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Additional info for ACCA P1 Governance, Risk and Ethics
Bonding costs Costs of arrangements that help to align the interests of the shareholders and managers. + Residual loss Losses occur for the owners, such as the losses arising from a lower share price, because the managers take decisions and actions that are not in the best interests of the shareholders. Monitoring costs and bonding costs will not prevent some residual loss from occurring. Reducing the agency problem Jensen and Meckling argued that when they act in the interest of the shareholders, managers bear the entire cost of failing to pursue goals that are in their own best interests, but gain only a few of the benefits.
Investors decide what the market price of a company’s shares should be. A company needs to satisfy the expectations not only of its shareholders, but of the investing community in general, if it wishes to sustain or increase the share price (and so the total value of the company). Institutional investors Institutional investors are entities that specialise in investing, mainly in shares and bonds. There are several types of institutional investor. Pension funds. These institutions hold funds that will be used to provide pensions to individuals after their retirement.
If shareholders in a company suspect that the directors are not acting honestly or with integrity, there can be no trust, and good corporate governance is impossible. 5 Responsibility and accountability The directors of a company are given most of the powers for running the company. Many of these powers are delegated to executive managers, but the directors remain responsible for the way in which those powers are used. An important role of the board of directors is to monitor the decisions of executive management, and to satisfy themselves that the decisions taken by management are in the best interests of the company and its shareholders.