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To explain the January 6, 2016 written guidance (the “New Guidance”) issued by the Securities and Exchange Commission’s Division of Investment Management on payments made by mutual funds to intermediaries for distribution and non-distribution-related services.

Explains the SEC’s earlier guidance in the 1998 “Supermarket Letter,” the provisions of Rule 12b-1, the practice termed “distribution in guise,” the emphasis in the “New Guidance” on the role of a fund board’s business judgment, how Rule 12b-1 compliance fits into Rule 38a-1 compliance programs, specific fund activities and arrangements with intermediaries that are of concern to the SEC staff, and the focus of the New Guidance on an adviser’s fiduciary duty to mitigate or eliminate conflicts of interest.

The New Guidance articulates clear expectations that fund boards will have a process to evaluate the nature of intermediary payments and that fund advisers will provide boards with information in the advisers’ possession that the boards need to carry out that evaluation. Another intent of the New Guidance is apparently to give the SEC a clearer basis to bring enforcement actions concerning the use of fund assets to pay intermediaries for distribution-related activities.

Practical guidance from experienced investment management lawyers.

Belief formation is a neglected part of research in consumer behaviour and a potentially valuable area of study for helping to clarify the conditions under which they relate to actual patterns of behaviour. Outlines the results of qualitative research undertaken as part of a major study of readers of the UK Ethical Consumer magazine, which used focus groups to explore issues of major concern to ethical consumers – such as fair trade – and an elicitation questionnaire with a broader sample to ascertain the nature of factors influencing their beliefs on this subject.

Competition in the beverage industry is increasing on all fronts (advertising, price, product proliferation, service, etc.). As a result, distributors need to understand what is important to retailers and assess how they and their competitors are meeting those needs in the supply chain. In this paper a performance system is proposed to assess the distributor‐retailer interface based on the integration of a number of concepts including customer service, relationship exchanges, competitive benchmarking, order winners (consumer preference perceptions), and portfolio analysis.Various performance matrices are constructed which indicate the importance level and service effectiveness for categories of service provided to retailers. These importance/ performance matrices provide a basis for distributors to develop marketing strategies for categories of retailers, as well as for individual retailers.

Fake news on social media about COVID-19 pandemic and its associated issues (e.g. lockdown) caused public panic that lead to supply chain (SC) disruptions, which eventually affect firm performance. The purpose of this study is to understand how social media fake news effects firm performance, and how to mitigate such effects.

Grounded on dynamic capability view (DCV), this study suggests that social media fake news effects firm performance via SC disruption (SCD) and SC resilience (SCR). Moreover, the relation between SCD and SCR is contingent upon SC learning (SCL) – a moderated mediation effect. To validate this complex model, the authors suggest effectiveness of using partial least squares structural equation modeling (PLS-SEM). Using an online survey, the results support the authors’ hypotheses.

The results suggest that social media fake news does not affect firm performance directly. However, the authors’ serial mediation test confirms that SCD and SCR sequentially mediate the relationship between social media fake news and firm performance. In addition, a moderated serial mediation test confirms that a higher level of SCL strengthens the SCD–SCR relationship.

This work offers a new theoretical and managerial perspective to understand the effect of fake news on firm performance, in the context of crises, e.g. COVID-19. In addition, this study offers the advancement of PLS as more robust for real-world applications and more advantageous when models are complex.

Prior studies in the SC and marketing domain suggest different effects of social media fake news on consumer behavior (e.g. panic buying) and SCD, respectively. This current study is a unique effort that investigates the ultimate effect of fake news on firm performance with complex causal relationships via SCD, SCR and SCL.

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the tribunal took great pains to interpret the intention of the parties to the different site agreements, and it came to the conclusion that the agreed procedure was not followed. One other matter, which must be particularly noted by employers, is that where a final warning is required, this final warning must be “a warning”, and not the actual dismissal. So that where, for example, three warnings are to be given, the third must be a “warning”. It is after the employee has misconducted himself thereafter that the employer may dismiss.

This paper focuses on the role of manufacturer brands for resellers within retail channels. This topic is important because of the strategic value of manufacturer brands and the increasing influence of resellers within channels of distribution. Much of the branding research emphasizes a customer-brand knowledge perspective; however, emerging perspectives suggest that brands are also relevant to other stakeholders including resellers. In contrast, channels research recognizes the manufacturer sources of market power, but does not consider the impact of manufacturer “push and pull” strategies within channels. Existing theoretical frameworks, therefore, do not address the reseller perspective of the brand. As a result, the research approach is a multi-method design, consisting of two phases. The first phase involves in-depth interviews, allowing the development of a conceptual framework. In the second phase, a survey of supermarket buyers on brands in several product categories tests this framework. Structural equation modeling analyzes the survey responses and tests the hypotheses. The structural model shows very good fit to the data with good construct validity, reliability, and stability. The findings show that manufacturer support, brand equity, and customer demand reflect the manufacturer brand benefits to resellers. A key contribution of this research is the development of a validated scale on manufacturer brand benefits from the point of view of a reseller. This research shows that the resources that relate to the brand, not just the brand name itself, create value for resellers in channel relationships.

