Microsoft and Nokia Merger Free Sample Solution

Question: Compose a report on generally take a gander at the legitimization of Nokia and Microsoft merger? Answer: Presentation The subject of our report is to on a very basic level glance at the support of Nokia and Microsoft merger. Directly here the fundamental mean for the merger by examining the basic and chief reasons of for what reason did Nokia and Microsoft decided to take each other's hand and move towards future is talked about. In this report we have endeavored to cover each piece of this late affiliation. We will see the chronicled setting of these two huge associations including the financial examination and the business segment assessment and we will moreover explain about the essential driver which leads the two associations to wind up assistants. We will similarly in a general sense survey and explain that if the association will be an achievement in coming future or it will disregard to recover a lost bit of the pie in the business part of cutting edge cells and organizations. By and by the two associations which we will prevalently focus on are Microsoft and Nokia. Considering our investiga tion Nokia expect a basic part more than Microsoft in this merger considering the way that Nokia will be more significant than Microsoft in wording to recover its lost bit of the pie and lessening advancement design. Pre Merger Stock Market Values of Nokia Microsoft In the midst of the current money related crisis, Stock Markets have been affected ensuing to some time, regardless of the way that showing up on the main quarter of the current year, a little improvement in their documents. Notwithstanding the Middle-East War which prompts a climb on the oil costs and the Tsunami in Japan, of 2011 is shown and assessed as a prospering and flourishing year, which explicitly impacts the Stock Markets. Actually, the plummeting designs in the midst of the latest years incited an extension in the growing rate, which in this way recommended a rising in the advance charges, obliging the fiscal turn of events and hence, making less businesses. Therefore, in spite of the way this is apparently a perpetual circle, protections trades are starting to recover from the cash related downturn, with the BRIC countries addressing captivating open entryways in the short and medium term similarly as adventure courses of action. In addition, NYSE Euronext Inc. likewise, NASDAQ Stock Market, the two greatest stock exchange markets are at present significant achievements for money related pros and associations. The two associations have persevered through a relative rot close to the finish of the principal quarter 2010, having dropped from an estimation of USD$33 and USD$17, Microsoft and Nokia exclusively, to an estimation of generally USD$25 and USD$9 independently. Since August 10, we have dealt with a humbler recover in light of association perspectives that additional to raise the offer expenses. Starting late on 13/05/2011, Microsoft and Nokia's stock expenses were USD$26.31 and USD$9.67 exclusively. Money related Performance Forecast As it was escaped in advance by Damodaran (2005), remembering the ultimate objective to analyze the agreeable energies in Microsoft and Nokia, it is pivotal to regard all of the associations freely. Therefore, this valuation recommends certain doubts about its future turn of events, in a word, the manner in which each firm will perform inside its industry in the following years, and furthermore, the progression of the PC programming and data moves part (Srivastava and Dave, 2011). Thusly, Microsoft and Nokia will be examined through two one of a kind systems (WACC, and Multiples Valuation), considering reliably that the results may be tantamount the length of similar thoughts are used for all of them. Around the finish of each Standalone Valuation, an affectability examination will in like manner be finished with the objective that one may appreciate the changes in the firm regard in delayed consequence of unquestionable doubts taken. In a word, the valuation strategy will start with a base case condition and a while later a bear and bull case circumstances will be prepared, addressing the lower and furthest cutoff points independently (Tsuji, 2015). A crucial point which should be featured is the way that, the valuation procedure (projections) will be arranged in three sections: the organization's future key targets, its own tendency of improvement taking into account the real data, and the Investment Banking projections as a trustworthy source prepared to support the doubts. Likewise, the chronicled data considers the 3 prior years from 2008 until the present and the projections will consider the accompanying 5 years until 2015 since the move procedure (merger) is acknowledged to take 1 to 2 years, so 2015 is an enough period to check a progressively joined system. Along these lines, the FCFF (Free Cash-Flow to the Firm) will be determined for the accompanying 5 years and decreased at the specific discount rate. In the Relative Valuation, the affiliation's bu dgetary marker must be copied by the typical different estimation of the specific companion gathering (Wadee, 2011). Genuine Post Merger Performance as indicated by Sensitivity Analysis Microsoft Despite the estimation of the base-case circumstance, now and again the doubts taken may not occur later on and the projections might be difficult to approach, ensuing to the Computer Software Industry is depicted by its strong forcefulness and the