By Emile Woolf International Publishing

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Additional info for ACCA P1 Governance, Risk and Ethics

Sample text

Ideally, the ‘contract’ between the owners and the managers should ensure that the managers always act in the best interests of the owners. However, it is impossible to arrange the ‘perfect contract’, because decisions by the managers (agents) affect their own personal welfare as well as the interests of the owners. This raises a fundamental question. How can managers, as agents of their company, be induced or persuaded to act in the best interests of the shareholders? 3 Agency conflicts Agency conflicts are differences in the interests of a company’s owners and managers.

As a part of this arrangement, the owners must delegate decision-making authority to the management. The owners expect the agents to act in the best interests of the owners. Ideally, the ‘contract’ between the owners and the managers should ensure that the managers always act in the best interests of the owners. However, it is impossible to arrange the ‘perfect contract’, because decisions by the managers (agents) affect their own personal welfare as well as the interests of the owners. This raises a fundamental question.

It also refers to the ease with which an ‘outsider’, such as a potential investor or an © Emile Woolf Publishing Limited 23 Paper P1: Governance, risk and ethics employee, can make a meaningful analysis of the company and its intentions. Transparency therefore means providing information about what the company has done, what it intends to do in the future, and what risks it faces. 3 „ In public sector organisations and government, openness means telling the public, and not making decisions ‘behind closed doors’.

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