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incentive to manage for their own interests, yet on the other hand their compensation is related to performance. We do not know how to do it, not adequately.’
‘Sure enough, companies across the US are now designing new compensation schemes that reduce reliance on stock options, regarded by many as the ‘villain of the piece.’ The voice of experience suggests that such schemes will not solve the underlying problem.’
(Financial Times; November 16, 2004; pg 13)
Further articles will follow (via EB) later this semester as this issue is very contentious one that European prime ministers are addressing at the time of press – at least bankers‟ bonuses. Keep abreast of https://www.51lunwen.orgdevelopments in this interesting area, by reading the FT & the WSJ.
The University of Hull Business School
Module Handbook page 5 of 29
Internal Controls (now affecting directors)
The US „Sarbanes-Oxley‟ (Sarbox) legislation (2002) affects companies listed on the American stock exchanges and has imposed considerable corporate regulatory and compliance costs. Of particular interest to this module is the requirement of section 404, which requires auditors to test and evaluate the „adequacy and effectiveness‟ of the internal controls that companies have in place. Thus these areas have caused many organisations (in the wake of Enron) to upgrade their internal control systems.
These systems should ensure, inter alia, that the rigour of the financial data is compliant with the regulations.
Recently, the USA 'Baker report' blamed the senior executives of the BP Corporation for lapses in safety in the USA, which resulted in deaths at a Texas refinery and a major oil spill in Alaska, because of 'inadequate maintenance procedures'. Legal action was announced against the senior directors of BP – the outcome is unknown by the module leader. But John Browne the CEO resigned subsequently....
The Financial Times (weds September 12, 2007 (p27) reports on a recently published research study, by the University of Nebraska, that provided data that less than 4% of „whistle-blowers‟ have won their legal cases against previous corporate employers. ‘Robust anti-legislation provisions in ‘Sarbox’ were supposed to have made it easier to raise concern over possible accounting and securities fraud after the Enron and Worldcom scandals.’ Per: Jeremy Grant(2007) FT reporter
Students are advised to read this handbook alongside the Business School’s study skills handbook and to pay particular attention to the section on plagiarism/unfair means in both handbooks.
The University of Hull Business School
Module Handbook page 6 of 29
2. Disability
If you have a disability it is imperative that you contact the Business School Disability Officers. In Hull this is Graeme Reid, g.c.reid@hull.ac.uk, Wharfe building, room 106. In Scarborough this is Paul Cross, p.cross@hull.ac.uk, room CH4. If you are a distance taught student you should contact your local administrative contact for advice. You should also contact your module leader, especially if you require particular help for your disability e.g. large print handouts on coloured papers/use of a microphone.
When you have made us aware of your disability the module leader will make every effort to meet your needs, wherever possible.
Students with a disability are also reminded to ensure that they have registered with the University Disability Office.
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