Analyse the roles of cost and management in organisations through the analysis of accounting concepts and tools b) Evaluate and apply financial and non-financial performance measures and tools used in assessing and rewarding individual and corporate performance c) Describe how management control theory and concepts apply to organisational settings through the generation of accounting and organisational reports A Marking Rubric is attached so you are aware of exactly how your submission will be marked. Most of the second half of this subject focusses on how firms can measure performance and in turn, reward effort through bonus and incentive schemes, often using accounting concepts and tools (LO a) and LO b). It is important that firms have a clear understanding of what their overall corporate strategy is and set targets for performance in line with those goals and in line with the Mission and Vision Statement. Background information on Assignment Topic For the past decade, public companies in Australia nave been obliged to reveal details of how their senior executive team’s remuneration has been determined. Each public company’s Board must form a ‘Remuneration Committee’ (some companies may use different names for this committee) and generally the members consist of at least two nonexecutive members of the Company’s Board plus the Chairperson. (Each student should check the composition of the committee relevant to their allocated company and briefly report the details in their report in the company overview.) The Committee’s role is to determine and approve the methods and amounts of executive compensation including the base salary and benefits, the method of calculation and limits surrounding the Short-Term Incentives (STIs) paid and the method of calculation and limits for any Long-Term Incentives (LTIs) paid. The details of the remuneration scheme are published in the Remuneration Report within the Annual Report for the company and then voted on by shareholders at the annual general meeting. If more than 25% of shareholders ‘vote down’ (against) the remuneration plan, the Board must revise the plan and if this revised plan is still rejected by shareholders at the next General Meeting, the Board’s position i
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