Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Corporate strategies in nokia
Corporate strategies in nokia
Nokia business structure
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Corporate strategies in nokia
NOKIA is an organisation which provides sustainability by following many principles. Nokia is a leader in mobile communications, enabling mobility through its different businesses. Nokia Corporation is the world’s biggest manufacturer of mobiles which is mainly based in Finland. Now the company is serving customers in 130 countries and having more than 60,000 employees during 2005 (Nokia 2006), but crossed more than 123 553 at the end of 2009 to 2011.
According to the guideline of NOKIA all the board of directors are committed to follow certain rule and regulations to build good corporate governance. As we all know corporate governance provides the certain balance among the customers, stakeholders, investors and management of the respective company. In NOKIA there is province for the audit committee, personal committee, corporate governance and corporate ethics for senior financial officer, principal executive officers and insider policy. According to the situation the nomination committee propose suitable changes to the board for the required changes into the norms of the corporate governance.
REGULATORY FRAMEWORK
As NOKIA is a Finnish company so it has been regulated under Finnish laws as well as its Article of Association. Finland laws have been implemented on NOKIA with some exceptions that NOKIA’s restricted share plan does not include any criteria about performance but time based only. Granting of restricted shares plan is only applicable to retain investors for long term future and also the executive who are critical person for future success of NOKIA. This plan has been promoted to enhance the idea of employee- ownership. NOKIA’s Listing of shares in NYSE and in US Securities and exchange board law 1934.NOKIA complie...
... middle of paper ...
...ent.
CURRENT BOARD OF DIRECTOS OF NOKIA
Chairman : Risto Siilasmaa
Vice Chairman : Jouko Karvinen
Member of the Board of Directors of Agency for Science, Technology & Research: Bruce Brown
Independent Director. Board member since 2013. Member of the Audit Committee : Elizabeth Doherty
Chairman of the Personnel Committee, Member of the Corporate Governance and Nomination Committee : Henning Kagermann
Member of the Personnel Committee, Member of the Corporate Governance and Nomination Committee: Helge Lund
Marken Mickos: Board Member
Elizabeth Nelson: Independent Board of Director
Kari Stadigh :Member of Personal Committee
REFERNCES:
http://www.nokia.com/global/about-nokia/governance/board/meet/the-board/
http://www.nokia.com/global/about-nokia/governance/leadership/nokia-leadership-team/
http://www.nokia.com/global/about-nokia/governance
He has served as director in over 40 public companies and also serves as a
Thiry served as co-chairman on the board for three years and now serves as chairmen (“Board and management”, n.d.). DaVita’s most recent board member has served for five years, the longest has served twenty-one years, and average tenure is eleven years (“Board and management”, n.d.). Board members combined experience includes management and leadership, knowledge of operations, finances and regulations in the healthcare industry, global business issues, operations and regulations, keen and in-depth knowledge of healthcare and the dialysis industries (“Board and management”, n.d). Through the combination of tenure and real-world experience, DaVita’s board offers expansive knowledge of the local and global marketplace will contribute to the sustainability of the business. None of the experience expressly covered environmental concerns, initiatives or expertise. Board members work directly with management to lead the organization in strategic decision making and thinking (Corporate governance, n.d.). Additional responsibilities include representing “the collective interests…stockholders, provide expertise and advice to the CEO, review operational plans and budgets and oversee internal controls over financial reporting” (Corporate governance, n.d.). There was no mention of evaluating management’s
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
...zations need somebody outside the company, constantly asking good questions in order to avoid ethical situations. Another important duty for board members is to have understanding of director’s activities to avoid conflict of interest. The main area of concern is investigating reports of ethical misconduct by directors. These investigations can be serious affairs requiring thoroughness and tact. Even if initial incidents appear to be frivolous, investigations can uncover serious ethical lapses. The board can have external investigators under corporate governance program to investigate all reports and conduct of directors.
Solomon, J (2013). Corporate Governance and Accountability. 4th ed. Sussex: John Wiley & Sons Ltd. p.7, p9, p10, p15, p58, p60, p253.
In today’s current economic state, the likelihood of a company entering into a global market is inevitable. Multinational corporations (MNCs) such as Vodafone are required to standardise their Research & Development activities throughout the world in order to penetrate the market. This is achieved by obtaining new technological opportunities, such as the most up-to-date phones, thus maintaining a competitive driver in the market.