To explore the nature and scope of good and bad practice in the relationships that UK supermarkets have with their suppliers of own‐label products in the main commodity sectors (meat, dairy, fresh produce).

The paper presents the results of a postal survey of supermarket suppliers, which formed part of a wider study of corporate social responsibility in UK supermarket supply chains.

The results demonstrate the heterogeneity in relationships between supermarkets and their suppliers of own‐label products in the main commodity sectors the extent to which retail and supply chain strategy is likely to influence the way in which supermarkets deal with suppliers. Best practice was most evident in the two supermarket supply chains where supply base rationalisation has virtually ceased and the adoption of lead suppliers and sole suppliers has been most evident in recent years.

Postal survey limited to suppliers in three commodity sectors, where buyer power is greatest. Would expect different results for relationships with branded suppliers.

With supermarkets coming under increasing scrutiny over the way they treat suppliers, the conceptual framework and survey instrument represent a mechanism for independent assessment of supply chain relationships in sensitive markets, which could be used constructively to encourage the more widespread adoption of good practice and the elimination of bad practice in supermarket relationships.

This paper presents the results of the first attempt anywhere to empirically measure fairness in relationships between supermarkets and their suppliers. Further research is necessary but the results of our early work are extremely encouraging.

The concept of sustainability is often viewed by organizational leaders as being abstract and difficult to apply in organizational reality. It is thus necessary to conduct more focused research to develop specific dimensions of the sustainability concept. In this context, the objective of this work is to analyze the social dimension of sustainability among supermarkets in Brazil.

Based on a literature review and the development of a framework of social business variables, the study examined which practices small and medium Brazilian supermarkets have adopted to promote the social dimension of sustainability. These companies were examined with the goal of relating the actions of each organization to their social performance.

The study found that the Brazilian supermarkets in the sample group practise social responsibility focused on strict regulations and labor laws; these practices conformed with existing legislation but did not address the development of broader actions or social projects. The results show continuities and discontinuities in the adoption of social practices among organizations in order to meet the requirements of labor legislation. The authors found a lack of social projects and greater integration into the community in which each supermarket operates.

The study contributes to research on social responsibility in retail, with a specifically Brazilian focus.

Delhaize Freres is a Belgian supermarket group with 78 supermarkets and a large number of affiliated stores, selling grocery and a number of non‐food Tines including hardware and perfumery. M. Fourez, the technical director, here describes his company's experience on being confronted with the pressing question as to whether to computerise their inventory management or to do it manually. Their final view was that the use of computers did not offer a profitable solution to the problem, owing to the difficulty of including all categories of article in a limited number of easily usable models. But he adds that such a decision will depend on a company's own character, its own philosophy and its own markets; the final decision is an individual one for each company to take. This is a summary of a paper read at the CIES conference.

The purpose of this study is to examine the antecedents of consumer engagement with supermarkets' social media accounts. Drawing on regulatory fit theory and social sharing of emotions theory, the authors test if the content posted on the social media brand pages of supermarkets dealing with a topic of high social relevance, such as the COVID-19 pandemic, stimulates social media consumer engagement and if and how the engagement is mediated by the arousal of positive and negative emotions.

The authors retrieved data from the Facebook accounts of the top 20 European supermarkets identified in the Deloitte 2020 Global Powers of Retailing report during the first wave of the pandemic from 1 March to 30 June 2020, collecting a sample of 2,524 posts from 8 different countries. After a content analysis to classify COVID-19 content, the authors applied the Baron and Kenny (1986) methodology to verify the hypothesised relationships.

The findings highlight a positive direct relationship between the social relevance of a topic (COVID-19) and social media consumer engagement mediated by the arousal of positive and negative emotions.

To the best of the authors’ knowledge, this is one of the earliest empirical research using Facebook data to investigate the role of the social relevance of content as an antecedent of social media consumer engagement with a specific focus on supermarkets. The paper contributes to the stream of social media literature investigating the antecedents of social media engagement behaviour, exploring the role of topics' choice and aroused emotions, which to date are both under-investigated.