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80-602: The boys' school is the oldest member of the group. It was founded in 1955 by Rector Fred Snell, who had previously been headmaster at Michaelhouse in South Africa. The school has an enrollment of approximately 500 boys, all of whom are boarders. The boys are organised into six houses named after people who were significant in the history of the school or the Anglican Church in Zimbabwe . They are, in order of founding: Each boy

160-434: A nonprofit organization , or a government agency . The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law ) and the organization's own constitution and by-laws . These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members,

240-441: A quorum must be present before any business may be conducted. Usually, a meeting which is held without notice having been given is still valid if all of the directors attend, but it has been held that a failure to give notice may negate resolutions passed at a meeting, because the persuasive oratory of a minority of directors might have persuaded the majority to change their minds and vote otherwise. In most common law countries,

320-442: A board is not a career unto itself. For major corporations, the board members are usually professionals or leaders in their field. In the case of outside directors, they are often senior leaders of other organizations. Nevertheless, board members often receive remunerations amounting to hundreds of thousands of dollars per year since they often sit on the boards of several companies. Inside directors are usually not paid for sitting on

400-515: A board, but the duty is instead considered part of their larger job description. Outside directors are usually paid for their services. These remunerations vary between corporations, but usually consist of a yearly or monthly salary, additional compensation for each meeting attended, stock options, and various other benefits. such as travel, hotel and meal expenses for the board meetings. Tiffany & Co. , for example, pays directors an annual retainer of $ 46,500, an additional annual retainer of $ 2,500 if

480-480: A board, sometimes called the board process , includes the selection of board members, the setting of clear board objectives, the dissemination of documents or board package to the board members, the collaborative creation of an agenda for the meeting, the creation and follow-up of assigned action items , and the assessment of the board process through standardized assessments of board members, owners, and CEOs. The science of this process has been slow to develop due to

560-432: A certain cause, a board of directors may have the responsibility of running the organization in between meetings of the membership, especially if the membership meets infrequently, such as only at an annual general meeting . The amount of powers and authority delegated to the board depend on the bylaws and rules of the particular organization. Some organizations place matters exclusively in the board's control while in others,

640-462: A clear idea of what he wanted the school to be. He wrote: "A man's tone, moral and spiritual, as well as intellectual, is largely determined for life by his school." Within a few years, Michaelhouse became the Diocesan College of Natal, governed by a permanent trust deed and administered by a board of governors . In 1901 the school relocated to Balgowan , when some 77 boys took up residence in

720-546: A conservation area of approximately 340 hectares (840 acres; 3.4 km) of land on the Springvale Estate (it is adjacent to Peterhouse Girls' School and Springvale House), enclosed by a 2.3 metres (7.5 ft) game fence. It named after Patrick Gosho, a former Estate Manager at Springvale House. The park is an area of Brachystegia woodland with two streams, their associated grasslands and rocky outcrops (some with Bushmen paintings). 237 species of birds have been recorded by

800-480: A domestic market only, the presence of CEOs from global multinational corporations as outside directors can help to provide insights on export and import opportunities and international trade options. One of the arguments for having outside directors is that they can keep a watchful eye on the inside directors and on the way the organization is run. Outside directors are unlikely to tolerate "insider dealing" between inside directors, as outside directors do not benefit from

880-529: A generous " golden parachute " which also acts as a deterrent to removal. A 2010 study examined how corporate shareholders voted in director elections in the United States. It found that directors received fewer votes from shareholders when their companies performed poorly, had excess CEO compensation, or had poor shareholder protection. Also, directors received fewer votes when they did not regularly attend board meetings or received negative recommendations from

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960-431: A heated swimming pool (12 lanes by 25 metres), a heated water polo pool, eight tennis courts, a weight training facility, a six court squash complex, a golf driving range with artificial putting green, an indoor sports centre (used primarily for basketball and indoor hockey - the facility also houses four artificial surface indoor cricket practice nets) and a dam for canoeing . The nearby Woodridge Estate hosted

1040-524: A male teaching quotient of approximately 62%; the master(teacher)/pupil ratio is 1:10. Each grade has 6 classes with approximately 21 boys per class. Michaelhouse school-leavers write the Independent Examinations Board exams and consistently achieve top results. The school has produced over 30 Rhodes scholars to study at the University of Oxford and 10 Elsie Ballot scholars to study at

