Combine Code Essay Example | Topics and Well Written Essays - 1000 words

Combine Code - Essay Example Every stakeholders or shareholders shall also have the right to examine the organization’s books of account to its satisfaction. Dialogues and consultation between the board of directors and the stakeholders should not be limited to the annual general membership (AGM) meeting. In the interest of the public’s and stakeholder’s rights, the accurate state and fiscal condition of the organization shall be fully disclosed to the stakeholders. The United Kingdom’s Corporate Governance Code’s aims to protect the interest of stakeholders or shareholders of the organization in particular and the public’s interest in general. The Governance Code mandates that controls and risk mitigation processes with the aim of protecting the interest of stakeholders are instituted and maintained by the executive board tasked to manage the affairs of the organization on day to day basis. The executive board are mandated to regularly report incidents and or explain in cidents that would appear to be serious breaches in security. B. Explain why over the last two decades, numerous attempts have been made to improve corporate governance in the UK Organizations that operated in multiple jurisdictions have in the past been threatened by scandals or have been embroiled in scandals that affected not only the financial health of the countries where they operate but also the shareholders who are residents of the UK. Foremost of these are financial institutions hold principal offices in the UK or most of its stakeholders are UK residents and the same organizations due to size, operation and influence have threatened the economic health of a country or the region in general if they are not properly managed. Exercising its inherent right to protect the public’s interest, the government has been mandated to ensure that corporate governance is properly implemented in every organization where it has jurisdiction. This is to ensure that any financial mism anagement is detected and mitigated before it can adversely affect the entire organization and the country in general. Corporate governance is a set of controls designed to ensure that all decisions of the executive leadership of an organization are compliant with good governance or if not, the leadership should be able to explain the rationale behind such decisions or directions. The UL Combined Code of Corporate Governance are therefore designed to prevent a national financial crisis that can be rooted from mismanagement or mishandling of funds in particular or the company in general from taking place. Recognizing the need from the experience of other countries, specially the United States, and was affirmed by its own experience in the 2008 financial crisis, the UK reviewed its corporate governance law. The need to improve stricter controls and update the intent and scope of the law prompted the review and revision of the UK combined code of corporate governance. C. Outline the re commendations of the UK Combined Code (2010) concerning the ‘board chairman’ and briefly discuss why the code does not support board duality. Corporate governance practices have been embedded in corporate structures to make corporate officers more aware of their responsibilities and demand from them accountability and transparency in the performance of their fiduciary functions as well as in

Global Business Strategy Essay Example | Topics and Well Written Essays - 3000 words

Global Business Strategy - Essay Example The study also includes the opportunities and the threats that might be faced by the organisation due to globalisation. It also highlights the varied assets and resources of the organisation, which has helped in expanding its functions in global markets. The study also aims to spotlight the numerous issues of Valero Energy Corporation that must be condensed in order to prosper and to sustain in future among other competing organisations. Table of Contents Executive Summary 2 History and Internationalisation Process of Valero Energy Corporation 4 Current External Environmental Conditions 5 Industrial Conditions 6 Resource Audit of Valero 7 Identification and Evaluation of Firm’s Current Strategy 8 Analysis of Strategic Approach of Valero to the Global Management of Its Operations 11 Issues Faced By Valero 12 Recommendations 13 References 16 Bibliography 20 History and Internationalisation Process of Valero Energy Corporation Valero Energy Corporation is one of the largest and autonomous oil refineries of the United States. It is a reputed brand and a Fortune 500 corporation with its head office located in San Antonio of Texas. Valero is the producer and the marketer of transportation oil along with varied other petrochemical products. Along with refining, it also functions in two other segments namely retail and ethanol. In addition, Valero encompasses and functions with the help of 15 refineries throughout the entire United States, Canada, Caribbean and the United Kingdom. With the help of the acquisition of the refineries, Valero produces a capacity of approximately 2.9 million barrels of oil every day. The prime objective of Valero is to offer its customers clean and sterile fuel and other petroleum products in order to enhance its consistency and dependency (Valero Marketing and Supply Company, 2012). Valero is a leading manufacturer of ethanol as well encompassing of a capability of generating about 1.1 billion gallons each year in order to satisfy the needs and the demands of its consumers. Valero is one of the foremost retail operators of refined fuels and markets its products on a wholesale basis throughout bulk and rack networks along with 6,800 retail outlets named as Valero, Beacon and Diamond Shamrock. The organisation was established in the year 1980, with the aim to diversify itself into an international conglomerate operating in oil and gasoline sector. Valero started its operation as a spinoff of a Coastal States Gas Corporation and is also recognised as the global manufacturer and dealer of transport fuel (Valero Marketing and Supply Company, 2012). Valero is a vehicle of advancement which always attempts to enhance its business operations throughout the world with the help of varied mergers and acquisitions such as Basis Petroleum Inc, Ultramar Diamond Shamrock and Pembroke Refinery. This strategy has mainly resulted due to the increasing demand of fuel in the eme rging markets across the globe in order to develop and update their economies along with sluggish growth rate of oil in the markets of the United States. It is one of the most imperative strategic challenges faced by Valero, which forced the management to undertake this tactical step. It proved quite beneficial for Valero to augment its international functioning resulting in improvement of its net revenue to US$ 125,987 million in the year 2011 as compared to US$ 82,233 million in 2010 (Valero Marketing and Supply Company, 2012). Moreover, the operating income also enhanced to US$ 31, 293 in 2011 from US$ 20, 561 in the year 2010 (Valero Energy Corporation, 2010). Thus, international business dealings helped Valero to augment its brand identity and equity among other competitors of this segment in the global market. The objective of the