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III. Read and translate the sentences paying attention to the word head used in different meanings as noun, verb or adjective.

head n

  1. голова

  2. глава, руководитель

  3. заголовок

  4. человек

head v

  1. возглавлять, руководить

  2. озаглавливать

head adj

  1. главный, ведущий, старший

  2. передовой

  1. The company is headed by Director who makes major decisions and determines the overall policy of the company.

  2. The heads of these departments – Chief Accountant, Vice-Director for Production, Chief Engineer – report to the Director.

  3. For humans, the head and especially the face are the main distinguishing features among different people.

  4. The head is required in all documents, because it contains head information about the company: name, address, telephone and fax.

  5. This song keeps going through my head.

  6. The head cook in this restaurant is Italian.

  7. Who heads the Board of Directors?

  8. Admission to the club is three dollars a head.

IV. Read and translate the text, say what its main points are. Company Structure

A company is a form of business organization.

Pyramidal structure also known as hierarchical is the most widespread form of organization in the world today. Such companies have a person or a group of people at the top of organization, and an increasing number of employees below them.

The control of a company is divided between two bodies – the Board of Directors, and the shareholders in the general meeting. In practice, the measure of power exercised by the Board varies with the type of company. In small private companies, directors and shareholders will normally be the same people, and thus there is no real division of power. In large public companies, the Board tends to supervise the company’s activity in general, but individual responsibility and management are delegated to executive officers or directors.

Board of Directors is a group of people elected by the owners of a business who have decision-making and voting authority, and specific responsibilities distinct from the ones of owners and managers of the business. Typical duties of the Board of Directors include:

  • managing the organization by establishing general policies and objectives;

  • selecting, appointing, supporting, and reviewing the performance of the chief executive;

  • ensuring the availability of adequate financial resources;

  • approving annual budgets.

The highest ranking management officer of a corporation is the Chief Executive Officer or CEO (United States), Managing Director (United Kingdom, Commonwealth and some other English speaking countries). The CEO takes final decisions over human, financial, environmental, technical operations of the corporation. The CEO reports to the President or Chairman of the Board of Directors. Also, the CEO sometimes combines his duties with these of the Chairman of the Board.

The responsibility of the Chief Executive Officer is to arrange the company’s activity according to his strategic vision. The principal duty of the CEO is to organize external activity of the business, and, at the same time, to guide employees and other executive officers towards a central objective. The CEO must balance external and internal initiatives to make his company prosperous.

The role of the CEO is to make up, develop and implement strategic plans for the organization in a cost-effective and time-efficient manner. The CEO is also responsible for the everyday management of the organization, including managing staff and developing business plans in collaboration with the Board. In fact, the Board gives the CEO authority to run the organization. The CEO reports to the Board on a regular basis – quarterly, semiannually, or annually. The Board may offer suggestions and ideas to improve the affairs of the organization, but the CEO chooses the ways of implementing these ideas.

For corporations, the CEO primarily coordinates external initiatives at a high level. As the CEO does not usually deal with specific operations of various departments, he must compensate it through delegating responsibilities. The Chief Executive Officer is supported by a number of corporate officers such as Chief Operating Officer (COO), Chief Financial Officer (CFO), Chief Investment Officer (CIO), and division heads. They manage affairs in a particular field (finance, marketing, development, production, information, personnel).

The chain of command runs down the company structure. Superiors, called bosses, have more power than their subordinates. Besides, superiors are not as numerous as their immediate subordinates. So, there are more employees in the organization at the bottom of the structure.

Structuring organizations in this way seems convenient because it can balance the number of contacts between managers and subordinates. In hierarchical organization members chiefly communicate with their immediate superior or immediate subordinates. All employees know who their boss is (they report to), and the manager gives instructions to his immediate subordinates. However employees at lower levels have no right to take important decisions in the company.