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Financial Management Accounting for Mission Statement

Question:

Discuss about the Financial Management Accounting for Mission Statement.

Answer:

Introduction:

The purpose of this report is intended to compare and contrast the vision and mission statement of the company, values of the organization, CSR activities and the performance of the stakeholders of the company. The comparison clearly shows the compliance of the report data with the meeting of the smart objectives of the company. This includes comparing and contrasting of the findings based on Simple, Measurable, Achievable, Realistic and Timeliness of the objectives of the company. The later part of the report shows whether the various types of the findings of the data are in line with value adding intent to the companies.

The companies selected for the purpose for the purpose of the study are CSL - the Australian blood and serum Products Company and Macquarie Group. Commonwealth Serum Laboratories (CSL) is an Australian government company with its main facilities located across Australia, U.K., U.S., Germany and Switzerland. CSL specializes in biotechnology implementation, which requires the researchers to develop and works on making of marketing products to treat and prevent any serious human medical conditions. The company also specializes in producing blood plasma derivatives, vaccines and implementation of genetic research in the manufacturing applications. (Csl.com.au. 2016)

Macquarie Group is headquartered at New South Wales, Australia. It focuses on global investment banking, which focuses on providing diversified financial services dealing in financial advisory, banking, funds management services, infrastructure development  and financial services group. The operations of the company are diversified across 28 countries. The scope of the specialization also covers trading of the funds, hedging, capital market investment and providing retail financial services. In the recent times, the company is known to acquire a stake in Baltic 2 worth € 720 million. The company is also known to acquire Australia’s pioneer mobile phone company Crown Castle Australia (Macquarie.com. 2016).

Comparison and contrast of the two companies

A vision or mission statement

Macquarie Group

Commonwealth Serum Laboratories (CSL)

Macquarie group’s vision is to monitor the investment and the position of the stocks at a glance.  The vision statement of the company is further segregated into cash, super, trading and investment activities. The company’s vision statement clearly states that is committed to manage the funds listed under ASX. The company also aims to perform the trading activities for the ASX listed securities and the various types of international securities. The vision of the company also includes to manage the funds based on the  international securities fixed interest separately managed accounts (SMA) and Exchanged traded options (ETOs) (Macquarie.com. 2016).

Then vision of the company is to be passionate about safety, quality of the consumers, which the company is serving. The company aims to do extensive research on a range of support services for the purpose of the demonstration of the ongoing commitment for all who rely on the products of company. The vision statement also says that the company is deeply committed to provide best possible therapies and service to the customers (Csl.com.au. 2016).

Values of the organization

Macquarie Group

Commonwealth Serum Laboratories (CSL)

The value of the organization is to realize the opportunity for the benefits of the clients, shareholders and the employees of the organization. The approach of the company is also based on three long held principles namely creating opportunity for the clients. The values also include accountability of the clients, community and shareholders. The values of the company also includes integrity which includes adding values through honesty and fairly (Macquarie.com. 2016).

The core value of the company is to provide safe and effective products to the customers. The company also aims to provide customer focus, innovation, integrity, collaboration activities and providing superior performance (Csl.com.au. 2016).

3. Corporate social responsibility/sustainability

Macquarie Group

Commonwealth Serum Laboratories (CSL)

Macquarie Group believes in the philosophy that for a sound social, environmental and economic benefit the rule of private companies are important. The company is responsible to include various types of environmental responsibility along with concern for workplace health and a safety policy, which ensures that the risks are particularly associated investment opportunities. Some of the environmental initiatives include maintaining of more than 10,000 hectares of green space in the motorways. Some of the initiatives taken by the company also include introducing beehives in 11 different locations between the years 2013 to 2015. Macquarie Group is committed to ensure volunteering of the activities until 2020. The company is also responsible for collection and sorting of Macquarie Group maintaining wastewater through various types of wastewater treatment systems. In the recent times, Macquarie Group has taken several initiatives to manage the flow of traffic with an aim to reduce the atmospheric pollution and greenhouse gas emissions. Lastly, the company has taken several initiatives managing the traffic flow with an augmented focus in reducing emissions from greenhouse gases and minimizing atmospheric pollution.

