Origins.

Frank Williams started the current Williams team in 1977 after his previous outfit, Frank Williams Racing Cars, failed to achieve the success he desired. Despite the promise of a new owner, Canadian millionaire Walter

Ownership.

Reuters reported on 20 November 2009 that Williams and Patrick Head had sold a minority stake in the team to an investment company led by Austrian Toto Wolff who said that it was purely a commercial decision.  In February 2011, Williams F1 announced plans to raise capital through an initial public

Racing history – Formula One.

Ford-Cosworth engines (1977–1983).

1977 season.

Williams entered a custom March 761 for the season. Lone driver Patrick Nève appeared at 11

1978 season.

For the season, Patrick Head designed his first Williams car: the FW06. Williams signed Australian Alan Jones, who had won the the previous season for a devastated Shadow team following the death of their lead driver, Tom Pryce. Jones's first race for the team was the where he qualified the lone Williams car in 14th position, but retired after 36

1979 season.

Head designed the FW07 for the season with Frank Dernie picking up the aerodynamic development and skirt design. This was the team's first ground effect car, a technology first introduced by Colin Chapman and Team Lotus. Williams also obtained membership of the Formula One Constructors' Association (FOCA) which expressed a preference for teams to run two cars, so Jones was partnered by Swiss driver Clay Regazzoni. It was not until the seventh round of the championship, the, that they achieved a points-scoring position. Regazzoni came close to taking the team's first win but finished second, less than a second behind race winner Jody Scheckter. The next round at Dijon is remembered for the final lap battle between René Arnoux and Gilles Villeneuve, but also saw both cars finish in the

1980 season.

During the 1980 season, Alan Jones partnered with the Argentine Carlos Reutemann. The team started well in the championship, with Jones winning the first round of the season in Argentina. Jones won four more

1981 season.

The duo won four races for the Williams team in the season. Alan Jones won at the first round at Long Beach and the final round

1982 season.

Alan Jones retired from Formula One (though he would come back a year later for a single race with the Arrows team). The Australian was replaced by Finnish driver, Keke Rosberg, who had not scored a single championship point the previous year. He won the Drivers' title that year despite winning only one race, the at Dijon-Prenois. Rosberg's teammate, Reutemann, finished in 15th place having quit Formula One after just two races of the new season. His seat was filled by Mario Andretti for the US Grand Prix West before Derek Daly took over for the rest of the year. The Williams team finished fourth in the Constructors' Championship that year, 16 points behind first-place Ferrari.  By the end of the season, Frank Williams realised that to compete at the top levels of Formula One he needed the support of a major manufacturer, such as Renault or BMW who could supply his team with a turbocharged engine.

Honda engines (1983–1987).

1983 season.

Frank Williams looked towards Honda, which was developing its own turbocharged V6 engine with the Spirit team. A deal between Honda and Williams was finally settled early in 1983 and the team used the engines for

1984 season.

For the season, Head designed the ungainly FW09. Keke Rosberg won the Dallas Grand Prix and managed to get second at

1985 season.

In, Head designed the FW10, the team's first chassis to employ the carbon-fibre composite technology pioneered by the McLaren team. British driver Nigel Mansell joined the team to partner Rosberg. The team scored four wins with Rosberg winning in Detroit and Adelaide, and Mansell

1986 season.

In March 1986, Frank Williams faced the most serious challenge of his life. While returning to the airport at Nice, France, after pre-season testing at Paul Ricard, he was involved in a road accident which left him paralysed. He did not return to the pit lane for almost a year. Despite the

1987 season.

The season brought the Williams-Honda partnership its first and only Drivers' Championship title in the hands of Nelson Piquet. Piquet won three races and scored 76 points – 73 after dropped scores (best eleven results counted) in relation to the Drivers' Championship. His teammate Mansell was in second place with six victories and 61 points for the season. The Williams team won the Constructors' Championship for the second year running, scoring 137 points, 61 points ahead of their nearest rivals, McLaren. Despite this success, Honda ended their partnership with Williams at the end of the year in favour of McLaren and continuing with Lotus.

Judd engines (1988).

1988 season.

Unable to make a deal with another major engine manufacturer, Williams used naturally aspirated Judd engines for the season. This left them with a significant performance deficit compared with their turbo-powered rivals. Piquet left Williams to join Lotus who had retained their Honda engines for the 1988 season, helped by having Satoru Nakajima as number 2 driver to Piquet. Williams brought in Italian Riccardo Patrese to replace Piquet. The team did not win a race that season and finished seventh in the Constructors' Championship, scoring 20 points. The highlights of the season were two second-places by Mansell, at the British and Spanish. When Mansell was forced to miss two races due to illness, he was replaced by Martin Brundle and then Jean-Louis Schlesser.

Renault engines (1989–1997).

The team secured an engine supply from Renault in 1989. Renault engines subsequently powered Williams drivers to another four Drivers' and five Constructors' Championships up until Renault's departure from Formula One at the end of 1997. The combination of Renault's powerful engine and Adrian Newey's design expertise led to a particularly dominant period in the mid-1990s. Mansell had a record-breaking 1992 season, winning the title in record time and leading many races from pole to finish. Some maintain that the Williams FW14B and FW15C were "the most technologically advanced cars that will ever race in Formula One".

1989 season.

The Renault era started in, with Italian Riccardo Patrese and Belgian Thierry Boutsen at the helm of the two Williams cars. Boutsen replaced Mansell, who had signed on to be Gerhard Berger's teammate at Ferrari. The engine's first Grand Prix in Brazil was one that the team preferred to forget: Boutsen retired with an engine failure and Patrese with an alternator failure after leading, although Patrese did qualify second. The Williams Renault team managed to get back on track with Boutsen coming fourth in the next race at Imola, earning the team three points in their championship campaign. Two races

1990 season.

In the season, Williams kept Patrese and Boutsen as the team's drivers. Although Patrese won the San Marino Grand Prix and Boutsen won pole position and the race

1991 season.

Boutsen left Williams and joined Ligier at the start of the season. His replacement was a returning Nigel Mansell, who had spent the previous two seasons driving for Scuderia Ferrari. Williams also recruited future 1996 world champion, Damon Hill, as one of their new test drivers. Williams failed to finish in the first Grand Prix of the season at Phoenix, both drivers retiring with gearbox problems. Patrese got back on track for the team in the next Grand Prix at Interlagos, coming second behind McLaren's Ayrton Senna. The 1991 San Marino Grand Prix saw both cars retiring again: Mansell after a collision and Patrese with an electrical failure after 17 laps. The Grand Prix at Monaco saw Mansell finish in a points-scoring position, coming second, 18 seconds behind Ayrton Senna. At the next race, the Canadian Grand Prix

1992 season.

Williams took a step up for the season, keeping their driver line-up of Patrese and Mansell. Mansell dominated the first round in South Africa, qualifying in pole position and winning the race by 24 seconds from his teammate, Patrese. Nigel Mansell won the next four rounds for Williams, at Mexico City, Interlagos, Catalunya and Imola, Patrese coming second in all but one (the Spanish Grand Prix at Catalunya, where he retired after spinning off). Mansell's five victories in the opening five races was a new record in Formula One. Senna won the next race in Monaco, ahead of both Williams cars, which finished second and third. In the next race, in Canada, both Williams cars retired: Mansell spun off on entering the final corner (he claimed that Senna pushed him off) and Patrese had a gearbox failure. Mansell went on to record four more Grand Prix wins, including at the British Grand Prix. (In

1993 season.

The Williams FW15C was an extremely dominant car, with active suspension and traction control systems beyond anything available to the other teams. Prost won on his debut for the team in South Africa and, like Mansell, dominated the weekend, taking pole position and finishing a minute ahead of Senna, who was second. The next Grand Prix in Brazil saw Prost collide with Christian Fittipaldi's Minardi in the rain on lap 29, while Hill went on to his first podium finish: second, 16 seconds behind Senna. Prost won three of the next four Grands Prix for Williams, Senna winning the other race. Prost and Hill later scored

1994 season.

During the season, Williams used FW16 (developed during the pre-season) and FW16B (with shorter sidepods and optimised for the revised floor regulations which were introduced during the season).  After Canon left the team Williams signed a contract with tobacco company Rothmans International for, and their namesake brand became its primary sponsor from 1994 to.  As the provision in Alain Prost's contract regarding his former teammate-turned-rival had expired following the 1993 season, Williams pursued and signed Ayrton Senna to a contract for 1994 while Prost elected to retire from competition. Given this was the same team that had won the previous two World Championships with vastly superior cars, Senna was a natural and presumptive pre-season title favourite, with second-year driver Damon Hill intended to play the supporting role. Between them, Prost, Senna and Hill had won every race in 1993 but one,

1995 season.

