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A. which create a company
B. that characterize a company
C. that company has got
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regulate corporate governance were futile because of differences in national culture. He drew particular attention to
the Organisation for Economic Co-operation and Development (OECD) and International Corporate Governance
Network (ICGN) codes, saying that they were, ‘silly attempts to harmonise practice’. He said that in some countries,
for example, there were ‘family reasons’ for making the chairman and chief executive the same person. In other
countries, he said, the separation of these roles seemed to work. Another delegate, Alliya Yongvanich, said that the
roles of chief executive and chairman should always be separated because of what she called ‘accountability to
shareholders’.
One delegate, Vincent Viola, said that the right approach was to allow each country to set up its own corporate
governance provisions. He said that it was suitable for some countries to produce and abide by their own ‘very
structured’ corporate governance provisions, but in some other parts of the world, the local culture was to allow what
he called, ‘local interpretation of the rules’. He said that some cultures valued highly structured governance systems
while others do not care as much.
Required:
(a) Explain the roles of the chairman in corporate governance. (5 marks)
Even in traditional offices, “the lingua franca of corporate America has gotten much more emotional and much more right-brained than it was 20 years ago,” said Harvard Business School professor Nancy Koehn. She started spinning off examples. “If you and I parachuted back to Fortune 500 companies in 1990, we would see much less frequent use of terms like journey, mission, passion. There were goals, there were strategies, there were objectives, but we didn’t talk about energy; we didn’t talk about passion.”
Koehn pointed out that this new era of corporate vocabulary is very “team”-oriented—and not by coincidence. “Let’s not forget sports—in male-dominated corporate America, it’s still a big deal. It’s not explicitly conscious; it’s the idea that I’m a coach, and you’re my team, and we’re in this together. There are lots and lots of CEOs in very different companies, but most think of themselves as coaches and this is their team and they want to win.”
These terms are also intended to infuse work with meaning—and, as Khurana points out, increase allegiance to the firm. “You have the importation of terminology that historically used to be associated with non-profit organizations and religious organizations: Terms like vision, values, passion, and purpose,” said Khurana.
This new focus on personal fulfillment can help keep employees motivated amid increasingly loud debates over work-life balance. The “mommy wars” of the 1990s are still going on today, prompting arguments about why women still can’t have it all and books like Sheryl Sandberg’s Lean In, whose title has become a buzzword in its own right. Terms like unplug, offline, life-hack, bandwidth, and capacity are all about setting boundaries between the office and the home. But if your work is your “passion,” you’ll be more likely to devote yourself to it, even if that means going home for dinner and then working long after the kids are in bed.
But this seems to be the irony of office speak: Everyone makes fun of it, but managers love it, companies depend on it, and regular people willingly absorb it. As Nunberg said, “You can get people to think it’s nonsense at the same time that you buy into it.” In a workplace that’s fundamentally indifferent to your life and its meaning, office speak can help you figure out how you relate to your work—and how your work defines who you are.
31. According to Nancy Koehn, office language has become_____
[A] more emotional
[B] more objective
[C] less energetic
[D] less strategic
32. “Team”-oriented corporate vocabulary is closely related to_______
[A] historical incidents
[B] gender difference
[C] sports culture
[D] athletic executives
33.Khurana believes that the importation of terminology aims to______
[A] revive historical terms
[B] promote company image
[C] foster corporate cooperation
[D] strengthen employee loyalty
34.It can be inferred that Lean In________
[A] voices for working women
[B] appeals to passionate workaholics
[C] triggers debates among mommies
[D] praises motivated employees
35.Which of the following statements is true about office speak？
[A] Managers admire it but avoid it
[B] Linguists believe it to be nonsense
[C] Companies find it to be fundamental
[D] Regular people mock it but accept it
At the core of this debate is chairman Gerald Levin, 56, who took over from the late Steve Ross in the early 1990s. On the financial front, Levin is under pressure to raise the stock price and reduce the company's mountainous debt, which will increase to $ 17.3 billion after two new cable deals close. He has promised to sell off some of the property and restructure the company, but investors are waiting impatiently.
The flap over rap is not making life any easier for him. Levin has consistently defended the company's rap music on the grounds of expression. In 1992, when Time Warner was under fire for releasing Ice-T's violent rap song Cop Killer, Levin described rap as a lawful expression of street culture, which deserves an outlet. "The test of any democratic society," he wrote in a Wall Street Journal column, "lies not in how well it can control expression but in whether it gives freedom of thought and expression the widest possible latitude, however disputable or irritating the results may sometimes be. We won't retreat when we face any threats."
Levin would not comment on the debate last week, but there were signs that the chairman was backing off his hard-line stand, at least to some extent. During the discussion of rock singing verses at last month's stockholders' meeting, Levin asserted that "music is not the cause of society's ills" and even cited his son, a teacher in the Bronx, New York, who uses rap to communicate with students. But he talked as well about the "balanced struggle" between creative freedom and social responsibility, and he proclaimed that the company would launch a drive to develop standards for distribution and labeling of potentially objectionable music.
