Strategic responses to global challenges: The case of European banking, 1973–2000

In applying a strategy, structure, ownership and performance (SSOP) framework to three major clearing banks (ABN AMRO, UBS, Barclays), this article debates whether the conclusions generated by Whittington and Mayer about European manufacturing industry can be applied to the financial services sector. While European integration plays a key role in determining strategy, it is clear that global factors were far more important in determining management actions, leading to significant differences in structural adaptation. The article also debates whether this has led to improved performance, given the problems experienced with both geographical dispersion and diversification, bringing into question the quality of decision-making over the long term

Governors and directors: Competing models of corporate governance

Why do we use the term ‘corporate governance’ rather than ‘corporate direction’? Early British joint stock companies were normally managed by a single ‘governor’. The ‘court of governors’ or ‘board of directors’ emerged slowly as the ruling body for companies. By the nineteenth century, however, companies were typically run by directors while not-for-profit entities such as hospitals, schools and charitable bodies had governors. The nineteenth century saw steady refinement of the roles of company directors, often in response to corporate scandals, with a gradual change from the notion of the director as a ‘representative shareholder’ to the directors being seen collectively as ‘representatives of the shareholders’. Governors in not-for-profit entities, however, were regarded as having broader responsibilities. The term ‘governance’ itself suggests that corporate boards should be studied as ‘political’ entities rather than merely through economic lenses such as agency theory

Low-temperature, shallow-water hydrothermal vent mineralization following the recent submarine eruption of Tagoro volcano (El Hierro, Canary Islands)

Hydrothermal iron (Fe)-rich sediments were recovered from the Tagoro underwater volcano (Central Atlantic) that formed during the 2011–2012 volcanic event. Cruises in 2012 and 2014 enabled the monitoring and sampling of the early-stage establishment of a hydrothermal system. Degassing vents produced acoustic flares imaged on echo-sounders in June 2012, four months after the eruption. A novel hydrothermal vent system was discovered and sampled in 2014 during a ROV dive. The system is characterized by hornito-like structures and chimneys showing active CO2 degassing and anomalous temperatures at 120–89 m water depth, and along the SE flank at 215-185 m water depth associated with secondary cones. Iron- and silica-rich gelatinous deposits pooled over and between basanite in the hornitos, brecciated lavas, and lapilli. The low temperature, shallow-water hydrothermal system was discovered by the venting of Fe-rich fluids that produced a seafloor draped by extensive Fe-flocculate deposits precipitated from the neutrally buoyant plumes located along the oxic/photic zone at 50-70 m water depths. The basanite is capped by mm- to cm-thick hydrothermally derived Fe-oxyhydroxide sediment, and contains micro-cracks and degasification vesicles filled by sulfides (mostly pyrite). Mineralogically, the Fe-oxyhydroxide sediment consists of proto-ferrihydrite and ferrihydrite with scarce pyrite at their base. The Fe-rich endmember contains low concentrations of most trace elements in comparison with hydrogenetic ferromanganese deposits, and the sediments show some dilution of the Fe oxyhydroxide by volcanic ash. The Fe-oxyhydroxide phase, with a mean particle size of 3–4 nm, low average La/Fe ratios of the mineralized deposits from the various sampling sites, and the positive Eu anomalies indicate rapid deposition of the Fe oxyhydroxide near the hydrothermal vents. Electron microprobe studies show the presence of various organomineral structures, mainly twisted stalks and sheaths covered by iron-silica deposits within the mineralized samples, reflecting microbial iron-oxidation from the hydrothermal fluids. Sequencing of 16 s rRNA genes also reveals the presence of other microorganisms involved in sulfur and methane cycles. Samples collected from hornito chimneys contain silicified microorganisms coated by Fe-rich precipitates. The rapid silicification may have been indirectly promoted by microorganisms acting as nucleation sites. We suggest that this type of hydrothermal deposit might be more frequent than presently reported to occur in submarine volcanoes. On a geological scale, these volcanic eruptions and low-temperature hydrothermal vents might contribute to increased dissolved metals in seawater, and generate considerable Fe-oxyhydroxide deposits as identified in older hot-spot seamounts