In, Nigel Mansell was not retained, Williams favouring Coulthard over him to partner Hill. Schumacher, whose Benetton team had switched engine suppliers from Ford to Renault in the off-season, won the first round in Brazil, with Coulthard taking second. However, both were disqualified from the race after it was found that Elf supplied their teams with a type of fuel for which samples had not been provided to the FIA. Thus, Gerhard Berger and Ferrari were declared winners. Schumacher

1996 season.

For, Williams had the quickest and most reliable car, the FW18. Coulthard had left Williams to join Mika Häkkinen at McLaren, and Williams replaced him with Canadian Jacques Villeneuve, who had won the CART series title in 1995, while Hill remained with the team. Schumacher left Benetton to join Ferrari. Williams won the first five Grands Prix, Hill winning all but one of them. Olivier Panis would take victory at the sixth round in Monaco after both Williams cars retired. Hill would retire for the second time in a row after he spun-off in Spain, while his teammate, Villeneuve, took third place. Hill and Villeneuve dominated the next Grand Prix in Canada, with a 1–2 in qualifying and a 1–2 finish. Williams made it a second 1–2 after Hill won the

1997 season.

For what would be the final season of Williams-Renault and a car designed with Newey's input, Frank Williams brought in German Heinz-Harald Frentzen, who had created a good impression on Williams during his first few seasons in Formula One. Frentzen proved to be a disappointment though, and won only one race in two years with Williams, the 1997 San Marino Grand Prix. Jacques Villeneuve won seven races during 1997, compared to five wins by his main rival, Michael Schumacher of a resurgent Ferrari. Williams also achieved the 100-race-win milestone at the British Grand Prix. Coming to the final round of the season at Jerez, Schumacher led Villeneuve by 1 point; however, on lap 48, Schumacher and Villeneuve collided. Schumacher was disqualified from second place in the championship as the accident was deemed by the FIA as "avoidable". Williams won the Constructors' title for the second time in a row, scoring 123 points. Jacques Villeneuve won the Drivers' Championship by three points to Michael Schumacher, who kept his points total despite being removed from second place; thus, runner-up went to Frentzen with 42 points.

Mecachrome engines (1998).

1998 season.

After 1997, the team were unable to maintain their dominance in Formula 1 as Renault ended their full-time involvement in Formula 1, and Adrian Newey moved to rival team McLaren. Williams then had to pay for Mecachrome engines, which were old, rebadged Renault F1 engines. This meant that the FW20 not only featured a very similar aerodynamic package to their 1997 car, but also virtually the same engine, leading some to comment that they ran what was virtually the same car, adjusted for the 1998 regulations. There were

Supertec engines (1999).

1999 season.

In, Williams employed the Supertec engine, which was a rebadged Mecachrome-Renault unit, and a new driver line-up. Villeneuve moved to the new British American Racing (BAR) team and Frentzen moved to the Jordan team. German Ralf Schumacher joined Williams in what amounted to a driver trade as Frentzen would be taking over Schumacher's old ride at Jordan. Alessandro Zanardi, an Italian driver who had won the last two CART series championships, also joined the team after Williams had spent the better part of the last year trying to sign him. The team managed three podiums, all scored by Ralf Schumacher, with third place in Australia and Britain and a second place in Italy. The team finished fifth in the Constructors' Championship, the lowest finish for Williams in the 1990s; the team finished behind Stewart and Jordan, scoring a total of 35 points. Of those points, all were scored by Schumacher as Zanardi, who had not performed well in his previous stint in F1, failed to finish in the top six in any race. At the end of the season, Williams bought out Zanardi's contract.

BMW engines (2000–2005).

During 1998, the team signed a long-term agreement with German manufacturer BMW to supply engines and expertise for a period of 6 years. As part of the deal BMW expected at least one driver to be German, which led to the team's signing of Ralf Schumacher for the previous season. In 1999, the team had a Williams car with a BMW engine testing at circuits, in preparation for a debut in the season.  There were major sponsorship changes for 2000–2005, as Rothmans International had been purchased in 1999 by British American Tobacco (BAT), which owned British American Racing and chose not to

2000 season.

Williams sought the services of Colombian Juan Pablo Montoya, who had replaced Zanardi at Chip Ganassi Racing in 1999, to step-in but Montoya was under contract to Ganassi for one more season. Britain's Jenson Button was called upon and made his debut instead. The first season of Williams' partnership with BMW did not yield

2001 season.

In, Button moved to Benetton-Renault due to Montoya's arrival on the team. The FW23 won four races, three by Ralf Schumacher at Imola, Montreal, and his home Grand Prix in Germany. His teammate,

2002 season.

Williams maintainted their driver line-up for the season. The team only won one race, which was at Malaysia, one of only 2 races not won by Ferrari in a year dominated by the Ferraris of Michael Schumacher and Rubens Barrichello. Williams did improve on their

2003 season.

would see Williams come closest to winning its first title since 1997. During pre-season, Frank Williams was very confident that the FW25 would challenge for the title. The team won four races, with Montoya winning at Monaco

2004 season.

At the start of the season, it was announced that Montoya would be moving to McLaren in 2005. The team began the season with a radical nose-cone design, known as the "Walrus-Nose", that proved uncompetitive and was replaced by a more conventional assembly in Hungary. Ferrari dominated for a third consecutive season, winning 15 of the 18 races. Williams picked-up a win at the final

2005 season.

For the season, Schumacher moved to Toyota, while Montoya moved to McLaren. Taking their places were Australian Mark Webber and German Nick Heidfeld. Jenson Button was to have driven for Williams in 2005, but an FIA ruling forced Button to remain with his current team, BAR. Antônio Pizzonia served as the test driver for the team during the 2005 season. Meanwhile, Button signed a contract to drive for Williams in 2006.  During the course of the 2004 and 2005 F1 seasons, BMW Motorsport and director Mario Theissen increasingly became

Cosworth engines (2006).

2006 season.

Williams could have opted to continue with BMW engines in, despite the fact that the engine manufacturer was about to set up its own team. In the end, though, Williams opted for Cosworth V8 engines for 2006. The season saw Nico Rosberg replace German Nick Heidfeld, who departed for BMW Sauber, while Mark Webber stayed on with the team. Despite having signed a contract to race for Williams, Jenson Button decided to stay with BAR for 2006 as it was to become a Honda works team. In September 2005 a deal was reached to allow Button to

Toyota engines (2007–2009).

2007–2009 seasons.

Following Williams's worst points tally since, the team announced that Japanese manufacturer Toyota would be supplying the engines for the season. A number of other changes were announced for 2007: Alexander Wurz, who had been a test driver at Williams since 2006, became the team's second driver to replace the outgoing Mark Webber; Japanese driver Kazuki Nakajima, son of Satoru, replaced Wurz as a test driver alongside Karthikeyan. Sponsorship saw a change in 2007, as it was announced that AT&T would become the title sponsors for the team from the upcoming season. AT&T were previously involved as minor sponsors with the Jaguar and McLaren teams, but moved to Williams following McLaren's announcement of a title sponsorship deal with Vodafone, a competitor of AT&T. On 2 February, the new FW29 was presented to the media in the UK. Soon afterwards, the team secured a sponsorship deal with Lenovo who built the team's new supercomputer.  Rosberg and Wurz gave Williams a more productive season in terms of points and, in Montreal, Wurz scored the team's first podium finish since Nick Heidfeld's second-place at the 2005 European Grand Prix. Over the course of the year Rosberg was consistently in the points, scoring 20 during the season; in comparison, teammate Wurz finished in the points three times. Following the announcement

Return to Cosworth engines (2010–2011).

2010–2011 seasons.

After the termination of their Toyota contract, Williams announced that from the season they were to enter into a "long-term partnership" with Cosworth, and would be using an updated version of the CA V8 engine which powered their cars in 2006. Williams also announced a complete driver change for the 2010 season. Rubens Barrichello joined from 2009 Constructors' Champion Brawn GP, whilst GP2 champion Nico Hülkenberg graduated from the test driver seat. Replacing Hülkenberg in the test seat was Finland's Valtteri Bottas, who finished third in the 2009 Formula Three Euroseries as well as winning the non-championship Masters of Formula 3 event at Zandvoort.  Their new 2010 car,

Return to Renault engines (2012–2013).

2012–2013 seasons.

On 4 July 2011, Williams announced they would be reuniting with engine-supplier Renault who were to supply the team's engines from 2012 onwards. On 1 December 2011, it was confirmed that Maldonado would be retained for the 2012 season, along with reserve driver Valtteri Bottas, who took part in 15 Friday practice sessions. In January 2012, it was confirmed that Bruno Senna would be the driver to partner Maldonado, effectively ending Rubens Barrichello's F1 career.  Prior to the 2012 season, Patrick Head moved from the Williams F1 team to Williams Hybrid Power Limited, another subsidiary of Williams Grand Prix Holdings. The team also announced that its relationship with AT&T ended by mutual agreement, and there were negotiations with another telecommunications company for team's title sponsorship. At the

Mercedes-Benz power units (2014–present).

