Bre-X 5Ws

Bre-X was a co-conspirator in the execution of a historical gold mining scandal after it reported having discovered an enormous gold deposit in the year 1995 that caused ripples in the stock market. Bre-X Minerals crumbled after the gold samples were found to be a fake. The scam involved a lot of stakeholders both from the management of Bre-x and other entities (Yeager, 2019).

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In 1988 stockbroker David Walsh founded a mineral 

Exploration company by the name Bre-X Minerals and in March 1993. Through the advice of Mr. Michael Guzman the geologist and exploration manager the company bought the Busang mineral site. 

In March 1995 it reported having discovered a huge gold deposit. 

The company caved-in in 1997 after being involved in a mining scam and fraud. In March 1997 the case untangled quickly after geologist Mr. Michael Guzman reportedly committed suicide when he jumped off the helicopter. After this incident Bre-X took over the headlines and was delisted in May 1997.

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David Walsh was a businessman from in the field of oil, mining, and gas. 

He founded Bre-X Minerals Ltd. During the Bre-X fraudulent incident Walsh had been unaware or was fraudulent proceedings. John Felderhof was David’s partner and a geologist it was through his advice the company kicked off gold exploration at the Busang mineral site in Indonesia.

 In 1999 he was charged with illegal insider trading and he was acquitted of these charges in 2007. Michael de Guzman was a Filipino geologist and headed exploration operations of Bre-X. He lied about the enormous discovery of gold deposits in Busang, Indonesia. 

He was instead coating the core sample with gold from his gold wedding ring and blending the flakes in with the mashed core samples. When this fraud was exposed he committed suicide by jumping off a helicopter in March 1997, his body was found in the Indonesian jungle. Alberta Stock Exchange exploded out of this gold scam resulting in Stakeholders around the world losing an estimated $3 billion.

Suspicious investors sent an auditor who saw wounded edges of the panned gold. The geologist explained this was as a result of volcanic theory. The auditor was convinced, and stocks went up exponentially. When three men sold off a portion of their options for around $100 million that caught the attention of Mr. Suharto the President of Indonesia that made him revoke Bre-X’s exploration license.

In March 1993 Bre-X Minerals brought the Busang site through the advice of the geologist Mr. Michael Guzman the exploration manager, he found the enormous gold deposits in Busang, Indonesia estimated that the Busang property contained a million ounces of gold and during that time the company’s market capitalization exceeded C$ 6 million. Thousands of duped investors lost a total of between $3 billion and $5 billion.

De Guzman wasn’t getting enough attention from his employer. So he formulated a plan to get rich. He convinced the world that he found gold in Borneo. He knew he needed some backup to operate this story. That is when he gets the geologist John Felderhof, Guzman convinced Felderhof that they needed an investor. He wanted an investor who was risky and wasn’t going to be keen on asking questions. Therefore, Felderhof recommended a Canadian businessman named David Walsh (Ruffell & Schneck, 2017).

 Managers and directors of Bre-X colluded with Alberta Stock to execute fraud. 

Geologists in the field should be investigated for fraud. Geologists had the technical knowledge to determine the sites that gold can be found.

 It is unclear how the geologists did not report the scam.

 They should be investigated for any collusion with Bre-x to execute the scandal. The directors stopped buying the company’s stock after the discovery of gold in Indonesia was a clear indication that the intention was to get rich through the smartly executed scam.

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Recruitment and Selection Strategy for the Position of Sales and Marketing Manager

Executive Summary

John Lewis Partnership is currently in need of a sales and marketing manager that will enable the business to expand its operations in Europe and Asia. Currently, there has been a huge increase in the population of middle-income and high-income earners in these regions, and this means there is a huge potential market for the company in these regions. 

To ensure the company recruits the most competent employee for the sales and marketing manager position, John Lewis will use a 5-stage approach. Stage 1 is the planning and analysis, stage 2 is the recruitment attraction, stage 3 is the selection and shortlisting, stage 4 is the appointment, and stage 5 is induction.

