Nobody downloaded yet

Privatisation in UK - Essay Example

Comments (0) Cite this document
Summary
We must do what we can to encourage corporate responsibility. But we cannot leave companies to regulate themselves globally, any more than we can do in our own national economies." - Jack Straw MP, Secretary of State for Foreign and Commonwealth Affairs, September 2001
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.3% of users find it useful
Privatisation in UK
Read TextPreview

Extract of sample "Privatisation in UK"

Download file to see previous pages Privatisation in the UK has been part of a broader strategy to increase the role of markets in former state industries, to change the means of public control (by substituting arms-length regulation for more direct political control) and to modify incentives to economic efficiency. This process has taken more than fifteen years so far, and will take longer still to come to come to full fruition.
The Government's approach to Company Law Reform has been dominated by a desire to please sections of the business lobby. This has undermined attempts to deliver corporate responsibility. In November 2005, Gordon Brown announced his intention to scrap the Operating and Financial Review (OFR), which would have obliged companies to report on their social and environmental performance. It is thus inevitable to take into consideration the underlying system of national (corporate) laws that regulates this field or that suffers from proper implementation, reform or application. The law is directly related to the performance of management in the process of directing and controlling the company as a means of maximizing the residuals and the value of the company for its shareholders, including all the interested parties under the stakeholder concept: workers; management; buyers; suppliers; creditors; local government; and so forth. The key to this obviously lies in the way the company is conducted, as well as the capacity of its managers to keep a continuity of success, regardless of the economic circumstances and the problems of the company itself.

Stronger government oversight is necessary. Accounting reports have to give a clear picture on the company's operation as well as of its financial structure. Application of company law may give rise to conflicts of interest between a company and the government law. The Trade Justice Movement and the Corporate Responsibility (CORE) coalition are calling on the Government to ensure new laws, which apply to UK firms hold company directors to account for the impact of their activities on communities, workers and the environment in Britain and overseas. 'Disclosure', 'transparency' and 'shareholder value' make up the framework of shareholding governance nowadays and are amongst the most common words in company law while treating with privatisation symptoms and while seeking ways to combat its ills. These institutions look "ideally" towards improved corporate governance standards (which is selfish), in particular on facilitating developing markets to re-establish competition (again personal gain), gain investors' confidence (for company profit) and promote national economical growth (where they seldom allow intervention, which poses the problem of applying proper company law).

Trying to seek easier and cheaper alternatives to counter competition companies are going haywire with their social responsibility that seldom adhere to UK company law even if it exists or find ways to seek loopholes (since they remain unaccountable). Like companies, producing palm oil in the UK is actually obtaining by driving rapid rainforest destruction in South East Asia. Over 500 UK companies have been trading in palm oil, most for more than a decade now without any UK company law to curb them. Yet despite high profile public campaigns about its impacts, virtually none of these companies can prove ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Privatisation in UK Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Privatisation in UK Essay Example | Topics and Well Written Essays - 1500 words. Retrieved from https://studentshare.org/miscellaneous/1531115-privatisation-in-uk
(Privatisation in UK Essay Example | Topics and Well Written Essays - 1500 Words)
Privatisation in UK Essay Example | Topics and Well Written Essays - 1500 Words. https://studentshare.org/miscellaneous/1531115-privatisation-in-uk.
“Privatisation in UK Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/miscellaneous/1531115-privatisation-in-uk.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Privatisation in UK

Saudi Airline and the Privatisation

...changed over the course of the past few decades (Weinberg, 2002, p. 33). Findings and Discussions Countering the Criticism on Privatisation by the Proponents Nevertheless, proponents of privatisation programs argue that when privatisation might cause a soar in unemployment within the short term, the same does not hold true in the long term. More importantly, the unemployment rate in the short term represents structural employment. Consider the case of United Kingdom in this regard (Baumol & Blinder, 2011, p. 324). When Margaret Thatcher assumed control of the country, she began a privatisation program based on her conservative economic ideology. She saw free market and...
40 Pages(10000 words)Dissertation

Royal Mail Privatisation

..., pp. 1-7, Business Source Complete, EBSCOhost, viewed 26 August 2013. Houghton, D, Broadway, D, & Warner, N 2013, 'Will privatisation be good for Royal Mail and its customers?', Printweek, pp. 8-9, Business Source Complete, EBSCOhost, viewed 26 August 2013. The Guardian. 2012. Postal workers' union vows to step up resistance to Royal Mail privatisation. [online] Available at: http://www.theguardian.com/uk/2012/apr/22/cwu-campaigning-against-royal-mail-privatisation [Accessed: 26 Aug 2013]. Slocombe, K 2013, 'There are better means for taking Royal Mail forward', Printweek, p. 9, Business Source Complete, EBSCOhost, viewed 26 August 2013. Whyman, S 2009, 'A Passion for...
6 Pages(1500 words)Essay

