Mitrofans Slobodjans. MAĢISTRA DARBS . FOREX PAKALPOJUMU UZŅĒMUMA IZVEIDE. - Rīga:Latviajs Universitate, 2010.- 81 lpp. Maģistra darba apjoms ir 81 lappuses, tas satur 13 tabulas, 9 attēlus, 1 pielikumus un 31 izmantotās literatūras avotus. Pirmajā daļā tiek dota projekta ideja, viņa aktualitāte. Foreks tirgus radās divdesmitā gadsimta 70.gados ar piesieto valūtu kursu atcelšanu, tiem pašiem izmainot toreizēja sistēmu pasaules finanšu. Uz valūtu tirgu, tikai pozitīvi iedarbojas pasaules finansiāla krīze, kapitāla daļa no fondu tirgus pārgāja uz valūtu. Augsts bezdarba līmenis liek ļaudīm meklēt jaunus peļņas avotus. Radāmās kompānijas misija - piešķirt ļaudīm iespēju efektīvi tirgot pasaules valūtu tirgū. Kompānijas mērķis pelnīt peļņu uz spredā un kursiem. Otrajā daļā aprakstās uzņēmums, viņa juridiskā forma, nosaukums, vieta, kā arī pamatkapitāls, īpašnieki, pamatlīdzekļi un organizatoriska struktūra. Tiek dots teorētisks katra apakšpunkta pamatojumi un aprakstās pati kompānija. SIA Invest-Tredings tiks iereģistrēts Latvijā, un še gan vedīs savējo darbību. Kapitāls pirmajā posmā būs aizņemts tas un piederēs kompānijas ārvalstu partneriem. Kompānijai Invest-Tredings no pamatlīdzekļiem vajadzīgi galvenokārt mēbele un ofiss. Telpa saimnieciskas darbības tiks ņemta nomā. Kompānijai ir vajadzīgi pasniedzēji – strādājošie treideri valūtu tirgū, sekretāri, aģenti un menedžeri pa klientu saistīšanu, kopumā aptuveni 10 cilvēkus. Stils pārvalde būs demokrātiska un koleģiāla. Darba trešajā daļa tiek dots nozares pētījums, nozares nozīme Latvijas tautsaimniecībai, nozares attīstība pēdējos gados, perspektīvas tuvākajos gados. Pats Foreks tirgus izveidojās 70.gados, kad valūtu kursi tika aizlaisti brīvā peldēšanā. Latvijā brīva valūtas apmainīšana tika atļauta agrāk neka visa PSRS, 1991 Parex saņēma licenci uz doto operāciju. Foreks tirgus tas nav vienkāršs valūtas apmainīšana, tā ir vēl spekulāciju iespēja ar maržinalas tirdzniecības izmantošanu. Viens no pionieriem dotā pakalpojuma bijis Parex banka, 90 gadus beigas. Uz šo brīdi spekulāciju pakalpojumi ar valūtu dod liels kompāniju daudzums, globāls tirgus dod iespēju lietot pakalpojumus ar jebkādai ārvalsta kompānijai. Tirgus segmentā, kura piedāvā ne tikai iespēju atvērt kontu, bet arī spēles apmācību uz Foreks ir tikai trīs - četras kompānijas, kas iesaka, ka šī niša ir brīva. Spēlētāju uz Foreksā Latvijā, daudz atpaliek no ES rādītājiem. Šis tirgus ir pats vienkāršākais un saprotams no visiem finanšu tirgiem, uz valūtu tirgu labvēlīgi ietekmēja arī pasaules finansiāla krīze (ja viena valūta krīt, tad aug cita), kas viss kopā padara šo tirgu par pievilcīgu tuvajos gadus. Ceturtā darba daļā tiek dots kompānijas un piedāvāto pakalpojumu darba apraksts, kā arī kompānijas vieta nozarēs, pakalpojumu un izejvielas vērtībā. Kompānijas mērķis - ieņemt vadošo vietu Foreks tirgū Latvijā, kompāniju segmentā kas piedāvā apmācību valūtas tirgū un iespēju spēlēt. Kompānija piedāvās iespēju strādāt ar galvāniem valūtu pāriem, ar kredītu plecu 1 pret 100. Būs iespēja tirgot, sākot ar 0,5 loti pie spreda 0,0005 USD. Uz kursiem tiek lasīti lekcijas un tiek veikts praktiskas nodarbes par tehnisku un fundamentālu analīzi, par Fibonači un Eliota viļņas teorijas, par atliktajiem orderiem. Kompānijas konts tiks atvērts Deutsche banka. Piektajā daļā aprakstīta mārketingu kompānijas plāns. Globālā valūtu tirgū eksistē tikai 5 tirgus dalībnieku tipi - Centrālas burkas, komerciālas burkas, starptautiskas korporācijas, brokeru sabiedrības, fiziskas sejas. Vislielākais spēlētājs Deutsche banka, kas aizņem aptuveni 21 % valūtu pasaules tirgu. Desmitniekā tādas burkas kā UBS, Barclays, RBS, Citi, J.P. Morgan, HSBS, Goldamn Sachs, Credit Suisse, BNP Baribas. Paši liela skaita grupa ir fiziskas personas, bet tie ar savējo aktivitāti praktiski nevar ietekmēt uz valūtas kursu. Bet mērķu grupu jebkādai kompānijai, kura piedāvā pakalpojumus uz Foreks ir tieši fiziski personas. Kuriem tiek piedāvāti apmācības, u ; Mitofan Slobodian. Master degree work. Company which will offer a wide spectrum of services on Forex markets. Riga, Latvian University 2010. 81 pages. Works target – to explain Company which will offer a wide spectrum of services on Forex markets. Degree work consists of 66 pages, includes 18 tables, 20 figures both 3 appendices, and 51 sources of the used literature. The idea of project, his actuality, is given in the first part. The market of Forex arose up in 70th of the twentieth century with abolition of the tied rates of exchange, changing the same of that time the system world finances. To the market of currencies, only a world financial crisis influences positively, part of capital from a fund market passed to currency. A high unemployment rate compels people to search the new sources of earnings. Mission of the created company - to give possibility effectively to trade in the world currency market to the people. Aim of company to earn an income on a spread and courses. An enterprise, his legal form, name, location, and also fixed assets, proprietors, fixed assets and organizational structure, is described in the second part. The theoretical is given grounds of every subitem and a company is described. LTD. of Ievest-Trading will be registered in Latvia, and here will conduct the activity. As a capital on the first stage will be a loan that and to belong a company will be to the foreign partners. A company Ievest-Trading from the fixed assets need furniture and office technique mainly. An apartment for vision of economic activity will be leased. A company need teachers are operating traders at the market of currencies, secretaries, agents and managers on bringing in of clients, in general complication about 10 persons. Style a management will be democratic and collective. In third of part of work research of industry, value of industry, is given for the Latvian national economy, industries development in the last few years, and prospects in the nearest years. The market of Forex appeared in 70th, when the rates of exchange were sent in the free swimming. In Latvia the free exchange of currency was settled before everything in the USSR, in 1991 Parex got a license to this operation. Market of Forex it is not simple exchange of currency, it yet is possibility of speculations with the use of marginal trade. Parex came forward one of the earliest explorers of this favors Banka in the middle, end of 90th. Now services of speculations with currency give plenty of companies, the market global enables to use services and to any foreign company. In the segment of grant of courses on teaching of playing the Forex present only three are four companies, which do this niche of open. An amount of people is in Latvia of playing the Forex, noted falls behind from the indexes of EU. Market the simplest and clear from all financial markets, to the market of currencies a world financial crisis (if one currency falls, then other grows) influenced favorably, that all together does this market attractive in the nearest years. In fourth part of work description of business of company and given services, and also place of company, is given in industries, cost of services and raw material. Aim of company - to take the leading place at the market of Forex in Latvia, in the segment of companies giving teaching at the market of currencies and possibility to play. A company will give possibility to work with basic currency pair, with a credit shoulder 1 against 100. There will be possibility to trade, since a 0,5 plumb line at a spread 0,0005 USD. On courses will be given lectures and conducted practical employments on a technical and fundamental analysis, on theory Fibonachy and waves of Eliot, about the set aside warrants. Company will be scored first in Deutsche bank. The marketing plan of company is described in a fifth. At the global market of currencies there are only 5 types of market participants - Central banks, commercial banks
The Federal Government levied an Export Development Surcharge (EDS) equivalent to 0.25% of the export value on all exports from 1st July, 1991 to establish an Export Development Fund. The basic purpose was to fund activities to address challenges faced by producers and exporters with emphasis on enhancing the performance of export sector. Export Development Fund (EDF) is administered by the Board of Administrators under the chairmanship of Minister for Commerce. EDF receives grant proposals from representative bodies of exporters e.g. trade associations, chambers as well as various Government departments. SDPI with support from PREIA organized a public private dialogue, with the aim to raise awareness and facilitate business community for effective utilization of EDF and to discuss constraints in its disbursement and utilization.