Introduction

            John Lewis LLC. is a high-end omnichannel retailer whose head office is in London, United Kingdom. The company also offers various financial products, home insurance, forex services, and credit card payment services through the John Lewis Finance subsidiary. 

Currently, the company has 50 branches of John Lewis & Partners in the UK and growing online business. John Lewis requires a sales and marketing manager that will enable the firm to expand its operations to Europe and Asia because these regions have a sizeable middle-income and high-income population that is a great potential market for the business.

Stage 1: Planning and Analysis

Planning and analysis are appropriate for ensuring the company allocates adequate resources for the entire task. Planning will include evaluating the steps in the recruitment selection process early and scheduling the activity, resources and time. 

Planning and analysis ensure that the best process is followed hence helping in time management and in streamlining the recruitment and selection process for both the company and applicant. John Lewis will use a workflow to ensure that it identifies the right candidate and completes the task within the required timelines. According to the workflow diagram, the steps will be as follows:

1. Identifying the job opening (Sales and Marketing Position). 4 days

2. Deciding how to fill the task (Recruiting from Outside the company). 2 days

3. Establishing the right target group (Job description).  1 day

4. Notifying the target group (Job Advert). 7 days

5. Meeting with the candidates (Start of the recruitment process).

According to (Gamage, 2014), this approach motivates them to complete the recruitment process and accept the job offer. A job analysis will involve determining the knowledge, skills, and attributes required to perform in the role of a sales and marketing manager. Job analysis helps in identifying the skills needed to fulfill the needs of the company.

In recruitment attraction, we will adopt advertising as a strategy for marketing and selling the company’s position because of the tight labour market. When this is done well, it will positively affect the recruitment outcome. The company will resort to eRecruitment to reduce the cost of the recruitment process, time taken to identify candidates and process the best candidate for the position (Nagendra and Deshpande, 2014). Since most individuals currently use various technological devices such as smartphones and computers to communicate, this method will be effective for reaching target clients. The company will advertise on social media platforms like Facebook, Twitter, and Instagram to increase its reach.

Stage 3: Selection and Short-listing

The selection and short-listing process will be used to determine that applicants meet the minimum key selection criteria to perform the job satisfactorily and rank the candidates who proceed to the next level. The company will short-list 10 applicants using a scoring procedure to evaluate whether they meet the key selection criteria in hiring. John Lewis will be interested in candidates that have to meet the minimum academic qualifications.

 In particular, those that have studied a business course. The company will also look for those that are experienced and can prove their competence from their previous performance. All the short-listed candidates will be called upon for an interview and also subjected to psychometric tests (Jeske and Shultz, 2016). 

The psychometric tests will be done and evaluated by Deloitte LLC., which will be our independent recruiting consultants. Psychometric tests will help in assessing the candidate’s creativity, analytical skills, and cognitive abilities. Importantly, this stage will help in effectively assessing applicants by ascertaining whether the candidates meet the requirements in terms of both experience and academic qualifications.

Stage 4: Appointing Successful employee

In hiring, the ratings for each applicant through the interviewing process will be numerically combined in the score sheet to provide the basis for a selection decision. The candidate with the highest score will consequently be hired. According to Brewster, Mayrhofer, and Farndale (2018), this approach makes the selection decision to be objective. Professional references will be taken to seek information on the candidate’s specific professional attributes. The human resource professionals will be interested in the following:

1.      Candidates’ academic qualification- To establish if they understand the roles of this position.

2.      Candidates’ experience- To determine their ability to meet the company’s expectations/ Sales and marketing targets.

3.      Candidates’ ability to solve problems- To establish their competence to deal with complex job-related issues.

The above information will be provided in the candidate’s CV and from the interview questions as described in the “Interview Questions” document. The candidate will then be provided with a job contract indicating the terms of employment. The recruitment team will remind the candidates of their roles, and this will ensure they are aware of the expectation the company has once they accept the position.

