1. The loyalty program of which company is known as "First Citizen"s Club"?





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> When people react to their experiences with particular authorities, those authorities and the organizations or institutions that they represent often benefit if the people involved begin with high levels of commitment to the organization or institution represented by the authorities. First, in his studies of people's attitudes toward political and legal institutions, Tyler found that attitudes after an experience with the institution were strongly affected by prior attitudes. Single experiences influence post- experience loyalty but certainly do not overwhelm the relationship between pre-experience and post- experience loyalty. Thus, the best predictor of loyalty after an experience is usually loyalty before that experience. Second, people with prior loyalty to the organization or institution judge their dealings with the organization’s or institution's authorities to be fairer than do those with less prior loyalty, either because they are more fairly treated or because they interpret equivalent treatment as fairer.Although high levels of prior organizational or institutional commitment are generally beneficial to the organization or institution, under certain conditions high levels of prior commitment may actually sow the seeds of reduced commitment. When previously committed individuals feel that they were treated unfavourably or unfairly during some experience with the organization or institution, they may show an especially sharp decline in commitment. Two studies were designed to test this hypothesis, which, if confirmed, would suggest that organizational or institutional commitment has risks, as well as benefits. At least three psychological models offer predictions of how individuals’ reactions may vary as a function of a: their prior level of commitment and b: the favorability of the encounter with the organization or institution. Favorability of the encounter is determined by the outcome of the encounter and the fairness or appropriateness of the procedures used to allocate outcomes during the encounter. First, the instrumental prediction is that because people are mainly concerned with receiving desired outcomes from their encounters with organizations, changes in their level of commitment will depend primarily on the favorability of the encounter. Second, the assimilation prediction is that individuals' prior attitudes predispose them to react in a way that is consistent with their prior attitudes.The third prediction, derived from the group-value model of justice, pertains to how people with high prior commitment will react when they feel that they have been treated unfavorably or unfairly during some encounter with the organization or institution. Fair treatment by the other party symbolizes to people that they are being dealt with in a dignified and respectful way, thereby bolstering their sense of self-identity and self-worth. However, people will become quite distressed and react quite negatively if they feel that they have been treated unfairly by the other party to the relationship. The group-value model suggests that people value the information they receive that helps them to define themselves and to view themselves favorably. According to the instrumental viewpoint, people are primarily concerned with the more material or tangible resources received from the relationship. Empirical support for the group-value model has implications for a variety of important issues, including the determinants of commitment, satisfaction, organizational citizenship, and rule following. Determinants of procedural fairness include structural or interpersonal factors. For example, structural determinants refer to such things as whether decisions were made by neutral, fact-finding authorities who used legitimate decision-making criteria. The primary purpose of the study was to examine the interactive effect of individuals a: commitment to an organization or institution prior to some encounter and b: perceptions of how fairly they were treated during the encounter, on the change in their level of commitment. A basic assumption of the group-value model is that people generally value their relationships with people, groups, organizations, and institutions and therefore value fair treatment from the other party to the relationship. Specifically, highly committed members should have especially negative reactions to feeling that they were treated unfairly, more so than a: less- committed group members or b: highly committed members who felt that they were fairly treated.The prediction that people will react especially negatively when they previously felt highly committed but felt that they were treated unfairly also is consistent with the literature on psychological contracts. Rousseau suggested that, over time, the members of work organizations develop feelings of entitlement, i.e., perceived obligations that their employers have toward them. Those who are highly committed to the organization believe that they are fulfilling their contract obligations. However, if the organization acted unfairly, then highly committed individuals are likely to believe that the organization did not live up to its end of the bargain.The hypothesis mentioned in the passage tests at least one of the following ideas.
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MCQ-> Read the following caselet and answer the questions that follow:Thakur Raja, a young cabinet minister, glanced through the notes of his secretary regarding the recent controversies on ‘Racket’, the most popular game of the country. While International Racket Association (IRA) has agreed to implement Drug Testing Code (DTC), the Racket Club which controls the entire Racket related activities had some reservations regarding the initiative. A majority of the citizens eagerly awaited their country's participation and performance at the international competitions during the Champions Trophy. Due to the popularity of the game, 70% of the total revenue associated with the game originates from the country. Hence, the Racket Club has earned high bargaining power with the IRA and can influence decisions not aligned with its interests. Three of the most popular and senior players of the Club, including the captain, are against the imposition of DTC citing security reasons. A decision against the interests of these players might result in law and order problems throughout the country. Other players support the decision of their senior colleagues and if the Racket Club refuses, players may support the rebel Counter Racket Club, a new national level initiative. The Counter Racket Club can challenge the monopoly of the Racket Club, if it succeeds in attracting some popular players.Raja was a great soccer player and has major reservations against racket. According to him, racket has negative influence on the country’s youth and distracts them from productive work. He also considers drug testing as an essential feature of any sports and games across the world. As the new cabinet minister for Youth and Sports, he needs to take some important decisions on this contentious issue.If Thakur Raja wants to create a lasting impact, the most reasonable option for him is to:
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MCQ-> Answer question based on the following informationEvery Saturday, the members of Raja Harish Chandra Club meet in the evening. All the member of the club are honest and never lie. Last Saturday, the following conversation was heard at one of the table with five members sitting around it.Satya Sadhan: In this club not all members are friends with each other. Satyabrata: None of the pair of friends in this club has any common friend. Satyajit: Every pair of member who are not friends has exactly two common friends in this club. Satya Pramod: There are fewer than 22 people in this club.How many members are there in the club?
