CIMA - C04 Fundamentals of Business Economics: Study Text by Bpp Learning Media

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This distinction has become less clear at the end of the 20th century and moving into the 21st century, as governments have privatised state-owned industries and sought to reform the public sector by involving private companies in the provision of public services. The objective has been to curb waste of public money and improve efficiency by importing the disciplined cost control that is required if profit is to be created. In the UK, many providers of public services, such as hospitals and schools, and formerly state owned industries, such as London Underground, are now involved in different forms of public-private partnership.

Directors should not be involved in setting their own remuneration. A remuneration committee, staffed by independent non-executive directors, should make recommendations about the framework of executive remuneration, and should determine specific remuneration packages. The board should determine the remuneration of non-executive directors 22 2: Economic systems and organisations ⏐ Part A The goals and decisions of organisations Audit committees and auditors There should be formal and clear arrangements with the company's auditors, and for applying the financial reporting and internal control principles.

B) It is impracticable for a large number of shareholders to exercise managerial powers jointly; to be effective, power must be concentrated. (c) Many shareholders are not interested in being managers, and are content to employ professional managers, so long as their investment prospers. (d) Many organisations are so large or complex, or deal with such advanced technology, that they can only be managed effectively by well-qualified professionals. Separation of ownership from control has been a feature of business for over a century and brings with it a recurring problem: the business should be managed so as to promote the economic interest of the shareholders as a body, but the power to manage lies in the hands of people who may use it to promote their own interests.

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