constant appearance of new organizations and things and also, mechanical progressions as tablets. As a result, it might be useful to look at changes in the firm regard in eventual outcome of specific doubts taken affectability assessment. To the exclusion of everything else, it will be viewed as changes in wages, working expenses and terminal improvement rate. The bear case condition considers an extension of 1.5% in the Operating Expenses and a decrease of 1.5% either in Revenues or in the terminal advancement rate, in a word, there is a nonattendance of trust in the business segment; while the bull-case situation acknowledge an addition of 1.5% in Revenues and in the terminal improvement rate, and a reducing of 1.5% in the Operating Expe nses where the business segment is showing conviction. Promptly, for the bear-case circumstance the worth objective would be $24.04 and for the bull-case circumstance it would be $26.64. Thusly, the major finding that might be isolated from this affectability examination is the way that Microsoft is somewhat misrepresented, ensuing to the cost concentration under the bear-case circumstance is still lower than the current worth (May, 13). Nokia After the base-case circumstance valuation, presently it will be taken assorted notions to analyze the changes in the firm regard. Without a doubt, Telecommunications industry is named as forceful, creative, with consistent upgrades, along these lines the considerations made before may not concretize later on. Right off the bat, it is viewed as changes in salaries, working expenses and terminal advancement rate. The bear-case circumstances expect wages and terminal improvement rate 1.5% lower for every one of the following years and working costs 1.5% higher; while the bull-case circumstance acknowledge livelihoods and terminal advancement rate 1.5% higher and working costs 1.5% lower (Barney, 1986). In this manner, for the bear-case condition the worth objective would be $7.87 and for the bull-case circumstance it would be $15.79. Considering, this affectability assessment grants us to attest that Nokia is overstated; after the cost concentration under the bear-case circumstance is as yet humbler than the stock expense at 05/13. For this circumstance, the Relative valuation framework will differentiate Nokia and similar associations working in the Telecommunications Equipment Industry considering practically identical turn of events and peril levels. This is an industry that exhibits more internationalization with a couple of Europeans and Asiatic associations, anyway 41% of the Peer Group is made by U.S. headquartered associations. A similar source (Reuters) and strategy was associated in the estimation of the cash related pointers for 2011. Looking at the extents, Nokia is more and less as per the business. Examination The guideline goals of the planned exertion for both Microsoft and Nokia were to collect another overall adaptable organic framework for mobile phones through the Windows Phone stage by: 1. Expanding collecting breaking point of general Windows Phone gadgets.2. Driving overall customer enthusiasm of the Windows Phone devices through contribution a wide degree of things with strong brand character coming to more land areas.3. Further organizing things and organizations of Nokia and Microsoft Corporation. A conclusive objective would be: To building up the bit of the pie of both the Nokia Windows Phone based windows telephone and mobile phones contraptions. To make sure about and assemble the bit of practical pay created from compact related associations. Key Alliance The kind of collaboration that both the associations agreed on, regardless of the way that promoted by the two associations as a Strategic Partnership relationship has truly been characterized by altering in the module. This infers both Microsoft and Nokia would collaborate on typical targets and preferences that would fit the key direction of both the associations. All through the joint exertion, the two associations would remain self-ruling and no new association or legal substance was made. Neither Nokia nor Microsoft had placed into each other's worth proposals in the midst of the participation. Cooperation Points of Interest 1. Microsoft's stage reinforces portions to Nokia.2. Nokia to pay programming sway portions to Microsoft.3. Nokia's devotion and duty: Nokia is a doubtlessly comprehended pioneer of gear mechanical diagram in the convenient business, and would contribute its ability on hardware plan, tongue reinforce, showcase section, nearby ranges and chairman relatio

Establish and Develop Health and Safety †MyAssignmenthelp.com

Questions: 1.Discussing data about childrens clinical and routine prerequisites with guardians? 