“All business activities, from the establishment of the organisation through to the sale of the product to the customer, are influenced by the law.” Worthington and Britton (2009).
Business law mainly consists of employment law, health and safety law, contract law, consumer law, and accounting law. Legal proceedings can be issued through public law and/or private law. Public law is between the state and an offender and encompasses constitutional law, administrative law, and criminal law. For example, the United States Department of Justice (U.S. DOJ) in 2001 launched a criminal enquiry into alleged fraudulent financial reporting by the directors of Enron Energy; this led to the introduction of the Sarbanes Oxley Act 2002 to ensure all NYSE Companies accounts, including WFT are now audited and reported accurately to shareholders...
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..., a major threat to oil companies is the recent growing awareness in society of the consequences of climate change, and the future use of hydrocarbons as an energy source. On top of this further government intervention and regulations are likely. All of this will influence demand on drilling activity and products required, which is directly related to worldwide oil and gas consumption. A green energy transition is taking place and is expected to span the next 10 - 20 years stimulating technology in renewable energy generation, Technology and Innovation Futures (2010), some from natural sources, wind, sun, water and tide, and geothermal heat sources to generate electricity, others from super batteries, fuel cells, carbon capture and re-use, and smart grid electric using digital technology, and the ever-increasing likelihood of widespread use of hydrogen as fuel.
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