1120-512: A position on the board. Shareholder nominations can only occur at the general meeting itself or through the prohibitively expensive process of mailing out ballots separately; in May 2009 the SEC proposed a new rule allowing shareholders meeting certain criteria to add nominees to the proxy statement. In practice for publicly traded companies, the managers ( inside directors ) who are purportedly accountable to

1200-526: A position that does not carry any executive authority and represents recognition of the person's corporate governorship and performance. An inside director is a director who is also an employee, officer, chief executive, major shareholder , or someone similarly connected to the organization. Inside directors represent the interests of the entity's stakeholders, and often have special knowledge of its inner workings, its financial or market position, and so on. Typical inside directors are: An inside director who

1280-416: A proxy advisory firm. The study also shows that companies often improve their corporate governance by removing poison pills or classified boards and by reducing excessive CEO pay after their directors receive low shareholder support. Board accountability to shareholders is a recurring issue. In September 2010, The New York Times noted that several directors who had overseen companies which had failed in

1360-589: A public market (a private, limited or closely held company), owned by family members (a family business), or exempt from income taxes (a non-profit, not for profit, or tax-exempt entity). There are numerous types of business entities available throughout the world such as a corporation, limited liability company, cooperative, business trust, partnership, private limited company, and public limited company. Much of what has been written about boards of directors relates to boards of directors of business entities actively traded on public markets. More recently, however, material

1440-438: A resolution of the remaining directors (in some countries they may only do so "with cause"; in others the power is unrestricted). Some jurisdictions also permit the board of directors to appoint directors, either to fill a vacancy which arises on resignation or death, or as an addition to the existing directors. In practice, it can be quite difficult to remove a director by a resolution in general meeting. In many legal systems,

1520-443: A set fraction of the board's members. The board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction. In corporations with dispersed ownership, the identification and nomination of directors (that shareholders vote for or against) are often done by the board itself, leading to a high degree of self-perpetuation. In a non-stock corporation with no general voting membership,

1600-415: A single-tier board, while the chairman of the management board is reckoned as the company's CEO or managing director . These two roles are always held by different people. This ensures a distinction between management by the executive board and governance by the supervisory board and allows for clear lines of authority. The aim is to prevent a conflict of interest and too much power being concentrated in

1680-414: Is dividend and how much it is, stock options distributed to employees, and the hiring/firing and compensation of upper management . Theoretically, the control of a company is divided between two bodies: the board of directors, and the shareholders in general meeting . In practice, the amount of power exercised by the board varies with the type of company. In small private companies, the directors and

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1760-406: Is allocated a house upon enrollment, and he remains a member of that house until he leaves. In addition to the houses being buildings in which the boys reside, they are also the teams through which the boys compete on the sporting academic and cultural front. In the late 1980s an additional house, Tinokura was created to house D Block boys (aged 13 and 14) in their first year at Peterhouse. Tinokura

1840-406: Is also an additional statutory body for audit purposes. The OECD Principles are intended to be sufficiently general to apply to whatever board structure is charged with the functions of governing the enterprise and monitoring management. The development of a separate board of directors to manage/govern/oversee a company has occurred incrementally and indefinitely over legal history. Until the end of

1920-564: Is an important focal point in the school's architecture and ethos. The chapel was built running from North to South with the apse at the North end. In the 1940s, however, the chapel was no longer big enough to fit the entire school in for a service. Thus the chapel was extended towards the East. Because of World War II , the chapel was only finished in the 1950s. A memorial to those who died in World War II

2000-408: Is associated with rigorous monitoring and improved corporate governance. In some European and Asian countries, there are two separate boards, an executive board (or management board) for day-to-day business and a supervisory board (elected by the shareholders and employees) for supervising the executive board. In these countries, the chairman of the supervisory board is equivalent to the chairman of

2080-416: Is becoming available for boards of private and closely held businesses including family businesses. A board-only organization is one whose board is self-appointed, rather than being accountable to a base of members through elections; or in which the powers of the membership are extremely limited. In membership organizations , such as a society made up of members of a certain profession or one advocating

2160-527: Is complete. Details on how they can be removed are usually provided in the bylaws. If the bylaws do not contain such details, the section on disciplinary procedures in Robert's Rules of Order may be used. In a publicly held company , directors are elected to represent and are legally obligated as fiduciaries to represent owners of the company—the shareholders /stockholders. In this capacity they establish policies and make decisions on issues such as whether there