Following the 2020 United States presidential election, economists have high hopes for the president-elect, Mr. Joseph Biden, and for the next US administration. The hopes are especially for the potential changes in the global trade architecture. Over the past four years the Trump administration dismayed and created confusion in the world economic order and multilateral trading system (MTS).
A well-functioning and inclusive financial sector is critical for efficient resource allocation leading to increased productivity, greater investment, higher overall levels of economic growth, and lower inequality. This is particularly critical in Iraq, where years of political instability and violence have impeded the development of a robust private sector. Microfinance services in Iraq are still nascent and far from meeting their full potential. This diagnostic report aims to present the microfinance landscape in Iraq, its legal and regulatory framework, and potential policy improvements to enhance the operating environment. It aims to inform public and private sector stakeholders on the regulations and laws affecting the development and strategic direction of the microfinance sector. The policy recommendations presented are designed to address factors preventing greater growth and outreach, with the goal of promoting inclusive financial sector development in Iraq.
This toolkit, commissioned by infoDev, a global partnership program within the World Bank, provides guidance on how to develop business analytics, measuring and learning from the performance and effects of mobile application labs (mLabs) and mobile social networking hubs (mHubs). It was made for managers of tech hubs. Dozens of tech hubs have emerged over the last few years across the globe. Managers of these innovation and entrepreneurship enablers grapple with problems that infoDev has experience with. This toolkit takes lessons that infoDev has gathered from its own tech hub pilots, mLabs and mHubs, and apply them to tech hubs in general. The toolkit is especially useful for current and future mLab and mHub managers. mLabs and mHubs are tech hubs established through grants administered by the infoDev Digital Entrepreneurship Program. infoDev is committed to supporting the analytical capacities of mLabs and mHubs. This toolkit is part of that agenda. It will help grantees to improve local implementation while setting a common framework on how to collaborate with infoDev on business analytics and performance measurements. The third target audience is mobile innovation specialists at other World Bank units and other development organizations, who design impact and measurement frameworks for tech hubs. Given the recent rise in numbers of tech hubs, international development organizations are exploring if and how they can be employed to achieve socio-economic development impact goals. In particular, tech hubs' flexibility and diverse potential effects have sparked interest but have also caused problems for specific and concrete analysis and projection of hubs' effects and impact. This toolkit addresses this complication. All elements of the toolkit that speak of infoDev's role in facilitating and coordinating with mLabs or mHubs on business analytics processes can be seen as use cases with potential for replication and adaptation by practitioners and decision makers of other development organizations, including relevant units of the World Bank.
Budget 2020 is called 'Rebuilding Together'. If the country is going to recover together from COVID-19, the rebuilding will need to include rural communities. The Minister of Finance's Budget speech referred to targeted support for wages, critical industries, economic sectors, students and investment. The government can also target support to the rural communities that need it most by knowing more about them. This Insight looks at two sources of differences among rural communities: the structure of local economies and community resilience. The analysis identifies places that are likely to need a greater share of support in the recovery.
The annual Asia Power Index — launched by the Lowy Institute in 2018 — measures resources and influence to rank the relative power of states in Asia. The project maps out the existing distribution of power as it stands today, and tracks shifts in the balance of power over time. The Index ranks 26 countries and territories in terms of their capacity to shape their external environment — its scope reaching as far west as Pakistan, as far north as Russia, and as far into the Pacific as Australia, New Zealand and the United States. The 2020 edition — which covers three years of data — is the most comprehensive assessment of the changing distribution of power in Asia so far. Among other things, it aims to sharpen the debate on the geopolitical consequences of the COVID-19 pandemic. The project evaluates international power in Asia through 128 indicators across eight thematic measures: military capability and defence networks, economic capability and relationships, diplomatic and cultural influence, as well as resilience and future resources. Over half of our data points involve original Lowy Institute research, while the rest are aggregated from hundreds of publicly available national and international sources. This year, the Index includes three new indicators that track major ecological threats, bilateral and plurilateral defence dialogues, and perceptions of the international and domestic handling of the COVID-19 pandemic. Papua New Guinea, a Pacific country on the geographical continuum of Southeast Asia, has also been included for the first time.
This report reviews and analyzes current good practices in economic governance by subnational governments in Myanmar. Using data and metrics from the Myanmar Business Environment Index, it identifies a number of good practices at the subnational level. The report first reviews the methodology of the research and the identification of good practice. It then reviews some of the challenges associated with researching good practice and isolating the role of governance in a complex environment, as well as the limitations that subnational officials face when trying to implement good practice. The report then reviews drivers of good practice, as well as examples of good practice in the legal and regulatory framework, implementation, and consultation and transparency. It closes with recommendations for further action that subnational governments may implement to improve local economic governance in the short to medium term.
The formation of the Association of Southeast Asian Nations (ASEAN) in 1967 was originally driven by political and security concerns. In the decades that followed ASEAN's scope evolved to include an ambitious and progressive economic agenda. In December 2015 the ASEAN Economic Community (AEC) was formally launched. Although AEC has enjoyed some notable successes, the vision of economic integration has yet to be fully realized. This publication reviews the evolution of ASEAN economic integration and assesses the major achievements. It also examines the challenges that emerged during the past decade and provides recommendations on how to overcome them.
Malaysia's new government under Pakatan Harapan (Coalition of Hope) has unveiled its second budget since it won the May 2018 general election. Its first budget for 2019 navigated the trillion ringgit debts left by the previous government's financial scandals, the gaping fiscal hole caused by huge tax refunds owed by the previous administration, and the scrapping of the unpopular Goods and Services Tax (GST) as promised in its election manifesto. Tabled in Parliament on 11 October 2019, its second budget had to contend with a slowing global economy and an economic landscape fraught with uncertainties wrought by the US China trade war, Brexit and other geo-political as well as recession risks in 2020. Domestically, Prime Minister Mahathir Mohamad recently launched the Shared Prosperity Vision 2030 that will succeed his unfulfilled Vision 2020. This article focuses on the extent to which Budget 2020, in balancing the need for an expansionary budget and belt tightening to ensure fiscal sustainability, can be a catalyst for the country's new Shared Prosperity Vision 2030, and sustain the growth momentum while effecting the necessary transformation into a digital economy and helping the low and middle income groups cope with depressed wages and high cost of living.