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MCQ-> A difficult readjustment in the scientist's conception of duty is imperatively necessary. As Lord Adrain said in his address to the British Association, unless we are ready to give up some of our old loyalties, we may be forced into a fight which might end the human race. This matter of loyalty is the crux. Hitherto, in the East and in the West alike, most scientists, like most other people, have felt that loyalty to their own state is paramount. They have no longer a right to feel this. Loyalty to the human race must take its place. Everyone in the West will at once admit this as regards Soviet scientists. We are shocked that Kapitza who was Rutherford's favourite pupil, was willing when the Soviet government refused him permission to return to Cambridge, to place his scientific skill at the disposal of those who wished to spread communism by means of H-bombs. We do not so readily apprehend a similar failure of duty on our own side. I do not wish to be thought to suggest treachery, since that is only a transference of loyalty to another national state. I am suggesting a very different thing; that scientists the world over should join in enlightening mankind as to the perils of a great war and in devising methods for its prevention. I urge with all the emphasis at my disposal that this is the duty of scientists in East and West alike. It is a difficult duty, and one likely to entail penalties for those who perform it. But, after all, it is the labours of scientists which have caused the danger and on this account, if on no other, scientists must do everything in their power to save mankind from the madness which they have made possible. Science from the dawn of History, and probably longer, has been intimately associated with war. I imagine that when our ancestors descended from the trees they were victorious over the arboreal conservatives because flints were sharper than coconuts. To come to more recent times, Archimedes was respected for his scientific defense of Syracuse against the Romans; Leonardo obtained employment under the Duke of Milan because of his skill in fortification, though he did mention in a postscript that he could also paint a bit. Galileo similarly derived an income from the Grant Duke of Tuscany because of his skill in calculating the trajectories of projectiles. In the French Revolution, those scientists who were not guillotined devoted themselves to making new explosives. There is therefore no departure from tradition in the present day scientists manufacture of A-bombs and H-bomb. All that is new is the extent of their destructive skill.I do not think that men of science can cease to regard the disinterested pursuit of knowledge as their primary duty. It is true that new knowledge and new skills are sometimes harmful in their effects, but scientists cannot profitably take account of this fact since the effects are impossible to foresee. We cannot blame Columbus because the discovery of the Western Hemisphere spread throughout the Eastern Hemisphere an appallingly devastating plague. Nor can we blame James Watt for the Dust Bowl although if there had been no steam engines and no railways the West would not have been so carelessly or so quickly cultivated To see that knowledge is wisely used in primarily the duty of statesmen, not of science; but it is part of the duty of men of science to see that important knowledge is widely disseminated and is not falsified in the interests of this or that propaganda.Scientific knowledge has its dangers; but so has every great thing. And over and beyond the dangers with which it threatens the present, it opens up, as nothing else can, the vision of a possible happy world, a world without poverty, without war, with little illness. And what is perhaps more than all, when science has mastered the forces which mould human character, it will be able to produce populations in which few suffer from destructive fierceness and in which the great majority regard other people, not as competitors, to be feared, but as helpers in a common task. Science has only recently begun to apply itself to human beings except in their purely physical aspect. Such science as exists in psychology and anthropology has hardly begun to affect political behaviour or private ethics. The minds of men remain attuned to a world that is fast disappearing. The changes in our physical environment require, if they are to bring well being, correlative changes in our beliefs and habits. If we cannot effect these changes, we shall suffer the fate of the dinosaurs, who could not live on dry land.I think it is the duty of science. I do not say of every individual man of science, to study the means by which we can adapt ourselves to the new world. There are certain things that the world quite obviously needs; tentativeness, as opposed to dogmatism in our beliefs: an expectation of co-operation, rather than competition, in social relations, a lessening of envy and collective hatred These are things which education could produce without much difficulty. They are not things adequately sought in the education of the present day.It is progress in the human sciences that we must look to undo the evils which have resulted from a knowledge of the physical world hastily and superficially acquired by populations unconscious of the changes in themselves that the new knowledge has made imperative. The road to a happier world than any known in the past lies open before us if atavistic destructive passion can be kept in leash while the necessary adaptations are made. Fears are inevitable in our time, but hopes are equally rational and far more likely to bear good fruit. We must learn to think rather less of the dangers to be avoided than of the good that will be within our grasp if we believe in it and let it dominate our thoughts. Science, whatever unpleasant consequences it may have by the way, is in its very nature a liberator, a liberator of bondage to physical nature and, in time to come a liberator from the weight of destructive passion. We are on the threshold of utter disaster or unprecedented glorious achievement. No previous age has been fraught with problems so momentous and it is to science that we must look for happy issue.The duty of science, according to the author is :-
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