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ProfessionalLevel–EssentialsModule,Paperernance,Riskand December2011(a)Corporatecodeofethics.Thefirstiscommunicatingtheorganisation’svaluesintoasucctandsometimesmemorableform.Thismightinvolvemayinvolvedecidingonthelegitimacyoftheclaimsofcertainstakeholdersandhowthe willbehavetowardsthem.Third,acodeofethicsisameansofconveyingthesevaluestostakeholders.Itisimportantforinternalandexternalstakeholderstounderstandtheethicalpositionsofa howthe willbehave.Thisisespeciallyimportantwithpowerfulstakeholders,perhapsludingcustomers,rsand,acodeofethicsservestoinfluenceandcontrolindividuals’behaviour,especiallyinternalstakeholderssuchasmanagementandemployees.Thevaluesconveyedbythecodeareintendedtoprovideforanagreed givensituationarisesandtounderpinawayofconductingorganisationallifeinaccordancewiththosevalues.Fifth,acodeofethicscanbeanimportantpartofanorganisation’sstrategicpositioning.Inthesamewaythatansociety.Itscodeofethicsisaprominentwayofarticulatingandunderpinningthat.EvaluateCoastalOil’sInthecaseofCoastalOil,the contributionandenvironmentalresponsibility.CoastalOilstateditsaimtoachievefullcompliancewithrgulationinalljurisdictionsTheontractwithWellServiceswasthecasethatthe operatinginEfflandwaters,mayhavebeenbreached.Intermsofthesafetyandcareofemployees,the controlfailures.IfCoastalOilsawtheprotectionofemployeesashicalissue,itmighthaveadopted,orensuredthatitsJVpartnersadopted,the‘higheststandards’ofperformanceinensuringtheirsafety. bemanystakeholderseagertohearCoastalOil’sviewonwathadhappened,ludingthefamiliesofthosekilledandinjured,blemstthecommuitiesalongtheEfflandcoast.Businesswasdamagedduringtheimportanttouristseasonmeaningthatcommunitieswerelesssupported,intermsofe,overthoseimportantmonths.reasonablyentitledtoconcludetatithasfaileditsohicalstandards.Giventhatthe whetherdirectlybyCoastalOilemployeesorthroughthepartnersintheJVsuchasWellServices.Voluntarydisclosureandenvironmentalriskreporting,usuallyinannualreports,interimreportsoronwebsites,containsbothmandatoryandvoluntarydisclosures.Mandatorydisclosuresarethosestatementsthatarecompulsoryunderrelevant listingrules.Inmostjurisdictions,mandatoryitemsarethemainfinancialstatementssuchasestatement,statementnumericallyandsoadditionalinformationisneeded.Thechairman’sstatement,chiefexecutive’sreview,socialandenvironmentaldisclosure,inlectualcapitalreportingandriskreportingareallexamplesofvoluntarydisclosureinmost[Tutorialnote:mandatoryandvoluntarydisclosuresvaryslightlybetween9MaterialtoVoluntarydisclosureisofinteresttoshareholdersbecauseitprovidesinformationthatcannotbeeasilyconveyedinstatutoryenvironmentalriskisclearlymaterialtoshareholdervalueandislikelytoremainsowhilethe andprocessoil.Thisisa‘structural’riskresultingfromthe potentiallyhighlymaterialandcapableofaffectingthevalueofthe .Theextentofpotentialexposure(totalimpacts),toorappetiteforrisk.Inaportfolioofshares,someinvestorswillwanttoblendcertainrisksandreturns,andknowingabout ’srisksisimportmakingthesejudgements.valueandhencethepotentialvolatilityandattractivenessoftheshare.Thecasesaysthatthedisclosurewouldcontain‘valueenvironmentalriskreportingispotentiallyquitehigh:shareholderswereunawareofthepoorinternalcontrolsontheEfflandruptureanlspillontheEfflandCoastalOilRig,theexnatioofthesemeasurescouldbevitalinrestoringinvestorconfidence.Inparticular,theyshouldreassureshareholdersthttheacidentshouldnotre-occur,orthatifitweretore-occur,furthercontrolswouldbeincetooffsettheworstofthedamage.Itislikelythatmoredetailedandgranulatedenvironmentalreportingwouldbevaluedbyshareholdrs,especiallythosespecialistinstitutionalshareholdersmadecautiousbytheEfflandaccident. InternalcontrolboardtoprovideafullandfrankstatementontheinternalcontrolfailuresthatledtotheaccidentontheEfflandCoastalwhereIbelieveourinternalcotrolswerebelowstandard.IshouldinformthecommitteethattheownershipandmanagementoftheoilrigwascomplicatedbythefactthatCoastalthatotherpartnershadresponsibilites,ludingcontrolofsmeoperationscrucialtothesafetyofstaffandtheoilconnectingpartwasdeployedatadepthbeyondthatatwhichitwasdesignedtooperate(i.e.beyonditssafetytolerance).Iwastroubledbythesuggestionthatcostmayhavebeenapartialexnationforthis.Inbothofthesecases,hencethemanagementstyleofarig’sindividualmanageresthedefiningissueonwhetheracertaininternalmeasuresandlessonhumanjudgement.resultedinsuchenvironmentalandeconomicdamage.()Subjectiveandobjectiveriskthiswasgoingtohappen’.WhilstIunderstandthesenator’sangerattheeventsthathavesobadlyaffectedhis‘scientifically’measuretheprobabilityofagiven agivenday.Insuchasituation,Imustusemoresubjectivejudgement.Similarlywithregardtoimpact,ImightbeabletoassesstheimpactofmylossshouldmycargetstolenbutIcouldfigureforassessingthatrisk.TheprobabilityofhavingmycarstolenwouldreaseifIweretoleaveitunlockedandthisunderlinestheimportanceofcontrolstohelpreducetheprobabilitiesofadverseeventshappening.ArgueSenatorThisbrinetoSenatorJones’sremarkthatI‘shouldhaveknown’theaccidentwasgoingtooccur.I’mafraidthathisuncertaintyinbothassessingtheprobabilitiesandimpactsofriskevents.orinjuryintheeventofagiven thatIwasunawareofthosefailuresbecauseofthenatureoftheinformationsystemslinkingrigstoourland-sidewouldhavereachedmeexceptbyexception.Hemaybejustifiedriticisingthese,andIhaveexinedalreadythatIviewtheseinformationfailuresasaninternalcontrolissuethatwemustresolve.(i)Healthandsafetyinouroperationsgivingrisetocompromisedhumanwelfare.Healthandsafetyrisk,andparticularlytheprobabilityofagivehealthandsafetyriskmaterialising,isgenerallyreasedbyanumberoffactors.Thefirstisalackofahealthandsafety.Insomeindustries, hazardsthatarise.Onceidentified,anewhazardorimpactmustbeaddressedwithaorawayofdealingwithhealthandsafety,orbelieveittobeunimportant.Thereissomeevidencethatthiswassadlythecaseontherig.(iv)riskmanagementispartlyatrade-offbetweenthecostofcontrolandlevelofperceivedrisk.Weoperatetoapripleriskandtheacceptabilityofthatriskor,inotherwords,ariskismoreacceptablewhenitislowandlessacceptablewhenitishigh.Accordingly,risksassessedas‘high’intermsofprobabilityand/orimpact,musthavecredibleandcosts.Thismeasthatriskscannotbecompleyeliminated,muchasImightwishthattheycould.ecomcent,ofcourse,butmerelythatIshouldbehonestinsayingthattheprobabilityofoccurrencecannotofsafetyequipment,toreducetheimpactofaneventshoulditoccur.(a)Rulesand Distinguishrules-basedcountry(jurisdiction),allprovisionsarelegalrules,underpinnedbylaw,transgression wheredispensationsaregranted,again,undertheprovisionsofthelaw).Inapriples-basedjurisdiction,legalappliestotheprovisionsof butthatprovisionsmaynotbecompliedwithinfull,usuallyforalimitedperiodifthefullreasonfor plianceisexinedtotheshareholders.Thisallowsforthemarkettojudgetheseriousnessofthe re-appraiseorrevaluethe