Stage 5: Induction

The induction process will be done in 3 days to facilitate the new employee’s adjustment into the company. The first day will involve conducting a structured tactical and administrative issues induction on matters such as contracts and payroll information. 

The second day of induction will involve aligning the new employee with the company’s mission, vision, and core values. On the third day, the employee will be told an improved understanding of the company and where he/she fits into the company’s plans and goals to build a good relationship between the company and the employee (Dany and Torchy, 2017).  This approach will be appropriate for ensuring the employees progressively adapt to the company’s working program and work culture.

Conclusion

This strategy best aligns with the best practices in human resources selection and recruitment. Only job-related factors will be considered in the recruitment and selection process. Therefore, a candidates’ experience, skills, and fitness to the company’s culture will determine whether he/she is the right employee for the company. This approach will help in ensuring that the company’s needs and interests are given priority and the whole process swiftly occurs in a timely and efficient manner.

 

Differences between the financial reporting standards for companies registered in the Sweden Republic and the USA

 IFRS Overview.

International Financial Reporting Standards (IFRS) are uniformly accepted accounting standards in running business affairs globally. The role of IFRS is to ensure accounts in a given company are understandable as well as comparable across the globe. 

Uniformity and Transparency are the main objectives of IFRS. The growth in trade and international shareholding has led to the development of international standards (Li, Sougiannis, and Wang, 2017). Thus, the two newly acquired shareholdings must adopt the IFRS for their financial statement to be reliable and consistent with the parent company.

he differences in the standards for companies registered in the Sweden Republic and those registered in the USA are as follows. IRFS 3, which deals with business combinations apply when the buyer acquires control of another entity, through legal merges, buying shares, asset acquisition, or reverse acquisition. 

The one registered in the USA the regulation for merge and acquisition will fall under the federal government which regulates transfer and sales of securities. Tender offers in the USA subject to federal government rules and regulations (King, 2019). 

Acquisition through mergers in Sweden is unusual, with no restriction generally on foreign investment. But some are subject to the law and foreign buyers must get a permit, for instance, restricting merger and acquisition in the production of military artilleries.

In the preparation of consolidated financial statements that fall under IFRS 1, a limited liability company is supposed to present transactions and other accounting events in financial statements in a given format.

 In Sweden, an institution is obliged to file an annual report to the within 7 months as the guidelines of IFRS 1 (Jansson, 2018). In the United States, the subsidiary will be governed by the US Generally Accepted Accounting Principles (GAAP) (King, 2019).

In the income statement, the treatment acquired tangible assets, such as research and development, a subsidiary in Sweden will only recognize this as an asset if it will have a future economic benefit the one in the US will recognize intangible assets at their fair value. The subsidiary in Sweden will allow the application of last in first out (LIFO) unlike the one in the USA (Chychyla, Leone, and Minutti-Meza, 2019).

b)     The economic factors which could explain Hugh Plc’s decision to acquire the shareholdings in the subsidiary companies in these locations 

Mergers and acquisitions are facilitated by economic factors. The factors entice the management to take the bold step to acquire a subsidiary, such factors include,

i)                   Growth Prospects

It may take a considerable number of years for a company to grow in size, instead of waiting for such a long time Hugh PLC has decided to acquire the two subsidiaries for growth prospects. This is usually a case of a horizontal merger, a company acquiring a competitor for a given cost (Loukianova, Nikulin, and Vedernikov, 2017). This will give the acquiring company a chance to grow in market share without necessarily doing much lifting.  

ii)                 Eliminate Competition

To eliminate future competitors the acquiring company buys out potential competitors and sweeps them out of the market, thus gaining huge market command (Loukianova et al., 2017).

iii)               Synergy

When the two or more have joint operations, a reflection in an increase in revenues coupled with lower expenses is mostly experienced. For instance, a company may acquire a similar firm, allowing it to expand its product offering and, as a result, increase its sales and revenues.

