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Mr. Smith Case Summary

1373 Words6 Pages

Mr. Smith established his own business 30 years ago; he began with only one single travel agency but succeeded with an achievement of a chain of 70 travel agencies in 15 years. Owning 20% of the shares, shorty he intends to pass the chief executive to his son and sells the rest of the shares to raise his retirement fund. However, concerning that Mr. Smith cannot receive a realistic price, the finance director utilizes creative accounting to increase Mr. Smith’s wealth.

Firstly, It is not an appropriate decision for Mr. Smith to appoint his son as next chief executive. Since the company is quoted, every decision that is made by the board of director is essential and it should be carefully considered. The selection of the next chief executive …show more content…

Smith plans to give quarter of his shares (5%) to his son Eric and sell the rest of the 15% shares to raise retirement funds. From the perspective of a father, he has an incentive of providing his son with a great opportunity to be competent as a chief executive succession. He has nothing to be blamed as carrying out his obligation as a father. Theoretically, the chief executive, playing as a role of an agent for the shareholders, is supposed to maximize the wealth of the shareholders. However, from the perspective of an individual, Mr. Smith has his incentive of maximizing his own wealth. The agency issues arise from the conflict among the benefit of the shareholders and the individual. “Boards of the directors have incentives not to act in the best interest of the shareholders.” (DellaContrada, 2002) It is believed that the directors should own shares if they are to stand for the shareholders. But after the Enron case, it should be reconsidered whether it is better or worse for the board of the directors to own shares of the company and what role the board of directors is playing. The insiders of the Enron executives began to sell shares when the share price was still high and as a result they received $1.1 billion by selling 17.3 million shares. (Wayne, 2002) Shortly Enron Scandal was exposed to the public and the share price went down promptly. The shareholders lose money from the bankruptcy of the Enron but the directors do not. In this situation, the directors disobey the principle of putting the best interest of shareholders in the first

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