2.What is inoculation ? Answers: Appraisal 1 It is significant that the approach must guarantee that it will care for the childrens clinical and routine prerequisites with guardians. It likewise guarantees that the kids should take their food legitimate way which must be solid for them. Alongside the physical action and solid ways of life are likewise giving to them. The guardians must visit for ordinary wellbeing exams for their youngsters and talk with fitting specialists. As indicated by the National Quality Standard 2.1.1 under an assistance ailment strategy the enrolment structures has been continue which contains wellbeing data and approvals for every kid which are selected. This arrangement will assist the kids with getting underpins for their wellbeing and physical prosperity. Under the enlistment procedure the chairman who assumed liability for the medicine of the youngster can have the entrance to the data about the childrens wellbeing. It is vital a rest/rest/unwinding/very regions is required for the youngsters who go to kid care in light of the fact that the kids should be loose in an open to loosening up condition for resting their bodies. The unwinding will assist them with getting back their vitality if the kid is wiped out. The gave connection condition ought to be protected and all around directed which will give sheltered, secure and sound advantages to them. The rest zones and dozing gear that ought to be made accessible for babies and more established youngsters are bunks, convenient beds, beddings, prams and buggies, the cleanliness approaches where all the types of gear will be cleaned in a legitimate manner, rest products. Hanging lines or strings from blinds, window ornaments, mobiles or electrical machines must be avoided beds or sleeping pads to keep a youngster from stifling or hanging. Each time it is vital that all the supplies ought to be cleaned. The infant beds, bedding ought to be cleaned with appropriate cleaning process which assists with keeping it sterile. It is the obligation of the director that they will care for each cleaning procedure. Each infant ought to have their own bed cloth and in the wake of taking rest the resting bedding ought to be cleaned. Different materials like and sleeping pads are additionally cleaned by normally. It is important for the youngsters who sought kid care; their rest room ought to be a quiet spot where the conditions will comforts the infants to get rest when they take rest of the prescription procedure. In the room the types of gear ought to be cleaned and alright for the youngsters and must not make any clamor which can upset them while they are resting or dozing. Sonnet The boss must expel those toys which a youngster has wheeze or hacked while playing with it. The toys ought to be cleaned by wearing hand gloves. The toys ought to be washed in warm water and cleanser and dry with clean fabric or better to dry in the sun. The messed up toys consistently are expelled in light of the fact that it might sting any youngster. The cleaning types of gear are likewise should not hurt the wellbeing of the youngster. The staffs should care for the kids that they should not through sand or tire chips and should not ascend the slides. Youngsters must slide feet initially down the slide and should be on their bottoms. The outside toys are not permitted inside the kid care. The youngsters are just permitted to sit in swing alone and no one is permitted to remain close to the swing. The youngsters who are matured under 5 years are more touchy instead of more established kids. They are should have been taken consideration with additional consideration which is fundamental for running the kid care. Those youngsters can't deal with them themselves thusly they are expected to dealt with each issue under certain staffs who are master of it. At the point when the training software engineer made arrangements for a journey they ought to attempt hazard the board. The hazard the executives ought to be handled under some crisis techniques. In a journey many individuals are engaging in the process to manage the perilous. They association ought to have a reinforcement intend to manage the hazard and they will consider the reality of the hazard related hazard administrations. As per the dangers they will manage the issue of hazard the executives. On the off chance that it has been discovered that messed up glasses in the kid play region then I will make it sure that no youngster will play on that place and the people are must make the good ways from the risk castles. After that the cleaning staffs should clean the wrecked bits of the glass since it might hurt somebody. It is the obligation of the staff of the kid care that they should deal with the open air places. The unsafe procedures are disposal which serves to expels the harms of peril. The replacement is where it assists with controlling dangers by supplanting the issues with a less dangerous approach to accomplish similar results. the disengagement is another procedure which assists with isolating the peril from the individuals in danger by secluding it. the building is a procedure which helps in inducing and aides in rolling out physical improvements for the less dangers. The telephone number for harms data hotline (Australia) is 13 11 26. Before posting the Poisons Information Center number for the item or SDS it is expected to must give item subtleties to the National Poisons Register. The agreement number is (02) 9515 1267. Evaluation 2 Vaccination: it is where exclusively any people insusceptible framework has been invigorated against an operator which is additionally called immunogenic. It assists with shielding kids from hurtful contaminations or illnesses before it influences their body. It us essentially gave to the kids through an inoculation procedure which assists with setting up the bodys invulnerable framework. There are a few maladies can be forestalled through the vaccination which are rubella, diphtheria, challenging hack, , lockjaw, measles, mumps, poliomyelitis (polio) Haemophilus influenzae type b (Hib) and hepatitis B. Procedure of inoculation: it is essentially works through an immunization procedure by infuse it in a childs body. At the point when the kid is infused or given through polio drops it consequently delivers