corporation

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corporation

a business entity such as a company incorporated under legislation, usually a Companies Act, which can make the shareholders legally responsible only for the profits and debts of the company. That is the shareholders are not personally responsible. It has been held for generations that members of professions could not practice as corporations because they would lose their personal responsibility to their clients. It is becoming more common for this rule to be discarded.
References in periodicals archive ?
But publicly quoted companies that choose not to comply with it--even if they have a good reason that they explain to shareholders--do so at their peril.
The clash between Chinese and international accounting standards on the use of fair value however rarely becomes an issue for accountancy practices such as Lehman Brown, explained Leung, because most foreign firms in China are (due to restrictions on many business sectors) manufacturing or trading companies rather than publicly quoted companies requiring detailed accounts.
From a European perspective, large, publicly quoted companies are operating more globally, are managed by ever-diversified executive teams, and have compensation committees whose members are from a variety of geographic and cultural backgrounds; therefore, the ability to evaluate and compare proxy information in a similar manner on a global basis will surely become increasingly important.
SOX addresses the supposed weak internal control issue by mandating all publicly quoted companies to perform a yearly review of their internal controls over financial reporting.
That information is only readily available for the companies where there isn't going to be a problem - big, publicly quoted companies like Ladbrokes and William Hill.
The big difference between publicly quoted companies and private firms is the need to comply with corporate governance codes.
Murray makes recommendations to the EU executive, including suggestions to require publicly quoted companies to draw up statements on their CSR policies and putting the Enterprise department in charge of the EU's work on CSR.