2014–2017 seasons.

In May 2013, Williams signed a long-term contract with Mercedes to supply engines for the team, the German manufacturer providing 1.6-litre V6 turbo engines from the start of the 2014 season. Bottas was retained as driver for, and Felipe Massa was signed from Ferrari to replace Maldonado. The team also unveiled a new, multi-year title sponsorship deal with drinks brand Martini. As part of the deal, the team became Williams Martini Racing, except in Bahrain, Russia and Abu Dhabi, where the team is known as Williams Racing because of alcohol advertising restrictions.  The team won its first pole position since 2012, courtesy of Massa at the ; it was the only time that Mercedes would be beaten to pole position over the course of the 2014 season. With

2018–present.

On 4 November 2017, Felipe Massa announced his decision to retire from F1. Renault reserve driver and 2016 GP2 Series 3rd-place finisher Sergey Sirotkin was signed as his replacement for, with Robert Kubica joining the team as a reserve and development driver.  Williams struggled over the course of the 2018 season, scoring only 7 points and finishing last in the Constructors' Championship standings. Although the FW41 rarely suffered from reliability issues, it was significantly off the pace; the team's highest finish was Lance Stroll's 8th-place finish in Azerbaijan. The team's only other points finish was at the, with Stroll finishing 9th and Sirotkin scoring his first championship point in 10th. This was also the only Grand Prix of the season in which the team reached the third qualifying session, with Stroll starting 10th on the grid.  On 27 February 2018 Martini announced that they would leave Williams and Formula One at the end of the 2018 season. On 12 October 2018, the team announced that reigning Formula 2 champion George Russell would be joining the team for the season. On 22 November 2018 it was announced that reserve driver Robert Kubica would be promoted to the other seat,

Formula One results.

Drivers' Champions.

The following drivers won

Williams Group.

Williams Grand Prix Holdings is the public company of Williams Group, that includes the Formula One Team, Williams Advanced Engineering and others like Williams Heritage and collaborations with other brands.

Williams Advanced Engineering.

Williams Advanced Engineering (WAE) is the technology and engineering services business of the Williams Group. Based in the United Kingdom, it is located in a dedicated facility of, adjacent to Williams Formula One facilities.  WAE's target markets are: automotive, motorsport, civil aerospace, defence (land, sea and air), renewable energy and sports science.  The company provides the battery technology used in Formula E, and has assisted the development of the electric Vanda Dendrobium car from Singapore. It has worked with Jaguar to create the revolutionary C-X75

Williams Hybrid Power.

Williams Hybrid Power (WHP) was the division of Williams F1 that developed electromechanical flywheels for mobile applications such as buses, trams and high-performance endurance-racing cars. A hybrid system that uses a spinning composite rotor to store energy, these flywheels help a vehicle save fuel and ultimately reduce its CO emissions.  WHP was first established in 2008 and immediately set about developing a new flywheel energy-recovery system for the Williams F1 Team after the introduction of Kinetic Energy Recovery Systems

Williams Heritage.

Williams Heritage (WH) is the retired chassis and restoration division of Williams F1 (similar to Ferrari F1 Clienti and Classic Team Lotus) that keeps and maintains old retired Williams Formula One chassis that are no longer in

Other motorsports and Williams-branded cars.

Formula Two.

Williams developed the car for the revived Formula Two championship, beginning in 2009. The design was originally created for a

Group B rallying (1985–1986).

The Metro 6R4 rally car was developed by Williams in 1984 on commission from Rover. The rally car was

British Touring Car Championship (1995–1999).

Williams entered the British Touring Car Championship in 1995, taking over the works Renault programme. Alain Menu transferred from Renault Dealer Racing, with Will Hoy signed to partner him. Williams employed Ian Harrison, future director of Triple Eight Racing as team manager. While Menu was a championship contender, Hoy had constant failures and bad luck during the first half of the season. However, Hoy's luck changed and he won three races and scored several podium finishes in the second half of the year, eventually taking fourth in the championship while Menu finished second in the championship with seven wins. Renault won the manufacturers championship. 1996 was a more difficult year with the front-wheel-drive cars outclassed by the 4WD Audi A4s of Frank Biela and John Bintcliffe. Menu was second in the championship again, while Hoy finished a lowly ninth. 1997 was a breakthrough year for Williams, winning the drivers' championship with Menu, the manufacturers' trophy and teams' award. Other changes for

Le Mans 24 Hours and Sportscars (1998–2000).

Prior to their F1 partnership, Williams Motorsport built Le Mans Prototypes for BMW, known as the V12 LM and V12 LMR. The

Renault Clio Williams.

The Williams name and logo were used on the Renault Clio Williams, a limited sports model

Porsche AG 911 GT3R Hybrid.

Through subsidiary Williams Hybrid Power, the company developed and supplied a flywheel-based kinetic-energy storage system which was in use on a Porsche

Formula E.

Williams's Advanced Engineering division collaborated

Williams Driver Academy.

Like most F1 teams, Williams has set up its own academy in 2019. They currently have four drivers in their program.  "Williams History (1967–2000) Taken from:" "All Formula One race and championship results are taken from":

Williams Grand Prix Engineering Limited, currently racing in Formula One as Williams Racing, is a British Formula One motor racing team and constructor. It was founded by team owner Sir Frank Williams and automotive engineer Sir Patrick Head. It is still run by Williams. The team was formed in after Frank Williams's two earlier unsuccessful F1 operations: Frank Williams Racing Cars (1969 to 1975) and Wolf–Williams Racing (1976). All of Williams F1 chassis are called "FW" then a number, the FW being the initials of team owner, Frank Williams.

Das Williams F1 Team ist ein britisches Rennsportteam mit Sitz im englischen Grove, das seit 1977 in der Formel 1 aktiv ist. Gründer und Mehrheitseigentümer ist Frank Williams, der bereits von 1968 bis 1975 mit dem Team Frank Williams Racing Cars in der Formel 1 angetreten war. Williams F1 gehört mit 114 Grand-Prix-Siegen, sieben Fahrer- und neun Konstrukteursweltmeistertiteln zu den erfolgreichsten Konstrukteuren in der Geschichte der Formel 1. Speziell in den 1990er-Jahren war Williams das dominierende Team. Im 21. Jahrhundert konnte Williams allerdings nicht mehr an die früheren Erfolge anknüpfen. Der letzte Titelgewinn liegt inzwischen mehr als 20 Jahre zurück (1997, Jacques Villeneuve). In der Saison 2020 wird der Rennstall als Williams Racing mit den Fahrern Nicholas Latifi und George Russell antreten.


Signs and symptoms.

The average age of diagnosis is between 35 and 50 years. This is about 5 to 10 years older than men with other germ cell tumors of the testes. In most cases, they produce masses that are readily felt on testicular self-examination; however, in up to 11 percent of cases, there may be no mass able to be felt, or there may be testicular atrophy. Testicular pain is reported in up to one fifth of cases. Low back pain may occur after metastasis to the retroperitoneum.  Some cases of seminoma can present as a primary tumour outside the testis, most commonly in the mediastinum. In the ovary, the tumor is called a dysgerminoma, and in non-gonadal sites, particularly the central nervous system, it is called a germinoma.

Diagnosis.

Blood tests may detect the presence of placental alkaline phosphatase (ALP, ALKP, ALPase, Alk Phos) in fifty percent of cases. However, Alk Phos cannot usefully stand alone as a marker for seminoma and contributes little to follow-up, due to its rise with smoking. Human chorionic gonadotropin (hCG) may be elevated in some cases, but this correlates more to the presence of trophoblast cells within the tumour than to the stage of the tumour. A classical or pure seminoma by definition do not cause an elevated serum alpha fetoprotein. Lactate dehydrogenase (LDH) may be the only marker that is elevated in some seminomas. The degree of elevation in the serum LDH has prognostic value in advanced seminoma.  The cut surface of the tumour is fleshy and lobulated, and varies in colour from cream to tan to pink. The tumour tends to bulge from the cut surface, and small areas of hemorrhage may be seen. These areas of hemorrhage usually correspond to trophoblastic cell clusters within the tumour.  Microscopic examination shows that seminomas are usually composed of either a sheet-like or lobular pattern of cells with a fibrous stromal network. The fibrous septa almost always contain focal lymphocyte inclusions, and granulomas are sometimes seen. The tumour cells themselves typically have abundant clear to pale pink cytoplasm containing abundant glycogen, which is demonstrable with a periodic acid-Schiff (PAS) stain. The nuclei are prominent and usually contain one or two large nucleoli, and have prominent nuclear membranes. Foci of syncytiotrophoblastic cells may be present in varied amounts. The adjacent testicular tissue commonly shows intratubular germ cell neoplasia, and may also show variable spermatocytic maturation arrest.  POU2AF1 and PROM1 have been proposed as possible markers.