Evolving societal, political, as well as cultural perceptions of corporate boardroom membership are somewhat eliciting interest in the diversity of corporate directors. Additionally, the increasing worldwide desire for enhanced corporate governance is also a reason (Carter et al. 2010, p.396) and (Grosvold, Brammer and Rayton, 2007, p.347). For instance, in the UK, novel corporate governance laws after the Cadbury Report as well as the Higgs Review have highlighted the value of boardroom diversity, including gender diversity, and the necessity for choosing directors from a broader ta...
14. Warman, M., (2014), Nokia X: Android Phone Announced, Telegraph.co.uk, [online] Available at: http://www.telegraph.co.uk/technology/nokia/10657433/Nokia-X-Android-phone-announced.html, Accessed on: 2nd April 2014.
Manufacturers and service providers of cell phones are located throughout the world, although, as inCode, a wireless business and technology consulting firm, suggests, “Not many wireless carriers today have a truly global presence.” However, the company predicts that “the top 10 wireless carriers are going to make a push for globalization in the coming years” (“InCode releases…”). Most especially, inCode foresees service providers reaching to “unconquered markets like China, which is the fastest growing wireless market in the world” (“InCode releases…”). Some companies have already tapped into the global marketplace, spreading areas of coverage across continents. The cell phone manufacturer Nokia, for example, is rooted in Finland, but sells cellular phone products virtually everywhere on the globe. Service providers, although most often more less expansive in scope, are also trying to provide more global coverage.
By the end of 2003, Nokia was the clear market leader in the mobile phone industry in terms of sales and profitability. It was ahead of giant companies like Motorola, Ericsson, Siemens, Samsung, and other worthy competitors. Since the early 1990s, Nokia's Strategic Intent was to build distinctive competency in product innovation, rapid response, and global brand management. Its strategic intent required rapid growth in the core businesses of mobile phones and telecommunications networks. This goal was achieved by Nokia's development of new products and expansion into new markets. In order to become the global leader as it is today, the company had overcome numerous challenges and obstacles over the last decade.
In November 2000, Mauritius Telecom entered into a strategic partnership with Orange (formerly France Telecom) with a view to strengthening and securing its market share, pending the total deregulation of the telecommunication sector in Mauritius. By combining the technological and global strength of Orange, and the local and regional experience of Mauritius Telecom, the two companies have been able to offer innovative and useful technologies to new markets. Orange has shared a lot of its Information technology expertise to Mauritius Telecom.
Today, Nokia is the world leader in mobile communications. The company generates sales of more than $27 billion in a total of 130 countries and employs more than 60,000 people. Its simple mission: to "connect people."
The Board of Directors believes that the primary responsibility of the Directors is to provide effective governance over Halliburton's affairs for the benefit of its stockholders. Responsibilities responsibility includes: reviewing succession plans and management development programs for members of executive management; reviewing succession plans and management development programs for members of executive management; reviewing and approving periodically long-term strategic and business plans and monitoring corporate performance against such plans; adopting policies of corporate conduct, including compliance with applicable laws and regulations and maintenance of accounting, financial, disclosure and other controls, and reviewing the adequacy of compliance systems and controls; evaluating annually the overall effectiveness of the Board; and reviewing matters of corporate governance
Corporate governance is the set of guidelines that determines the control and organization of a particular company. The company’s board of directors is in charge of approving and reviewing changes to this set of formally established guidelines. Companies have to keep in mind the interests of multiple stakeholders, parties who have an interest in the company. Some of these stakeholders include customers, shareholders, management, and suppliers. Corporate governance’s focus is concentrated on the rights and obligations of three stakeholder groups in particular: the board of directors, management, and shareholders. Corporate governance determines how power is split between these three stakeholders. A company’s board of directors is the main stakeholder that influences the corporate governance of a company (Corporate Governance).
... smartphone. The company has improved increasingly because the combination with the Nokia company. Away to insure that the company can stay on top is to increase the innovations to their devices. Nokia was once a mobile telephone powerhouse, but has struggled since smartphones hit the market. As part of Microsoft, it will have better footing to compete there, however Ballmer noted that Nokia remains a leader in non-smart with phones sold in developing regions. The company’s ultimate goal is growth for the platform. After years trying to regain relevance in the mobile industry, Microsoft’s Windows Phone operating system narrowly nudged ahead of theird-place BlackBerry in global smartphone shipments, now sitting somewhere in the neighborhood of five percent globally. In the end Microsoft has accomplished their goal as a company and plans to stay there for a while.