2240-413: Is considered to be comparatively weak due to the limited time they can dedicate to this task. Overconfident directors are found to pay higher premiums in corporate acquisitions and make worse takeover choices. Locally rooted directors tend to be overrepresented and lack international experience, which can lead to lower valuations, especially in internationally oriented firms. Directors' military experience

2320-454: Is employed as a manager or executive of the organization is sometimes referred to as an executive director (not to be confused with the title executive director sometimes used for the CEO position in some organizations). Executive directors often have a specified area of responsibility in the organization, such as finance, marketing, human resources, or production. An outside director is a member of

2400-528: Is organised so that each boy shares a dormitory with other D Blockers from his house for the year; its purpose is to allow the new boy to adjust to the Peterhouse 'system' before exposure to the strict regimental functioning of the main houses. The girls' school was founded in 1987, two years after the opening of Springvale House under the headship of Michael Hammond with 28 pupils. Peterhouse Girls' has an enrollment of 430 boarding pupils. Unlike Peterhouse Boys',

2480-466: Is outside the entrance to the chapel. The original chapel now forms the gallery and vestry. The apse of the old chapel is used as a baptism font. The extended chapel can seat nearly 600 people. Beneath the new chapel is a crypt which is used for smaller prayer meetings and services. The crypt can seat 30 people. The stained glass windows featured in the Sir Herbert Baker designed chapel, include

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2560-408: Is that in large public companies it is upper management and not boards that wield practical power, because boards delegate nearly all of their power to the top executive employees, adopting their recommendations almost without fail. As a practical matter, executives even choose the directors, with shareholders normally following management recommendations and voting for them. In most cases, serving on

2640-459: Is that the board tends to have more de facto power. Most shareholders do not attend shareholder meetings, but rather cast proxy votes via mail, phone, or internet, thus allowing the board to vote for them. However, proxy votes are not a total delegation of the voting power, as the board must vote the proxy shares as directed by their owner even when it contradicts the board's views. In addition, many shareholders vote to accept all recommendations of

2720-400: The 2007–2008 financial crisis had found new positions as directors. The SEC sometimes imposes a ban (a "D&O bar") on serving on a board as part of its fraud cases, and one of these was upheld in 2013. The exercise by the board of directors of its powers usually occurs in board meetings. Most legal systems require sufficient notice to be given to all directors of these meetings, and that

2800-672: The Hebrew Mikha'el which translates to the same. The school hymn, Stars of the Morning , reflects this with the line " 'Who like the Lord?' thunders Michael, the Chief ." Hilton College and Michaelhouse have enjoyed a long history of friendly rivalry. The two schools have much in common and are the only two full boarding schools remaining in KwaZulu-Natal. The schools are located near one another in

2880-529: The KwaZulu-Natal Midlands . The bond between Hilton and Michaelhouse has developed since 1904 when the two schools played their first rugby match at Hilton College, which Hilton won 11-0. Both schools consider each other their main fixture in all sporting disciplines. The high point of this rivalry is the biannual Hilton-Michaelhouse Day. This event, held alternately between the two schools, sees them play one another in rugby and hockey. The culmination of

2960-527: The Oribi . The original school buildings are made of traditional Pietermaritzburg red brick. The entire school is built in a lattice of quadrangles. It is in fact possible to move from one end of the school buildings to the other without ever having to get wet on a rainy day. There are ten boarding houses. The house system was put in place by Rector Warin Bushell in 1928. Initially, four houses were established but as

3040-515: The Paraguay team for the 2010 FIFA World Cup , and Michaelhouse was chosen to be the team's training base for the tournament. Since the school was founded in 1896, it has produced approximately 8700 alumni. Around 6650 are living. Alumni are members of the Michaelhouse Old Boys' Club . The Club was founded on Whit Monday , 1 June 1903. The School's Founder (Reverend James Cameron Todd ) was

3120-587: The University of Cambridge . The school hosted the World Individual Debating and Public Speaking Championships in 2002. The school was founded in a building in Loop Street, Pietermaritzburg . It had capacity for about 30 boys in total, but it was not long before that became inadequate. Around the turn of the century, approximately 60 acres (24 ha) of land in the picturesque Balgowan valley, approximately 45 minutes north-west of Pietermaritzburg