Relation to spermatocytic seminoma.

Spermatocytic seminomas are not considered a subtype of seminoma and unlike other germ cell tumours do not arise from intratubular germ cell neoplasia.

Treatment.

Intratesticular masses that appear suspicious on an ultrasound should be treated with an inguinal orchiectomy. The pathology of the removed testicle and spermatic cord indicate the presence of the seminoma and assist in the staging. Tumors with both seminoma and nonseminoma elements or that occur with the presence of AFP should be treated as nonseminomas. Abdominal CT or MRI scans as well as chest imaging are done to detect for metastasis. The analysis of tumor markers also helps in staging.  The preferred treatment for most forms of stage 1 seminoma is active surveillance. Stage 1 seminoma is characterized by the absence of clinical evidence of metastasis. Active surveillance consists of periodic history and physical examinations, tumor marker analysis, and radiographic imaging. Around 85-95% of these cases will require no further treatment. Modern radiotherapy techniques as well as one or two cycles of single-agent carboplatin have been shown to reduce the risk of relapse, but carry the potential of causing delayed side effects. Regardless of treatment strategy, stage 1 seminoma has nearly a 100% cure rate.  Stage 2 seminoma is indicated by the presence of retroperitoneal metastasis. Cases require radiotherapy or, in advanced cases, combination chemotherapy. Large residual masses found after chemotherapy may require surgical resection. Second-line treatment is the same as for nonseminomas.  Stage 3 seminoma is characterized by the presence of metastasis outside the retroperitoneum—the lungs in "good risk" cases or elsewhere in "intermediate risk" cases. This is treated with combination chemotherapy. Second-line treatment follows nonseminoma protocols.

A seminoma is a germ cell tumor of the testicle or, more rarely, the mediastinum or other extra-gonadal locations. It is a malignant neoplasm and is one of the most treatable and curable cancers, with a survival rate above 95% if discovered in early stages.

Bei einem Seminom (lat. "semen" = „Samen“) handelt es sich um einen bösartigen Keimzelltumor des Hodens, der seinen Ursprung in der Entartung von Spermatogonien (Keimgewebe) hat.


Development.

Origins.

In the late 1970s, Dornier GmbH developed a new kind of wing, the TNT ("Tragflügel neuer Technologie" – Aerofoil new technology), subsidized by the German Government. Dornier tested it on a modified Do 28D-2 "Skyservant" and with Pratt & Whitney Canada PT6A-110 turboprop engines. Finally, Dornier changed the engine and tested the new aircraft, which was named Do 128 with two Garrett AiResearch TPE-331-5 engines. The company developed a new fuselage for the TNT and TPE 331–5 in two variants (15- and 19-passenger) and named both project-aircraft E-1 (later Do 228-100) and E-2 (later Do 228-200). At the ILA Berlin Air Show in 1980, Dornier presented the new aircraft to the public. Both of the prototypes were flown on 28 March 1981 and 9 May 1981 for the first time. After German certification was granted on 18 December 1981, the first Do 228-100 entered service in the fleet of Norving in July 1982. The first operator of the larger Do 228-200 entered service with Jet Charters in late 1982. Certification from both British and American aviation authorities followed on 17 April and 11 May 1984 respectively. By 1983, the production rate of the Do 228 had risen to three aircraft per month; at this point, Dornier had targeted that 300 Do 228s would be produced by the end of the 1980s. In November 1983, a major license-production and phased technology-transfer agreement was signed between Dornier and Hindustan Aeronautics Limited (HAL) was signed; a separate production line was established and produced its first aircraft in 1985. By 2014, a total of 125 Do 228s had been produced in India.  Over the years, Dornier offered the 228 in upgraded variants and fitted with optional equipment for performing various special missions. In 1996, it was announced that all manufacturing operations would be transferred to India. In 1998, activity on the German production line was halted, in part to concentrate on the production of the larger Fairchild-Dornier 328 and in response to Dornier's wider financial difficulties.

Do 228NG.

RUAG acquired the Do 228 type certificate in 2003. In December 2007, RUAG announced their intention to launch a modernized version of the aircraft, designated as the Do 228 Next Generation, or Do 228 NG. At the 2008 Berlin Air Show, HAL agreed on supplying the first three components sets — fuselage, wings and tail — for €5 million, as a part of an €80 million ($123 million) ten-year contract. In June 2010, the passenger aircraft was priced at €5.2 million ($7 million), €5.8–5.9 million with JAR-Ops equipment; restarting its production cost €20 million.  On 18 August 2010, the Do 228NG received its airworthiness certification from the European Aviation Safety Agency (EASA). The final assembly for the type is located in Germany; however, most airframe subassemblies, such as the wings, tail and fuselage, are produced by HAL in India. The main changes from the previous Dornier 228-212 model were a new five-blade propeller made of composite material, more powerful engines and an advanced glass cockpit featuring electronic instrument displays and other avionics improvements.  The first delivery, to the Japanese operator New Central Aviation, took place in September 2010. RUAG decided to suspend production of the Do 228 NG after the completion of an initial batch of eight aircraft in 2013. In 2014, RUAG and Tata Group signed an agreement for the latter to become a key supplier of the program. Production was restarted in 2015, with deliveries of four per year planned from 2016. In February 2016, RUAG announced that they were set to begin serial production of the Do 228 NG at its German production line in mid-2016; the assembly line is reportedly capable of producing a maximum of 12 aircraft per year.

Indian production.

The aircraft was made eligible to fly commercial flights in Europe after the European Aviation Safety Agency accepted the Directorate General of Civil Aviation certification for the aircraft on 30 August 2019.

Hybrid-Electric Demonstrator.

Supported by Bavarian funding, the German DLR is modifying one of its two Do 228 into a demonstrator hybrid electric aircraft. The first fully electric flight is planned for 2020 and the first hybrid-electric flight for 2021, apparently from Cochstedt Airport. Partners include MTU Aero Engines and Siemens, of which Rolls-Royce plc is acquiring the electric propulsion unit.

Design.

The Dornier 228 is a twin-engine general purpose aircraft, capable of transporting up to 19 passengers or various cargoes. It is powered by a pair of Garrett TPE331 turboprop engines. The Do 228 is commonly classified as a Short Takeoff and Landing (STOL)-capable aircraft, being capable of operating from rough runways and in hot climates. This capability has been largely attributed to the type's supercritical wing which generates large amounts of lift at slow speeds. The Do 228 is typically promoted for its versatility, low operational costs, and a high level of reliability – possessing a dispatch reliability of 99%. RUAG Aviation have claimed that no other aircraft in the same class may carry as much cargo or as many passengers over a comparable distance as fast as the Do 228 NG.  The rectangular shape of the Do 228's fuselage section and large side-loading doors make it particularly suitable for utility operators, which is a market that Dornier had targeted with the type from the onset. According to Flight International, one of the more distinguishing features of the Do 228 is the supercritical wing used. The structure of the wing is atypical, consisting of a box formed from four integrally-milled alloy panels, while kevlar is used for the ribs, stringers, trailing edge and fowler flaps, the wing's leading edge is conventional alloy sheet metal. Benefits of this wing over conventional methodology include a 15% reduction in weight, the elimination of 12,000 rivets, and lowering the per-aircraft manufacturing workload by roughly 340 man hours. Both the fuselage and tail are of a conventional design, but make use of chemical milling in order to save weight. The Do 228 has been promoted in various capacities, including as a commuter aircraft, a military transporter, cargo hauler, or as a special missions aircraft. Special missions include maritime surveillance, border patrol, medevac, search and rescue, paradrop and environmental research missions, in which capacity the type has proven useful due to a ten-hour flight endurance, a wide operating range, low operational cost, and varied equipment range. Special equipment available to be installed include a 360-degree surveillance radar, side-looking airborne radar, forward-looking infrared (FLIR) sensor, search light, operator station, real-time datalink, enlarged fuel tanks, satellite uplink, stretches, air-openable roller door, and infrared/ultraviolet sensors. In addition to a 19-seat commuter configuration for airlines, a VIP cabin configuration is also offered; the cabin can also be customized as per each client's specifications. The Do 228 is the only aircraft of its class to be fitted with air conditioning as standard.

Do 228NG.

