British Museum Report: Governance, Stakeholders, Financial Operations

This report provides a comprehensive overview of The British Museum, examining its governance structure, financial operations, and key stakeholders. The report begins by outlining the museum's history, mission, and strategic objectives. It then delves into the museum's governance, detailing the roles of the Board of Trustees, Director, and various committees. The report also analyzes the museum's charity status and its financial management. Furthermore, the report identifies and evaluates the key stakeholders of the British Museum, including customers, employees, trustees, and volunteers, using stakeholder mapping models. The evaluation considers the impact of these stakeholders on the museum's success, highlighting the importance of each group. The report concludes with a brief evaluation of the museum's operations and its contributions to sustainable tourism.

THE BRITISH
MUSEUM

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
Outline how The British Museum are governed, establish their purpose, ethos and objectives
together with how they operate their business financially considering their charity status........3
Brief evaluation...........................................................................................................................6
TASK2.............................................................................................................................................6
Identification of key stakeholders...............................................................................................6
Brief evaluation...........................................................................................................................9
REFRENCE...................................................................................................................................10

INTRODUCTION
Tourism is the largest contributors to the local economy and generates job opportunities
for thousands of local people. Sustainable tourism contributes to a balanced and healthy
economy by creating tourism related jobs, revenues and taxes while protecting and enhancing the
destination’s social, cultural, historical, natural and built resources for the enjoyment and well
being of both residents and visitors (Alberti, 2017). Organisation undertaken in this report is The
British Museum which was established in 1753 in London UK. This report will outline an
organisational profile for The British Museum. It will also Identify the key stakeholders to The
British Museum, then using relevant theory evaluate the level of impact these stakeholders can
have in an organisation.
TASK1
Outline how The British Museum are governed, establish their purpose, ethos and objectives
together with how they operate their business financially considering their charity status.
Overview of the history of British Museum
The British Museum was established in 1753 in the Bloomsbury area of London, UK.
This was first public national museum in the world. It is based on the collection of the Irish
physicians and scientist whose name is sir Hans Sloane and first time the museum opened for the
public was in 1759. it continuous expansion has connected various educational institutions with
the museum (Caygill, 2014). It has grew over the next 200 years and has nearly 6 million visitors
in a year. Over the years the museum has started to concentrate more and more on historical
objects and sculptures.
It is also committed to the sustainable development throughout all the aspects of its
operations and promotes sustainability. It will support environmental and sustainable
development foremost practices throughout the Museum assemblage and will establish its
commitment to constant improvement and innovation in all features of environmental
management and sustainable development. For this purpose, the museum will implement the new
design of building which will have green roof and ensure that it will be implemented to the entire
building (Chambers, 2015). The type of planting and leafage will be cautiously selected and
preserved to discuss the danger of pest filtration or damage to the Museum’s collection. The new
arrangement will also implement the energy efficient design wherein the main portion of

building plant will be designed with maximum energy efficiency in mind and heat improvement
systems for instance being employed on all ventilation systems and laboratory exhausts.
Mission and strategic objectives
Their mission is to illuminate the current and future generations through out the world
and histories of cultures by protecting, presenting, enhancing and researching the unique national
collection in its care.
The following are the strategic objectives of the British Museum and they are discussed
below :
The museum to the citizens
 Latest and innovative technologies enable the enlightenment abstract to be given a quite
fresh reality (Childe, 2014). It is possible to make the collection accessible, explorable
and enjoyable, not just for those who visit but to everybody with a computer or a mobile
device. It can become the private collection of the whole world.
 The more Museum raises to this situation, the greater will be its consequence on
community coherence and understanding internally and internationally.
The collection
Its primary objective is that the majority of the collection will be housed on site in
Bloomsbury, London in optimal conditions, easily available for education and professionally
managed.
Charity status of the British Museum
 As a charity, this acquires a generous assistance from its partners and helpers.
Companies, individuals, trusts, foundations and statutory bodies supported a broad scope
of evidences, research projects and training programmes.
 The government’s cultural protection fund managed by the British council plays a critical
duty in encouraging the museum’s international activity on capability building. The fund
will assist the circulating artefacts project delivered by the department of ancient Egypt
and Sudan.
 The British museum trustees have united a scheme which are designed to maximise the
net contribution from fundraising sustainably over the long term and company (Delany,
2015). Museum staff participates in fundraising are capable to the organisations code of
conduct. The trustees have united fundraising principles and acquired advancement

