This website uses cookies to ensure you have the best experience. Learn more

Corperate Governance Report Caltex

3879 words - 16 pages

Table of Contents
Section 1 1
1.1 Company Profile: 2
1.2 Corporate Governance Disclosures, and are they sufficient? 2
1.3 Key issues that may have impacted on the company’s corporate governance performance 3
1.3.1 Glass Ceiling 3
1.3.2 Climate Change 3
1.3.3 Petroleum Accidents 4
1.4 Potential ethical considerations impacting on the company and the industry in which it operates 4
1.4.1 Petroleum Industry 4
1.4.2 Price Fixing 4
1.5 Theoretical Frameworks supporting Caltex CSR disclosures: 5
1.5.1 Stakeholder/Legitimacy Theory 5
1.5.2 Agency Theory 5
2.1 Part a 6
2.1 Part b 7
Recommendations: 8
References 9

Section 1
1.1 Company Profile:

Caltex ...view middle of the document...

Sweeney & Worthington (2008) state that oil prices are a crucial element not only within transportation industries yet also within the banking industry which often affects countries at large. Given that an increase or decrease in crude oil based on the Australian Dollar will either create an earnings loss or gain for Caltex, to account for this fluctuation Caltex has adopted the RCOP NPAT method that removes this impact and provides an accurate reading of financial reporting (Caltex 2013).

1.2 Corporate Governance Disclosures, and are they sufficient?

The Annual Report lists Caltex 8 main corporate governance disclosures. Caltex ensures compliance with the company’s continuous disclose obligations as identified in Caltex Continuous Disclosure Policy (2012) (Caltex 2012). As stated in the Annual Report (2012), Caltex’s corporate governance disclosures and practices comply with the ASX Corporate Governance Corporate Principles and Recommendations and is sufficient, with the exception of Principle 2 – Structure the board to add value. Recommendation 2.1 in principle 2 states that the majority of the board should be independent directors. Caltex’s Continuous Disclosure Policy sets out the key obligations of the Board to ensure that they comply with the disclosure obligation (Caltex 2012). Caltex is committed to conducting business and operations in accordance with the high standards of corporate governance, and in the best interest of shareholders. In assessing the corporate governance of Caltex, the Horwath Corporate Governance Report is used as a benchmark. This reports measures and ranks corporate governance practices and policies of Australia’s largest 250 companies. According to the 2009 WHK Horwath Corporate Governance Report, Caltex Australia were rated 4, 4 and 5 stars in the years 2007, 2008 and 2009 respectively (Crow Horwath, 2009). In addition to this, when comparing Caltex disclosure levels with Shell, they both follow the corporate governance disclosures. Therefore is it important to disclose CSR performance when benchmarking against competitors. It is interesting to note that despite adhering to the ASX principles, no additional information has been disclosed.

1.3 Key issues that may have impacted on the company’s corporate governance performance

1.3.1 Glass Ceiling
Caltex, despite having a female CEO currently, are congruent with other Australian organizations in that they are skewed towards having a board comprised of males which blatantly compromises Caltex’s “Equal Opportunity Policy” (Caltex 2012). Research conducted by Curtin University in conjunction with the Western Australian government (2010) proposes that women are under-represented in senior management positions. There is significant evidence to suggest that there is a direct correlation between organisational success and the critical mass of female leaders. Caltex is gradually modernizing its board, balancing the amount of females to male ratio. In 1997...

Other Essays Like Corperate Governance Report Caltex

Living In A Cashless Society Essay

1637 words - 7 pages Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question

The French And Indian War: The "Real" First World War

1955 words - 8 pages The Seven Years War, or more commonly referred to as “The French and Indian War”, has been called the true First World War. In this book The French and Indian War: Deciding the Fate of North America, the author and historian Walter R. Borneman paints a detailed and elaborate picture that justifies the claim of it being the first true war of global proportions. If ever there truly was a climax to the never ending feud of the European powers

Is The Use Of Animals In Medical Research A Necessary Measure?