3200-504: The 19th century, it seems to have been generally assumed that the general meeting (of all shareholders) was the supreme organ of a company, and that the board of directors merely acted as an agent of the company subject to the control of the shareholders in general meeting. However, by 1906, the English Court of Appeal had made it clear in the decision of Automatic Self-Cleansing Filter Syndicate Co Ltd v Cuninghame [1906] 2 Ch 34 that

3280-564: The CEO and their direct reports (other C-level officers, division/subsidiary heads). Board structures and procedures vary both within and among OECD countries. Some countries have two-tier boards that separate the supervisory function and the management function into different bodies. Such systems typically have a "supervisory board" composed of nonexecutive board members and a "management board" composed entirely of executives. Other countries have "unitary" boards, which bring together executive and non-executive board members. In some countries there

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3360-504: The Club's first President. The Club is headquartered in the Heritage Centre on the school campus. The year of matriculation is given in brackets, where it is known. 29°24′S 30°02′E  /  29.400°S 30.033°E  / -29.400; 30.033 Board of governors A board of directors is an executive committee that supervises the activities of a business ,

3440-524: The Inglis Indoor Centre was finally completed in the month of August 2006. It is named after James Inglis, a past chairman of the Board of Governors. In summer it is used for basketball and cricket and has three courts that can be used simultaneously as well as 4 indoor turf cricket nets, whilst during winter it is used for indoor hockey. The centre also features a cafeteria/restaurant which is available to

3520-616: The Mashonaland East Birding Group with a variety of Brachystegia species such as the spotted creeper , miombo and rufous-bellied tits. There are 72 species of trees in the area as recorded by the Tree Society. Gosho Park is used regularly by the three schools and neighbouring schools for educational and recreational purposes. Conservation camps are organised for primary school pupils; and geography field trips, research projects in biology and leadership courses take place in

3600-676: The Michaelhouse rose window , created by Ervin Bossanyi depicting the head of Christ surrounded by the birds of Natal Province at the rear of the chapel. There is also a series of lancet windows in the sanctuary by Margaret Agnes Rope depicting the Virgin and child, flanked by the Archangels Michael and Gabriel and Samuel as a boy, King David as a young man, John the Baptist as a child and

3680-533: The U.S., the directors which are available to vote on are largely selected by either the board as a whole or a nominating committee . Although in 2002 the New York Stock Exchange and the NASDAQ required that nominating committees consist of independent directors as a condition of listing, nomination committees have historically received input from management in their selections even when the CEO does not have

3760-404: The board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation , non-executive directors are elected by the shareholders , and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germany and Sweden), the workers of a corporation elect

3840-454: The board is the supreme governing body of the institution, and its members are sometimes chosen by the board itself. Other names include board of directors and advisors , board of governors , board of managers , board of regents , board of trustees , and board of visitors . It may also be called the executive board . Typical duties of boards of directors include: The legal responsibilities of boards and board members vary with

3920-492: The board of directors have historically played a major role in selecting and nominating the directors who are voted on by the shareholders, in which case more "gray outsider directors" (independent directors with conflicts of interest ) are nominated and elected. In countries with co-determination , a fixed fraction of the board is elected by the corporation's workers. Directors may also leave office by resignation or death. In some legal systems, directors may also be removed by

4000-454: The board rather than try to get involved in management, since each shareholder's power, as well as interest and information is so small. Larger institutional investors also grant the board proxies. The large number of shareholders also makes it hard for them to organize. However, there have been moves recently to try to increase shareholder activism among both institutional investors and individuals with small shareholdings. A contrasting view

4080-440: The board to conduct its business by conference call or other electronic means. They may also specify how a quorum is to be determined. The responsibilities of a board of directors vary depending on the nature and type of business entity and the laws applying to the entity (see types of business entity ). For example, the nature of the business entity may be one that is traded on a public market (public company), not traded on

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4160-417: The board who is not otherwise employed by or engaged with the organization, and does not represent any of its stakeholders. A typical example is a director who is president of a firm in a different industry. Outside directors are not employees of the company or affiliated with it in any other way. Outside directors bring outside experience and perspectives to the board. For example, for a company that serves

4240-429: The boy with the loaves and fishes . The pews are made of solid teak. The chapel has a bell-tower, installed in the 1950s with a carillon of eight bells. It has been a tradition (with unknown origins) that only boys from Tatham House may ring the bells. The bells are rung before each chapel service (there are three services a week, although not all are compulsory). A 550-seat theatre was built and completed in 1976. It