This report examines the actors engaged in economic governance in Myanmar, the factors that shape their authority, and the ways they can contribute to improved economic governance outcomes. It connects the MBEI, which focuses on the views and experiences of Myanmar businesses, with The Asia Foundation's work on governance, particularly reports such as "State and Region Governments in Myanmar." In this report, we lay a foundation for further research into best practices in economic governance in Myanmar. This future research will outline actionable strategies that can be adopted by subnational levels of government to improve economic governance outcomes.
Context of the Presentation: To track the progress of the post-budget first quarter (Q1 of FY20); Closure of the 7thFYP (2020); End of first full year of the new elected government (2019); Follow-up on the electoral pledges.
2007/2008 ; FASB introduction of FIN 46/R variable interest consolidation model proved revolutionary as it ties up the accounting to the economic/financial frameworks and the judicial one. Legal structures and agreements among stakeholders of entities, creating net assets' variability, have from now on to be compared with expected losses and expected returns distribution, prior to identify which stakeholder will need to consolidate pursuant this Interpretation. As a result, return variability gains weight in the definition of variable interest entity with consequences still to be completely digested by practitioners and reporting enterprises. Because of the implementation of this Interpretation, consolidation by a party that absorbs most of the entity expected losses will have precedence even over stock-ownership's control by the parent company (voting rights driven). The revolution though is only meant for a wide, yet selected, subset of entities' classes being securitisations, life and health insurances and governmental organisations aimed for profit, left outside the scope of this Interpretation. Consolidation through variable interest model is the result of four major steps. First alone is the definition of entity, being any legal structure to conduct activities and hold assets. Second, the identification of the variable interests in it, deriving from recognition of the aggregate which fair value changes with changes in fair value of net assets, exclusive of variable interests. These changes in fair value are considered regardless of embedded voting rights; hence, mezzanine finance, preferred stock and any hybrid equity instrument in general need to be detailed in their features prior to taking further decision. Third, the estimate of expected losses and residual returns whose value relevance has been given vast insight in this paper. Fourth and last step, the recognition of the primary beneficiary, when it exists, which is the party that absorbs the greatest share of expected losses and/or that benefits the most from expected residual returns and ultimately, the party that will consolidate the variable interest in object. Throughout the variable interest consolidation process, the concept of 'equity at risk' is introduced by FASB to define which is the effective portion of equity that absorbs variability created by net assets of the variable interest entity. Notwithstanding an introduced sufficiency test, aimed at deducting from US GAAP equity, all components that are not legal obligations to capitalise the entity, still difficulties exist. This is due to a series of exclusions namely; legal equity is to be deducted of fees, loans or guarantees thereof, shares issued in exchange of subordinated interests in other VIEs shall be subtracted as well from equity at risk, in the end also investments to be considered non significant shall be deducted. In this regard, valuations are either explicitly or implicitly to be done at fair value, hence book values need to make room for financial analysis giving in this respect value relevance to the Interpretation. The 'equity at risk' concept is the result of deductions that run through both sides of the balance sheet. Particular judgment shall be used in evaluating guarantees and other off-balance sheet obligations. This paper takes also in consideration the test proposed by FASB for 'non significant investments' proposing a refined method to reduce variability in interpretative judgment by the reporting entity. Furthermore, FASB identifies a new category of VIEs: variable interests in specified subset of assets of a VIE (i.e. a guarantee) which can be treated as distinctive VIEs by FASB only if the fair value of the same assets is greater than 50% of the whole fair value of the entity. If so happens, then equity at risk is to be deducted accordingly and expected losses/residual returns (EXLS/EXRR) of this subset of assets is not considered for sake of determining the primary beneficiary. The distinct VIE, which in accounting goes also under the name of Silo, will have to be treated separately as another VIE. From this analysis on assets and financial structure, which is derived from CON 6, FASB correctly deconstructs the accountancy legacy notion of control by segregating the decision making ability on the VIE from the variability absorption rights and obligations. The former, given by the financial decisions on VIE's financial structure and by investment on net assets, the latter dictated by obligation to fund losses and to receive residual returns, i.e. by assigning the right to receive future residual returns and the obligation to make future capital contributions. Under a valuation viewpoint, assets and liabilities of newly consolidated VIE are measured at fair value while the ones already pertaining to a primary beneficiary, which is already a parent, remain reported at carrying value being already in the consolidated balance sheet of the controlling company. FIN 46/R in this way allows goodwill to be recognised for acquisitions of VIEs, which constitute businesses for use in this Interpretation. If the consideration paid for the VIE interest (carrying value plus premium/discount) is instead lower than the fair value of its net assets at consolidation, then a decrease in value of the newly consolidated assets shall be reported. Exception is made by cash & marketable securities, tax assets, post retirement plans and the likes. In this regard VIEs, which are not businesses will originate extraordinary gains or losses accordingly, in case of extraordinary gains, the value of the newly acquired assets is stepped-up pro quota. While FIN 46/R valuation principles of expected losses, expected residual returns and definition of balance sheets arising from VIE consolidation, resides on fair values, practitioners and reporting enterprises alike base their forecast from use of private information. This in turn, gives birth to entity-specific values, which take into account private information comprising of entity plans and current competitive strategy, which are a function of present industry positioning. Part of the process in determining EXLS/EXRR and the existence or not of a primary beneficiary, in line with the variable interest consolidation model, is to go through a profit variability analysis to be done through discounted cash flow models. To try to shed some more light on this regard we have first refreshed the mathematics of series of random variables with the objective to estimate VIEs' expected cash flows of income. VIEs are generally modelled as a random variable with statistic mean different from statistic mode, a fact omitted in some passages of FIN 46/R exposition. Subsequently we have underlined that the variability of returns is directly related with the interval of confidence set for distribution functions representing random variables when computing the reporting entity forecast of expected variability. The potential deadlock could be widening when different interest holders are implementing different modelling of the reporting entity which yield to different results, but still acceptable under the Interpretation prescriptions. FASB introduction of non-previous US GAAP measures like EXLS/EXRR are, as we believe, in need to be backed up by a more robust theoretical framework. To do so, we needed to characterise the choice of the discount rate. In this framework, we have once again taken the theoretical basis of cost of capital, highlighting the equivalence of the results of other methods; including pros and cons of the utility functions and certainty equivalence method and the risk adjusted probability method. We have then given evidence on why FASB should use the cost of capital method as the discount rate to compute income variability together with income streams. In fact, by using the cost of capital method, and the WACC deriving from CAPM, all financial risk is embedded in the discount rate leaving the reporting enterprise free to express in the books the operational risks known or of most suitable estimation. Nowadays marginal cost of debt and market value of equity are used in common practice, according with CAPM theory, and