) Respond to DISCUSIION below by: • Ask a probing question. • Share an insight from having read the discussion. • Offer and support an opinion. • Validate an idea with your own experience. • Make a suggestion. • Expand on the discussion.
The OECD Corporate Governance Committee (2010) in Corporate Governance and the Financial Crisis: Conclusions and Emerging Good Practices to Enhance Implementation of the principles noted that the ability of the board to effectively oversee executive remuneration appears to be a key challenge in practice and remains one of the central elements of the corporate governance debate in a number of jurisdictions. The nature of that challenge goes beyond looking merely at the quantum of executive and director remuneration and incentive arrangements are aligned with the longer-term interests of the company[i].
One of the main law which regulate remuneration relations is the “Say on Pay” which was introduced in the UK in 2002. Say on pay laws provide shareholders with the ability to vote on their firms’ compensation policies on a periodical basis. There are opinions that the main purposes of these laws are to limit the seemingly excessive levels of CEO pay, tighten the link between firm performance and CEO pay, and improve disclosure on executive compensation[ii].
The director’s remuneration debate highlights important aspect of the principal-agents issue discussed earlier. Conyon and Mallin (2007) highlight that shareholders are viewed as the “principal” and managers as their agents and that the economics literature, in particular, demonstrates that the compensation received by senior management should be linked to company performance for incentive reason[iii].
Performance criteria may differentiate between three broadly conceived types of measures: 1) market-based measures; 2) accounts-based measures; 3) individual-based measures. Some potential performance criteria are[iv]:
Profit based measures
Return on capital employed
Earnings per share
Individual director performance
The remuneration committee is receiving more attention concerning how executive pay is structured and how executives have earned the remuneration they receive.
Say on pay is defned as “the vote of shareholders at a general meeting on the policy and/or various components of compensation of executives and/or non-executives, depending on the country” (IFA 2013) Strengthen the role and operation of the remuneration committee through new principles on the following[v]:
The composition of remuneration committees;
The obligation for the members of the remuneration committee to be present at the general meeting where the remuneration policy is discussed in order to provide explanations to shareholders; and
Avoiding con?icts of remuneration consultants
The 2014 proposal for a new shareholder directive includes say on pay as part of a broader agenda to encourage shareholder engagement in their investee companies (European Commission 2014). The following are perceived benefits associated with say on pay[vi]:
It gives the shareholders control of overall principles for executive remuneration, thus tilting the balance of power more in favor of the shareholders.
It gives shareholders incentives to become more involved in the governance of companies.
In conclusion, probably topic related to remuneration one of the hot topics, since remuneration for directors depends on their performed work and sometimes it’s very difficult to evaluate it and provide adequate compensation.
[i] C.A. Mallin. Corporate governance 2016.
[ii] Ricardo Correa et al. Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Valuation around the World.
[iii] C.A. Mallin. Corporate governance 2016.
[v] IFC. A Guide to Corporate Governance Practices in the European Union.
Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell.
In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.
God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.
Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.
To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.
Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.
Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies, 4(8), 487.
Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.