asaresult.CriticalevaluationofTheremarkintheGeelandCodestronglyarguesinfavourofapriples-basedapproachtocorporateernance.InTheargumentsinfavourofthereportingrequirements(forexampleoninternalcontrols),consultancycosts,reasedmanagementcostsandreportingcosts.Wheresomeflexibilityispossible,thepriples-basedapproachallowssome‘commonsense’tobeemployedintheextentofdetailedcompliance.Apriples-basedapproachisflexibleandallowscompaniestodeveoptheirownapproach,perhapswithregardtothedemandsoftheirownindustryorshareholderpreferences.Thiscestheemphasisoninvestornedsratherthanlegalinternalcontrolreportingrequirementsascompaniesnhigherriskindustries.Aslongasshareholdersrecogniseandaresatisfiedwiththis,thecostadvantagescanbeenjoyed.periodsmightsimilarlybevaried.Intheevntofasudden,unexpectedchangesuchasadeathinservice,a enphaseoftechnical pliancebut,withsuitableexnationofthereasonfor willneverthelessbesatisfied.thecostsofalargenational‘watchdog’tomonitorandendetailedcomplianceisconsiderable.ArgumentsTheremaybeonfusionoverwhatiscompulsoryunderlawandwhatispriples-drivenunderlistingrules.Alackofclaritybetweenegally-requiredcomplianceandlistingruleswhicharesubjecttocomplyorexin.Thismayconfusesomemanagementteamsandcause plianceborneoflackofadviceandinformation.lengthyperiodsof whyagivenprovisionisnotcompliedwithnorappreciatethepotentialconsequencesofthe complyorexinstatementsmightmisleadshareholders.apriples-basedapproachallowssomebadpracticetocontinue.Afullcomplianceregimeislikelytoprovideagreateroverallconfidenceinregulationandthis,inturn,willfurthersupportlong-termshareholdervalue.Arules-basedapproachprovidesstandardisationandpreventsanyindividualcompaniesgainingcompetitiveorcostadvantageswithlowerlevelsofcompliance.Thiscreatesa‘levelyingfield’inwhichallcompetitorsinanindustryunderstandwhatisrequired.[Tutorialnote:allowindividualargumentstobeusedfororasSeparationofinvolvingunfetteredpowerandtheabuseofshareholderwealthasaresult.Accountabilityisbetterservedbytheseparationofrolesbecausethechiefexecutivehasanamed,inadditiontothenon-executivedirectors,towhomheorshemustaccountforthe servestoprotect thantoservethebestinterestsoftheshareholders.Third,bothrolesarecomplexanddemanding.Inlargecompanies,itislikelythatthetworolescannotbecarriedouteffectivelybyone .Bygainingtheadvantagesofaseparationofduties(andhenceadivisionoflabour),theperformanceofthe skills,anditenhancesorganisationaleffectivenessforochairth chiefexecutiveisanexecutivedirector.Havingthisdisttionatthetopofthe allowsthechiefexecutivetobehandsonanddirectlyinvolvedinthemanagementofthe ,whilstthechairmancanadoptamoresupervisorycomplyorexinstatementscanbeissuedtherebypromotinginvestorconfidence.ComplyorexThestatementclearlyidentifiestheoneareaof plianceandrepresentsafulldischargeofthe obligationtocomplyorexin.Inapriples-basedjurisdiction,thisstatementisrequiredunderlistingrulesandinvolvesinformingshareholdersofthelevelofcomplianceandalsospecifyinganyareasofnoncompliance,whichthe doneinthiscase.Itisclearandofambiguityinwhatitsays.Clearlythough,oneaeaof plianceiined.Theareaofplianceisidentifiedandtheindividualisnamed.ThenamingofWilliamKlunkermaybematerialbecuseifheknownandtrustedbyshareholders,thebreaaybelessimportantthanifhewerelessknownandlessItdoesnotprovideagoodreasonforthe control’whiightbeseenasweakbysomeinvestors.ThereasonsforcombiningtherolesinJuly2009arenotgivenandsoitcouldprobablybearguedthatthisisnotafullenation.Itdoes,however,provideadateforreturningtofullcompliancewhianagementcanbeheld failure.Thiswillreassureinvestorsthatitsperiodo plianceistemporaryandthedefaultpositionofthe toremaininfullcompliancewiththerelevantcode.