The company took a major step to replace the code of conduct and giving more focus on the ethical behavior and sustainable development. Some of the major initiatives taken by the company includes researching new medicines. The company is known for investing $ 312m for the purpose of research and improvement in protein-based therapies known for causing serious anomaly among human beings. The key initiatives taken by the company seen in the development of cure for 2009 H1N1 when the pandemic and making enhancement for existing immunoglobulin therapies. The company is also known to ensure safety and quality by conducting audits and receiving zero noncompliance affecting the marketing licenses of the company. All of the other corporate social responsibility activities include operating responsibility in the marketplace. CSL is known to add an economic value of $ 4.3B to the employees, suppliers, government and the shareholders. The company is known to create 7546 jobs in Australia. The company has ensured a positive workplace for the people by increasing the employee population by 10%. The various commitments by the company have contributed to USD $10m the patient’s organization in the therapy centers’.  Furthermore, CSL has announced USD $ 3m partnership along with World Federation of hemophilia to provide support programs in developing countries. The company has taken several initiatives to reduce the environmental impact, such as reducing the net water consumption to 6% and put on hold to the energy consumption by the green house emissions.

4. Stakeholders mentioned in corporate statements

Macquarie Group

Commonwealth Serum Laboratories (CSL)

In the corporate governance report, the company clearly declares that it consists of 10 directors of which nine are independent. The chairperson of the company Kevin McCann is an independent director of the company. In addition to this the corporate statement clearly declares that it’s CEO and managing director is Nicholas Moore. In the year 2014 Gordon Cairns was appointed as another stakeholder. The corporate government statement further declares mention of names of other stakeholders such as Peter Warne, Nicola Wakefield Evans, Michael Hawker, Michael Coleman, Diane Grady and Patricia Cross Macquarie.com. (2016).

As per latest financial report presented by the company, it has shared the information about the changes made to Commonwealth Serum Laboratories. As per the half-yearly report, 2016, the company clearly states that appointment of the director named Dr Megan Clarke. As the company is government-owned, it has declared the information of the various shareholders such as HSBC custody nominees, J.P. Morgan nominees Australia, national nominees limited, BNP Paribas private limited and UBS wealth management Australia nominees’ private limited (Csl.com.au. 2016).

Compliance with the SMART objectives:

Specific

The objectives of Macquarie Group are specific and the company knows what it wants to achieve. The vision statement clearly state that it wants to make accomplishment in the ASX listed stock exchange. The company has a much better chance of accomplishment of the proposed vision statement. The values of the company is specific about focusing on the benefits to the clients, shareholders and employees of the organization. It can be further found that the balance sheet of the company that the company complies with then second edition of the ASX corporate governance principles. The recommendations made in the annual report further states that the company is known for consistency with the 3rd edition recommendations made by ASX. The annual report of the company further states about the values of the fully paid ordinary shares listed under ASX stock exchange. The information about the corporate sustainability report aspect for the company is listed under the scope and the selected subject matter that MGL requested to be included in the 12-month report of 2015. The company is further responsible to specify the name of the stakeholder and the oppositions occupy by them (Tofade et al. 2012).

On the other hand, the vision of CSL has specified its vision in the annual report of the company, which clearly states that the company is responsible for quality control measures in the German facility.  The value of the company does not clearly specify about the quality control measures taken by the company. The company is also not specific about the integrity and safety controls implemented into the products. However, the company is specific about the achievement of the CSR objective and the declaration of the same in company’s website. Furthermore, it has been observed that the company has not specified the name of the stakeholders in the annual report. However, it has specified about the introduction of the new stakeholders in their annual report (Brown 2012).

Measurable

 Macquarie Group’s vision are observed to be specific in nature as the company has clearly mentioned about the amount of the fully paid ordinary share in all the annual reports published by the company. Then adherence to the values of the company is clearly seen in the declaration of the code of conduct specified in the annual report clearly states about the company’s values through the maintenance of integrity office established in the year 1998. The integrity office is responsible for directly reporting to the CEO and providing the annual report to the BCGC. The number of the stakeholder is also measurable in nature (McCann and Ortega-Argilés 2016).

CSL is responsible for directly report of the various results of the vision in the annual report published by the company. In the annual report published the company’s the compliance to the vision statement is not measurable. CSL is known for publishing CSR reports on annual basis and hence the CSR initiative taken but the company are measurable in nature (Hammond et al.2015).

