How do you work out if companies are 井戸／弁護士席 run when stockpicking for your Isa? 財政上の 専門家s 明らかにする／漏らす nine 手がかり（を与える）s to follow...

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A 井戸／弁護士席-run company is likely to 成し遂げる better and 避ける errors and スキャンダル, but 裁判官ing 管理／経営 competence can be a 堅い 仕事 for individual 投資家s.

You can 精査する the 証拠 in 財政上の 声明s and 告示s, and glean what you can from whatever is in the public domain, and this will be useful 研究.

But although company bosses have to be transparent and follow 支配するs on 確かな 財政上の and regulatory 事柄s, they are always understandably keen to put a favourable gloss on their 活動／戦闘s and 商売／仕事 戦略.

投資するing in successful 管理／経営: A 井戸／弁護士席-run company is likely to 成し遂げる better and 避ける errors and スキャンダル

The rise of 'responsible' 投資するing, or what is referred to as ESG - 会合 確かな 環境の, social and governance 基準s - has made 投資家s more 焦点（を合わせる）d on how companies are managed, or '治める／統治するd'.

On the bosses' 味方する, while some believe 運動ing staff mercilessly gets the best out of them, others now put g reater 在庫／株 in creating a happy 環境 - even to the extent of 活発に?審査 out 有毒な staff from the workplace

最終的に, 投資家s have to learn as much as they can, and make the best call possible about how a 管理／経営 team is doing under the circumstances.

We asked 財政上の 専門家s what 探偵，刑事 work 投資家s should do and the 手がかり（を与える）s they might follow to find out about a company's 管理／経営 practices.

What should you look out for when 査定する／（税金などを）課すing a company?

1. 跡をつける 記録，記録的な／記録する:?A sound 財政上の 状況／情勢 and 記録，記録的な／記録する is the most basic 実験（する） of 管理／経営 competence, and perhaps the best and simplest place to start.

Richard Hunter, 長，率いる of markets at Interactive 投資家, says: 'While certainly not an exhausti ve 名簿（に載せる）／表（にあげる）, 可能性のある 投資家s should look out for 対策 such as 連続する years of 収入s and 利益（をあげる）s growth, the company's 財政上の health (逮捕する cash or 逮捕する 負債 position), the valuation compared to peers (the price/収入s 割合) and, depending on the individual's need for income, whether a （株主への）配当 is 存在 paid and the company 政策 on （株主への）配当s is 進歩／革新的な.

We explain how to 研究 在庫／株s here and how to make sense of a balance sheet here.?

Richard Hunter: '管理／経営 failings often become appa rent after the fact and, in some 事例／患者s, too late for 投資家s to 反応する'

2. 未来 prospects:? 予測（する）ing is hard, but you can look at the 現在の circumstances of a company and extrapolate to a 確かな extent what is likely to happen if it continues on its 現在の path.

Hunter 示唆するs the に引き続いて 名簿（に載せる）／表（にあげる） of questions you should consider when 重さを計るing up whether to 投資する.

'Does the company have a unique selling point ーに関して／ーの点でs of the goods or services it 供給するs?

'Is there a high 障壁 to 入ること／参加（者） for new competitors (or a 'moat', as 過密な住居 Buffett would say) which therefore 強化するs its position?

'Is its 現在の success transitory (such as high fashion, which can change quickly) or is it 堅固に守るd (such as 世帯 goods and energy, both of which have 堅固に 防御の 質s)?

3. 戦略:?You can form opinions about the 裁判／判断 of the 管理／経営 team based on what they say about where the company is 長，率いるing and how they 計画（する） to get there.

'A 明確に defined and long 称する，呼ぶ／期間／用語 戦略 helps 投資家s to understand the main 焦点（を合わせる） of the 商売／仕事, and also 焦点（を合わせる）s minds within the company too.' says Laith Khalaf, 財政上の 分析家 at AJ Bell.

'Long 称する，呼ぶ／期間／用語 決定／判定勝ち（する）-making means 経営者／支配人s aren't cutting corners to 上げる 利益（をあげる）s now, at the expense of the longer run 利益／興味 of the 商売／仕事.'

Khalaf 特記する／引用するs the に引き続いて 使節団 声明 from fantasy figurine 製造者 Games Workshop as a good example of 管理／経営 setting out its 意向s in 絶対 （疑いを）晴らす 条件.?

'We have a simple 戦略 at Games Workshop. We make the best fantasy miniatures in the world, to engage and 奮起させる our 顧客s, and to sell our 製品s globally at a 利益（をあげる）. Our 決定／判定勝ち（する）s are 焦点（を合わせる）d on long-称する，呼ぶ／期間／用語 success, not short 称する，呼ぶ／期間／用語 伸び（る）s.'

管理／経営 practices: Some bosses 活発に create a happy working 環境 - and even 審査する out 有毒な staff

4. Leadership: You need to keep an 注目する，もくろむ on 無所属の政治家 bosses, 警告するs Khalaf.

'There can be a 罰金 line between 示すd out as a visionary or a 無所属の政治家,' he says.?

'Tesla 長，指導者 (n)役員／(a)執行力のある Elon Musk is walking that tightrope 権利 now, with 疑わしい dabbling in cryptocurrencies and 正規の／正選手 tweeting taking attention away from Tesla's 核心 自動推進の 商売／仕事.

'[Frasers Group's] マイク Ashley is another 長，指導者 (n)役員／(a)執行力のある who has occasionally been 裁判官d to have stepped over into the 無所属の政治家 （軍の）野営地，陣営.'

