Bpâ€Deepwater Horizon Case Study Ethics - 1883 Words

------------------------------------------------- BP—Deepwater Horizon Case Study INT1001 Study Skills Module Reading and Writing Skills—Summative Assignment Done by: Mew Hui Ying ------------------------------------------------- Date: 12 February 2013 ------------------------------------------------- Industry: Oil and Gas ------------------------------------------------- Company: British Petrol Contents Page No. 1. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.3 2. The Case: 2.1 The Deepwater Horizon Explosion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4 2.2 Key Stakeholders and their Involvement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....5 2.2.1 Shareholders†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..5 2.2.2 Government†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....5 2.2.3 Fishermen,†¦show more content†¦The government was also responsible for activating coast guards and the military in its response to the spill. Hence, the role of the US government here is crucial as a â€Å"parent† to ensure that BP acts in the welfare of its citizens. 2.2.3 Fishermen, Activists and Environmentalists With the huge impact of the oil spill on marine life and coastal regions, fishing and tourism industries of the places affected in the Gulf Coast severely declined. In the fishing industry, the incident led to an approximate $2.5 billion loss, while tourist industries experienced a loss of a predicted $23 billion (Jarvis, 2010). In addition, the moratorium placed on deep water drilling left 58,000 workers unemployed (ibid). In its Annual General Meeting in 2011, BP faced protests against BP’s executive’s remunerations and voiced their injustice (Webb amp; McVeigh, 2011). Facebook pages such as â€Å"Boycott BP† and RIP Spongebob, who died in an oil spill cause of BP† have been set up by activists, and have garnered 847,730 and 468,157 likes respectively (Jarvis, 2010). Hence, the impacts on these stakeholders have varying degrees, but are nonetheless affected one way or another by BP’s mistake. 2.3 Ethics and Values According to BP’s Code of Conduct, BP †commits to â€Å"excellence and to the disciplined management of our operations† (BP, 2013a). In thisShow MoreRelatedBp Management, Ethical And Social Behavior1114 Words   |  5 PagesIn the month of April 2010, Deepwater Horizon exploded, killing 11 workers and releasing oil from the well into an ocean. This paper will discuss BP management, ethical and social behavior. BP along with a few of its partners Transocean and Halliburton was involved in the gulf oil spill. The explosion of the drilling rig Deepwater Horizon was the root cause of the oil spill. This paper will focus on BP organization behavioral issues that caused the economic, environmental, and human losses. The researchRead MoreStrategic And Value Of Operations Management1599 Words   |  7 Pagesnumerous other areas and sectors (e.g. company-wide) in order to meet the needs of the company, customers, shareholders and stakeholders. This case study will briefly explore the importance of managing activities in today’s modern operations, and why it is critical to understand the strategic and value of operations management. We will examine the British Petroleum (BP) oil spill that occurred out in the Gulf of Mexico in April of 2010. The oil spill not only stirred many controversies but also affectedRead MoreBp Deep Water Horizontal Explosion3148 Words   |  13 PagesINTRODUCTION BP originated from a British petroleum company founded in 1909. After experiencing crises during the 1980s-1990s, the company started to have a cost cutting culture. During mid-1990s, with an aggressive growth strategy, BP started to grow and reposition. After BP merged with Amoco in 1998, John Browne started to serve as chief executive until May 2007. Browne repositioned BP as a â€Å"green† oil company after he took over and practiced the model of organizational decision-making strategyRead MoreThe Ethical Philosophy Of The United States1432 Words   |  6 Pages2015, p. 100). British Petroleum validated utilitarianism values for the Deepwater Horizon rig at the Macondo oil prospect in the Mississippi Canyon in the continental shelf (â€Å" ¬Deepwater†, 2015). Demonstrating moral idealism, â€Å"Toyota Motor Corporation’s core principle is to contribute to society and the economy by producing high-quality products and services† (Kerin et al., 2015). Business ethics are defined as: The study of proper business policies and practices regarding potentially controversialRead