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Article
Publication date: 6 May 2021

Stefan Peij and Pieter-Jan Bezemer

This study aims to examine the core challenges facing company secretaries in a two-tier board context. This study focuses on the key factors contributing to these…

Abstract

Purpose

This study aims to examine the core challenges facing company secretaries in a two-tier board context. This study focuses on the key factors contributing to these challenges and how company secretaries can effectively address them.

Design/methodology/approach

An analysis of the narratives provided by 291 Dutch company secretaries in response to a series of open-ended questionnaire questions led to insights into the key challenges company secretaries face in their day-to-day work.

Findings

Company secretaries perceive a myriad of factors contributing to pressures on their time, the need to work for multiple organizational bodies and the processing of information. They believe process interventions and social interventions are needed to alleviate these issues.

Research limitations/implications

The research highlights the need to deeply study boards from a holistic and systems point of view that recognizes the various actors, such as the company secretary, and their relationships in a boardroom context. Furthermore, the research shows how the two-tier board model may complicate these relational dynamics owing to the formal separation of decision management from decision control.

Practical implications

This study identifies various pragmatic ways to address the core challenges facing company secretaries so as to improve their contributions to decision-making at the apex of organizations.

Originality/value

This study sheds light on an important organizational actor (i.e. the company secretary) that hitherto has received scant attention in the governance literature.

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 15 November 2018

Qing Peng, Xuesong Tang and Yuxin Zheng

Extensively public concern on “Huge Executive Compensation” makes it urgent to investigate the reasonability of high executive compensation. The purpose of this paper is…

Abstract

Purpose

Extensively public concern on “Huge Executive Compensation” makes it urgent to investigate the reasonability of high executive compensation. The purpose of this paper is to explore the effectiveness of compensation contracting based on the specific responsibility of executives. More specifically, this paper is to examine whether high compensation is helpful to mitigate agency problems.

Design/methodology/approach

Considering that board secretaries of listed companies are responsible for information disclosure in China, this paper examines the effect of board secretaries’ excess compensation on firms’ disclosure quality using listed company data from 2007 to 2015. The first measure of disclosure quality is based on the disclosure violation behavior of firms, and the second is KV value that represents the extent to which the investors relay on the stock trading volume. To provide additional confidence that the findings are robust, this paper further conducts two indirect tests based on rumors and cost of equity capital.

Findings

The results show that board secretaries’ excess compensation is negatively associated with the probability of information disclosure violation and also negatively associated with firms’ KV value, suggesting firms that pay high compensation to their information providers are more likely to provide high-quality disclosures. Besides, this paper further finds that board secretaries’ excess compensation is negatively related to the incidence of rumors, the number of rumors incurred or the cost of equity capital.

Research limitations/implications

Overall, the findings provide support to the efficient contracting of executive compensation, which implies that highly paid board secretaries would be better information providers than those poorly paid.

Practical implications

This paper provides empirical evidence that firms’ disclosure quality can be improved by modifying the compensation contract of information providers. This may indicate a new way to improve the quality of disclosures, so as to mitigate the agency problem.

Social implications

In spite of the public criticism on executive excess compensation, the high compensation is not always a signal of manipulation, collusion and self-interest. It also can be a signal of individual talents and great efforts. Board secretaries are worth to be highly paid if they can improve firms’ disclosures, thereby reducing the incidence of rumors and reducing the cost of equity capital.

Originality/value

This paper is the first research to examine the effectiveness of compensation contracting based on information providers’ disclosure responsibility in the Chinese context. It documents a positive relation between board secretaries’ excess compensation and corporate disclosure quality.

Details

Nankai Business Review International, vol. 10 no. 2
Type: Research Article
ISSN: 2040-8749

Keywords

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Article
Publication date: 1 March 1972

An Act to consolidate, with certain exceptions, the provisions of the Local Employment Acts 1960 to 1971. [10th February 1972]

Abstract

An Act to consolidate, with certain exceptions, the provisions of the Local Employment Acts 1960 to 1971. [10th February 1972]

Details

Managerial Law, vol. 11 no. 6
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 23 February 2018

Aleksandra Wasowska and Igor Postula

The purpose of this paper is to shed light on the formal and informal governance mechanisms of state-owned enterprises operating in a post-transitional economy of Poland.

Abstract

Purpose

The purpose of this paper is to shed light on the formal and informal governance mechanisms of state-owned enterprises operating in a post-transitional economy of Poland.

Design/methodology/approach

The study combines legal analysis of Polish regulations in force, review of literature on the Poland’s institutional legacy, and a statistical analysis, based on a data set of 204 management board members, 180 external supervisory board members, and 114 state officials supervising Polish SOEs in 2011.

Findings

Legally designed relationships among the management board, supervisory board, and the state treasury, represented by the minister and ministry officials, constitute the key formal governance mechanisms in Polish SOEs. They are, however, complemented by relationships between SOEs and their stakeholders and distorted by other informal phenomena, including informal noninstitutional behavior, mechanisms grounded in cognitive and normative institutions, and perception of the relationship structure by the actors themselves. As a result, key corporate governance actors differ in their perception of governance influences upon SOEs.

Practical implications

This study contributes to policymaking by helping authorities gain a better understanding of the governance challenges in SOEs.

Originality/value

This paper is one of the first and few empirical studies investigating the issue of formal and informal governance mechanisms in SOEs in post-transitional economies of CEE.

