II. Explain the words in bold:

The management structure of companies or corporations is rather complex. The simplest is that envisaged by English, Belgian, Italian, and Scandinavian law, by which the shareholders of the company periodically elect a Board of Directors who collectively manage the company’s affairs and reach decisions by a majority vote but also have the right to delegate any of their powers, or even the whole management of the company’s business, to one or more of their number. Under this regime it is common for a managing directorto be appointed, often with one or more assistant managing directors, and for the Board of Directors to authorize them to enter into all transactions needed for carrying on the company’s business, subject only to the general supervision of the board and to its approval of particularly important measures, such as issuing shares or bonds or borrowing. The U.S. system is a development of this basic pattern. By the laws of most states it is obligatory for the Board of Directors elected periodically by the shareholders to appoint certain executive officers, such as the president, vice president, treasurer, and secretary. The latter two have no management powers and fulfill the administrative functions that in an English company are the concern of its secretary; but the president and in his absence the vice president have by law or by delegation from the Board of Directors the same full powers of day-to-day management as are exercised in practice by an English managing director.

Jeremy Fitzerald, Management, Black Cat Publishing, 2001, p. 74

B. Describing  a company

I. Read this description and complete the information below:

Micropol AT is a highly profitable software company with a workforce of over 1,000 and an annual turnover of $300 million. Its main products are application programs for industry as well as for educational institutions. Its many customers include small and medium-sized companies, government departments as well as students.

The company was founded in Santa Monica, California, in 1978. The original founders, Karen Sawyer and Lee Heng, were still students when they went into business. Their idea was only to earn some extra money. Micropol began to grow rapidly and by 1980 turnover was over $4m.

Initially the company worked on the area of Software Consulting. However, in 1982 Sawyer and Heng introduced the first version of the Adword word-processing program. It was an immediate success. Students liked it because it was easier to use than other programs on the market.

In 1985 Lee Heng left Micropol and set up his own company, Intertrack. Karen Sawyer is still Company President and thinks that Micropol has a bright future. The company has ambitious plans. There are plans for a joint venture with Katio, the leading Japanese computer firm.

From Wikipedia, the Free Encyclopedia

Name of Company ________________

Activities _______________________

Workforce __________ Location ____________ Turnover ____________

Profits _____________ Market ______________ Plans _______________

II. Group work