More than 350 design changes are present between the Do 228 and the re-launched Do 228 NG. Amongst the principal changes is the adoption of Universal's UNS-1 glass cockpit, which means that standard aircraft are equipped to be flown under single-pilot instrument flight rules (IFR) in addition to visual flight rules (VFR); according to RUAG Aviation, the Do 228 NG is the first aircraft in its class to be certified with equivalent electronics. A total of four large displays are used in the cockpit, two primary flight displays and two multifunction displays, to present all key flight data. The navigation system includes VHF omnidirectional range (VOR), distance measuring equipment (DME), automatic direction finder (ADF), radar altimeter, Global Positioning System (GPS), air data computer, and a flight management system. A three-axis autopilot can be optionally incorporated, as can a weather radar and high frequency (HF) radio. While designed for two-pilot operation, the Dornier 228 can be flown by only one crewmember.  Additional changes include the Garrett TPE331-10 engines, which have been optimized to work with the redesigned five-bladed fibre-composite propellers now used by the type, which are more efficient, quick to start, and produces substantially less vibration and noise than the original metal four-bladed predecessor. Through its engines, the Do 228 NG has the longest time between overhaul (TBO) of any 19-seat aircraft, reportedly up to 7,000 hours. An engine-indicating and crew-alerting system (EICAS) is also present for safety purposes; additional optional safety equipment akin to much larger passenger aircraft, including airborne collision avoidance system (ACAS) and terrain awareness and warning system (TAWS), can be incorporated as well.

Operators.

In July 2018, 57 aircraft were in airline service. Other operators include police, law enforcement, para-military operators and military operators.  By July 2018, the fleet accumulated over four million flight hours.

Accidents and incidents.

The Do 228 has been involved in 49 aviation accidents and incidents including 40 hull losses. Those resulted in 187 fatalities.

The Dornier Do 228 is a twin-turboprop STOL utility aircraft, designed and first manufactured by Dornier GmbH (later DASA Dornier, Fairchild-Dornier) from 1981 until 1998. 245 were built in Oberpfaffenhofen, Germany. In 1983, Hindustan Aeronautics (HAL) bought a production licence and manufactured another 125 aircraft in Kanpur, India. In July 2017, 63 aircraft were still in airline service.

Die Dornier 228 ist ein zweimotoriges turbinengetriebenes Propellerflugzeug mit Kurzstart- und -landefähigkeit (STOL) des deutschen Flugzeugherstellers Dornier. Es wurde von 1981 bis 1998 im bayrischen Oberpfaffenhofen produziert. Seit 1986 werden zudem Flugzeuge in Lizenz bei Hindustan Aeronautics hergestellt. In Deutschland wurde 2009 die Produktion der modernisierten Version Do 228 NG (New Generation) durch RUAG Aviation aufgenommen.


Names.

Although "brod" means'ship' in modern Croatian, the city's name bears witness to an older meaning - 'water crossing', 'ford'.  Among the names historically in use: "Marsonia" in the Roman Empire, "Brood" (in Slawonien) in the German speaking Austrian period, "Brod na Savi" after 1934.  The ancient name "Marsonia" probably comes from the Proto-Indo-European word *mory (marsh), and the same root is seen in the nearby toponyms such as "Mursa" and "Mariniana".

Geography.

The city is located southeast of Zagreb and at an elevation of. It developed at the strategically important crossing over the Sava river toward Brod in Bosnia and Herzegovina. The Bosnian city was called Bosanski Brod until 2009.  Slavonski Brod is an important intersection of the Posavina part of the highway and a railway junction, since it is located on the highway linking Zagreb–Lipovac–Belgrade (E70, A3) and the Zagreb–Vinkovci–Belgrade railway. The ship port "Brod" on the Sava river is under construction.  There is also a new modern highway under construction, on the Pan-European Corridor Vc, which will connect Northern Europe and Hungary with Croatia (through the region of Slavonia), and Bosnia and Herzegovina with Croatia (through the coastal region of Dalmatia). The alignment of this highway is approximately at a distance from the center of the town. With the completion of this route, the area of the town Slavonski Brod will become one of the major highway intersections in this part of Europe connecting directions West-East and North-South.

Demographics.

Slavonski Brod is the sixth largest city in Croatia, after Zagreb, Split, Rijeka, Osijek and Zadar.  Brod is the center of a built-up area of more than 110,000 inhabitants including Brod in Bosnia, Sibinj, Bukovlje, Brodski Stupnik, Podcrkavlje, Gornja Vrba and Klakar.  The following settlements comprise the administrative area of Slavonski Brod:

Demography.

A favorable geographical location, pleasant continental climate, fertile soil and being in the vicinity of the river Sava have all resulted with the city being inhabited since a prehistoric age.

History.

Prehistory.

The northeastern part of the city, at Galovo, recently revealed a rich deposit of the Starčevo culture, dating in the Early Stone Age. Besides the fact that this is the largest architectural finding in northern Croatia, it proves that the locality of Brod has been inhabited for at least 8,000 years.

Roman period.

The first historical settlement in Brod dates from Roman times, the settlement being known as "Marsonia". It is still disputed whether Marsonia was a postal station, lodging for the night or an actual settlement.  The Peutinger map refers to Marsonia as Marsonie, while the work "Notitia dignitatum" has Marsonia under the name of "Auxilia Ascaria Tauruno sive Marsonia". The issue of Marsonia becoming a city has been tackled by the publishers of Ptolemy's geography, dating from the 16th century. The first geographer who located the position of Marsonia at the locality of Brod was Abraham Ortelius, who, in his atlas Theatrum orbis terrarum (Antwerpen 1590) published a map, the objective of which was to reconstruct and connect the antic names of Panonian and Illyric settlements with the towns of that time. It was he who placed Marsonia at today's location of Brod.  Peutinger's table clearly shows that Marsonia initially existed next to the Sava river, at the place where the Roman road crossed the river. The first Croatian expert, claiming that the Roman MARSVNNIA was located where Brod is now is Matija Petar Katančić, giving this assertion additional support.

Before the Yugoslav breakup.

The Slavs settled in the area of the city in the 6th century. The name of the town is mentioned for the first time in Bela IV of Hungary's charter, dated 1224. The Vukovac fortress was built in the 15th century, subsequently damaged by the Turks. The Ottoman Empire controlled the settlement from 1536 until 1691, when it was ceded to the Empire of Austria, as confirmed by the Treaty of Karlowitz in 1699. Until 1918, Brod (named "Brood" before 1850) remained in the Austrian monarchy (Kingdom of Croatia-Slavonia after the compromise of 1867), in the Slavonian Military Frontier, under the administration of the "Brooder Grenz-Infanterie-Regiment N°VII" until 1881. A huge Vauban type fortress was built east of Vukovac.  Alongside its defence role the city saw steady development of crafts and commerce. The education and culture were strongly dominated by the Franciscans. The 20th century was a period of strong economic growth of the city, with the 1920s being called "the Golden Age of Brod". The city's current name dates from 1934 when it was changed from Brod na Savi.  From 1941 to 1945 the city was part of the Independent State of Croatia. The town was heavily bombed by the Allies in 1944 and 1945. The bombing resulted in damage to 80% of the buildings in Slavonski Brod. The bombing resulted in 897 civilian deaths, 244 military deaths, 208 wounded civilians, and 28 military wounded in Slavonski Brod and Bosanski Brod.  In 1990 democratic reforms legalised the formation of political parties other than the League of Communists of Croatia. In Slavonski Brod, the first parties formed were the Croatian Democratic Union and the Croatian Democratic Party.

Economy.

The city's economy is based on farming, viticulture, fruit growing, metal-processing, timber (furniture wood, parquetry), textiles (ready-made), leather, foodstuffs (brewery), building material (lime), and printing industries.  Slavonski Brod is also home to some of the most important metal companies in Southeastern Europe, the Djuro Djakovic consortium, consisting of a number of factories producing very diverse products, mainly for export. The consortium is capable of producing: locomotives, tramways, wagons, bridges, industrial plants, nuclear reactors, car parts, heavily armed vehicles, armoured fighting vehicles, including main battle tanks and mine warfare vehicles, agricultural machinery, etc.  Service industries are becoming rapidly important, especially tourism. The city has an important cultural heritage, including a fortress and a Franciscan monastery with a rich library.

Cultural heritage.