 This could not have been accomplished had the two firms remained independent. When activities are combined, the overall performance and efficiency seem to increase (Loukianova et al., 2017). The overall costs as well drop the acquired company’s leverages off of the parent’s company's weaknesses and vice versa.

iv)               Tax Purposes

To reduce the tax bill, a company acquires a subsidiary located in a region where there are affordable and friendly tax rates. Pushing the merged company’s tax home overseas to lower affordable tax rates, this incentive eventually reduces its tax burden (Green, 2016).

v)                  Managers Incentives

If for instance, the compensation and salary structure of a subsidiary in the US proves to be well organized and attractive this will be an incentive to the managers to acquire such a subsidiary. The issuance of end of the year bonuses and substantial salary from a subsidiary in the US and compensation based on individual performance in a subsidiary in Sweden (Green, 2016). The two if aligned will form a good strategy for the overall group strategy.  

vi)               Diversification

As a tool of risk management, the Hugh Plc decision to acquire the two subsidiaries is to diversify the overall risk. With a wide range of investments in the Portfolio, it will diversify the risk by investing in different assets in different locations. 

To eliminate the unsystematic risk, the negative outcomes of one subsidiary are neutralized by the positive results of another subsidiary (Bonaime, Gulen, and Ion, 2018). By investing both domestically and in foreign markets the risk is diversified geographically

c)      How the use of technology can improve financial reporting within Hugh Plc and its subsidiaries. 

The increasing development and innovation in the technology sector have positively impacted the quality of financial reporting. Improving efficiency in the production of financial reports making the reports to be more reliable. 

Enhancing the reliability of financial statements is a major contribution of technology in financial reporting. The aspect of the financial reports to trustworthy. The group financial reports are verifiable and can be used by investors and other interested parties consistently yielding the same results. With computerized financial reports across the Hugh Plc, the elements of honesty and completeness are guaranteed. 

With the use of technology, understandability of financial records is also improved, the financial statements being convenient, concise and easily understood by users with basic business knowledge (King, 2019). Relevancy is another aspect brought by the use of technology meaning, impacting the decision of users in pursuit of the financial statements in Hugh Plc. For example, through the use of technology, if the parent company knowns that in one of the subsidiaries has an unrevealed and material liability, the parent will be quick to reverse the decision.

Automated analytical tools will enhance the management and financial team of Hugh Plc to make faster and better financial decisions across the companies since information is readily available at their fingertips.  With tools such as key performance indicators, the financial management team can have a better insight into how different subsidiaries are performing.

 Digitizing the processes in the Hugh Plc will enhance streamlining the process, thus reducing the overall cost in the group. Comparability is a key element in financial management facilitated by the use of technology. The financial users can compare the results of the previous accounting period and the performance of similar entities and gauge themselves.  Audit reports done in an automated financial environment will have more quality and more reliable (Chychyla, Leone, and Minutti-Meza, 2019). To improve engagement with the customers Hugh Plc should embrace technologies such as cloud computing and artificial intelligence.      

Bower and Paine (2017) argue that the obsession with maximising shareholder value reflects 'failure at the heart of corporate leadership'. Do you agree or disagree with their position? Outline and discuss their arguments drawing on relevant theoretical approaches to shareholder value.

 Developing sights of the stakeholder theory suggest means to change societal difficulties into win-win resolutions for the society and the firm.

Despite its achievement in exploring the dissecting of the importance of the firm in public, the stakeholder theory has had two significant drawbacks. Firstly, it is heavily reliant on regulations as the compensatory system for the externalities it produces (Williams, 2006).

On a fair argument, it is right to say that at its current stage of development, the stakeholder theory has not left its limits of economic worth maximisation.

Secondly, it is still fixed to the traditional view of the firm's definition that its primary purpose is the creation of economic value for its owners and itself (Simonetti, 2014).

Discussion owning to the above demerits have arisen on how to alleviate these demerits by proposing a solution which will create societal value.

For this reason, this paper interrupts the advancement of the stakeholder theory to propose a theoretical model generated from the examination of the most excellent practices of prosperous companies. This is to be achieved by an intention to redefine the firm's purpose. That is a purpose-driven by societal goals and not solely by profit maximisation.