have their use extended to private businesses. The cost of capital for private enterprises make use of sensitivity correlation coefficient of the enterprise return over the market return (beta coefficient) are of difficult estimate for private entities although betas can be computed in a number of ways using assumptions which are proper of the enterprise and its industry peers. To close the chapter related to valuation, finally we have focused on how these methodologies are being implemented by corporate America realising that the fears for value relevancy and hardship in tailoring the application to the single entities is a shared feeling and still a process far from crystallisation. In particular, FASB does not impose a clear conversion from book values to either fair values or value-in-use ones. It neither rules out the use of different valuation methods, if not for particular aspects treated within its FSP 46/R-S, in the exercise of computation of expected variability, which we have to recognise has not been proper of the accountancy function until lately. This thesis proposes an algorithm that goes in detail in the application of FIN 46/R for a reporting enterprise taking into account all possible interrelations among interest holders and distinct interest in subset of assets. The algorithm brings to light the weaknesses in application of the Interpretation caused by potential interrelations between expected losses assessment and variable interests in specified assets, wherever the fair value of these is more than 50% of net assets, i.e. distinctive VIEs. The algorithm, despite being in line with FIN 46/R prescriptions, does not cope with situations of cross default of related parties' investors in the same VIE. However while the application of a cause and effect model is not always possible we think increased consolidation constraints would highly reduce these possibilities. In the process for determining if the reporting entity is a VIE, FASB develops also the 'at risk' test, highlighting once again the relevant weaknesses of the concepts of 'previous ability to finance operations without subordinate financial support' and 'comparability with other similar entities which autonomously finance themselves without subordinated support'. We believe that the "at risk test" should only be a numeric test to iron out misinterpretations and gain relevance in consistency. FASB introduction of an exclusion sufficiency test to exclude variable interests for being classified as VIEs leaves, in our opinion, some uncertainties to the 'participation in VIE design' concept or to the 'non significant interest' one. This test, we believe, ought not to be a determinant factor, the level of polarisation of risk/reward of the consideration should instead be the sole paramount predictor for exclusion. As far as the conditions used to determine if the entity has sufficient equity to sustain its operations without financial support, the condition sine qua non of the minimum 10% of equity value over total assets, coupled with the triad of valuation methods proposed by FASB, should have been more stringent and concise in its ruling. In fact, these methods leave again interpretative flexibility about the inputs used to demonstrate sufficiency. From a thorough profit variability analysis the thesis compares how the responsibilities and efforts to cope with FIN 46/R requirements are distributed among VIE stakeholders, namely auditors, reporting enterprises, standard setters and regulators. This has been done comparing the use of CON 7 approach to the traditional cost of capital approach used in corporate finance. Furthermore, we have put in evidence that by implementing FIN 46/R VIEs entities tend naturally to overstate income variability valuations, being income streams discounted at Rf, heightening capital requirements. We would like to close by making a forecast on long-term developments that we envisage this Interpretation will bring forward, by starting to think on which are the VIEs stakeholders that are bound to be the most disadvantaged. This is again the class of primary beneficiaries of smaller sizes, which will have either to recourse to more lending to cover for capitalisation requirements and increased financial leverage, or face financial distress. Both cases are precursors to industry consolidation and forebears of globalisation, while the class most favoured will be the banking industry. ; RIASSUNTO (ITALIAN): L'introduzione del FIN 46/R (FASB Interpretazione N. 46/R) da parte del FASB (Financial Accounting and Standards Board) si è dimostrata rivoluzionaria grazie al nuovo modello di consolidamento che si interpone tra il contesto economico finanziario e quello legale delle entità oggetto di questa interpretazione. Forma legale e relativi accordi tra stakeholders delle entità, definite come qualsiasi forma legale di impresa e veicolo finanziario, devono d'ora in poi essere confrontati con un'analisi della variabilità attesa degli utili prima di identificare quale stakeholder debba consolidare l'entità in oggetto (beneficiario primario). Di conseguenza il concetto di variabilità (varianza) dei redditi acquista un peso determinante nella definizione di variable interest entity (VIE) con conseguenze che devono essere ancora completamente digerite da professionisti e imprese che devono adeguarsi a questa interpretazione contabile. In virtù della stessa il consolidamento da parte del portatore di interessi che assorbe la maggioranza delle perdite attese ora avrà la precedenza perfino sull'azionista o sulla controllante che dovesse detenere la maggioranza assoluta dei diritti di voto. Questa rivoluzione è stata per ora intesa per un vasto, ma selezionato, insieme di classi di imprese, essendo ad esempio SPV di assicurazioni vita e veicoli finanziari di enti governativi a scopo di lucro lasciati (per ora) fuori dall'ambito di questa interpretazione. Il consolidamento attraverso il modello variable interest (VI) è il risultato di quattro passi. Innanzitutto, la definizione di entità comprendente qualsiasi forma legale intesa a compiere un'attività economica o a possedere degli attivi. Secondariamente l'identificazione dei cosiddetti interessi variabili nell'entità precedentemente definita; questi VI derivano dall'identificazione dell'aggregato dell'entità in analisi il cui fair value muta di valore al variare del valore dei net assets dell'entità al netto degli stessi interessi variabili. Le variazioni del fair value di questi asset sono considerate indipendentemente dai diritti di voto a loro associati, quindi forme ibride di capitale azionario quali azioni privilegiate, mezzanini e altri strumenti affini devono avere chiaramente dettagliate le loro caratteristiche prima di poter analizzare il loro comportamento e poter prendere una decisione. Terzo punto, la stima della variabilità attesa degli utili (perdite potenziali attese e utili residui attesi) della VIE la cui rilevanza ai fini della teoria del valore è stata data ampia trattazione in questa tesi. Quarto e ultimo passo, l'identificazione del beneficiario primario, quando questo esista, definito come la parte che assorbe la porzione maggiore di perdite e/o beneficia maggiormente degli utili residui e che, in ultima analisi, deve consolidare l'entità a interesse variabile in oggetto. Altrimenti la VIE è considerata tale da distribuire sufficientemente il rischio tra gli stakeholder. Attraverso il processo di consolidamento il concetto di 'capitale azionario a rischio' (Equity at risk) è introdotto da FASB per definire la frazione del capitale azionario che assorbe effettivamente la variabilità creata dal capitale investito netto (Net Assets) della VIE. Nonostante un apposito test (condizione sufficiente) sia stato proposto da FASB alcune difficoltà interpretative sono ancora presenti. Queste sono dovute ad una serie di deduzioni dal capitale legale che deve essere dedotto di pagamenti per servizi, prestiti o garanzie degli stessi. Azioni emesse in cambio di interessi subordinati in altre VIE dovranno altresì essere dedotti dal totale dell'Equity at Risk, così pure per gli investimenti di valore cosiddetto trascurabile (non-significant). Tutte le valutazioni al riguardo devono essere fatte al fair value, quindi i valori contabili dovranno sempre fare spazio all'analisi finanziaria dando rilevanza ai fini del valore a questa interpretazione. Il concetto di 'equity at risk' è il risultato di deduzioni prese da entrambi i lati dello stato patrimoniale. Particolare attenzione è richiesta nella valutazione delle garanzie e altri obblighi fuori bilancio. Questa tesi prende in considerazione anche il test proposto da FASB per valutare gli investimenti trascurabili (non-significant) proponendone uno alternativo che, secondo il nostro giudizio, ne riduce la varianza interpretativa in ambito di redazione del bilancio. Da questa analisi sugli asset e sulla struttura finanziaria, in accordo con i concetti CON 6, FASB correttamente smonta la nozione di controllo ereditata dall'attuale contabilità separando la capacità di