The Brod Fortress from the Baroque period, was constructed during the Austro-Hungarian Empire to serve as a stronghold against the Ottoman Empire, which was situated on the other bank of the Sava river. It is in the Vauban style, named after one of the best European experts in the building of fortifications in 17th and 18th centuries. It is one of Europe's best preserved fortresses, and also one of the biggest on the former Austro-Hungarian Military Frontier. In a way, it is the continental obverse of Diocletian's Palace in Split, by its monumentality.  The city's Franciscan monastery dates from the 18th century, and is also Baroque in style, with exceptional architecture, especially of the church yard, and monastery church interior, with its beautiful altar and paintings. In 1720, a faculty of philosophy was opened here.  The most important annual cultural event in the town is the children's festival 'In the World of the Fairy Tales of Writer Ivana Brlić-Mažuranić', in April and May. The Brodsko kolo, an annual show of original folklore, is held in mid-June, while the Festival of Patriotic Folk Songs takes place in May. The artistic 'Sava' colony cherishes the tradition of watercolour painting.  One of the attractions of Slavonski Brod is a beautiful central town square, one of the two or three biggest in all of Croatia, Ivana Brlić-Mažuranić square, named after a popular children's writer, whose house is on the square. This square is also home to numerous cultural events and has a perfect view of the beautiful Sava river. The square is also dotted with galleries, book stores, cafes, night clubs, and shops, making it a center for entertainment. Close to the square, another attraction is the romantic promenade next to the Sava river - 'Kej' as it is called by citizens of town.  Slavonski Brod Synagogue, destroyed during World War II, was among the largest and most prestigious synagogues in Croatia.  Slavonski Brod is home to monuments to bishop Josip Stadler and Croatia's first president Franjo Tuđman. Slavonski Brod and its rail station are featured in Agatha Christie's "Murder on the Orient Express" as the place near which the Orient Express train breaks down.

Education.

Slavonski Brod has very developed educational institutions in pre-school, primary, secondary and high education.  The city also hosts the Faculty of Mechanical Engineering of Osijek University, and the Primary School Teacher Training College. Some other faculties are expected to be opened soon. In October 2006. associate-degree college has been founded with several other faculties.

Surroundings.

In the immediate surroundings of the town there are interesting hunting grounds (Migalovci), fishponds (Jelas Polje), and a lake (Petnja). There are pleasant orchards and vineyards, Dilj mountain (or 'Dilj Gora'), and swimming opportunities.

Climate.

Slavonski Brod has a warm-summer humid continental climate (Köppen climate classification "Dfb").

International relations.

Twin towns — Sister cities.

Slavonski Brod is twinned with:

Slavonski Brod (; literally "Slavonian ship"), commonly shortened to simply Brod, is a city in eastern Croatia, near the border with Bosnia and Herzegovina. Being one of the principal cities in the historical regions of Slavonia and Posavina, Slavonski Brod was the 7th largest city in the country, with a population of 59,141 at the 2011 census. it is the centre of Brod-Posavina County and a major river port on the Sava river.

Slavonski Brod [] ist eine Stadt im Osten von Kroatien. Sie liegt am Nordufer der Save, welche hier die Staatsgrenze zu Bosnien und Herzegowina bildet. Auf der Südseite der Save liegt in einer Flussschlinge die zu Bosnien gehörende Nachbarstadt (Bosanski) Brod.


Working principle.

The basic principle to making phase changes visible in phase-contrast microscopy is to separate the illuminating (background) light from the specimen-scattered light (which makes up the foreground details) and to manipulate these differently.  The ring-shaped illuminating light (green) that passes the condenser annulus is focused on the specimen by the condenser. Some of the illuminating light is scattered by the specimen (yellow). The remaining light is unaffected by the specimen and forms the background light (red). When observing an unstained biological specimen, the scattered light is weak and typically phase-shifted by −90° (due to both the typical thickness of specimens and the refractive index difference between biological tissue and the surrounding medium) relative to the background light. This leads to the foreground (blue vector) and background (red vector) having nearly the same intensity, resulting in low image contrast.  In a phase-contrast microscope, image contrast is increased in two ways: by generating constructive interference between scattered and background light rays in regions of the field of view that contain the specimen, and by reducing the amount of background light that reaches the image plane. First, the background light is phase-shifted by −90° by passing it through a phase-shift ring, which eliminates the phase difference between the background and the scattered light rays.  When the light is then focused on the image plane (where a camera or eyepiece is placed), this phase shift causes background and scattered light rays originating from regions of the field of view that contain the sample (i.e., the foreground) to constructively interfere, resulting in an increase in the brightness of these areas compared to regions that do not contain the sample. Finally, the background is dimmed ~70-90% by a gray filter ring—this method maximizes the amount of scattered light generated by the illumination (i.e., background) light, while minimizing the amount of illumination light that reaches the image plane. Some of the scattered light (which illuminates the entire surface of the filter) will be phase-shifted and dimmed by the rings, but to a much lesser extent than the background light (which only illuminates the phase-shift and gray filter rings).  The above describes "negative phase contrast". In its "positive" form, the background light is instead phase-shifted by +90°. The background light will thus be 180° out of phase relative to the scattered light. The scattered light will then be subtracted from the background light to form an image with a darker foreground and a lighter background, as shown in the first figure.

Related methods.

The success of the phase-contrast microscope has led to a number of subsequent phase-imaging methods. In 1952 Georges Nomarski patented what is today known as differential interference contrast (DIC) microscopy. It enhances contrast by creating artificial shadows, as if the object is illuminated from the side. But DIC microscopy, which is unsuitable when the object or its container alter polarization. With the growing use of polarizing plastic containers in cell biology, DIC microscopy is increasingly replaced by Hoffman modulation contrast microscopy, invented by Robert Hoffman in 1975.  Traditional phase-contrast methods enhance contrast optically, blending brightness and phase information in single image. Since the introduction of the digital camera in the mid-1990s, several new digital phase-imaging methods have been developed, collectively known as quantitative phase-contrast microscopy. These methods digitally create two separate images, an ordinary bright-field image and a so-called "phase-shift image". In each image point, the phase-shift image displays the "quantified" phase shift induced by the object, which is proportional to the optical thickness of the object.

Phase-contrast microscopy is an optical microscopy technique that converts phase shifts in light passing through a transparent specimen to brightness changes in the image. Phase shifts themselves are invisible, but become visible when shown as brightness variations.

Das Phasenkontrast-Verfahren (aus "φασις, phasis" „Erscheinung“ und "contra stare" „entgegen stehen“) ist ein Abbildungsverfahren in der Lichtmikroskopie. Dabei wird ausgenutzt, dass sich neben der Amplitude auch die Phase von Lichtwellen beim Durchgang durch ein Medium abhängig von seinem Lichtbrechungsindex verändert. So ist eine direkte Abbildung von Strukturen möglich, die nur einen geringen Eigenkontrast aufweisen und bei Hellfeldmikroskopie nur mit künstlicher Einfärbung sichtbar wären.


Background.

The need for corporate governance follows the need to mitigate conflicts of interests between stakeholders in corporations. These conflicts of interests appear as a consequence of diverging wants between both shareholders and upper management (principal–agent problems) and among shareholders (principal–principal problems), although also other stakeholder relations are affected and coordinated through corporate governance.

Principal–agent conflict.

In large firms where there is a separation of ownership and management, the principal–agent problem can arise between upper-management (the "agent") and the shareholder(s) (the "principal(s)"). The shareholders and upper management may have different interests, where the shareholders typically desire profit, and upper management may be driven at least in part by other motives, such as good pay, good working conditions, or good relationships on the workfloor, to the extent that these are

Principal–principal conflict (the multiple principal problem).

The principal–agent problem can be intensified when upper management acts on behalf of multiple shareholders—which is often the case in large firms (see Multiple principal problem). Specifically, when upper management acts on behalf of multiple shareholders, the multiple shareholders face a collective action problem in corporate governance, as individual shareholders may lobby upper management or otherwise have incentives to act in their individual interests rather than in the collective interest of all shareholders. As a result, there may be free-riding in steering and monitoring of upper management, or conversely, high costs may arise from duplicate steering and monitoring of upper management. Conflict

Other themes.

An important theme of governance is the nature and extent of corporate accountability. A related discussion at the macro level

Other definitions.

Corporate governance has also been more narrowly defined as "a system of law and sound approaches by which corporations are directed and controlled focusing on the internal and external corporate structures with the intention of monitoring the actions of management and directors and thereby, mitigating agency risks which may stem from the misdeeds of corporate officers".  Corporate governance has also been defined as "the act of externally directing, controlling and evaluating a corporation" and related to the definition of Governance as "The act of externally directing, controlling and evaluating an entity, process or resource". In this sense, governance and corporate governance are different from management because governance must be EXTERNAL to the object being governed. Governing agents do not have personal control over, and are not part of

Principles.

Contemporary discussions of corporate governance tend to refer to principles raised in three documents released since 1990: The Cadbury Report (UK, 1992), the Principles of Corporate Governance (OECD, 1999, 2004 and 2015), and the Sarbanes–Oxley Act of 2002 (US, 2002).

Models.

Different models of corporate governance differ according to the variety of capitalism in which they are embedded. The Anglo-American "model" tends to emphasize the interests of shareholders. The coordinated or multistakeholder model associated with Continental Europe and Japan also recognizes the interests of workers, managers, suppliers, customers, and the community. A related distinction is between market-oriented and network-oriented models of corporate governance.