 

Relevant theoretical approaches to shareholder value.

Case Study (a) Alternative Bank Schweiz 

A survey was undertaken in Switzerland (1982) discovered an existing demand for a substitute for current banks. The stakeholders (mostly customers) who can do my coursework were inquiring for a remedy which would uphold societal values while ensuring banks discharge the sole motive of maximising profit. ABS’ authors, using an outside-in method, suggested a new kind of bank system as the remedy to the need. This entails a set of good practices which if well observed, would alleviate the issue.

 Purposed definition

This involves defining the company's values and purpose. This is done on a consensus basis amongst the firm's stakeholders.  pay someone to do my term paper The firm’s description should be more centred on pursing ethical doctrines as opposed to profit maximisation (Jensen, 2000). ABS looks at the larger picture to identify environmental, social and governance insufficiencies in that context in bid to address societal needs.

Transparency

Since ABS doesn’t solely purse profit motives, it had to request stakeholders contribution inform of higher interest to customers and low returns to shareholders in a bid to support the societal goals. In exchange, the most top form of transparency affordable term papers is to be maintained by informing stakeholders how the company's products generate shared value. A good example is a publication created by ABS called Moneta, which provides information on the loans offered by the bank. The paper illustrates the shared value derived from the loans. Pay someone to do my assignment for me

 

Limiting Shareholder Power

ABS approach established two safeguard mechanisms to deter power digression from its intended use. The first mechanism was to set a cap on share ownership. The cap was set at 3% but later increased to 5% in 2014. This is in bid to increase consensus amongst the shareholder's decisions. 

The second safeguard mechanism involved picking the right clientele of shareholders who would finance the company (Johal, 2006). The company would only allow like-minded individuals, i.e. individuals, corporations and public entities which were ready to support the company's goals and ideals of promoting social welfare. It would inhibit shareholders who would jeopardise their objectives from investing in the company.

 

Case study (b) Merkur Cooperative Bank

Merkur established a significant demand for small and medium enterprises (SMEs) that would generally fail to qualify for loans from mainstream banks. To respond to this gap, Merkur was proposed as the remedy. It established private loans and savings associations into cooperative bank gradually.  According to Merkur, “a bank is a link between people with ideas and people with money.” This branded Merkur as a bank which enabled stakeholders to use their funds to promote a sustainable society by issuing loans.

Just like the ABS approach, Merkur’s methodology to describing its purpose varies from the shareholder theory as it well diverges from the profit maximisation objective to follow maximisation of societal welfare. More interestingly, Merkur’s approach also acknowledged the significance of communicating with shareholders. However, it developed a slightly different method from the one adopted in ABS's plan, as illustrated below.

Communicating with Stakeholders 

The bank defined its drive into established core values offering its workers with an outline to guide their undertakings. Just like ABS, those undertakings were required to be transparent because the bank had its customers and cooperative members pay higher interest rates and accept lower dividends to fund its commitments. Merkur’s Write Papers for Money.

 approach developed a website letting its users view each venture the bank funded. It provided a short overview of the enterprise, the drive it served, its setting and other additional information that is where more information was required.

This shared website not only acted as a control device as it allowed users to evaluate the quality of the venture in contrast to the bank’s standards and speak out disquiets if any to elicit an amendment but also served the principal purpose of informing stakeholders. 

ABS approach feared the potentially harmful influence of shareholders on its objectives (Stockhammer, 2005). Similarly, Merkur approach was also on the lookout as it made attempts to inhibit such. However, Merkur’s proposal Buy Essay Online Cheap.

did not use ownership caps but adopted a one man one vote system. This enables the bank to raise more funds from the shareholders without necessarily increasing their voting rights. 

Conclusion

A review of the two approaches proves a lot of ways to alleviate the downsides of overhyped shareholders theory. The first approach entails a set of courses of action to be followed, which are: redefining the company's purpose, enhancing transparency and limiting shareholders voting powers Research Paper for Sale 

 

The second approach also limits shareholders voting rights by adopting a one man, one vote system. It is also focused on revitalising the communication between shareholders and the managers. 