prendere decisioni di gestione della VIE da obblighi e diritti di assorbimento della variabilità dei risultati economici della stessa. La prima è data dalle decisioni sulla struttura finanziaria e da quelle in merito agli investimenti nel capitale investito, la seconda dettata dagli obblighi di ricapitalizzare le perdite e di ricevere utili residui. All'atto del consolidamento gli elementi di stato patrimoniale della VIE vengono misurati al fair value mentre quelli che già sono di pertinenza del beneficiario primario con precedente ruolo di controllante (Parent Company) rimangono iscritte a bilancio al valore di carico essendo già parte del bilancio. In questo modo FIN 46/R permette il riconoscimento di un avviamento (goodwill) all'acquisizione di una VIE che si possa considerare come un'impresa ai fini di questa interpretazione. Se invece il prezzo corrisposto per l'interesse acquisito (valore di carico +/- premium/discount) è inferiore al fair value dei suoi net assets per effetto del consolidamento si dovrà registrare una diminuzione di valore degli asset appena consolidati. Eccezion fatta per cassa, crediti di imposta, fondi TFR e simili. In questo caso VIE che non sono assimilabili ad imprese origineranno conseguentemente una perdita (o utile) straordinaria, in caso di utile straordinario il valore del nuovo asset acquisito è aumentato pro-quota. Mente i principi di valutazione del FIN 46/R che riguardano la definizione di valori di bilancio originatisi dal consolidamento della VIE, risiedono interamente nel fair value, a professionisti e imprese è richiesto invece di basare le loro previsioni di variabilità degli utili su informazioni private, che quindi danno origine a valori di tipo entity-specific, comprensive dei piani aziendali in accordo con la strategia industriale adottata, che sono funzione dell'attuale posizionamento competitivo di settore. Questo è causa di problemi legati alla divulgazione di informazioni e indirettamente alla tracciabilità dei risultati. Parte del processo utilizzato per l'applicazione del VIE model passa per la stima della variabilità degli utili (Expected Lossess, Expected Residual Returns, EXLS/EXRR) e per la verifica dell'esistenza o meno del beneficiario primario. La stima è il frutto di un'analisi di variabilità (varianza) dei redditi attraverso l'uso di DCF (discounted cash flow models). Per fare chiarezza su questo punto abbiamo prima rivisitato alcuni aspetti delle serie di variabili aleatorie con l'obiettivo di caratterizzare il contesto teorico a corredo della stima del reddito/utile atteso della VIE. VIE possono essere generalmente modellizzate come una variabile aleatoria con una media statistica in generale diversa dalla moda statistica, un fatto omesso in alcuni passaggi dell'esposizione del FIN 46/R che può portare ad incertezze in fase implementativa dell'interpretazione. Successivamente abbiamo sottolineato che la variabilità dei redditi è direttamente connessa all'intervallo di confidenza fissato per le funzioni di distribuzione rappresentanti variabili aleatorie durante il calcolo della variabilità attesa della VIE. Il potenziale impasse si potrebbe allargare qualora differenti stakeholders dovessero usare un modello di stima diverso della VIE che potrebbe portare a risultati, seppur diversi, ugualmente accettabili secondo le prescrizioni di questa interpretazione. L'introduzione di definizioni quali EXLS/EXRR, precedentemente non parte dei principi US GAAP, crediamo necessitino di una più robusta trattazione teorica. Per fare questo abbiamo caratterizzato anche la scelta del saggio di sconto che FASB indica come il tasso privo di rischio. In questo contesto abbiamo preso come base la teoria del costo del capitale per poi evidenziare i punti deboli e quelli di forza di alcuni metodi quali l'equivalente certo, il metodo del costo del capitale e quello della probabilità corretta per il rischio (risk adjusted probability). Abbiamo quindi dato evidenza alle ragioni per cui FASB dovrebbe usare il metodo del costo del capitale che è dato dal tasso di sconto impiegato per calcolare la variabilità del reddito derivante dall'attualizzazione dei flussi di reddito. Infatti, usando il metodo del costo del capitale, il WACC derivante dall'implementazione del CAPM sconta tutto il rischio finanziario nel tasso, lasciando all'impresa libertà di esprimere nei libri contabili, e quindi nei flussi di reddito corrispondenti, il rischio operativo che è invece affine all'attività di impresa e reporting. Al giorno d'oggi il costo marginale del debito e il valore di mercato del capitale azionario sono concetti consolidati nella pratica contabile e possono essere estesi a imprese private. Il costo del capitale per queste ultime deriva dall'uso del coefficiente di correlazione degli utili d'impresa su quelli di mercato (coefficiente beta) di difficile stima per aziende private, sebbene questo possa essere ricavato in più di un modo, implementando ipotesi che sono proprie del contesto dove l'impresa e i suoi concorrenti operano. Abbiamo riassunto i modelli emergenti dal modo come queste metodologie vengano correntemente impiegate dalle imprese americane, realizzando che i sentimenti connessi all'adattamento dell'interpretazione FIN 46/R alle caratteristiche proprie dell'impresa siano di timore e incertezza dati da una notevole difficoltà di applicazione compresa quella di estrapolare un sufficiente grado di rilevanza ai fini del valore dai propri eventi contabili. La situazione é prodroma di processo ancora lontano dalla cristallizzazione. In particolare FASB non impone una chiara conversione dei valori contabili in fair value oppure in value in use. Nemmeno sono esclusi metodi alternativi di valutazione a quelli menzionati di sopra se non fosse per alcuni aspetti trattati dall'FSP 46/R-S nell'esercizio di determinare la variabilità attesa degli utili che dobbiamo riconoscere non è stata propria della contabilità fino a poco tempo fa. Per entrare in dettaglio nel processo applicativo di identificazione di una VIE questa tesi propone un algoritmo che entra in dettaglio nell'applicazione del FIN 46/R da parte di un'impresa e tiene in considerazione tutte le possibili interrelazioni tra portatori di interessi nella VIE e/o solamente in specifici asset della stessa. L'algorimo pone in luce le debolezze sul piano applicativo causate da possibili interrelazioni tra la stima delle perdite attese e interessi in asset specifici, laddove il fair value di questi sia superiore al 50% del capitale investito netto. L'algoritmo, nonostante sia in accordo con le prescrizioni dettate dal FIN 46/R, essendo di tipo causa-effetto non affronta situazioni di cross-default di parti correlate con investimenti nella stessa VIE. Benchè l'applicazione di un modello causa-effetto non sia sempre possibile, pensiamo che un aumento dei vincoli che portano al consolidamento riduca ampiamente queste possibilità di difficile modellizzazione. Nel processo per la determinazione se l'impresa sia o meno una VIE, FASB sviluppa un test 'at-risk' che contiene a nostro avviso alcuni passi nella propria trattazione di relativa debolezza quali 'precedente abilita a finanziare le attività senza supporto finanziario subordinato' e ' confrontabilità con simili entità che autonomamente si finanziano senza supporto finanziario subordinato'. Crediamo che questo test 'at-risk' dovrebbe essere solamente un test di tipo numerico per appianare qualsiasi fonte di erronea interpretazione ed incrementarne quindi la rilevanza e consistenza. L'introduzione di FASB di una condizione sufficiente da applicare ad una entità per la sua esclusione dalla categoria delle VIE lascia a nostro avviso alcune incertezze nell'interpretazione del concetto di 'partecipazione nella definizione della VIE' o in quella di 'interesse trascurabile'. Questo test crediamo non debba essere trattato come un fattore determinante; la polarizzazione tra rischio e rendimento invece crediamo debba essere il fattore primario per l'esclusione o meno. Per quanto riguarda le condizioni in uso per determinare se l'entità ha sufficiente capitale per sostenere le proprie attività senza sostegno finanziario, conditio sine qua non del 10% di equity sul capitale investito netto, accoppiata ad una triade di metodi valutativi sempre proposti da FASB, pensiamo avesse dovuto essere maggiormente concisa e vincolante nelle sue pronunciazioni. Infatti siamo dell'opinione che questi metodi lascino troppa flessibilità interpretativa circa l'uso delle ipotesi concesse per dimostrare la sufficienza del capitale investito. Questi temi sono stati trattati dal punto di vista operativo con una serie di esempi creati ad hoc per illustrare i passi più significativi, dal punto di vista finanziario, nell'applicazione del VIE model e sollevare potenziali criticità proponendone una loro soluzione. Infine, questa tesi confronta come le responsabilità e gli sforzi nell'affrontare le disposizioni del FIN 46/R siano distribuite tra gli stakeholders di una VIE, cioè imprese che redigono il bilancio, parti correlate, revisori, standard setters ed enti di controllo. Abbiamo messo in evidenza come l'implementazione del FIN 46/R spinga naturalmente ad una sovrastima della variabilità stimata degli utili, innalzando i requisiti di capitalizzazione in accordo con questo modello di rischio/rendimento. Questo a svantaggio di beneficiari primari di modeste capitalizzazioni, che dovranno affrontare sia il rischio di essere acquisiti che quello di un maggiore ricorso al debito. Le classi più avvantaggiate saranno invece il settore del credito, seppure lo stesso sarà portato internamente verso il consolidamento. ; XXI Ciclo ; 1972