MoreBP Deepwater Horizon Oil Spill Essay1912 Words   |  8 PagesBuildup to the BP-Oil Spill The eventual buildup to the BP oil spill started during the Bush Administration. The Bush Administrations oil demand and antigovernment sensibility soiled the Minerals Management Service (MMS), the agency charged with regulating offshore drilling. Vice President Dick Cheney had presided over the weakening of drilling regulations, including the exclusion of remote-shut-off switches which might have prevented the disaster. Soon, MMS was nothing but a shell of its formerRead MoreBp Oil Spillage : British Petroleum Company1690 Words   |  7 PagesThe BP Oil Spillage British Petroleum Company (BP) is among the major international gas and oil companies in the world. It provides clients with energy for light and heat, fuel for transportation, lubricants, and other petrochemical products that are used in manufacturing various items. The company’s primary goal is to deliver value to its customers by utilizing its distinctive capabilities, managing the quality of its portfolio, and setting clear goals. However, an unprecedented explosion of BPRead MoreBp And The Gulf Of Mexico Oil Spill Case Study3246 Words   |  13 Pages BP and the Gulf of Mexico Oil Spill Case Study Tamatha French Management 6000 Hawaii Pacific University â€Æ' Introduction and Background On April 20, 2010, the petroleum industry suffered the largest maritime disaster oil spill in its history known as the Deepwater Horizon oil spill. The Deepwater Horizon oil rig that had been working on a well for BP in the Gulf exploded and went up in flames. Subsequently, massive amounts of oil spilled out into the water, threatening the marine life andRead MoreBp Sustainability Essay28986 Words   |  116 PagesSustainability Review 2010 bp.com/sustainability 2 A letter from our group chief executive / 4 How BP is changing 6 Gulf of Mexico oil spill / 14 How we operate / 22 Energy future 30 Safety / 34 Environment / 38 Society Within hours of the Deepwater Horizon accident, BP teams were working to stop the leak. We also acted to minimize the spill’s impact on the environment by containing, removing and dispersing oil offshore, protecting the shoreline and cleaning up oil that came ashore. And weRead MoreThe Deepwater Horizon Oil Rig Exploded1423 Words   |  6 PagesOn April 20, 2010, the Deepwater Horizon oil rig exploded. It was positioned over the Macondo oil well when a burst of natural gas broke through the concrete core that had been used to seal off the oil well for later use. Once released by the fractured core the gas made its way up the riser and onto the platform, where it ignited killing eleven workers and injuring seventeen others. The highest-ranking BP supervisors on board the oil rig known as â€Å"Well site leaders† observed indications that theRead MoreEssay on Ethics in the Workplace - Bp Oil Spill1729 Words   |  7 PagesEthics in the Workplace Case Study: BP Oil Spi ll On April 20, 2010 off the Gulf of Mexico, there was a blowout of the Macondo well which is owned by British Petroleum also known as BP. When the blowout took place it got immediate media attention because aspects of the event were known over the world. Within events transpiring it was discovered how limited the resources and reaction to the disaster was going to be. This paper will detail aspects of the event from symptoms of the problem, the root

The Oxford American Dictionary Free Essays

According to The Oxford American Dictionary, a fact â€Å"is a thing that is known to have occurred, to exist, or to be true,† while an opinion is â€Å"a view or judgment formed about something, not necessarily based on fact or knowledge. † Written in 1898, Albert Shaw’s work, â€Å"The Blowing Up of the Maine,† provides examples of the differences between fact and opinion that can be found in a writing style called â€Å"yellow journalism. † Coined in the late 19th century, the phrase â€Å"yellow journalism† was used to describe newspapers that used a combination of verifiable data, sensationalism and distorted imagery to increase sales and/or influence public viewpoints. We will write a custom essay sample on The Oxford American Dictionary or any similar topic only for you Order Now In â€Å"The Blowing Up of the Maine,† author Shaw emphasizes emotion and anti-Spanish bias, while limiting facts, in his description of the destruction of the USS Maine, an American warship harbored briefly in Cuba’s Havana Harbor, to achieve the following goals: promotion of American nationalism and justification of the subsequent conflict