There is no higher responsibility, there is no higher duty of professional management.
Since manager Dean McQuiddy took on double management duty in 1999, AmSouth has a 3.7% annual return, while Target has lost 1.3% a year.
The infractions committed by these financial representatives and their firms span a broad range, including misrepresenting investments, omitting facts, overtrading to generate commissions, unauthorized trading in client accounts, unsuitable recommendations, overconcentration in risky investments, breach of ethical duty and lack of management oversight.
While most boards recognize this duty to ensure that management does all it can to maximize this future value as well as stave off present dangers, in this article, I want to offer a simple but powerful information system that can help boards better fulfill this duty.
Considering how far within Railtrack the failings went, Judge Bright said that although there were very serious failings by Jarvis, "overall responsibility for the breach of duty lay with Railtrack at senior management level and their failures were significant and extensive".
The law states that money management firms owe a fiduciary duty to their clients.
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Ben Thornley: We were surprised to discover that, even within the constraints of fiduciary duty and the strictures of conventional portfolio management, US institutional asset owners have been very creative in finding ways to support regional economies and deliver the other secondary social or environmental impacts of priority to beneficiaries.
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Some of the problems the regulator sees with audits are a lack of auditor professional skepticism and an inappropriate focus on building and maintaining the client relationship with the company management rather than on performing a public duty for shareholders.
One that refuses to do so might almost be seen as protecting the rights of said management rather than the shareholders they actually have a duty to.
Citigroup and Legg Mason are said to be discussing a swap of the latter's broking operation for most of the former's asset-management business, because having the two compromises brokers' duty to their clients.
Revenue Scotland will be set up to ensure the "efficient" and "effective" care and management of the devolved taxes, including the replacement for stamp duty, while Registers of Scotland will collect land and buildings transaction tax.
It happens because senior management understands both the importance of what is happening and their fiduciary duty to protect the assets of the organization.
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Add to this the gymnastics involved in building in the power management features to get to a ten-hour-per-charge duty cycle.
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"Each year we honor America's fire service heroes who gave their life in the line of duty to serve their communities, " said Joe Allbaugh, director of the Federal Emergency Management Agency.
Suning maneuvered to capture Chinese tourists purchasing duty-free electronic items in Japanese retail shops, as well as bring Laox sales and product management expertise back to its Chinese retail stores.
Our professional skepticism has to be that without strong audit standards and a strong duty of care and a strong sense of clarity about what auditors do we have to be skeptical that management and financial statement preparers will provide the information voluntarily or be willing to acknowledge the significance of the information.
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