A partir de 1980, els canvis polítics, socials i administratius van provocar la desaparició gradual del Servei d'Extensió Agrària a Catalunya, establint-se grups d'assessorament, aliens a l'administració pública, bé adscrits a cases comercials o a grans empreses, o bé formats per professionals en exercici lliure. Aquesta situació, i pel que fa a les explotacions de vaques de llet, fou considerada satisfactòria, tant per l'administració com per altres organismes o estaments socials i econòmics, tot i que hi ha algunes opinions de professionals i ramaders que ho qüestionen. Per aquest motiu, es va plantejar la hipòtesi que les explotacions de vaques de llet, estan necessitades d'un model d'extensió que les ajudi a detectar i a solucionar problemes, per si mateixes. A través d'un mostreig estratificat d'explotacions, es va realitzar un estudi descriptiu del maneig dels sistema productiu, i, alhora, una enquesta de coneixements, dirigida als titulars de 57 explotacions. A la descripció s'insistí en la valoració nutritiva de les racions alimentàries, i en aquells aspectes destacats del racionament – tipus de ració, distribució de la ració, espai per vaca a la menjadora, el confort, els abeuradors, etc. – El tractament estadístic de les dades, fet mitjançant el paquet estadístic SAS (2002), va requerir de la transformació prèvia de la informació recollida, tant de la descripció com de l'enquesta de coneixements. En el pla teòric, mitjançant la revisió bibliogràfica, es demostra la necessitat del model d'extensió per fer front, en general, als canvis d'orientació exigits per la societat a l'agricultura. Tanmateix, es fa palès la idoneïtat del model d'extensió per a la resta de la societat. Dels resultats de l'anàlisi realitzat, cal destacar que en el 70% de les explotacions no es fa cap tipus d'examen o anàlisi dels resultats econòmics, i, només, el 26% dels titulars coneixen, aproximadament, el cost d'un litre de llet. A la majoria de les explotacions, el titular ha perdut el control del factor alimentació, i les racions, subministrades per al conjunt de vaques lactants, es formulen per a valors alts de producció, amb independència de la producció real. En general, són deficitàries en energia en relació a la potencialitat que s'exigeix al contingut proteic, i a les de quota superior, es formula en contingut PDIN per a una producció superior en 14 litres a la mitjana per vaca en lactació i dia. El ramader d'explotacions petites i mitjanes, l'únic estímul que rep, és el d'ampliar o deixar l'activitat. Mentre que, el de les explotacions d'estrats superiors de quota, es veu forçat a delegar el control dels factors de producció en els serveis tècnics, privats. El model d'extensió, esdevé necessari, ja que dóna formació i informació per tal que el ramader decideixi, com empresari, sense delegar aquesta funció. ; A partir de 1980, los cambios políticos, sociales y administrativos, condujeron a la paulatina desaparición del Servicio de Extensión Agraria en Cataluña; oportunidad que fue aprovechada para el establecimiento de grupos de asesoramiento, ajenos a la administración pública, unos adscritos a casas comerciales o a grandes empresas, y otros formados por profesionales en ejercicio libre. Esta situación, considerada satisfactoria por la administración y otros estamentos sociales y económicos, se está cuestionando por algunos profesionales y agricultores. Por lo cual se planteó la hipótesis de que las explotaciones de vacas de leche están necesitadas de un modelo de extensión, que les ayuden a detectar y a solucionar problemas por si mismas. A través de un muestreo estratificado de 57 explotaciones, se realizó un estudio descriptivo del manejo del sistema productivo, y del estado de conocimientos de los titulares de las mismas. Dentro del estudio descriptivo se incidió en la valoración nutritiva de las raciones alimenticias, y en los aspectos destacados del racionamiento – tipo de ración, modo de distribución, espacio por vaca en el comedero, confort, distribución de los bebederos, etc. – El tratamiento estadístico de los datos, realizado mediante el paquete estadístico SAS (2002), requirió la transformación previa, en variables cualitativas y cuantitativas, de la información recogida, tanto de la descripción como de la encuesta de conocimientos. En el plano teórico, y mediante la revisión bibliográfica, se evidencia la necesidad del modelo de extensión, en general, ante los cambios de orientación exigidos por la sociedad a la agricultura. Asimismo, se hace patente la idoneidad del modelo de extensión para el resto de la sociedad. De los resultados del análisis realizado, se destaca que en el 70% de las explotaciones no se realiza ningún tipo de análisis sobre los resultados económicos, y, sólo, el 26% de los titulares conocen, de manera aproximada, el coste de un litro de leche. En la mayoría de las explotaciones, el titular ha perdido el control del factor alimentación; las raciones, suministradas para el conjunto de vacas en lactación, se formulan para valores altos de producción, con independencia de la producción real. En general, son deficitarias en energía en relación con la potencialidad exigida al contenido proteico; en las explotaciones de mayor cuota, se formula en contenido PDIN para una producción superior en 14 litros a la media por vaca en lactación y día. El titular de explotaciones pequeñas y medianas, el único estimulo que recibe, de la administración pública, es el de ampliar o de dejar la actividad. Mientras, el ganadero de las explotaciones mayores, se ve presionado a delegar el control de los factores de producción en los servicios técnicos privados. El modelo de extensión, se hace necesario, para dotar a los ganaderos de un nivel de formación que les permita tomar decisiones, como empresarios, sin delegar el control de la explotación. ; From 1980, politics, socials and administrative changes, lead to the gradual disappearance of Agricultural Service of Extension in Catalonia, with the consequent appearance of groups of advising, free from public administration, ones assigning to commercial houses or great enterprises, and others formed by professionals in free exercise. Opposite to argument of those starting activities of dairy cows operations are well covered with the advice received, one considered the hypothesis that the operations of milk cows were needed of an extension model, which can help to detect problems and find by themselves, the solutions. Through a stratified sampling of the dairy cows, one carried out a descriptive study about management of the productive system, and the fulfilment of a knowledge inquiry to the farmer. In the descriptive study, one influenced in the nutritious valuation of the food rations, and about the outstanding aspects of the rationing - type of ration, way of distribution, space by cow in the feeding place, comfort, distribution of drink trough, etc. – Data processing was made with statistics package SAS (2002). It was necessary the previous transformation of the collected information, as much of the description as of the inquiry of knowledge. In theoretic plane, through bibliographic revision, is demonstrated the necessity of one extension model before orientation changes demanded by the agriculture society, in general. Likewise, it is obviously the suitability of the model of extension for the rest of the society. Through analysis result, one stands up that in 70% of dairy cows is not made any type of examination on the economics results, and, only, 26% of the farmers know, approximately, the cost of a litre of milk. In most operations, the framer has lost the control of the feeding factor, and the rations, provided to dairy cows, are formulated for higher values of production, independently of real production. In general, they are deficiencies in energy in relation with the potentiality demanded to the protein content, and those with the more amount of reference (quota), the ration is formulated in content PDIN, average, for a bigger 14 litres production, average by cow in lactation and day. The farmer of small and medium dairy cows, the only stimulus that he receives, is in the possibility of extending or leaving his activity. However, the farmer of dairy cows with more production or quota, must, unavoidably, delegate the control of the production factors to the private service of experts. The extension model appears like necessary, because it helps to trust and to lean in the expert, without delegating theirs functions of decision.