between the United States and Spain that led to the Spanish-American War. He accomplishes those two objectives through discussion of the following: 1. ) America’s collective opinion of Spanish policy and actions, 2. ) Spain’s anti-American sentiment, and 3. ) the federal government’s response to Spain and growth of the American military. Additionally, Shaw’s style allows readers to compare and contrast fact and opinion in his rendition of this part of American history. Firstly, Shaw’s focus on emotionalism is demonstrated at the beginning of his accounting with a description of the American public’s feelings about the explosion of the USS Maine. He states, â€Å"†¦75 million Americans have accordingly suspended judgment in the face of a great provocation†¦to suppose the destruction of the Maine an ordinary incident and not due to any external agency or hostile intent was, under all the circumstances, to set completely at defiance the law of probabilities. † While Shaw does infuse a factual approximation with his reference to America’s population, with the 1900 United States Census indicating 76,212,168 Americans, he presumes to know the feelings of the entire American populace. In 1900, approximately sixty percent of Americans lived in rural areas (U. S. Census, 1900). And only 1. 3% of the population had telephones (Guinee, 1995). Consequently, communications across country were limited, and the first national opinion survey wasn’t administered until 1916 (Converse, 1987). Thus, it would have difficult for Shaw to have documented the actual feelings of the entire American population. Additionally, Shaw infers that the explosion of the USS Maine was caused by Spanish aggression. Without reference to actual data, he suggests that it was highly improbable that the event was caused by anything other than an attack from Spain. In 1898 and 1911, the U. S. Department of Navy conducted investigations, concluding that a mine had caused the destruction of the warship (Naval Historical Center, 2003). According to the U. S. Navy, â€Å"Technical experts at the time of both investigations disagreed with the findings, believing that spontaneous combustion of coal in the bunker adjacent to the reserve six-inch magazine was the most likely cause of the explosion on board the ship† (Naval Historical Center, The Destruction of the USS Maine section, para 12, 2003). To date, no final cause of the Maine’s destruction has been determined (Naval Historical Center, 2003). Shaw continues his emotional description of America’s opinion of Spain in a series of additional references. He states, â€Å"There are a few people in the United States – we should not like to believe that more than one hundred†¦ who believe that the United States ought to join hands with Spain in forcing the Cuban insurgents to lay down their arms†¦ † Shaw makes assumptions about the opinions of the American public, assuming that less than 1% would support Spain’s actions, without actual facts to support his statement. He later states, â€Å"The people of the United States do not intend to help Spain hold Cuba. On the contrary, they are now ready, in one way or another, to help the Cubans drive Spain out of the Western Hemisphere. If the occasion goes past and we allow the Cuban struggle to run on indefinitely, the American people will have lost several degrees of self-respect†¦Ã¢â‚¬  Again, Shaw presumes to know the thoughts of all Americans and uses an emotional appeal to emphasize his views. He makes no reference to a poll or survey taken of American sentiment, and leads the reader to conclude that all Americans are ready to go to war with Spain to end its rule of Cuba, without any data to back his opinion. Additionally, he infers that America’s failure to aid Cuba against Spain would be wrong, if not immoral. Secondly, Shaw also discusses Spain’s â€Å"feelings† about America throughout â€Å"The Blowing Up of the Maine† to further strengthen support for his opinions. He says, â€Å"It has been known perfectly well that Spanish hatred might at any time manifest itself by attempts upon the life of the American representative at Havana, Consul General Fitzhugh Lee. † He states, â€Å"The Spaniards themselves, however, looked upon the sending of the Maine as a further aggravation of the long series of their just grievances against the United States. They regarded the presence of the Maine at Havana as a menace to Spanish sovereignty in the island and as an encouragement to the insurgents. He also notes, â€Å"The American pretense that the Maine was making a visit of courtesy seemed