Details

Baltic Journal of Management, vol. 13 no. 4
Type: Research Article
ISSN: 1746-5265

Keywords

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Article
Publication date: 1 July 1971

The Secretary of State after approving proposals submitted by the Hotel and Catering Industry Training Board for the imposition of a further levy on employers in the hotel…

Abstract

The Secretary of State after approving proposals submitted by the Hotel and Catering Industry Training Board for the imposition of a further levy on employers in the hotel and catering industry and in exercise of his powers under section 4 of the Industrial Training Act 1964 and of all other powers enabling him in that behalf hereby makes the following Order:—

Details

Managerial Law, vol. 10 no. 4
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 March 1984

J.R. Carby‐Hall

The discussion on the incorporation of the collective agreement into the individual contract of employment has treated so far direct incorporation and its various facets…

Abstract

The discussion on the incorporation of the collective agreement into the individual contract of employment has treated so far direct incorporation and its various facets, implied and express incorporation, the multiplicity within the hierarchy of individual agreements, what may or may not be incorporated, and so on.

Details

Managerial Law, vol. 26 no. 3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 August 1971

The Secretary of State after approving proposals submitted by the Distributive Industry Training Board for the imposition of a further levy on employers in the…

Abstract

The Secretary of State after approving proposals submitted by the Distributive Industry Training Board for the imposition of a further levy on employers in the distributive industry and in exercise of his powers under section 4 of the Industrial Training Act 1964 and of all other powers enabling him in that behalf hereby makes the following Order:—

Details

Managerial Law, vol. 10 no. 5
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 August 1974

The Secretary of State after approving proposals submitted by the Cotton and Allied Textiles Industry Training Board for the imposition of a further levy on employers in…

Abstract

The Secretary of State after approving proposals submitted by the Cotton and Allied Textiles Industry Training Board for the imposition of a further levy on employers in the cotton and allied textiles industry and in exercise of powers conferred by section 4 of the Industrial Training Act 1964 as amended by paragraph 2(2) of Part 1 of Schedule 2 to the Employment and Training Act 1973, and of all other powers enabling him in that behalf hereby makes the following Order:—

Details

Managerial Law, vol. 16 no. 6
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 May 1970

The Secretary of State after approving proposals submitted by the Construction Industry Training Board for the imposition of a further levy on employers in the…

Abstract

The Secretary of State after approving proposals submitted by the Construction Industry Training Board for the imposition of a further levy on employers in the construction industry and in exercise of her powers under section 4 of the Industrial Training Act 1964 and of all other powers enabling her in that behalf hereby makes the following Order:—

Details

Managerial Law, vol. 8 no. 2
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 April 1899

The Food and Drugs Bill introduced by the Government affords an excellent illustration of the fact that repressive legislative enactments in regard to adulteration must…

Abstract

The Food and Drugs Bill introduced by the Government affords an excellent illustration of the fact that repressive legislative enactments in regard to adulteration must always be of such a nature that, while they give a certain degree and a certain kind of protection to the public, they can never be expected to supply a sufficiently real and effective insurance against adulteration and against the palming off of inferior goods, nor an adequate and satisfactory protection to the producer and vendor of superior articles. In this country, at any rate, legislation on the adulteration question has always been, and probably will always be of a somewhat weak and patchy character, with the defects inevitably resulting from more or less futile attempts to conciliate a variety of conflicting interests. The Bill as it stands, for instance, fails to deal in any way satisfactorily with the subject of preservatives, and, if passed in its present form, will give the force of law to the standards of Somerset House—standards which must of necessity be low and the general acceptance of which must tend to reduce the quality of foods and drugs to the same dead‐level of extreme inferiority. The ludicrous laissez faire report of the Beer Materials Committee—whose authors see no reason to interfere with the unrestricted sale of the products of the “ free mash tun,” or, more properly speaking, of the free adulteration tun—affords a further instance of what is to be expected at present and for many years to come as the result of governmental travail and official meditations. Public feeling is developing in reference to these matters. There is a growing demand for some system of effective insurance, official or non‐official, based on common‐sense and common honesty ; and it is on account of the plain necessity that the quibbles and futilities attaching to repressive legislation shall by some means be brushed aside that we have come to believe in the power and the value of the system of Control, and that we advocate its general acceptance. The attitude and the policy of the INTERNATIONAL COMMISSION ON ADULTERATION, of the BRITISH FOOD JOURNAL, and of the BRITISH ANALYTICAL CONTROL, are in all respects identical with regard to adulteration questions; and in answer to the observations and suggestions which have been put forward since the introduction of the Control System in England, it may be well once more to state that nothing will meet with the approbation or support of the Control which is not pure, genuine, and good in the strictest sense of these terms. Those applicants and critics whom it may concern may with advantage take notice of the fact that under no circumstances will approval be given to such articles as substitute beers, separated milks, coppered vegetables, dyed sugars, foods treated with chemical preservatives, or, in fact, to any food or drug which cannot be regarded as in every respect free from any adulterant, and free from any suspicion of sophistication or inferiority. The supply of such articles as those referred to, which is left more or less unfettered by the cumbrous machinery of the law, as well as the sale of those adulterated goods with which the law can more easily deal, can only be adequately held in check by the application of a strong system of Control to justify approbation, providing, as this does, the only effective form of insurance which up to the present has been devised.

Details

British Food Journal, vol. 1 no. 4
Type: Research Article
ISSN: 0007-070X

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