 

‘It pays to be good but not too good.’ Discuss this statement with reference to contemporary challenges of global governance, such as climate change and corporate tax avoidance.

 

This activities are known as corporate social responsibility (CSR) of a firm. It’s believed that  CSR improves the public image of a company and its financial performance over time. It’s the responsibility of the organization to. make decisions and policy and take Buy Argumentative Essay. actions which are in favor of the society believes and practices (Gholami, 2011).

 Bowen argues that business entities exist and operate at the pleasure of the community and therefore it must adhere to guidelines laid by the community. Businesses are moral agent and therefore should make correct decisions.

Generally business should be good to the community. Business is a social institution and it should only act within its powers accordingly

Organizations should not be too good in participating in CSR activities but rather should focus on profit maximization. Social responsible behavior will be rectified by profits Custom Dissertation..

If corporations do not undertake CSR activities the government always intervenes in their own way. CSR mostly focuses on the consequences of their action (Herbas, 2018). 

The activities of an organization can be measured Do My Research Paper. and determined if they are too good or just good. Corporate social responsibility of an organization can be evaluated by social rating of the firm. 

This involves social agencies investigating the performance of an organization CSR and rating it according to its impact on social and environmental aspect. 

The social agency collect information from website, interviews, annual reports of the company, business professional and observation by knowledgeable persons. CSR can also be

This involves College Paper Help. communicating the environmental and social effect of an organizations economic activities towards the interest of the society (Malik, 2018). An organization may also to focus on one CSR activity like protecting the environment, participating in charity activity, research project and development (Pyo, 2013).

Payment of taxes by organizations presents a social issue to corporate social responsibility. 

Organizations like  Global reporting initiative (GRI) affects the CSR activitiesby influencing the method through which a clear format of sustainable reporting should be done. 

The GRI recommends that organizations to provide detailed report of their tax obligation payment. This is because it’s frequently desired by users of sustainability reports and the organization contribution to the sustainability of the whole economy (GRI 2011, 25).

Tax payment is a positive  contribution towards having a stable economy. However some people believe that tax hinders creativity and innovation, creation of job, production level, development of the economy and believe that tax payment distract social wellbeing. CSR activities tax avoidance show how each affect cost and benefit of another.

Some organizations believe that corporate tax and CSR are the same and thus complement one another (Mackey et al, 2007). Socially responsible firms focus on allocating resources to CSR activities. Neither the manager nor the influential  

stakeholders consider corporate tax payment as a way achieving their social moral goal. As a matter of fact paying less tax could be having more social benefits. CSR activities can be used to offset image of the organization caused by accusations on fraud and pollution of environment (Merrill and Hansen 2009).

There theories developed which suggest that CSR is not related to tax payment.

 Social responsible activities are those that focus on maximizing shareholders value. Firms that engage on CSR activities have a lower cost of revenue and high revenue income. Tax avoidance and CSR both maximize the value of the organization independently. 

Thus no relation between CSR and tax payment (Lev, Petrovits, and Radhakrishnan 2010). Sustainability report n research done shows that public public corporation affect tax policy through their influential activities. 

Many   companies do not disclose sustainability reports, though they may be compliant with CSR reporting guidelines. GRI requires organization to report on only those things that are material. “Relevant topics and indicators are those that may reasonably be considered

Environmental, and social impacts, or influencing the decisions of stakeholders, and, therefore, potentially merit inclusion in the report materiality. is the threshold at which topics or indicators become sufficiently important that they should be reported.” GRI states (2011, 8) .In matters regarding materiality. Tax avoidance represents firm’s irresponsible behavior to avoid its obligation to the society. (Dowling 2014)

Organizations should oblige to their moral responsibilitand pay tax and participate in CSR activities. CSRactivities should be conducted in way and manner that the business does not get away from its main purpose and activities. CSR activities should be directed towards attaining the sustainable development goals.