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Migrant workers Power: Low, replacement workers can be recruited easily from the home country. Level of interest: Low. The migrant workers seem quite happy with their current employment terms, even though these are not as favourable as the home country's workers. 2 Problems with stakeholder mapping There are however a number of issues with Mendelow's approach: (a) It can be very difficult to measure each stakeholder's power and influence. (b) The map is not static; changing circumstances may mean stakeholders' positions move around the map.

Cadbury suggests that the balance could be attained by companies establishing audit committees and the accounting profession developing effective accounting standards. 19 Regulators Key term Regulation can be defined as any form of interference with the operation of the free market. This could involve regulating demand, supply, price, profit, quantity, quality, entry, exit, information, technology, or any other aspect of production and consumption in the market. This category includes government bodies such as health and safety executives and regulators such as the financial services authorities and charity commissioners amongst many others relevant to specific types of industry.

These aspects will be of critical importance as the company grows towards listing. For listed companies the UK Cadbury report gave a new dimension to the company secretary's function. It said that, in addition to the legal role, he or she has an important role to play in improving the corporate governance of listed companies. The report states that the secretary has a key role in ensuring that board procedures are observed and regularly reviewed. The Cadbury report also suggests that the company secretary may be seen as a source of guidance on the responsibilities of the board and its chairman and on the implementation of corporate governance reports.

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