4320-400: The buildings which remain the core to the school to this day. Its name was later changed to Michaelhouse . The school adopted the 9th century chorale "Stars of the Morning" as its official school hymn . The Latin school motto , Quis ut Deus translates to 'Who like God?', or, less literally, 'Who is like God?'. This motto is derived from the name of the school whose origin stems from

4400-410: The company or organization. Outside directors are often useful in handling disputes between inside directors, or between shareholders and the board. They are thought to be advantageous because they can be objective and present little risk of conflict of interest. On the other hand, they might lack familiarity with the specific issues connected to the organization's governance, and they might not know about

4480-479: The day is the main rugby match between the two schools' 1st XVs, which is the oldest continuous rugby fixture in Kwa-Zulu Natal . The years of study are referred to as blocks E to A. "A block" is the equivalent of grade 12 or year 12 and has boys aged 17 or 18 and "E block" is the equivalent of grade 8 or year 8 and has boys aged 13 or 14. Michaelhouse educates boys and has an academic staff of about seventy with

4560-436: The director has a right to receive special notice of any resolution to remove them; the company must often supply a copy of the proposal to the director, who is usually entitled to be heard by the meeting. The director may require the company to circulate any representations that they wish to make. Furthermore, the director's contract of service will usually entitle them to compensation if they are removed, and may often include

4640-487: The director is also a chairperson of a committee, a per-meeting-attended fee of $ 2,000 for meetings attended in person, a $ 500 fee for each meeting attended via telephone, in addition to stock options and retirement benefits. Academic research has identified different types of board directors. Their characteristics and experiences shape their role and performance. For instance, directors with multiple mandates are often referred to as busy directors. Their monitoring performance

4720-478: The division of powers between the board and the shareholders in general meaning depended on the construction of the articles of association and that, where the powers of management were vested in the board, the general meeting could not interfere with their lawful exercise. The articles were held to constitute a contract by which the members had agreed that "the directors and the directors alone shall manage." The new approach did not secure immediate approval, but it

4800-412: The general body of shareholders can control the exercise of powers by the articles in the directors is by altering the articles, or, if opportunity arises under the articles, by refusing to re-elect the directors of whose actions they disapprove. They cannot themselves usurp the powers which by the articles are vested in the directors any more than the directors can usurp the powers vested by the articles in

4880-479: The general body of shareholders. It has been remarked that this development in the law was somewhat surprising at the time, as the relevant provisions in Table A (as it was then) seemed to contradict this approach rather than to endorse it. In most legal systems, the appointment and removal of directors is voted upon by the shareholders in general meeting or through a proxy statement . For publicly traded companies in

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4960-411: The general membership retains full power and the board can only make recommendations. The setup of a board of directors vary widely across organizations and may include provisions that are applicable to corporations, in which the "shareholders" are the members of the organization. A difference may be that the membership elects the officers of the organization, such as the president and the secretary, and

5040-414: The girls' school has two separate house systems (that is, boarding and competitive houses). The girls' school has a horizontal boarding structure. The boarding houses at Peterhouse Girls' School are: The competitive houses compete in areas such as academics, cultural and sporting activities. House points are awarded for these competitions. The houses are named after some of the first animals at Gosho Park,

5120-426: The hands of one person. There is a strong parallel here with the structure of government, which tends to separate the political cabinet from the management civil service . In the United States, the board of directors (elected by the shareholders) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (operating committee or executive council), composed of

5200-446: The industry or sector in which the organization is operating. Individual directors often serve on more than one board. This practice results in an interlocking directorate , where a relatively small number of individuals have significant influence over many important entities. This situation can have important corporate, social, economic, and legal consequences, and has been the subject of significant research. The process for running

5280-432: The members elect the president of the organization and the president becomes the board chair, unless the by-laws say otherwise. The directors of an organization are the persons who are members of its board. Several specific terms categorize directors by the presence or absence of their other relationships to the organization. Corporations often appoint a former senior executive and ex-board member as honorary president ,

5360-507: The names are: Initially founded as Springvale School in 1952 by Robert Grinham and Maurice Carver (then a boys' school), the school reopened in 1985 under the oversight of the Peterhouse Group with the name Springvale House . The school is a co-educational day and boarding institution, unlike the senior schools in the Group which are single-sex, full-boarding institutions. Gosho Park is