The debate about Corporate Social Responsibility (CSR) to stakeholders is a fairly lengthy debate in the repertoire of the development of company law. At least there are two fundamentally different views to interpret the corporate social responsibility.The views, Firstly, cling to the belief that the concept of corporate social responsibility is counterproductive in the business world. According to Milton Friedman, a corporation are naturally only have a goal to generate economic objectives for shareholders. A prominent liberal economics is very pessimistic and tend to oppose any attempt to make the company as a social purpose. Furthermore, in Capitalism and Freedom (1962) Milton Friedman clearly states that in a free society there is one and only one social responsibility of businesses that utilize the company's resources and engage in activities that aim to maximize profits. If this goal is achieved by the company, it actually functions, and corporate social goals have been achieved, namely to improve the welfare of society.The doctrine of the social responsibility in business, damage the free market economic system.Acknowledging social responsibility that will lead to an economic system leads to the direction of the economic plans of the Communist Countries. In the writings, published in the New York Times Magazine on September 13th, 1970, with the title: "The Social Responsibility of Business is to Increase Its Profits". This reasoning is supported by Joel Bakan, which teaches that if the company gives some of its profits to the community, the company has violated his nature. Business sustainability can take place in the long term if the company is able to provide an answer to the needs of stakeholders and give them what they need.Second views, with the increasing importance of the role and position of all stakeholders in the Good Governance management of the company, and surely, the second thought, extremely gave rise to the contradicts of the first view. The second view was expressly acknowledged the existence of corporate social responsibility towards stakeholders. R. Edward Freeman in, "A Stakeholder Theory of the Modern Corporation", offers an alternative to the theory of Friedman. On the view Freeman, Friedman wrong to assume that the main task is the company's executive moral fiduciary issue to their shareholders and that in fulfilling this obligation they act socially responsible. Freeman takes issue with dissention of opinion and the opinion: 1 "That the company's managers have a duty to all groups and individuals who own shares (a stake) in or claim on the company (Freeman refer to groups and individuals as 'stakeholders'); 2 That there was no stakeholder groups should be given primacy over the other when the company mediate the competition claims of stakeholders; and 3 That company law should be changed to require executives to manage their enterprise in accordance with the principles of the theory of stakeholders, namely, Freeman stated that the executive should be notified (legal / official) to manage their company in the interests of their stakeholders ". Regardless of whether the stakeholder management leads to improved financial performance, managers must manage the business for the benefit of all of stakeholders. It looked at the company rather than as a mechanism to improve the financial returns of stockholders,but as a vehicle for coordinating of stakeholders interests and view management as having a fiduciary relationship not only for shareholders, but for all of stakeholders. According to the normative of stakeholders theory, management must give equal consideration to the interests of all stakeholders, while a conflict of interest, to manage the business so as to achieve the optimum balance between them. This, of course, implies that there will be a time while management is obliged to at least partially sacrificing the interests of the stockholders to those of other stakeholders.In line with this thinking, John Hasnas,stated that "management's fundamental obligation is not to maximize the firm's financial success, but to Ensure its survival by balancing the conflicting claims of multiple stakeholders." John Elkington in Cannibal with Forks: The Triple Bottom Line Twentieth Century Business (1997) says that if a company wants to remain sustained, then he needs to consider not only the interests of the shareholders (profit), but also must pay attention to the welfare of the people which were in it and around (peoples) and environmental sustainability (planet). Stakeholder theory states that the basic duty of management is not to maximize the financial success of the company, but to ensure its survival by balancing the conflicting demands of various stakeholders. The Company shall be managed for the benefit of stakeholders, customers, suppliers, owners, employees, and local communities.The rights of these groups must be ensured and, further, the group must participate, in some sense, in decisions that substantially affect their welfare. Apart from the conceptual debate about the Corporate Social Responsibility (CSR). CSR in Indonesia has been acknowledged.Article 88, Law No. 19 of 2003 on State-Owned Enterprises (SOE Act), firmly establish the SOEs can set aside part of its profits for the purposes of development small businesses, cooperatives and community development around the SOE. Then, Act No. 40 Year 2007 on Limited Liability Companies, Article 74, confirms the existence of Corporate Social Responsibility in Limited Liability company in Indonesia. In fact, Article 74 is more advanced conceptually by putting social and environmental liability in limited liability company as a social mandatory, not just a moral and ethical responsibility. Article 74 has a power that can be enforced against a limited liability company to implement social and environmental liability. Shifting the paradigm of the management company which is intended only to the interests of shareholders (profit) in the direction of the management of the company, to consider the interests of all stakeholders, and environmental interests, assessed constitutional by theConstitutional Court on legal considerations in the Constitutional Court Decision 53 / PUU-VI / 2008, is explained, That the Indonesian economy system as set forth in Article 33 of the 1945 Constitution: The economy shall be organized as a common endeavour based upon the principles of the family system. Sectors of production which are important for the country and affect the life of the people shall be controlled by the state. The land, the waters and the natural riches contained therein shall be controlled by the State and exploited to the greatest benefit of the people. That understanding individualistic and liberalism in the economy was not fit, even contrary to economic democracy embraced by the nation of Indonesia. Earth, water and natural resources contained in it not only for the prosperity of the few entrepreneurs who have capital, but rather for the prosperity of the people. The economy as a joint venture, not only between employers and the state, but also collaboration between employers and the community, especially the surrounding community. Genuine concern of employers on their social environment will provide a secure business environment for the surrounding community feel cared by the employer, so it will strengthen the fabric of the relationship between employers and society. Based on the Decision of the Constitutional Court concluded that the Good Governance management company solely devoted to the interests of shareholders, are not in accordance with democratic principles adopted by the State Indonesian economy. Good Governance Management companies must instead be directed to the welfare of the people of Indonesia. Therefore, companies must be managed with due regard to the interests of all stakeholders, no exception labor / employees of the company. Thus, the management of the company to consider the interests of all stakeholders not only a moral responsibility of the company, but it is mandate in the company law. Oriented company management efforts to improve the welfare of all stakeholders, including workers / employees of the company is the embodiment of company's contribution to the mutual obligations between the government and the business community to improve the welfare of the community. Implementation of the Good Governance management company, for the benefit of stakeholders, did not specifically aimed at corporate responsibility efforts to improve the welfare of employees. Article 74 of the Limited Liability Company Law does not specifically direct the implementation of corporate social responsibility to the interests of employees. However, it does not mean that the discussion of social regulation of corporate governance efforts directed at improving the welfare of the employees concerned becomes unimportant. The ambiguity of Article 74 of the Limited Liability Company Law actually cause the position of employees as part of an internal stakeholders or primary stakeholders of the limited liability company grow weary and still received less attention.On 4th April 2012, the Government enacted Government Regulation No. 47 of 2012 on Social and Environmental Responsibility Company Limited. As the implementation of Article 74 of the Limited Liability Company Law, Government Regulation 47 of 2012 is focused on regulating the use of a limited liability company expense budget has been earmarked as the cost of social and environmental responsibility.However, this rule did not set out clear, the allocation of the budget, the amount of the budget and the subject use of the budget. Thus, it would be difficult to expect the implementation of this government regulation to improve the lives and welfare of labor as the company's internal stakeholders. Therefore, regulation of corporate governance is to realize the efforts to improve the standard of living and welfare of labor is still very necessary.The discussionabout the need