Privatisation

...Privatisation Introduction Among the most eternal bequeathed of the 1990s one has been the programme of privatisations that the Thatcher government set in train in the foremost half of the decade. Entire portion of the UK economy that were previously part of the public zone were sold to the private sector. Their employees bought some out; the public at large bought others. Some civic services were indentured out to the private sector; others were laid on a more commercial foothold. The UK privatisation plan had a sway on economic policy all over the world. Privatisation plans were set off in Asia, South America, and Africa, as well as in...
8 Pages(2000 words)Essay

UK Retail

...TESCO: STRATEGIES, COMPTENCIES AND INNOVATIONS Keywords TESCO, UK retail, supermarkets, retail, international trade Introduction According to the United Nations Conference on Trade and Development (UNCTAD) (2004), the retail and consumer industry is one of the industries exhibiting one of the highest growths today. Though the UNCTAD subsequently report reduced the expected growth rate projections in 2005, the industry remains to be an attractive industry. The slowdown of the industry is generally attributed the continuing deceleration of the Chinese economy as well as fluctuations in energy prices that affected related industries (Awbi, 2006a; Tesco expands in Japan, backtracks on China, 2006). However, indicators by...
12 Pages(3000 words)Case Study

Dissertation: Life after privatisation; A British Energy perspective

...operations in the UK and internationally, in both nuclear and conventional energy sectors. It actively seeks partnerships with other utilities, financial institutions and fuel suppliers in the UK and overseas and it offers a number of distinctive benefits. British Energys record of improving the performance of power stations, both financially and with respect to safety, is outstanding. The group has proved its ability to operate successfully in a privatised electricity market.} [6] Furthermore, the quality of British Energys safety management skills [6] ‘is indicated by the fact that no incident above Level 1 on the seven-point International Nuclear Events Scale has occurred at any of...
40 Pages(10000 words)Essay

UK Economic Policies

...and the mobility of funds post-liberalization] 2. Card, D., Blundell, R. & Freeman, R. B. (2004): ‘Seeking a premier economy’, CentrePiece, Winter 2004, vol.3 (1), pp 28 – 31. [An overview of the topic – a concise discussion about the plans and policies of the British government post 1980s as well as a criticism of the same]. 3. Cecchetti, S. G., Genberg, H., Lipsky, J. & Wadhwani, S. (2001): Asset Prices and Central Bank Policy. Geneva: International Centre for Monetary and Banking Studies. 4. Clarke, R. & Morgan, E. J. (2006): New Developments in UK and EU Competition Policy. UK: Edward Elgar. [Details about privatisation in UK]. 5. Good, D. (2000):...
2 Pages(500 words)Dissertation

SANTANDER UK

...Santander UK Objectives Santander UK Objectives INTRODUCTION; Santander UK is a bank that has progressed through the years, though at a slower pace, which is bound to improve Britain (Competition and Choice in Retail Banking, 2011, 259). 2. BODY; Santander UK’s Objectives a. Employee Commitment and Effective Leadership; i) Change in strategy and vision is required, and such would include intense communication and training. This is for employees to ensure that the skills they have is in line with the jobs they are given. ii) Managers can discuss job descriptions with the new employees, preferably face to face. This helps the managers decide what field to assign to which employee... ...
1 Pages(250 words)Outline

Privatisation

...Privatisation Table of Contents Ownership and Privatisation in China 3 Ownership and Privatisation in Russia 5 References 7 Ownership and Privatisation in China Over the years, the economic growth of China has been phenomenal. This growth is largely attributed to the increasing number of private domestic and foreign-owned enterprises and decline in the State Owned Sector (SOE). The privatisation in China is firmly related to the reform associated with SOE in the country and the poor performance of SOE during this regime (Holz, 2002). This reform is considered to be one of the major economic reforms since 1984. Rural Township and Village Enterprises...
3 Pages(750 words)Essay

The impact of privatisation on port efficiency

...examination of UK port industry to determine if there was any correlation between privatisation and efficiency. Further, Notteboom, Coeck & Van den Broeck (2000) also through their research on European and Asian ports found no significant evidence linking privatisation to higher levels of efficiency in container terminals. For this reason, all these researchers concluded that privatisation had no influence on port efficiency. These studies, however, failed to demonstrate that there exists no correlation between privatisation and efficiency in other ports in other jurisdictions such South Africa where research indicates there is some form of correlation...
8 Pages(2000 words)Coursework

Decline in Trade Unionism and Strike Activity

...behind the decline in trade union membership (Bach, 2002). For example, the growth of privatisation in UK industry has led to increasing difficulties for trade union membership retention (Waddington, 1992). Generally speaking, privatised companies do not encourage trade union participation, as they would not want interference with employee issues such as wages, pensions, labour hours and so on. Furthermore, unionisation in the public sector appears to be higher in most of the EU member states than in private sector. This is because trade unions in the public sector are highly organised, despite the wave of privatisation, cuts in government spending on the public...
20 Pages(5000 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Privatisation in UK for FREE!

Contact Us