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Due to the drawbacks to the comply or explain approach, several studies have proposed that an increased level of (public) enforcement and supervision is necessary in order to monitor inadequate explanations of non-compliance. (Lu 2021; [7] Hooghiemstra 2012; [14] Keay 2014; [20] Seidl et al. 2013; [21] Boiral 2013 [19]). Since the explanation ...
The board should maintain sound risk management and internal control systems. The board should establish formal and transparent arrangements for considering how they should apply the corporate reporting and risk management and internal control principles and for maintaining an appropriate relationship with the company's auditor.
The Independent Authority for Spanish Fiscal Responsibility (Autoridad Independiente de Responsabilidad Fiscal española, AIReF) is an independent agency for fiscal control in Spain. It was created in 2013 by the Spanish government , on the initiative of the European Union and to implement a constitutional mandate.
Command and Control (CAC) Regulation can be defined as “the direct regulation of an industry or activity by legislation that states what is permitted and what is illegal”. [1] This approach differs from other regulatory techniques, e.g. the use of economic incentives , which frequently includes the use of taxes and subsidies as incentives ...
The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign ...
"Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions that appear purpose-specific.
The Code sets stewardship standards for asset owners and fund managers (asset managers), and for service providers that support them. [1]The Code comprises a set of ‘apply and explain’ Principles for asset managers and asset owners, and a separate set of Principles for service providers (FRC Stewardship Code) The information is also sent to the Financial Reporting Council, which links to ...
Term Description Examples Autocracy: Autocracy is a system of government in which supreme power (social and political) is concentrated in the hands of one person or polity, whose decisions are subject to neither external legal restraints nor regularized mechanisms of popular control (except perhaps for the implicit threat of a coup d'état or mass insurrection).