forlegislationthatdirects the corporate governance management toimprove the lives and welfare of labor is still relevant and very important thing to do. At least there are some very basic reason the importance of the discussion of the need for legislation that directs thecorporate governance management to improve the welfare of labor in Indonesia, namely: First, Corporate Governance (CG) management that gives attention to efforts to improve the lives and welfare of employees / workers / labor is not a concern in the legislation governing the company in Indonesia. Legislation current regulating corporate governance is still dominated by the interests of employers in optimizing capital or capital to develop other businesses in order to generate profits and shareholder value. Although social and environmental responsibility has been used as a mandatory under Article 74 of the Limited Liability Company Law, but its application in the narrow scope led to the implementation of social and environmental responsibility under Article 74 of the Limited Liability Company Law is not very significant in efforts to improve the lives and well-being of the company workforce. Law governing companies, such as Act No. 40 of 2007 on Limited Liability Companies Act No. 19 of 2003 on State Owned Enterprises, Act No. 25 Year 2007 on Investment and Act No. 8 of 1995 on the Capital Market is more focused on efforts to the creation of a conducive business climate as a requirement that the business community in Indonesia can compete to face an increasingly competitive global competition. In other words, the main interest underlying the legislation was the interests of shareholders.Public welfare, including welfare of the workers, do not become a major priority of the legislation. Where noted, Article 43 paragraph (3) Limited Liability Company Law paves the way for efforts to improve the status and welfare of employees through the issuance of new shares that are specifically intended for employees. Through Article 43 paragraph (3) that, it is possible to elevate the position of the employees become shareholders through the Employee Stock Ownership Plan (ESOP). However Thus, the implementation of Article 43 paragraph (3) is highly dependent on the generosity of its shareholders through the Annual General Meeting(AGM), because after all if General Meeting of Shareholders does not decide that the issuance of new shares is specifically intended for the benefit of employees, the new shares shall first be offered to existing shareholders, or better known as the pre-emptive right. Basically some aspects of corporate governance related to efforts to improve the welfare of the employees as one of the stakeholders can be the rationale, for example: Protection of interests of employees, in various corporate action such as a merger, consolidation, acquisition, and spin-off companies, bankruptcy and liquidation of the company; efforts to increase the value and dignity of employees through improving the status of workers / employees become owners / shareholders as ESOP (Employee Stock Ownership Plan, Profit Sharing etc), is an effort to increase that bipartite collaboration are mutually beneficial. Secondly, the setting of corporate social responsibility as stipulated in Article 74 of the Limited Liability Company Law, did not provide a strong emphasis on the use and size of the CSR fundfor efforts to improve the lives and welfare of employees as internal stakeholders. Article 74 of the Limited Liability Company Law and its implementing regulations as stipulated in Government Regulation No. 47 of 2012 on Social and Environmental Responsibility Company Limited is only intended to regulate the use of budget CSR General Meeting of Shareholders approved the Work Plan and Budget (CBP).Article 74 and its implementing regulations have not sufficiently regulate the practices of companies devoted to the interests of stakeholders, including workers / employees that are outside the company's CSR program budgeted. Article 74 and its implementing regulations are focused on the use of budget CSR for the benefit of local communities and the environment. The fate of the workers / employees still beyond the reach of Article 74 of the Limited Liability Company Law Jo. Government Regulation no. 47 in 2012. Thirdly, the accommodation is not enough on Principles of ISO 26000 as the standardization of CSR in the Limited Liability Company Law. For example, about 7 Principles of ISO 26000: ISO 26000 principles namely: 1. Community development; 2. Consumers; 3. Practice Institution healthy activities; 4. Environment; 5. Employment; 6. The Human Rights; 7.Organization Governance (Government Organization) Fourth, the welfare conditions of laborers / workers / employees which still a concern in Indonesia. Labor / Workers / Employees or more popular as workers have extremely significant contribution in supporting the Indonesian economy. Besides as a driver of economic state, workers also became one of the major strengths in building civilization. Labours or workers who drive the economic sectors under which incidentally has a tremendous contribution to the State's economy and to balance the savior even balance the State's economic growth. Ironically a very major role and importance is not getting an adequate appreciation of the government and the business world. Wages received by workers / employees are not comparable / insufficient to meet real needs. When compared with the speed of the increase in the cost of "running" while wages "going nowhere" no increase or even just suffered a setback.Of the Central Bureau of Statistics as overview in 2006 for simple decent life in Jakarta, someone has to spend between Rp 1.5 million to Rp 2 million per month for the purposes of daily life. Compared then to the local minimum wage in Jakarta which only Rp 950.000, - It is clear that it is impossible worker / laborer can live decently. Other data illustrate the inequities of life of workers / laborers are presented in the research of AKATIGA. Government efforts to create a conducive investment climate and invite as many foreign and domestic investors to encourage government to implement two basic strategies namely run low wage policy and apply the principles of liberalization, flexible and decentralized in matters of employment.The low wages of workers / labor, used as an attraction to invite investors.Investment Coordinating Board (BKPM) includes wage / cheap labor in Indonesia, the minimum limit of the highest labor costs in Java (Rp. 1.3344 million, - per month - USD 147 per month) is still lower than the wages of workers in Thailand (USD 240 per month), even if the wages in Java are raised 50%.Labor wages is used as a negotiating tool in the management of the automotive component industry in Indonesia with Trade Unions is the main attraction of Indonesia to invite investors. Further explained that political cheap labor has proven to create life difficult labor because the average value of the minimum wage in Indonesia Rp 892.160, - only afford about 62.4% of real expenditures of workers / laborers. Fifth, handed efforts to improve the welfare of employees through legislation in the field of employment was inadequate. During this time, the problem is always delivered on labor welfare legislation in the field of employment. As described above, that the cheap labor led to the welfare of workers / laborers which not feasible. It is proved that the issue of lifting the standard of living and welfare of the workers / laborers can not be left solely to the legislation in the field of employment.Efforts to improve the standard of living and welfare of the workers / laborers need to be supported by the corporate governance management system which can support the improvement of the standard of living and welfare of workers / employees, either in the form of optimal utilization of corporate social responsibility and stewardship corporate governance rules, which can support the improvement of the standard life and welfare of the workers / employees. Sixth, the limited liability company law can be used as an instrument for efforts to improve the welfare of employees through corporate governance management arrangements that can improve the lives and well-being of employees. Thus, despite the existence of legislation in the field of employment, legislation governing its managed stylist, for example the Limited Liability Company Law, the Law on Enterprises, Investment Law, Capital Market Law and its implementing regulations can be used as an instrument to direct more attention to the behavior of the company interests of stakeholders, including workers / employees.IiIn such a context, the role of the State through the Government as law makers is necessary, so that the problems of workers welfare / employees are not solely left to the market mechanism with the argument of economic liberalization and globalization. In addition to the government party, the Company is a good alternative receptacle to resolve the problem, because the company provides a receptacle mutual benefit to work, learn, gain experience fitting, both in levels: Employee, Self-employed, Employer, and Investor (ESEI). Under conditions of the wise, the state described as a referee in a football game. He had no right to strike or hold the ball. That needs to be done is for the football game is running smoothly and there is no cheating. Is this value has been realized? And how it is with the role of the entrepreneur as the manager of the largest natural resource? The reality is that entrepreneurs can not immediately meet the standards of stakeholders, so that what is referred to as welfare is commensurate discourse. From the first, issues workers / employees being widely reported, but from the beginning anyway this issues is not resolved, resulting in gaps. To note in common, is that one of the drivers in the business in the last decade of this century in addition to the profitability of an investment in the form of people.