(a)CEO’srewardoftherewardintheformofavariablepaymentlinkedtocorporateperformance.Influencingcommitteebelievesthistobedoubletheprevioussalaryshewaspaidwhenthegasrwasownedbythestate.Legal,fiscalorregulatoryconstraintsarerelevmanysituations.Publicservants,ludingthoseemployedbystatemonopolies,aresometimesconstrainedintheirearningsbylegislationorumdifferentials(i.e.acompulsorymultiplebetweenthehighestandlowestpaidinanorganisation).MrsEvans’ssalaryhadpreviouslybeenlimitedbecauseof‘ernmentconstraintsonthesalariesofpublicservants’,buttheprivatisationmeantshewasnowofthislimitation.Thethirdinfluencigfactorsarepreviousperformanceinthejob(ifrelevant)andthe this,ithasnotonlydecidedtomendherretentioninpostbutalsothesubstantialpayrease.Theknowledgeofherstrategicandcommunicationsskillsisbaseduponobservingherinpostwhensheworkedforthenationalised basedonthese,thereisabeliefshewillperformwellinfuture.case,DaleGasappearstobeseekingtopayMrsEvansthereasedsalarydespitetheconcernsofsomeinsociety.MarketriskMarketriskconcernspotentiallossesoncapitalmarketsfromchangesinthevalueorvolatilityofasharepriceorotherthought,byTomNwede,tobeasourceofmarketriskbecauseherlosswouldcauseadevaluationofDaleGasshares.JustifytheweretheexperiencedMrsEvanstoberecedbecauseofthepublicconcern.reasedvolatilityorareductioninsharepricecouldresultinalower valueandalowerreturnoninvestmentforthesofXYInvestmentsandothershareholdersinDaleGas.MrNwedeisclearlyoftheviewthatMrsEvansisimportantforthestabilityofDaleGasafteritsprivatisationandforthemitigationofmarketrisk.Heissayingthatitwasimportantthattheorsandopposinallshareholdersdidnotwininopposingthesalaryreaseasthatreasewas,hefelt,importretainingandmotivatingMrsEvansintheimportantperiodahead.Shareholdersgreatlyvaluecompetentleadershipinthecompaniestheyinvestin,andMrsEvanswasclearlyheldinhighskills,bothofwhicharevaluedbyshareholders.The andhercommunicationskillswillbenecessaryinmanagingthebusinessandonveyinginformationtoshareholdersandunfamiliarwiththegasindustryandwouldneedtolearntheirnewrolesatastrategicallyimportanttimeforthe Thiswould,accordingly,bevaluedbyshareholdersinthat dbeasourceofvaluableexperiene,continuityandeffect).Thesechangesaredeemednecessaryandsofutureshareholdervalueislikelytodependuponthembeingcompetentlyandfullyimplemented. votingvotingAisasubstituteor‘other ’hatcanbenominatedtoattenda meetingtoexercisethevotesofshareholdersunableorunwillingtoattendinpeson.Thecanbethe chairman(wheretheshareholderagreeswiththedirectors’mendationonapartcularvote)oranother form’transferringtheshareholder’svotingrighttothe .Aotherthanthechairmanwillalmostalwayshaveisessentialalculating eofeachTheadvantagesoftheappointmentofa in.Thisesmoreimportantasthenumberofindividualstocksinafundreases.Wherevotesareroutineanduncontested,thereisnoneedforfundmanagerstoattendin andvoting(wheretheisa byMrNwedewithnopossibilityofthemchanginhisvotingwerehetoattendin.RightsandresponsibilitiesThecommentbyAlbertDooidentifightsandresponsibilitiesasbeinoessentialcharacteristicsofcitizenship,beitorganisationssuchasBiggo.ThequestionasksaboutrightsandresponsibilitiesinthecontextofBiggo.thispermission).Aresponsibilityisadutyowed,bythecitizen(inthiscase,Biggo),backtosocietyasaquidproquofortheextensionofwithallrelevantlawsandregulations,ludingthepaymentoftaxes,andcompliancewiththebehaviouralnormsofthattheethicalresponsibilitiesarerecognisedthatisthesubjectofdisputealongtheGray,Owen&Adamscontinuum.Theseconcerntheethicalassumptionsoftherolesofabusinessinsocietyandareasfollows:thepristinecapitalist,thetheperceivedrightsandthegreatertheresponsibilitiesofthe