Achievable

As the vision of Macquarie Group is based on practical implementation, the company’s vision are achievable in nature. As the vision, values, CSR activities are specific and measurable, in nature, it is more likely the company will be able to achieve the objectives in practical situation.

CSL’s vision and values are based on general goals and hence may or may not be measurable (McNerney et al. 2016).

Realistic

The objectives of both the company are based on specific goals and vision statements formulated by the companies. The factor responsible for being realistic, Macquarie Group’s objectives shows more integrity and prudence in delivery of the specification of the vision and the values framed by the company (Eyler et al.2014).

Timely

 The timeliness component is seen in the regularly informing about the various goals and the achievement made by the company. In order to meet the all the objectives Macquarie Group has a deadline of 6 years. In this time span, the company is set to implement the CSR activities and achieve the values and the objectives stated in the vision statement.

On the other hand, CSL limited proposes to achieve the objectives within a timeline of 5 years. Both the companies are responsible for timely reporting of the data relating to the achievement. Both the companies are also responsible to declare the initiatives taken in the CSR activities and the declaration of the information about the stakeholders of the company (Gabella  2013).

Conclusion

From the analysis of the various types of the objectives of both the companies the general vision, values, Corporate social responsibilities and the stakeholders information can be clearly understood from the various type so the declaration made by the through company’s website and the corporate governance report. The comparison and contrast of objectives of both companies clearly, show that Macquarie Group is more prudent with the compliance of the SMART objectives than Commonwealth Serum Laboratories (CSL). Macquarie Group is also responsible to highlight the various aspects of the vision ad values specifically.  It can be further stated that statement of intention published by Macquarie Group add a more realistic value to the goals and the objectives set by the company.

Reference List          

Brown, D., 2012. Personal Objective for 2013? Not to Have SMART Objectives. Compensation & Benefits Review, 44(6), pp.305-307.

Csl.com.au. (2016). [online] Available at: http://www.csl.com.au/docs/651/1009/CSL_CSR_2009.pdf [Accessed 4 Aug. 2016].

Csl.com.au. (2016). CSL Ltd is a leader in plasma protein biotherapeutics. [online] Available at: http://www.csl.com.au/about [Accessed 2 Aug. 2016].

Cslbehring.com. (2016). CSL Behring: About Us, Vision & Values, Commitment to Best Quality Therapies. [online] Available at: http://www.cslbehring.com/about/csl-behring-vision-values.htm [Accessed 2 Aug. 2016].

Eyler, A., Chriqui, J., Maddock, J., Cradock, A., Evenson, K.R., Gustat, J., Hooker, S., Lyn, R., O’Hara Tompkins, N. and Zieff, S.G., 2014. Opportunity meets planning: An assessment of the physical activity emphasis in state obesity-related plans. J Phys Act Health, 11(1), pp.45-50.

Gabella, B., 2013, June. Data-Driven Decision Making to Address Injury Prevention Priorities in Colorado. In 2013 CSTE Annual Conference. Cste.

Hammond, J., Keeney, R. and Raiffa, H., 2015. Smart choices: A practical guide to making better decisions. Harvard Business Review Press.

Macquarie.com. (2016). Company profile | Macquarie Group. [online] Available at: http://www.macquarie.com/in/about/company [Accessed 2 Aug. 2016].

Macquarie.com. (2016). Macquarie Atlas Roads and the Community - environmental initiatives and social responsibility. [online] Available at: https://www.macquarie.com/mgl/com/mqa/community [Accessed 4 Aug. 2016].

McCann, P. and Ortega-Argilés, R., 2016. Smart specialisation, entrepreneurship and SMEs: issues and challenges for a results-oriented EU regional policy. Small Business Economics, 46(4), pp.537-552.

McNerney, M.J., Marquis, J.P., Zimmerman, S.R. and Klein, A., 2016. SMART Security Cooperation Objectives. RAND Corporation.

Tofade, T., Khandoobhai, A. and Leadon, K., 2012. Use of SMART learning objectives to introduce continuing professional development into the pharmacy curriculum. American journal of pharmaceutical education, 76(4).

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