5440-463: The nature of the organization, and between jurisdictions. For companies with shares publicly listed for negotiation , these responsibilities are typically much more rigorous and complex than for those of other types. Typically, the board chooses one of its members to be the chairman (often now called the "chair" or "chairperson"), who holds whatever title is specified in the by-laws or articles of association . However, in membership organizations,

5520-430: The officers become members of the board in addition to the directors and retain those duties on the board. The directors may also be classified as officers in this situation. There may also be ex-officio members of the board, or persons who are members due to another position that they hold. These ex-officio members have all the same rights as the other board members. Members of the board may be removed before their term

5600-520: The park. The Petrean Society is the alumni/alumnae association of individuals involved in the Peterhouse Boys' and Peterhouse Girls' schools. A Petrean is any pupil who has been a member of the school, normally for a minimum period of two years; any person who has been a member of the staff of the school for at least three years; or any person who has been a member of the Executive Committee of

5680-452: The powers of the board are vested in the board as a whole, and not in the individual directors. However, in instances an individual director may still bind the company by their acts by virtue of their ostensible authority (see also: the rule in Turquand's Case ). Because directors exercise control and management over the organization, but organizations are (in theory) run for the benefit of

5760-474: The pupils as well as the public, and accommodation for visiting teams to stay overnight. The library is stocked with over 16,000 books and has an adjoining 50 seat lecture theatre. There are four Science laboratories, three Biology laboratories and four computer centres. The school has a sanatorium and laundry service. The staff reside on the estate. There are 11 playing fields: These include six turf cricket pitches, two artificial astroturf hockey surfaces,

5840-639: The school for at least three years. Michaelhouse Michaelhouse is a full boarding senior school for boys founded in 1896. It is located in the Balgowan valley in the Midlands of KwaZulu-Natal , South Africa. St. Michael's Diocesan College was founded in Pietermaritzburg in 1896 by James Cameron Todd , an Anglican canon . The school was established as a private venture with fifteen boys in two small houses in Loop Street. James Cameron Todd had

5920-431: The school grew the number of houses increased. These are, in order of age, with foundation date in brackets: Each boarding house houses about 70 boys in dormitories of four to twelve for the younger boys and in double and single rooms for the senior boys. The boys share two dining halls (one for senior boys and one for juniors) for their meals and are supplied by a kitchen, with an on-site bakery and butchery. The chapel

6000-516: The secretive nature of the way most companies run their boards, however some standardization is beginning to develop. Some who are pushing for this standardization in the US are the National Association of Corporate Directors , McKinsey and The Board Group. A board of directors conducts its meetings according to the rules and procedures contained in its governing documents. These procedures may allow

6080-468: The shareholders are normally the same people, and thus there is no real division of power. In large public companies , the board tends to exercise more of a supervisory role, and individual responsibility and management tends to be delegated downward to individual professional executives (such as a finance director or a marketing director) who deal with particular areas of the company's affairs. Another feature of boards of directors in large public companies

6160-424: Was donated to Rector James Cameron Todd. The buildings were started in 1900 and the school took occupation in 1901. The first buildings to be completed were the existing administration block, vestry and gallery of the now extended chapel, and Founders House. The hill overlooking Michaelhouse is one of the rarer biomes in the country (Midlands mistbelt grassland) and is the preferred habitat for an indigenous antelope,

6240-548: Was endorsed by the House of Lords in Quin & Axtens v Salmon [1909] AC 442 and has since received general acceptance. Under English law, successive versions of Table A have reinforced the norm that, unless the directors are acting contrary to the law or the provisions of the Articles, the powers of conducting the management and affairs of the company are vested in them. The modern doctrine

6320-513: Was expressed in John Shaw & Sons (Salford) Ltd v Shaw [1935] 2 KB 113 by Greer LJ as follows: A company is an entity distinct alike from its shareholders and its directors. Some of its powers may, according to its articles, be exercised by directors, certain other powers may be reserved for the shareholders in general meeting. If powers of management are vested in the directors, they and they alone can exercise these powers. The only way in which

6400-486: Was opened at a ceremony by Elizabeth Sneddon in 1976. The theatre hosts a variety of performances, mainly aimed at the resident population of pupils. However, the theatre is open to the local community. Many performers give a one night performance on their way between runs in Johannesburg and Durban . The Schlesinger theatre is one of a number of facilities at the school that was funded by an old boy. The construction of

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