5. Family 所有権:?'Companies where 設立するing families are still ひどく 投資するd tend to have personal 所有権 of the 製品s they are selling to 顧客s, which tends to foster higher levels of accountability,' says Khalaf.

'AG Barr is a good example, where the Barr family still owns a good chunk of 株 and has 代表 on the board, after 設立するing the company in 1875.'

However, Peter McLoughlin, 長，率いる of 研究 at Rowan Dartington, 示唆するs one of the checks 投資家s make on boards is that there are no 親族s on it, because it is better if directors are 独立した・無所属.

Laith Khalaf:?'There can be a 罰金 line between 示すd out as a visionary or a 無所属の政治家'

6. The board:?Arguably the easiest way for ordinary 投資家s to 伸び（る） insight into the 管理／経営 of a company is by 研究ing the composition of its board, によれば McLoughlin.

It is important that the 長，指導者 (n)役員／(a)執行力のある and chairman are separate, he says. Check that a former 長，指導者 (n)役員／(a)執行力のある has not become the chairman, or that they have not 連合させるd the 役割s and taken on both 職業s.

Also, McLoughlin says you should put the 指名するs of the 長，指導者 exe cutive, the chairman and the 非，不，無-(n)役員／(a)執行力のある directors - particular the lead 非，不，無-exec - into a search engine and read their CVs.

You want to be sure 非，不，無-(n)役員／(a)執行力のある directors are fully 独立した・無所属, and have not worked together with the other board members in the past, he explains.

'You do want dissent to some of the 決定／判定勝ち（する）s 存在 made.'

McLoughlin 追加するs that the board should be not so big it is likely to be unwieldy, with about eight to 10 people 存在 about 権利.

一方／合間, you should check whether the 管理／経営 owns 株 in the company themselves because if they do it's a 調印する they believe in its 未来.

7. Setting 支払う／賃金?Find out how the 管理／経営 始める，決めるs 支払う／賃金 的s, advises McLoughlin.

How much they reward themselves can be a 消極的な 調印する, and you should check the difference between what the 長，指導者 (n)役員／(a)執行力のある gets and what the 全労働人口 is paid, he explains.

McLoughlin says there have been 事例／患者s of 'obscene' levels of 支払う／賃金 at the 最高の，を越す, which 明らかにする／漏らす a 相違 of 利益／興味 between the 管理／経営 and the 会社／堅い's 株主s and 従業員s.

8. 多様制: It is 肯定的な when women and people from 民族の 少数，小数派s are 代表するd on a board, によれば McLoughlin.

'It's 広大な／多数の／重要な to 増加する 多様制 on a board over time,' he says. 'The board has to make sure it's the 権利 people.'

Peter McLoughlin: 'You do want dissent to some of the 決定／判定勝ち（する）s 存在 made'

He 公式文書，認めるs that if there is a small group of women who are on a lot of boards, that raises the 問題／発行する again of people knowing each other, and their independence.

McLoughlin believes it is important to 増加する 多様制 from the 底（に届く） up, to 養育する talent の中で people who could be 促進するd in the 未来, 同様に as 改善するing 多様制 at the 最高の，を越す on the board, and if a company is doing both these things 同時に that is a good 調印する.

9. 法人組織の／企業の buzzwords:?'There's a 確かな inevitability that 商売／仕事s of a 確かな size will all look to the same sources for inspiration, and unfortunately this is often consultancies rather than 従業員s or 顧客s,' says Khalaf.

'It's not a good 調印する when these buzzwords 圧倒する communications to 株主s.

'It 示唆するs that 管理／経営 have little flair for plain speaking, or worse, they are just repeating cornfed gobbledygook because that's what everyone else is doing.'

一方／合間, the same might be said for marketing jargon. When 上級の 管理／経営 appears to have fallen under the （一定の）期間 of this department, it is an 指示，表示する物 it has been given too much sway within a 商売／仕事, and かもしれない too big a 予算.

Or, bosses might have recently overpaid for outside marketing 顧問s and be trying to 正当化する their 抱擁する 法案.

What can go wrong? 管理／経営 災害s from the past

Spotting the 割れ目s can be hard, but some are more obvious than others and have become 悪名高い with hindsight.

The most famous 事例／患者s relate to bosses whose behaviour was at 半端物s with the company's goals, explains Hunter.

He 特記する／引用するs Gerald Ratner calling a 製品 sold by his jewellery chain 'total crap' in the 1990s, or 警告 調印するs at 王室の Bank of Scotland under former boss Fred Goodwin before the 2008 財政上の 危機.

On the latter, he says: 'Not only was the company 伴う／関わるd in an ill-advised £50billion 引き継ぎ／買収 of ABN Amro, but he also orchestrated the building of a major new コンビナート／複合体 in Edinburgh in an 成果／努力 to showcase the company's lofty ambitions.'??

Fred's folly? RBS's Gogarburn コンビナート／複合体 outside Edinburgh

Hunter goes on: 'Unfortunately for 投資家s, one of the 推論する／理由s for 公正，普通株主権s 存在 regarded as higher 危険 投資s is that 管理／経営 failings often become 明らかな after the fact and, in so me 事例／患者s, too late for 投資家s to 反応する.

'This in turn is a 推論する／理由 for the tired, but tried and 実験（する）d suggestion of not keeping all of your eggs in one basket.

'A diversified 大臣の地位 is designed to 相殺する 証拠不十分 from any one company ーに関して／ーの点でs of 貿易（する）ing or 管理／経営 misdeeds, by having a number of other companies which together can 選ぶ up most of the slack 原因（となる）d by the underperformance of just one company's 株.'

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