anditsagentstoamorewidelydefinedgroupofAtthe‘pristinecapitalist’endofthecontinuum,rightsandresponsibilitiesareunderstoodpripallyintermsofeconomicmeasures.The societyandtheerning .Inreturn,itsresponsibilitiesarelimitedtotheprofitableproductionofgoodsandbusinessestopursueanyothersocial,environmentalorbenevolentend.Inthiscontext,itisclearlynotthe responsibilitytouseshareholders’moneytocontributetothenewchildren’syarea.andtotheenvironmentthatmightseriouslyconstraintheirbehaviourandactivities.Thetwoofwhatreturncanbegainedfromsocialresponsibilitypoliciesandactions.Inotherwords,itmaybeexpedienttoadoptanyimplicitsocialresponsibilityassuchandsocialpoliciesarethereforeonlypursuedifaclearstategicrationalecanbeidentifiedforthem.Hiscommentconsiderstheactionstowardsthecommunityintermsofcultivatingcurrentandfutureemployees:itisanendscanbeachieved.Hehighlightedthreestrategcbenefitsthatmightarise:itmight‘cultivatethe specificallyinorder‘helpinfuturerecruitment’.Third,itmight‘helptoreduce toanyfutureexpansiontheof‘excellentproducts’.ThepurposeofBiggoisnottoengageostlysocialresponsibilitymeasuressuchascommunitythatthe had‘nofurthercontactualorethicaldutiestothelocalernmentnortothelocalcommunity’,shewasdemonstratingapristinecapitalist.Socialresponsibilityinterestoftheirshareholders.Thiscanapplytoth ’sstrategyandthewayinwhichthe iserned,butMrDooisreferringtothespecificsociafootprintthatthe thompanyhas,i.e.theeffectof have.Itispossibletointerpretthisphrasenarrowly,asMargaretHeggshasdone,ormorewidely,asAlbertDoohas.Shortandlong-termThisquestionrecognisesthattheattitudethompanymaytaketowardsaparticularstakeholderclaimcanvarywhenatimeisintroduced.islikelytoconsiderthelegitimacyofaclaimintermsofitseffectonlong-termshareholdervalue.Intheshortterm,BiggomayseetheclaimfromMrDoo,onbehalfofthecommunity,asacostbecausea‘sizeable’ofreduceddividendsandapotentialreductioninshareprice. tofuturefactoryenlargements).Thecasementionsthe makingthecontributionasrequested.ProfessionalLevel–EssentialsModule,Paperernance,Riskand December2011Marking(a)1markforeachpurposeofacodeofethicstoa 1markforevaluationofeachpoint.(10 2marksforeachbenefittoshareholdersidentifiedandassessedtoa umof8marks.Halfamarkforidentification um10Halfamarkforexnationofeachand/orevidenceofunderstandingtoa 2marksforeachargumentdevelopedthesenator’sstatementtoa umof4marks.(i)1markfor markforex nationofeachfactortoa Halfamarkforidentificationonly.

(10(8(4 (4(4(a)4marksfordistinguishingbetweenrulesandpr iplesbasedapproaches.Upto2marksforeachargumentfororgainst,to

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(5Biggo,toa umof6marks. um10 (61markperrelevantpointonsocialresponsibilitytoa 2marksforrecognitionofshortandlong-terms.(9專業(yè)水平答案–基礎模塊 P1治理、風險和道德2011年12月答1(a)（有時與專業(yè)準則相對照）第三，道德準則是向利益相關者傳達這些價值觀的一種手段。對于和外部利益相關者來說，了第四，道德準則可以影響和控制個人的行為，尤其是管理層和員工等利益相關者的行為。準則WellServices在員工的安全和關懷方面，該公司也沒有按照自己的標準表現(xiàn)得很好。沿海石油鉆井平臺八名員工的死亡是由于一系列控制失誤導致的健康和安全失誤造成的。如果沿海石油公司將保護該公司給人的印象是缺乏透明度和溝通失敗。由于沿海石油公司和油井服務公司之間存在爭論 從社會貢獻來看，漏油事件造成了一些負面的社會后果。漏油事件給海岸沿線的社區(qū)帶來了許多問題。在重要的旅游旺季期間，業(yè)務受到損害，這意味著在這些重要的幾個月里，社區(qū)在收入 點，無論是直接由沿海石油公司員工還是通過合資企業(yè)的合作伙伴（例如WellServices）。b)自愿披露與環(huán)境風險公司報告（通常在年報、中期報告或網(wǎng)站上