section 4A of the Estate Duty Act, from R1 500 000 to R2 500 000 has imposed a further limit on the use of the trust as an instrument in estate planning. The research demonstrates that, notwithstanding the amendments to the Income Tax Act, the trust still is a viable instrument, mainly because the trust operates as a conduit and because of its potential use in dividing taxable income amongst a number of beneficiaries. The stipulations included in the trust deed and the "letter of wishes" (if one exists), must be thought through carefully when estate planning is done, as it can give rise to the application of the general and specific anti-avoidance provisions as included in sections 7 and 103 of this Act. The research also concludes that, in assessing the effectiveness of the trust as an instrument in tax planning, the disadvantage of paying the higher transfer duty when the immovable asset is transferred to the trust should be weighed up against the possible saving in income tax and estate duty at a later stage. It is also clear that most assets owned by the trust are tax neutral, whilst many of the amendments under discussion deal with the taxability of trust income. The quantitative considerations underlying the use of the trust as part of the estate plan, remain unchanged. The research concludes by providing a framework of quantitative and qualitative criteria that can be used by an estate planner to determine whether it will be advantageous to transfer an asset to the trust to achieve the objectives of the estate plan.

Since their creation in Europe in the seventeenth century, pension funds have grown to become one of the main sources of capital in the world. A number of role players ultimately manage the pension money of members on their behalf. Accordingly, the focus of this study is on the role players involved in the actual investment of pension fund money. For the purposes of the study, the key role players in the pension fund investment chain are identified as pension fund trustees, asset managers and asset consultants. These role players have a specific responsibility in terms of the service that they ought to provide. One of the key aspects of this dissertation is therefore determining whether their responsibility is a fiduciary responsibility. The main purpose of the study is, however, to answer one overarching research question: Does fiduciary responsibility create barriers to the implementation of responsible investment in the South African pension fund investment chain? Clearly, there are two key terms in this research question, fiduciary responsibility and responsible investment. It is suggested that responsible investment takes at least two forms: a “business case” form1 in which environmental, social and governance (ESG) issues are considered only in so far as they are financially material; and a social form in which ESG issues are considered over maximising risk adjusted financial returns. Three key questions were asked in order to find qualitative descriptions and interpretations of fiduciary responsibility: Question 1: Are the key role players in the pension fund investment chain fiduciaries? Question 2: If so, to whom do the key role players owe their fiduciary duty? Question 3: What are the fiduciary duties of the key role players in the pension fund investment chain? It is also suggested that the duty to act in the best interests of beneficiaries could be described as the all-encompassing fiduciary duty. Two main interpretations of the / Private Law / (LL.M.(Private Law))

The aim of this study is to explore the involvement of stakeholders in the functions of leadership within the context of voluntary organisations in the UK. What is intriguing about the study is that business and management research has focused mainly on ‘vertical leadership’ that stems from an appointed or formal leader as opposed to ‘shared leadership’ that is distributed across the organisation. This study therefore, seeks to advance scholarly knowledge on the phenomenon of ‘shared leadership’ focusing on voluntary organisations taking a stakeholder perspective. A review of the current literature focusing on shared leadership indicates that the definition of shared leadership has converged around numerous underlying dimensions. However, the key distinction between shared leadership and other leadership paradigms is that the influence process emanates from different directions rather than the tradition top to down approach. This study attempts to explore the level of shared leadership at the organisational level in the context of voluntary organisations by employing a pragmatic approach to research. The research involved three phases; Phase 1 is qualitative, Phase 2 is quantitative and Phase 3 is qualitative. The research methods have included semi-structured interviews (Phase 1) with 10 participants, a survey (Phase 2) that had 126 respondents and in-depth interviews (Phase 3) involving 30 stakeholders. The findings suggest that the level of shared leadership in voluntary organisations is relatively high. However, the involvement of the stakeholders has been more on a ‘consultative’ level rather than on a ‘participative’ one. Moreover, the status or position of the stakeholder in the organisation is a significant factor in determining the level of shared leadership. It was revealed that some stakeholders are merely involved in low level activities. The findings of this research have implications on the Human Resource Management in terms of stakeholder engagement in the leadership process.

No description available.