Continental Europe (Two-tier board system).

Some continental European countries, including Germany, Austria, and the Netherlands, require a two-tiered board of directors as a means of improving corporate governance. In the two-tiered board, the executive board, made up of company executives, generally runs day-to-day operations while the supervisory board, made

India.

The Securities and Exchange Board of India Committee on Corporate Governance defines corporate governance as the "acceptance by management of the inalienable rights of shareholders as the true owners of the corporation and of their own role as trustees on behalf of the shareholders. It is about commitment to values, about ethical

United States, United Kingdom.

The so-called "Anglo-American model" of corporate governance emphasizes the interests of shareholders. It relies on a single-tiered board of directors that is normally dominated by non-executive directors elected by shareholders. Because of this, it is also known as "the unitary system". Within this system, many boards include some executives from the company (who are "ex officio" members of the board). Non-executive directors are expected to outnumber executive directors and hold key posts, including audit and compensation committees. In the United Kingdom, the CEO generally does not also serve as Chairman of the Board, whereas in the US having the dual role has been the

Founder centrism.

Recent scholarship from the University of Oxford outlines a new theory of corporate governance, founder centrism, which is premised upon a narrowing in the separation between ownership and control. Through the lens of concentrated equity ownership theory, a new theory of

Regulations.

Corporations are created as legal persons by the laws and regulations of a particular jurisdiction. These may vary in many respects between countries, but a corporation's legal person status is fundamental to all jurisdictions and is conferred by statute. This allows the entity to hold property in its own right without reference to any particular real person. It also results in the perpetual existence that characterizes the modern corporation. The statutory granting of corporate existence may arise from general purpose legislation (which is the general case) or from a statute to create a specific corporation, which was the only method prior to the 19th century.  In addition to the statutory laws of the relevant jurisdiction, corporations are subject to common law in some countries, and various laws and regulations affecting business practices. In most jurisdictions, corporations also have a constitution that provides individual rules that govern the corporation and authorize or constrain its decision-makers. This constitution is identified by a variety of terms; in English-speaking jurisdictions, it is usually known as the Corporate Charter or the Memorandum and Articles of Association. The capacity of shareholders to modify the constitution of their corporation can vary substantially.  The U.S. passed the Foreign Corrupt Practices Act (FCPA) in 1977, with subsequent modifications. This law made it illegal to bribe government officials and required corporations to maintain adequate accounting controls. It is enforced by the U.S. Department of Justice and the Securities and Exchange Commission (SEC). Substantial civil and criminal penalties have been levied on corporations and executives convicted of bribery.  The UK passed the Bribery Act in 2010. This law made it illegal to bribe either government or private citizens or make facilitating payments (i.e., payment to a government official to perform their routine duties more quickly). It also required corporations to establish controls to prevent bribery.

Sarbanes–Oxley Act.

The Sarbanes–Oxley Act of 2002 was enacted in the wake of a series of high-profile corporate scandals. It established

Codes and guidelines.

Corporate governance principles and codes have been developed in different countries and issued from stock exchanges, corporations, institutional investors, or associations (institutes) of directors and managers with the support of governments and international organizations. As a rule, compliance with these governance recommendations is not mandated by law, although the codes linked to stock exchange listing requirements may have a coercive effect.

Organisation for Economic Co-operation and Development principles.

One of the most influential guidelines on corporate governance are the G20/OECD Principles of Corporate Governance, first published as the OECD Principles in 1999, revised in 2004 and revised again and endorsed by the G20 in 2015. The Principles are often referenced by countries developing local codes or guidelines. Building on the work of the OECD, other international

Stock exchange listing standards.

Companies listed on the New York Stock Exchange (NYSE) and other stock exchanges

Other guidelines.

The investor-led organisation International Corporate Governance Network (ICGN) was set up by individuals centered around the ten largest pension funds in the world 1995. The aim is to promote global corporate governance standards. The network is led by investors that manage 18 trillion dollars, and members are located in fifty different countries. ICGN has developed a suite of global guidelines ranging from shareholder rights to business ethics.  The World Business Council for Sustainable Development (WBCSD) has done work on corporate governance, particularly on accounting and

History.

Early history.

The modern practice of corporate governance has its roots in the 17th-century Dutch Republic. The first recorded corporate governance dispute

United States of America.

Robert E. Wright argued in "Corporation Nation" (2014) that the governance of early U.S. corporations, of which over 20,000 existed by the Civil War of 1861–1865, was superior to that of corporations in the late 19th and early 20th centuries because early corporations governed themselves like "republics", replete with numerous "checks and balances" against fraud and against usurpation of power by managers or by large shareholders. (The term "robber baron" became particularly associated with US corporate figures in the Gilded

East Asia.

In 1997 the East Asian Financial Crisis severely affected the economies of Thailand, Indonesia, South Korea, Malaysia, and the

Saudi Arabia.

In November 2006 the Capital Market Authority (Saudi Arabia) (CMA) issued a corporate governance code in the Arabic language. The Kingdom of Saudi Arabia has made considerable progress with respect to the implementation of viable and culturally appropriate governance mechanisms (Al-Hussain & Johnson, 2009).

List of countries by corporate governance.

This is a list of

Stakeholders.

Key parties involved in corporate governance include stakeholders such as the board of directors, management and shareholders. External stakeholders such as creditors, auditors, customers, suppliers, government agencies, and the community at large also exert influence. The agency view of the corporation posits that the shareholder forgoes decision rights (control) and entrusts the manager to act in the shareholders' best (joint) interests. Partly as a result of this separation between the two investors and managers, corporate governance mechanisms include a system of controls intended to help align managers' incentives with those of shareholders. Agency concerns (risk) are necessarily lower for a controlling shareholder.  In private for-profit corporations, shareholders elect the board of directors to represent their interests. In the case of nonprofits, stakeholders may have some role in recommending or selecting board members, but typically the board itself decides who will serve on the board as a'self-perpetuating' board. The degree of leadership that the board has over the organization varies; in practice at large organizations, the executive management, principally the CEO, drives major initiatives with the oversight and approval of the board.

Responsibilities of the board of directors.

Former Chairman of the Board of General Motors John G. Smale wrote in 1995: "The board is responsible for the successful perpetuation of the corporation. That responsibility cannot be relegated to management." A board of directors is expected to play a key role in corporate governance. The

Stakeholder interests.

All parties to corporate governance have an interest, whether direct or indirect, in the financial performance of the corporation. Directors, workers and management receive salaries, benefits and reputation, while investors expect to receive financial returns. For lenders, it is specified interest payments, while returns to equity investors arise from dividend distributions or capital gains on their stock. Customers are concerned with the certainty of the provision of goods and services of an appropriate quality; suppliers are concerned with compensation for their goods or services, and possible continued trading relationships.

"Absentee landlords" vs. capital stewards.

In 2016 the director of the World Pensions Council (WPC) said that "institutional asset owners now seem more eager to take to task [the] negligent CEOs" of the companies whose shares they own.  This development is part of a broader trend towards more fully exercised asset ownership—notably from the part of the boards of directors ('trustees') of large UK, Dutch, Scandinavian and Canadian pension investors:  This could eventually put more pressure on the CEOs of publicly listed companies, as "more than ever before, many [North American,] UK and European Union pension trustees speak enthusiastically about flexing their fiduciary muscles for the UN's Sustainable Development Goals", and other ESG-centric investment practices.

United Kingdom.

In Britain, "The widespread social disenchantment that followed the [2008–2012] great recession had an impact" on all stakeholders, including pension fund board members and investment managers.  Many of the UK's largest pension funds are thus already active stewards of their assets, engaging with corporate boards and speaking up when they think it is necessary.

Control and ownership structures.

Control and ownership structure refers to the types and composition of shareholders in a corporation. In some countries such as most of Continental Europe, ownership is not necessarily equivalent to control due to the existence of e.g. dual-class shares, ownership pyramids, voting coalitions, proxy votes and clauses in the articles of association that confer additional voting rights to long-term shareholders. Ownership is typically defined as the ownership of cash flow rights whereas control refers to ownership of control or voting rights. Researchers often "measure" control and ownership structures by using some observable measures of control and ownership concentration or the extent of inside control and ownership. Some features or types of control and ownership structure involving corporate groups include pyramids, cross-shareholdings, rings, and webs. German "concerns" (Konzern) are legally recognized corporate groups with complex structures. Japanese keiretsu (系列) and South Korean chaebol (which tend to be family-controlled) are corporate groups which consist of complex interlocking business relationships and shareholdings. Cross-shareholding is an essential feature of keiretsu and chaebol groups. Corporate engagement with shareholders and other stakeholders can differ substantially across different control and ownership structures.

Family control.