the resistant reaction following presentation to an infection. It makes a resistant frameworks for the body. On the off chance that in future the body reaches any malady, at that point it will make the invulnerable reaction quick before the individual fall wiped out because of the infection. Immunizations: it is a procedure of an organic readiness which assists with framing a procured insusceptibility for a specific malady. It is a type of microbes or infection which can be infused to the body for forestall a disease. It is contains with an operator called microorganism which make the slaughtered the poisons and through the incitement of the specialist the invulnerable framework perceive the phones and crush those contaminated parts. it serves to secures the future contamination additionally in the body. Reason of inoculation: we ought to vaccinate our kids since it serves to keeps from any illness which may cause unsavory and genuine irresistible infections and it might have a long haul of reactions. It makes a security zone for the youngsters from any sicknesses in the general public. More the youngsters vaccinated, the odds of sicknesses will expanded. Once in a while a youth contamination causes inabilities for the kids which could have long haul of symptoms or causes demise. One of the instances of the crisis clearing methodology is the correspondence and show of crisis and departure strategies. In this technique endorsed supplier and named director will make starting strides which will forestall hazards in crisis circumstance for the staffs and kids. They should make it sure that the entire crisis strategies are shown a wide noticeable spot close to the leave zone and all the staffs must mindful about it. It is likewise significant that the all staffs are must prepared in those crisis methods and they have a propensity for standard acts of that. It is additionally significant that the all the stuff ought to know about the crisis departure focuses. In this manner it is additionally need to specify that the watchmen of the kids are likewise mindful about the spot of crisis clearing. The more the administrator and staffs are got mindful about the crisis departure methodology, more it will ensure the correct security towards the youngsters. It is one of the significant crisis departures yet here and there because of the absence of consideration, the system didn't make a difference in a legitimate manner which causes harms. This is fundamental for the staffs that they should guarantee the wellbeing strategy in the crisis circumstance.

8th of The Semester Is Gone Already!

1/8th of The Semester Is Gone Already! I know it may be hard to believe, but the semester is not young anymore. As a matter of fact, it is already 1/8th of the way done. Thats 12.5% of the semester gone just like that!  Of course, with that being said, the other 87.5% of the semester will feel long because of impending homework, class time, and extracurricular activities, which will certainly heat up. In college, 16-week long semesters might seem daunting, but take it from me: Those weeks fly by! As you busy yourself with extracurricular activities and your studies, you will find that a rhythm develops. You will stop consciously measuring time at all. Being super busy is a great thing. For me, I realized that this rapid passage of time makes it even more important to soak up every moment of my time in college. This year I am a senior and that means that my remaining time in college is limited. I am trying my best to cross every single item off my list of things I want to accomplish before the end of college. Im visiting with old friends, taking outside-of-the-box classes, and trying to make as many memories as possible. If you are still in high school or are now a freshman in college, try to take in your college years as much as possible. Try to take a break from planning out the future and experience the here and now. Youll never get it back. Jacob Class of 2019 I’m an Advertising student within the College of Media. My hometown is a place called Fairmount, Illinois, which is about 30 minutes from campus. I began my Illinois journey in the Division of General Studies.

How to Easily Make Stage Glass or Fake Glass From Sugar

These instructions will result in either clear or amber glass, depending on the cooking time used. You can use the fake glass as stage glass by pouring it flat into panes or into molds to make breakable shapes. The sugar wont splinter into shards when broken like real glass would. Its not too difficult to make and takes only about 30 minutes to complete. Materials to Make Sugar Glass 1 cup (250 mL) sugarFlat baking sheetButter or baking paperCandy thermometer Directions Butter or line a baking sheet with bakers (silicon) paper. Place the sheet in the refrigerator to chill.Pour the sugar into a small pan on a stove over low heat.Stir continuously until the sugar melts (takes a while). If you have a candy thermometer, remove from heat at the hard crack stage (clear glass).If the sugar is heated just past the hard crack stage it will turn amber (colored translucent glass).Poor the melted sugar onto the cooled pan. Allow it to cool.The glass may be used as candy windows or for lots of other neat purposes. Useful Tips Boiling water will dissolve the sugar and speed clean-up.The glass can be colored using food coloring. Add the coloring after the candy has finished cooking and has cooled slightly.Please use adult supervision for this one! Molten sugar can cause serious burns.