The 15-member Time Warner board is generally supportive of Levin and his corporate strategy. But insiders say some of them have shown their concerns in this matter. "Some of us have known for many, many years that the freedoms under the First Amendment are not totally unlimited," says Luce. "I think it is perhaps the case that some people associated with the company have only recently come to realize this."
An American senator criticized Time Warner for
A．its raising of the corporate stock price.
B．its self-examination of the soul.
C．its neglect of social responsibility.
D．its emphasis on creative freedom.
4 Hogg Products Company (HPC), based in a developing country, was recently wholly acquired by American Overseas
Investments (AOI), a North American holding company. The new owners took the opportunity to completely review
HPC’s management, culture and systems. One of the first things that AOI questioned was HPC’s longstanding
corporate code of ethics.
The board of AOI said that it had a general code of ethics that HPC, as an AOI subsidiary, should adopt. Simon Hogg,
the chief executive of HPC, disagreed however, and explained why HPC should retain its existing code. He said that
HPC had adopted its code of ethics in its home country which was often criticised for its unethical business behaviour.
Some other companies in the country were criticised for their ‘sweat shop’ conditions. HPC’s adoption of its code of
ethics, however, meant that it could always obtain orders from European customers on the guarantee that products
were made ethically and in compliance with its own highly regarded code of ethics. Mr Hogg explained that HPC had
an outstanding ethical reputation both locally and internationally and that reputation could be threatened if it was
forced to replace its existing code of ethics with AOI’s more general code.
When Ed Tanner, a senior director from AOI’s head office, visited Mr Hogg after the acquisition, he was shown HPC’s
operation in action. Mr Hogg pointed out that unlike some other employers in the industry, HPC didn’t employ child
labour. Mr Hogg explained that although it was allowed by law in the country, it was forbidden by HPC’s code of
ethics. Mr Hogg also explained that in his view, employing child labour was always ethically wrong. Mr Tanner asked
whether the money that children earned by working in the relatively safe conditions at HPC was an important source
of income for their families. Mr Hogg said that the money was important to them but even so, it was still wrong to
employ children, as it was exploitative and interfered with their education. He also said that it would alienate the
European customers who bought from HPC partly on the basis of the terms of its code of ethics.
Required:
(a) Describe the purposes and typical contents of a corporate code of ethics. (9 marks)
Because non-audit work is important to Hum and Hoo, staff have ‘business growth’ criteria strongly linked with bonuses and promotion. This means that many of the professional accountants in the firm actively seek to increase sales of non-audit services to businesses in the Deetown area, including from audit clients. The culture of the firm is such that everybody is expected to help out with any project which needs to be done, and this sometimes means that staff help out on a range of both audit and non-audit tasks. The lines between audit and non-audit services are sometimes blurred and staff may work on either, as workload needs demand. Managing partner Cherry Hoo told staff that the non-audit revenue is now so important to the firm that staff should not do anything to threaten that source of income.
Cherry Hoo said that she was thinking of beginning to offer a number of other services including advice on environmental reporting and the provision of environmental auditing services. She said she had spoken to local companies which were looking to demonstrate their environmental sustainability and she believed that environmental reporting and auditing might be ways to help with this. She said she was confused by the nature of environmental reporting and so was not sure about what should be audited.
Required:
(a) Explain ‘ethical threat’ and ‘ethical safeguard’ in the context of external auditing, and discuss the benefits of effective ethical safeguards for Hum and Hoo. (8 marks)
(b) Explain ‘environmental audit’ and assess how environmental reporting and auditing might enable companies to ‘demonstrate their environmental sustainability’ as Cherry Hoo suggested. (8 marks)
(c) Some corporate governance codes prohibit audit firms such as Hum and Hoo from providing some non-audit services to audit clients without the prior approval of the client’s audit committee. This is because it is sometimes believed to be against the public interest.
Required:
Explain ‘public interest’ in the context of accounting services and why a client’s audit committee is a suitable body to advise on the purchase of non-audit services from Hum and Hoo. (9 marks)
(b) Discuss the view that fair value is a more relevant measure to use in corporate reporting than historical cost.
(12 marks)
(c) Critically evaluate Vincent Viola’s view that corporate governance provisions should vary by country.
(8 marks)
(c) The Shirtmaster division and Corporate Clothing division, though being part of the same group, operate largely
independently of one another.
Assess the costs and benefits of the two divisions continuing to operate independently of one another.
(15 marks)
(d) Corporate annual reports contain both mandatory and voluntary disclosures.
Required:
(i) Distinguish, using examples, between mandatory and voluntary disclosures in the annual reports of
public listed companies. (6 marks)
(ii) Can we entertain our clients as a gesture of goodwill or is corporate hospitality ruled out？ (3 marks)
Required:
For EACH of the three FAQs, explain the threats to objectivity that may arise and the safeguards that should
be available to manage them to an acceptable level.
NOTE: The mark allocation is shown against each of the three questions.