to these Spaniards a further example of Anglo-Saxon hypocrisy. † And, finally, he adds, â€Å"†¦Spain on her part was trying to raise money to buy ships and secure allies. † Shaw’s descriptions lead the reader to assume that a Spanish attack on America was imminent and something that America prepare for and expect. Again, Shaw expresses his opinions without supporting data. He makes no references to Spanish official documents or policies, or to statements made by Spanish leaders, that would prove Spain harbored ill feelings towards Americans or intended to attack the United States. Instead, he incites America’s emotions with his allusions that Spain caused the destruction of the USS Maine and has been preparing for war with America. Finally, Shaw appeals to American patriotism by discussing actions performed by the federal government and the subsequent growth of the military. He uses a mixture of fact and opinion, again presuming the entire American population is aware of a series of actions undertaken by the American government to prepare for war against Spain. He does not, however, provide verification of the information he writes. He states the following, â€Å"The whole country has known that†¦government work was being prosecuted with double or quadruple forces of men, working by night as well as by day; that ammunition factories, iron and steel plants, and every other establishment capable of furnishing any kind of military or naval supplies were receiving orders from the government and were working to the full extent of their capacity; that our naval representatives were negotiating abroad for additional warships; that new regiments of artillerymen were being enlisted for the big guns on the seaboard; that naval recruits were being mustered in to man newly commissioned ships; that the railroads were preparing by order of the War Department to bring the little United States Army from western and northern posts to convenient southern centers. † He adds â€Å"†¦on March 8 [three weeks following the destruction of the USS Maine], the House of Representatives unanimously voted to place $50 million at the unqualified di sposal of President McKinley as an emergency fund for the national defense – †¦followed by an equally unanimous vote of the Senate†¦a very large sum to place in the hands of one man†¦no part of the $50 million will be squandered by the administration. † While the reader could verify Congress’ allocation of funds to the Executive branch of government for national defense, how could Shaw know that all plants were â€Å"working to full capacity† or determine that as many as two to four times as many men were working to prepare American for war? Or how would Shaw know exactly how the funds would be spent? Again, Shaw makes predictions regarding the conflict with Spain, this time about the American government. Shaw adds statements like, â€Å"The quickness and inventiveness of America[s]†¦have no parallel in Europe,† â€Å"Americans had been†¦building or buying†¦high speed and stanch qualities, capable of being quickly transformed into naval dispatch boats or armored and fitted with torpedo tubes. Probably not a single private Spanish citizen could turn over to his government such a vessel†¦,† and â€Å"[America] the most highly developed mechanical and industrial nation will by virtue of such development be most formidable in war†¦, a situation that the Spaniards in general are evidently quite unable to comprehend. † Shaw emphasizes the strength of American â€Å"might† (comparing it to Spain) and an increase in the size of the military to promote nationalism and gain public support for the war. Again, Shaw offers no data to support his opinions, only making the assumption that America would be better equipped for conflict than the Spanish. In conclusion, Shaw’s â€Å"The Blowing Up of the Maine† is an example of â€Å"yellow journalism,† using a combination of fact, emotionalism and opinion to promote patriotism and public support of war with Spain. While there is no definitive proof that works like Shaw’s caused the Spanish-American War, sensationalist writing does rouse emotions. According to historians, a debate still continues: Did yellow journalism create the conflict between America and Spain, or simply demonstrate what contemporary Americans felt at that time? While the question remains unanswered, readers are able to compare fact and opinion and come to their own conclusions. References Converse, Jean M (1987). Survey Research in the United States: Roots and Emergence 1890-1960. Guinee, Kathleen (1995). A Journey through the History of Information Technology. Naval Historical Center (2003). Destruction of USS Maine. U. S. Census (1890). How to cite The Oxford American Dictionary, Papers