Influences on F. Scott Fitzgeralds writing in The Great...

The Roaring Twenties was a period of frivolous days and exciting nights. Times were prosperous and life was good for most. In The Great Gatsby, published in 1925, F. Scott Fitzgerald writes about the fictitious life of Jay Gatsby, a self-made millionaire (Gross 1). The setting of the novel is New York in the twenties, a time, and place, where people were jovial and carefree. In New York, more than anywhere, people did not worry about lifes downs, but focused on the highlife and partying. Prohibition made partying difficult, but it prevailed nonetheless. In the novel, Fitzgeralds description of humans was of an appalling nature. He shows them as careless, greedy, and inconsiderate; much like they truly were in this decade. Inevitably he†¦show more content†¦Fitzgerald was a dreamer. He though everything would turn out fine, just as Gatsby had, but he was wrong and had to recompense for it in the end. The roaring twenties was a time of parties, and socializing. Times were prosperous and people just wanted to enjoy themselves. Since the war was over, soldiers were back at home, working and taking care of their families. There was a sense of rebellion in America at this time. The rich were lazy and slapdash, which, in The Great Gatsby, was portrayed by their very shoddy driving abilities. Times were excellent, for most, and people were beginning to just have a good time. Many people were so rich they had no need to work, so they had to occupy themselves with other things. Prohibition began in 1919 (Moss, Wilson 148). People did not like the idea though, so they started revolting the law. Gangsters would get liquor and other kinds of alcohol to people who wanted it, but for a price. In The Great Gatsby, Gatsby is involved in these illegal activities. Gatsby always had alcohol at his parties. His wealth gave him things that normal people couldnt have. He invited hundreds of guests to his parties, and most of them got extremely intoxicated before the night was over. The female crowds at Gatsbys parties show how women really dressed and acted in the twenties. Bobbed hair, short dresses, bright red lipstick, and long strands of pearls with a knot tied in them were female fads of the elite citizens.Show MoreRelatedThe Great Gatsby By F. Scott Fitzgerald998 Words   |  4 Pagespeople did not respected Fitzgerald writing in 20th century , but why people are respecting and valuing Fitzgerald work in 21th century? Fitzgerald had hard time to get profit from his writing, but he never got good profit after his first novel. In a Fitzgerald life, his background information was the most important about him, the comparison of Fitzgerald and the main character of his number one book in American â€Å"The Great Gatsby’s†, and the Fitzgerald influence of behind writing. From a childhood toRead MoreThe Influence of Fitzgerals Personal Life on The Gerat Gastby1035 Words   |  5 PagesThe Influence of Fitzgerald’s Personal Life on The Great Gatsby Many authors find inspiration through real life experiences and transform them into works of literature to match how they want to portray them. Fitzgerald is no different, in fact, his personal life is a crucial factor in his writing style. Fitzgerald grew up with increasing numbers of difficulties, but found his way around them and incorporated those experiences into his novels. In order to achieve his goals, he began changingRead MoreThe Great Gatsby by F. Scott Fitzgerald and Jazz by Toni Morrison 647 Words   |  3 Pageshistorical influence on culture. Fiction novels not only play a key role in the entertainment of an audience but also the influence they leave on them. However, in order to influence the audience, the novel must also be very historically accurate. The combination of influence and historical accuracy can create a new subcategory of â€Å"historical fiction†. Two exceptional novels by distinguished authors have managed to start this new concept of â€Å"historical fiction†. The Great Gatsby by F. Scott FitzgeraldRead MoreThe Great Gatsby By F. Scott Fitzgerald Essay970 Words   |  4 PagesFitzgerald’s writing in the twentieth century, but why people are respecting and valuing Fitzgerald work in the twenty-first century? Fitzgerald had a hard time to profiting from his writing, but he was not successful after his first novel. There are three major point of this essay are: the background history of Fitzgerald life, the comparisons between Fitzgerald and the Gatsby from his number one book in America The Great Gatsby, and the Fitzgerald got influences of behind the writing and being aRead MoreThe Great Gatsby by F. Scott Fitzgerald930 Words   |  4 PagesF. Scott Fitzgerald is mostly known for his images of young, rich, immoral individuals pursuing the American Dream of the 1920’s (Mangum). This image is best portrayed in his greatest novel, The Great Gatsby, alongside his principal themes, â€Å"los t hope, the corruption of innocence by money, and the impossibility of recapturing the past† (Witkoski). Fitzgerald