reports quarterly in the companies management accounts. It has a definite quantity of
feedback transmission and reacts to questions from its supporters and visitors. It pays the
yearly charge to the fundraising controller and works according to the fundraising
promise.
Overview of corporate governance
The Museum’s operations are governed by an act of parliament, the British museum act
, 1963. This follows a board and committee and has a hierarchical structure that is discussed
below :
 Board of Trustees : It is the board which is a first and foremost in the hierarchical model
of the museum. They are remitted for discharging statutory duties for the general
management and control of the British management (Falk and Dierking, 2016). Their
role is to appoint the director with the consent of the Prime Minister who will describe
the strategic direction for the organisation.
 Standing committee : It is the board committee who is accountable for discharging the
functions and acts of boards quarterly board meetings which also includes monitoring and
controlling the established plans.
 Director : All board authority has been granted to the management and staff of the
British museum are delegated through the directors. The director attends the board
meetings as the accounting officer and is responsible to the parliament for the
stewardship of the resources.
 Audit committee : This helps the boards and the accounting officer in the issues like
risk, control and governance by r-evaluating the completeness, reliability and integrity for
providing assurance.
 Nominations and remuneration committee : This committee gives advices on
succession planning for trustees, make recommendations for candidates, perform an
evaluation of the board and chair person performance. They also make recommendations
to the board on the directors remuneration.
 Investment sub committee : This advices the standing committee on the investment of
the organisations funds and the performance of the investment managers and also
recommends a policy to the board of trustees.
Implications

 The board has advanced standardized in status of the data it anticipate to acquire to assist
it in accusation its duties. Data associated to the conveyance of the British museum
objective which includes financial control and the management of risk, that are
continuously reviewed by the Board and its committees.
 The audit committee advised with detailed explanation for the direction of hazard
associated to the collection in transit, loans in and out, the public programme, current
visitors, major projects, building maintenance, cyber security and data protection (Hall,
2014). It accepts the day-to-day news on security, transaction and collections
management and received reports on external and internal audits.
 The board has sanctioned the remuneration and nominations committee’s advice to
appoint a trustee and to review its accomplishment needs and put forward the role defined
to ministers for the appointment of trustees. The committee made a recommendation to
the board on the director’s for the bonus and agreed their objectives for the year.
 Standing committee has continued to discharge the functions of the boards between
quarterly board meetings.
Brief evaluation
From this task it has been evaluated that British museum is the very famous museum not
only in London but all over the world and every years millions of visitors visit the museum. This
museum has been very beautiful tourist attractions. It also contributes in sustainability in the
business environment which has established its significant position in the development of
environment by using efficient energy resources and afforestations. It also acquires resources in
the form of charity from helpers and associates. It follows a proper hierarchy structure in the
corporate governance.
TASK2
Identification of key stakeholders.
A stakeholder of the organisation is a person, group or organisation who has a impact on
the result of the project. They have an interest in the success of the project and can be within or
outside the organization that is sponsoring the project. Stakeholders can have a positive or
negative influence on the project. The primary stakeholders in a typical corporation are its
investors, employees, customers and suppliers. However, the modern theory of the idea goes

beyond this original notion to include additional stakeholders such as a community, government
or trade association.
Key stakeholders of the British Museum
 Customers : The visitors, tourist or customers are the primary stakeholders of the
organisation. They are people who generates lot of revenues and earnings for the
organisations (Rundall, 2017). It is very important that they are handled with care so that
they will be satisfied with the services offered by the organisation and creates a word of
mouth so that more and more people will visit. The customers wants, cleanliness, neat,
healthy and hygienic atmosphere.
 Employees : They are meagrely pursued with all staff and volunteers at all levels of the
organisation. It will maintain an open and comprehensive style of thinking and
engagement while utilizing established management and personnel structures including
trade union liaison, staff and volunteers to take direct responsibility for improvements of
the monuments.
 Trustees : They understand the importance and history of the museum and its collection,
but appreciates it faces challenges that cannot be disregard. With increasing visitor
numbers and higher experience expectations, the British museum wants to consider how
it responds to these pressures and its role and future within London, the UK and
internationally.
 Volunteer : The volunteers also played an important role in ensuring that public events
and family
activities ran smoothly. Visitor feedback about the excellence of volunteer-led tours remains
consistently high. They are the people who act as a guide within an organisation. They are
responsible for making explain the visitors about the places of the museum.
Stakeholder mapping model
Stakeholder mapping is the visual representation of a stakeholder analysis, forming those
people accordant to the important criteria with which the organisation will be managing them
during the project. Some of those criteria may include interest, influence, financial stake,
emotional stake, those on the periphery who are still important enough to keep in the loop, etc.
This can be done on a grid or in a spreadsheet (Tylecote, 2017). This is a cooperative process of
research, debate and discussion which draws from multiple perspectives to determine the