RFG Capital Leasing Ltd

Question: Discuss abouit the RFG Capital Leasing Ltd. Answer: Introduction The following report aims to identify the assessability of income and expense transactions for the individual taxpayer, Wayne Hall during the year ended 30 June 2016. Wayne Hall, financial analyst with the RFG Capital Leasing Ltd, commenced employment from August 1 2015. Identification of assessability of Waynes income and expenses has been done with respect to the principles on Australian Taxation System and tax rulings under Income Tax Assessment Act 1997 (ITAA97). In order to provide analysis and assessability on the income derived by Wayne, several case judgments has been considered relevant to the specific transactions. Discussion Employment income of a taxpayer individual is taxable as per the taxation rulings under ITAA 97 that provides regulations on addition of income and deductibility of work related expenses. Accordingly, assessability of Wayne Halls income will be measured based on the employment income regulations as per ITAA 97 and relevant amendments, assuming that Wayne is Australian resident for the year ended 30 June 2016. It is mentioned that the taxpayer was offered a sign- on bonus amounted to $5,000 that was payable after a probation period of three months. According to the legislation provided by Australian Federal Government as per ITAA 97, all incomes as a part of employment will be included in the taxable income that includes salaries and wages, bonuses, allowances, commissions, leave payments and other income. However, individual should receive the income during the reporting taxation year to include the same in the taxable income. Accordingly, bonus amounted to $5,000 will be included in the assessable income since it consists of one- off nature not related to employment performance if it has been actually received during the current taxation year. In view of the regulation of ITAA 97, on taxability of employment income, assessable income includes payment in terms of salaries and bonus. In the given case, Wayne received base salary amounted to $100,000 as a part of employment arrangement for the year ended 30 June 2016, hence it will included in the assessable income. In addition, bonus received by Wayne amounted to $20,000 that was received by him on January 1 2016 will be included in the assessable income. Since, the bonus constitutes a part of employment income on salary and wages as per ITAA 97 whether as a part of work performed during the current taxation year; it will be included in the taxable income. On the contrary, if any amount of bonus received after the end of the current taxation year then, that amount will not be assessable in the current taxation year. The case is similar to the decided case of Dixon v. FC of T 55 (1952) 86 CLR 540, in which court held that the benefit received by the taxpayer during the taxati on year would be assessable. However, if the same has been received after the end of the current tax year, it would be assessable in the subsequent taxation year. Therefore, bonus amount of $15,000 received by Wayne on 12 July 2016 would not be assessable in the taxable income for the year ended 30 June 2016. Contribution to superannuation fund is regulated under section 290 ITAA 97 that is contributed by the employer on behalf of employee is applicable to the employer if the required conditions has been satisfied. An employer is entitled to claim deduction for superannuation fund contribution for the employee while the employee while the same will be taxable in the hands of employee at the rate of 15% during the year ended 30 June 2016. Similar to the case of Roche v FC of T (1991) FCA 606, court held that the contributions in superannuation fund made by employer should be taxable in the hands of employee as per TR 2010/1 ITAA 97 at the rate specified in the legislation. On the contrary, arrangement on salary sacrifice refers to the amount included in the remuneration package as per the employment arrangement between employee and employer. As per the regulations of ITAA 97, sacrificed salary is not assessable during the arrangement period while if the sacrificing salary constitutes fring e benefit then it will be assessed at normal tax rates. Further, salary sacrificed in terms of superannuation contribution does not constitute fringe benefit, hence it would not attract the taxability on