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Privatisation in UK - Essay Example

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Privatisation in UK

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

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

Trying to seek easier and cheaper alternatives to counter competition companies are going haywire with their social responsibility that seldom adhere to UK company law even if it exists or find ways to seek loopholes (since they remain unaccountable). Like companies, producing palm oil in the UK is actually obtaining by driving rapid rainforest destruction in South East Asia. Over 500 UK companies have been trading in palm oil, most for more than a decade now without any UK company law to curb them. Yet despite high profile public campaigns about its impacts, virtually none of these companies can prove ...Show more

Summary

We must do what we can to encourage corporate responsibility. But we cannot leave companies to regulate themselves globally, any more than we can do in our own national economies." - Jack Straw MP, Secretary of State for Foreign and Commonwealth Affairs, September 2001
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Privatisation in UK essay example
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