1513 words - 7 pages Throughout history, animals have been used in experiments to test product safety and obtain medical knowledge that benefits both humans and animals alike. Every year there are numerous medical breakthroughs, such as medications and surgical instruments, which are tested on animals to insure their safety before they are deemed acceptable for human use. Even though the results of the experiments saved millions of human lives, they are also

Education And The Evolving Job Market

2363 words - 10 pages The lives of students today are changing. They are preparing for lives and jobs that have never before existed. If teachers hope to have a significant and worthwhile impact on these quickly changing lives, they must change the way they think, prepare, and instruct our future generations. Children cannot afford to have teachers who remain stagnant in their methods and ideals. Students crave instructors that are willing to allow them to tap

Young And Relentless

1737 words - 7 pages There are numerous influences that can be responsible of teenager’s behaviors and attitude as they develop. One factor that is important to these behaviors is parental figures being over involved or uninvolved in their children’s lives. Many of these effects include illegal substance abuse, rising sexual activity, underage alcohol consumption, and tobacco use. Studies show parental participation plays a key role in the characteristics developed

The Natural Law Theory

1231 words - 5 pages Obeying by the natural law theory is the only true and moral way to live life; especially a life lived in God’s image. God’s presence is a guiding factor to obtaining a moral and virtuous life, which can only be obtained by following the natural law theory. God created a set of laws as a supreme guide for humans to live life, like any law these laws were created to ensure wellbeing for everyone. The laws he created are the civil law, the natural

Resolved: Presidential Signing Statements Threaten To Undermine The Rule Of Law And The Separation Of Powers

1811 words - 8 pages with controversy, during the Bush administration (Ellis & Nelson, 2010). In 2006, a report by the American Bar Association, one that had been ordered by the GAO in response to President Bush’s apparent misuse of signing statements, condemned the use of this executive instrument. This report pushed the President to veto bills that he or she did not entirely agree with, rather than implement a signing statement. In addition, the ABA called for

Oppressive Systems Of Government In Egypt And Animal Farm

1529 words - 7 pages As in Egypt, Orwell demonstrates through his allegorical novel “Animal Farm” that leaders are able to establish and maintain power over a people, and in turn create an oppressive and corrupt government system. Orwell shows the significant difference in the education and levels of knowledge in the animals, and how the government takes advantage of this difference. The split between the levels of intelligence is portrayed in the first chapter when

The Pathway To Psychosis

1415 words - 6 pages and 2346 women). These subjects were a random sample of “military conscripts” (Rossler, et al., 2011, p. 13). It is important to note that at the time of this study in Switzerland all male citizens were ordered to present themselves for “military conscription” (Rossler, et al., 2011, p. 13). All subjects filled out a self-report questionnaire of 90 questions covering a wide variety of psychiatric symptoms (as well as a range of

Rated “M” For “More Censorship Not Needed”

1241 words - 5 pages increased drastically over time, it is important for every parent to know what they are purchasing for their child, not just 85 percent of them. Both the studies by the Peter D. Hart Research Associates and Federal Trade Commission agreed that 2007 had the highest rates of parental awareness regarding the ratings of video games. In a report to Congress, the Federal Trade Commission found that “83% of parents are aware of the ESRB ratings, and 74

Four Components Of A Legally Astute Social Media Marketing Manager

1914 words - 8 pages With the advances in technology constantly changing companies have to find better ways to market their products to consumers. The explosion of Facebook has given companies a way to market products to consumers. Examine how a legally astute manager can use social media to his advantage. Review different forms of dispute resolution and determine which one works the best. What is the best course of action, the government can use to

Related Papers

Ratios Introduction Essay

1386 words - 6 pages INTRODUCTION Ratios are highly essential profit tools in financial analysis that help financial analysts implement plans that improve profitability, liquidity, financial structure, reordering, leverage, and interest coverage. Although ratios report mostly on past performances, they can be predictive too, and provide lead indications of potential problem areas. PURPOSE The purpose of this report is to analyse four years of Kenol Kobil

The Separation Of Capital Ownership And Control

1577 words - 7 pages are anxious about the problem raised from hiring managers. For example, Jonathan Macey explored the unsurprised disappointment act of top managers in his Corporate Governance as Promise (2008) that instead of pursing investors’ interest, corporate governance is about to deviate propensity of the firm from investors’ expectation by controlling capitals. His arguments based on the assumption of the legitimacy of Coase’s “Theory of the Firm” which

The Versatility And Flexibility Of Oled's

1014 words - 5 pages In April 1, 2002, organic light emitting diodes gain rise in the scientific community with their published, more practical form at Ames Laboratory. “Scientists at the U.S. Department of Energy's Ames Laboratory, in collaboration with scientists at the University of Michigan, Ann Arbor, have developed and demonstrated a novel, fluorescence-based chemical sensor that is more compact, versatile and less expensive than existing technology of its

Comparing The Moral Virtues Of Antony And Julian The Apostate

1103 words - 5 pages Roman emperor Julian the Apostate and Christian leader Antony both exhibited many qualities of character during their existence. Both of them led very distinctive lives although shared several ethical values. Book 25 of “The Later Roman Empire” and the book “Early Christian Lives” show concrete evidence of this. In the following essay, I will argue how both leaders’ lives were devoted to their religious beliefs and their mutual cardinal virtues