fringe benefits. In the present case, Wayne made contribution amounted to $5,000 by way of salary sacrifice that would not constitute a part of fringe benefit. Hence, the same can be claimed as deduction as per the principles of Australian Taxation Office. As per the tax regulations under ITAA 97, amounts received by the employee as a part of allowance, then such receipt will be treated as employment income and will be included in the assessable income. However, if the allowance includes travel allowance or allowance on overtime meal in accordance with the industrial law provisions or under any agreement or award then the same will not be included in the assessable income. In the present situation, Wayne received travel allowance for the purpose of attending a conference in London during May 2016 cost of which amounted to $8,000 as trip cost and conference fees. As the conference was a part of work incentive to recognize the performance Wayne attended the conference and spent $8,000 which will be deductible to assess the taxable income during the year 30 June 2016 since it was a part of Waynes employment. Besides, the amount of travel allowance would be included as assessable income if the same had not been received under the industria l law agreement. Assessability of car expenditure used for wok would be deductible as per two methods cents per kilometer method or logbook method. Under the method of logbook method, it is essential to maintain the record for 12 consecutive weeks and the ownership is must. It is also essential to follow the completion of logbook process once in five years or less. On the contrary, cents per kilometer method is allowed as deduction to the extent 5000 km at the rate 66 cents per km reference to the case of FC of T v. Finn (1961) 106 CLR 60. In the present case, Wayne received an allowance of 80 cents per kilometer and received an allowance amounted to $2,250 for the year ended 30 June 2016. Accordingly, kilometers travelled by Wayne for work purpose equals to $2,250/88 cents i.e. 2,556 km, which is under the threshold limit 5,000 km hence Wayne would be eligible to claim deduction at the rate 66 cents for 2,556 km amounted to $1,686.96. Therefore, total assessable income during the period ended on 30 June 2016, for Wayne under the employment would be presented as follows: Amount $ Base salary 100,000.00 Bonus 20,000.00 Less: Allowable deduction Superannuation contribution 5,000.00 Trip cost and fees 8,000.00 Car expenses 1,686.96 Total assessable Income 105,313.04 Conclusion It can be concluded that the employment income of the individual is taxable on the income received during the taxation year while deductions are allowed if the same is incurred for work purpose. Accordingly, employers contribution to superannuation fund amounted to $13,500 would be taxable at the rate of 15% other than the taxation of assessable income under normal income while the amount of travel allowance will be included in the assessable income. All other incomes related to the current year will taxable as per ITAA 97 and related expenses on using car for work will be deductible including travelling cost and conference fees. Reference List and Bibliograhy 'Australasian Legal Information Institute (Austlii)' (Austlii.edu.au, 2017) https://www.austlii.edu.au/ accessed 8 January 2017 Burkhauser RV, Hahn MH, Wilkins R. Measuring top incomes using tax record data: A cautionary tale from Australia. The Journal of Economic Inequality. 2015 Jun 1;13(2):181-205. Dixon v. FC of T 55 (1952) 86 CLR 540 Earl JK, Gerrans P, Asher A, Woodside J. Financial literacy, financial judgement, and retirement self-efficacy of older trustees of self-managed superannuation funds. Australian Journal of Management. 2015 Aug 1;40(3):435-58. 'Home Page' (Ato.gov.au, 2017) https://www.ato.gov.au accessed 6 January 2017 LIHOTZ P. DOCKET NO. A-5983-12T4 SUPERIOR COURT OF NEW JERSEY, APPELLATE DIVISION 2015 NJ Super. LEXIS 156 February 23, 2015, Argued September 17, 2015, Decided. Gaming Law Review and Economics. 2015;19(10). Pandya SS, Utz S. Designing the Tax Treatment of Litigation-Related Costs. Available at SSRN 2734219. 2016 Feb 18. Pearce P. The role of the precautionary principle in designing energy taxes in Australia. Kreiser L et al, Environmental Taxation and Green Fiscal Reform Theory and Impact, Critical Issues in Environmental Taxation. 2014 Aug 29;14:39-51. Roche v FC of T (1991) FCA 606 Williamson BC. Liability for Workplace Injuries to Transnational Employees in Australia: Issues and Case Studies. US-China L. Rev.. 2016;13:147.