Family interests dominate ownership and control structures of some corporations, and it has been suggested that the oversight of family-controlled corporations are superior to corporations "controlled" by institutional investors (or with such diverse share ownership that they are controlled by management). A 2003 "Business Week" study said: "Forget the celebrity CEO.

Diffuse shareholders.

The significance of institutional investors varies substantially across countries. In developed Anglo-American countries (Australia, Canada, New Zealand, U.K., U.S.), institutional investors dominate the market for stocks in larger corporations. While the majority of the shares in the Japanese market are held by financial companies and industrial corporations, these are not institutional investors if their holdings are largely with-on group.  The largest pools of invested money (such as the mutual fund Vanguard 500, or the largest investment management firm for corporations, State Street Corp.) are designed to maximize the benefits of diversified investment by investing in a very large number of different corporations with sufficient liquidity. The idea is this strategy will largely eliminate individual firm financial or other risk. A consequence of this approach is that these investors have relatively little interest in the governance of a particular corporation. It is often assumed that, if institutional investors pressing for changes decide they will likely be costly because of "golden handshakes" or the effort required, they will simply sell out their investment.

Proxy access.

Particularly in the United States, proxy access allows shareholders to nominate candidates which appear on the proxy statement, as opposed to restricting that power to the nominating committee. The SEC had attempted a proxy access rule for decades, and

Mechanisms and controls.

Corporate governance mechanisms and controls are designed to reduce the inefficiencies that arise from moral hazard and adverse selection. There are both internal monitoring systems and external monitoring systems. Internal monitoring can be done, for example, by one (or a few) large shareholder(s) in the case of privately held companies or a firm belonging to a business group. Furthermore, the various board mechanisms provide for internal monitoring. External monitoring of managers' behavior occurs when an independent third party (e.g. the external auditor) attests the accuracy of information provided by management to investors. Stock analysts and debt holders may also conduct such external monitoring. An ideal monitoring and control system should regulate both motivation and ability, while providing incentive alignment toward corporate goals and objectives. Care should be taken that incentives are not so strong that some individuals are tempted to cross lines of ethical behavior, for example by manipulating revenue and profit figures to drive the share price of the company up.

Internal corporate governance controls.

Internal corporate governance controls monitor activities and then take corrective actions to accomplish organisational goals. Examples include:  In publicly traded U.S. corporations, boards of directors are largely "chosen" by the President/CEO, and the President/CEO often takes the Chair of the

External corporate governance controls.

External corporate governance controls the

Financial reporting and the independent auditor.

The board of directors has primary responsibility for the corporation's internal and external financial reporting functions. The chief executive officer and chief financial officer are crucial participants, and boards usually have a high degree of reliance on them for the integrity and supply of accounting information. They oversee the internal accounting systems, and are dependent on the corporation's accountants and internal auditors.  Current accounting rules under International Accounting Standards and U.S. GAAP allow managers some choice in determining the methods of measurement and criteria for recognition of various financial reporting elements. The potential exercise of this choice to improve apparent performance increases the information risk for users. Financial reporting fraud, including non-disclosure

Issues.

Executive pay.

Increasing attention and regulation (as under the Swiss referendum "against corporate rip-offs" of 2013) has been brought to executive pay levels since the financial crisis of 2007–2008. Research on the relationship between firm performance and executive compensation does not identify consistent and significant relationships between executives' remuneration and firm performance. Not all firms experience the same levels of agency conflict, and external and internal monitoring devices may be more effective for some than for others. Some researchers have found that the largest CEO performance incentives came from ownership of the firm's shares, while other researchers found that the relationship between share ownership and firm performance was dependent on the level of ownership. The results suggest that increases in ownership above 20% cause management to become more entrenched, and less interested in the welfare of their shareholders.  Some argue that firm performance is positively associated with share option

Separation of Chief Executive Officer and Chairman of the Board roles.

Shareholders elect a board of directors, who in turn hire a chief executive officer (CEO) to lead management. The primary responsibility of the board relates to the selection and retention of the CEO. However, in many U.S. corporations the CEO and Chairman of the Board roles are held by the same person. This creates an inherent conflict of interest between management and the board.  Critics of combined roles argue the two roles that should be separated to avoid the conflict of interest and more easily enable a poorly performing CEO to be replaced. Warren Buffett wrote in 2014: "In my service on the boards

Corporate governance is the collection of mechanisms, processes and relations by which corporations are controlled and operated. Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and include the rules and procedures for making decisions in corporate affairs. Corporate governance is necessary because of the possibility of conflicts of interests between stakeholders, primarily between shareholders and upper management or among shareholders.

Corporate Governance (deutsch: Grundsätze der Unternehmensführung) ist der rechtliche und faktische Ordnungsrahmen für die Leitung und Überwachung von Unternehmen zum Wohlwollen aller relevanten Anspruchsgruppen (= Stakeholder). Als Stakeholder-Ansatz (alle Anspruchsgruppen) geht er über den enger gefassten Shareholder-Ansatz (Anspruchsgruppe Anteilseigner) hinaus, umfasst diesen aber.


First acts as King.

According to Livy, his first act as king was to order the Pontifex Maximus to copy the text concerning the performance of public ceremonies of religion from the commentaries of Numa Pompilius to be displayed to the public, so that the rites of religion should no longer be neglected or improperly performed. He reinstated the religious edicts that were created by Numa that had been removed when Tullus was king.

War.

He waged war successfully against the Latins, and a number of them were settled on the Aventine Hill. According to Livy the war was commenced by the Latins who anticipated Ancus would follow the pious pursuit of peace adopted by his grandfather, Numa Pompilius. The Latins initially made an incursion on Roman lands. When a Roman embassy sought restitution for the damage, the Latins gave a contemptuous reply. Ancus accordingly declared war on the Latins. The declaration is notable since, according to Livy, it was the first time that the Romans had declared war by means of the rites of the fetials. Ancus Marcius marched from Rome with a newly levied army and took the Latin town of Politorium (situated near the town of Lanuvium) by storm. Its residents were removed to settle on the Aventine Hill in Rome as new citizens, following the Roman traditions from wars with the Sabines and Albans. When the other Latins subsequently occupied the empty town of Politorium, Ancus took the town again and demolished it. The Latin villages of Tellenae and Ficana were also sacked and demolished.  The war then focused on the Latin town of Medullia. The town had a strong garrison and was well fortified. Several engagements took place outside the town and the Romans were eventually victorious. Ancus returned to Rome with a large amount of loot. More Latins were brought to Rome as citizens and were settled at the foot of the Aventine near the Palatine Hill, by the temple of Murcia. Ancus Marcius incorporated the Janiculum into the city, fortifying it with a wall and connecting it with the city by a wooden bridge across the Tiber, the Pons Sublicius. To protect the bridge from enemy attacks, Ancus had the end that was facing the Janiculum fortified. Ancus also took over Fidenea to expand Romes influence across the Tiber On the land side of the city he constructed the Fossa Quiritium, a ditch fortification. He also built Rome's first prison, the Mamertine prison.  He extended Roman territory to the sea, founding the port of Ostia, establishing salt-works around the port, and taking the Silva Maesia, an area of coastal forest north of the Tiber, from the Veientes. He expanded the temple of Jupiter Feretrius to reflect these territorial successes. According to a reconstruction of the Fasti Triumphales, Ancus Marcius celebrated at least one triumph, over the Sabines and Veientes.

Death and successor.

Ancus Marcius is reported to have died of natural causes in the 24th year of his reign, at the age of 60. He had two sons, one of which would likely take the throne. A member of Ancus' court, Lucius Tarquinius Priscus, ensured that Ancus' sons would be out of Rome so he could put together an election where he would gain the support of the Roman people  Ancus Marcius was succeeded by Lucius Tarquinius Priscus, who was ultimately assassinated by the sons of Ancus Marcius. Later, during the Republic and the Empire, the prominent Gens Marcia claimed descent from Ancus Marcius.

Ancus Marcius (–617 BC ; reigned 642–617 BC) was the legendary fourth king of Rome. He was the son of Marcius (whose father, also named Marcius, had been a close friend of Numa Pompilius, who may be identified with Numa Marcius), and Pompilia (daughter of Numa Pompilius). According to Festus, Marcius had the surname of "Ancus" from his crooked arm ('ancus' signifying 'crooked' in Latin). Upon the death of the previous king, Tullus Hostilius, the Roman Senate appointed an interrex, who in turn called a session of the assembly of the people who elected the new king. He is said to have ruled by waging war as Romulus did, while also promoting peace and religion as Numa did.

Ancus Marcius (auch Martius) (* 675 v. Chr.?; † 616 v. Chr.) ist der mythische vierte König von Rom. Die Historizität seiner Existenz und aller Umstände und Einzelheiten seines Lebens ist wie vieles aus der Römischen Königszeit unsicher.