important list of stakeholders across the whole stakeholder spectrum. This can be divided into
four phases and they are discussed below :
Identifying : This is the first step in the mapping process which understands that there is
no supernatural list of stakeholders. The final list will depend on business, its impacts and
current engagement objectives. This will result in static position (Stakeholder Analysis, 2019).
This list will alter as the environment around the people evolves and as stakeholders themselves
make decisions or change their opinions.
Analysing : After identifying a list of stakeholders, it is useful to do further analysis to
better understand their relevance and the perspective they offer. It understands their relationship
to the issue and each other and to prioritize based on their relative usefulness for this
engagement. This helps in analysing the legitimacy, contribution, influence, necessity of
involvement.
Mapping : It is a visual efforts and analysis tool that can be used to further ascertain
which stakeholders are most useful to prosecute with. Mapping allows to see where stakeholders
stand when evaluated by the same important criteria while compared to each other and helps the
company in visualizing the often complex interplay of issues and relationships (Wacher, 2017).
Prioritising : It is not applicable and usually not essential to prosecute with all
stakeholder groups with the same level of intensity all of the time. Being strategic and clear
about whom the company is engaging with before jumping in, can help save both time and
money.
Illustration 1: Stakeholder Mapping. 2019

Source : Stakeholder Mapping. 2019
Current issues of stakeholders
Though stakeholders are the people who are directly or indirectly connected with the
organisations. As discussed above there are numerous stakeholders and they poses various issued
for the British museum and it is discussed below :
 Resistance from sharing information : The stakeholders resist to share information
with the other business related people because they prefer the way they are working and
don't consider value in changing. Experience of previous projects failing resulting in
stakeholders not wanting to spend more effort on another project that may also fail. Apart
from this, they also feel fear of being replaced.
 Urge to design the system : If the stakeholder is closely related to the process of system
operations of the organisations then this will identify inefficiencies and creates problems
around the workplace.
 Procurement power : From deadly to human rights, corporate campaigns to fixed
acquisition regulation on social and environmental issues are increasing in frequency.
Investing consumer power to determine big brands has helped in aiding activist to force
for answer ability in the corporate supply chain.
 Communities : It engage with local communities through public consultations
(Whitehead, 2017). These relationships are crucial for all our activities but peculiarly for
major new projects, where the presence of the stakeholders may bring about changes in
job opportunities but also impacts on local resources and infrastructure.
Brief evaluation
From the above task it has been concluded that stakeholders are very important part of
every business organisation and no matter what but it is very essential to handle those
stakeholders with care and proper manner. There are various issues which are faced by the
stakeholders and they are needed to be managed properly. Apart from this, there are various
stakeholders in the organisation namely, employees, customers, visitors, volunteers, etc.

REFRENCE
Books and Journals
Alberti, S.J., 2017. Nature and culture: objects, disciplines and the Manchester Museum.
Caygill, M., 2014. The British Museum AZ Companion. Routledge.
Chambers, N., 2015. Joseph Banks and the British Museum: the world of collecting, 1770-1830.
Routledge.
Childe, V.G., 2014. New light on the most ancient east. Routledge.
Delany, P., 2015. British autobiography in the seventeenth century. Routledge.
Falk, J.H. and Dierking, L.D., 2016. The museum experience. Routledge.
Hall, H.R., 2014. A Season's Work at Ur, Al-'Ubaid, Abu Shahrain-Eridu-and Elsewhere: Being
an Unofficial Account of the British Museum Archaeological Mission to Babylonia,
1919. Routledge.
Rundall, T., 2017. Narratives of Voyages towards the North-west, in search of a passage to
Cathay and India, 1496 to 1631: with selections from the early records of the
honourable the East India Company and from mss. in the British Museum. Hakluyt
society.
Tylecote, R.F., 2017. The Prehistory of Metallurgy in the British Isles: 5. Routledge.
Wacher, J., 2017. The Towns of Roman Britain. Routledge.
Whitehead, C., 2017. The public art museum in nineteenth century Britain: the development of
the National Gallery. Routledge.
Online
Stakeholder Analysis. 2019.[Online] Available Through :
<https://www.mindtools.com/pages/article/newPPM_07.htm>