was identified as a modern period writer because his themes and topics were inconsistent with traditional writing (Rahn). The modern periodRead More F. Scott Fitzgeralds The Last Tycoon Essay1158 Words   |  5 PagesF. Scott Fitzgeralds The Last Tycoon F. Scott Fitzgerald’s unfinished final novel The Last Tycoon was begun in 1939 in Encino, California. He worked on the novel during his tenure in Hollywood and up until the day he suffered a fatal heart attack on Dec. 21, 1940. The novel was published in 1941, and included Fitzgerald’s notes concerning the unfinished text. Also, the initial volume was published with The Great Gatsby and a collection of short stories that included â€Å"The DiamondRead MoreEssay about F. Scott Fitzgerald1049 Words   |  5 PagesF Scott Fitzgerald was one of the most influential authors of the 20th century. Although his last finished work was more than 60 years ago, today they are enjoyed with more enthusiasm and acclaim than they were when they were written. His works are cited as an influence for many other authors. Fitzgerald saw his writing as a reflection of his own life. His works are closely based on his experiences at Princeton, in World War 1 and his love li fe. Although he was not overly popular at the timeRead MoreThe Great Gatsby By F. Scott Fitzgerald1722 Words   |  7 PagesThe Beginning of Everything â€Å"Whenever you feel like criticizing anyone...just remember that all the people in this world haven’t had the advantages that you’ve had† (Fitzgerald 1). The first line of The Great Gatsby illustrates a heartfelt sentiment of treating others respectfully and not judging a book by its cover. However, as the chapter continues, the narrator Nick Carraway, suggests this propensity of tolerance is better used as leverage to entice more people to trust you and tell you theirRead MoreThe Great Gatsby : Similarities And Comparisons1382 Words   |  6 PagesHani Abidi Honors American Lit. 12/8/2014 The Great Gatsby Similarities and Comparisons The Great Gatsby is an American Novel written by F. Scott Fitzgerald, published in 1925 and set in the summer of 1922 in the fictional towns of East and West Egg in Long Island, New York. The story is about the young and perplexing millionaire Jay Gatsby, and his obsession to win back the only girl he’d ever loved, a Southern debutante the name of Daisy Buchanan. Some themes in the novel include dedication, destructivenessRead More Fitzgerald and Short Story Writing Essay1370 Words   |  6 PagesFitzgerald and Short Story Writing Although Fitzgerald today is usually considered a novelist, in his lifetime he was more well-known for his short stories. He was a prolific writer of short stories, and published around 160 of them (Bruccoli xiii). Many literary critics often separate â€Å"Fitzgerald the novel writer† from â€Å"Fitzgerald the short story writer†. In his own life, Fitzgerald felt somewhat of a disconnection between his ‘literary’ career as a novelist and his more professional

Corporate Governance †Conceptual Framework Free Essays

string(63) " Making optimum use of scarce resources and developing skills\." The great Indian master of Political Science Kautilya mentioned four functions of a king in his well-known book Arthashastra -1. Raksha or protection, 2. Vriddhi or enhancement, 3. We will write a custom essay sample on Corporate Governance – Conceptual Framework or any similar topic only for you Order Now Palana or maintenance, and 4. Yogakshema or wellbeing or safeguard. It is the sacred duty of the state to protect the person and property of its subject to enhance their wealth, to maintain them and to safeguard their interest in general. This noble concept can be applied with equal force to company management for corporate governance.The Board of Directors and the CEO or MD are the rulers and the shareholders and other stakeholders associated with the company are the subject. The company should be managed in a way that would protect the interest of shareholders, would increase the value of their wealth and their prosperity, would lead to the welfare of the society and would increase their accountability to them. The corporate world has become so powerful in recent years that corporate governance has caught the imagination and attention of one and all.India has globalised its economy and has widened the doors for the entry of multinationals. With the onset of globalization, the competition that the corporate sector has been facing has been increased. Technology up-gradation, warranted because of intense competition, has necessitated the Indian corporate sector to seek funds not only from India but also from abroad by floating Global Depository Receipts (GDRs). Large number of foreign institutional investors is now actively participating in the Indian Capital Market.This has also necessitated the need for good governance since capital easily flows towards companies which are effectively governed and which have the motive of increasing the value of shareholders as well as the society. CONCEPT: In broad sense, Corporate Governance examines how the company is being governed for the benefit of its various stakeholders like equity shareholders, preference shareholders, bond-holders, employees, customers, dealers, suppliers, society, government etc.Thus, corporate governance may be understood as the system by which corporates are directed and controlled by their managements in the best interest of their stakeholders and the general public. In its endeavour to ensure a higher standard of transparency and timely financial reporting, corporate governance system involves the full disclosure of all relevant information for the stakeholders to arrive at informed decisions. Corporate governance comprises the systems and processes which ensure the efficient functioning of the firm in a transparent manner for the benefit of all the stakeholders and those accountable to them.The focus is on the relationship between the owners and the Board in directing and controlling companies as legal entities perpetually. A company’s ability to create wealth for its owners, however, depends on the role and freedom given to it by the society. The corporate governance broadly identifies two sectors namely shareholders and stakeholders to whom the corporate sector has to be responsible. Any corporation that satisfies only one sector at the cost of the other is not likely to be favoured by any and it has to have a balanced approach in meeting the needs of these two sectors.The focus on corporate governance arises out of the large dependence of companies on financial markets as the pre-eminent source of capital. The quality of corporate governance shapes the future and the growth of the Capital Market. Strong corporate governance is indispensable to resilient and vibrant capital market. But capital markets in general can function properly if individuals have access to accurate basic information about the companies they invest. The link between a company’s Management, Board and its Financial Reporting System is crucial.In the context of globalization, capital is likely to flow to markets which are well regulated and practice high standards of transparency, efficiency and integrity. AIMS OF GOVERNANCE: Successful corporate governance lies in balancing the various conflicting interest and interest groups viz. , investors, creditors, labour, government and society at large. Corporate Governance in the context of changed socio- economic milieu does not merely confine to securing a fair return on the investment but also extends to discharging the various social responsibilities.The basic governance issues relates to the effectiveness and the accountability of Board of Directors. Effectiveness is measured by performance. How well can boards run their companies and how can they be encouraged to run them better? Effectiveness is, therefore, a measure of the equality of the leadership which Boards are giving to their companies and the taste of effectiveness is the result which those companies achieve. Accountability is largely a matter of disclosure, of transparency, of explaining a company’s activities to those to whom the company has responsibilities. It raises the question to whom are companies answerable and to whom should they be responsible? Board of Directors is seen as having power and relative freedom to exercise that power within the law. The demand for Boards to become more accountable is, therefore, part of a wider movement for openness by institution. NEED FOR CORPORATE GOVERNANCE: With the sweeping changes in Indian economy, the growing aspiration of Indian industries to compete with the MNCs and to increase their market share, profitability, etc. have side by side enhanced their responsibility.Although the reforms initiated during the last ten years witnessed some radical changes in the rules and regulations to improve the stakeholders’ confidence. The levels of transparency and standards of disclosures observed by Indian Companies leave much to be desired. The practice of placing personal interest above those of stakeholders is quite widespread. There had been several instances in India over the last few years when Industrial shareholders and independent directors on the Board of a Company have raised concern over the decisions of the management or promoters.The efficient Corporate Governance has become the need of the hour due to various reasons. These reasons can be pointed out as follows: 1. Significant changes taking place in global economic and business field. 2. Seizure of global opportunities and threats from competitors. 3. Need for strategic management. 4. Making optimum use of scarce resources and developing skills. You read "Corporate Governance – Conceptual Framework" in category "Papers" 5. Acceptance of international standards of management. 6. Increasing share of institutional investors like UTI, mutual funds, Foreign Institutional Investors (FII) etc. 7. Awareness among investors and lending institutions. . Protection of investors and promotion of public interest. 9. Increasing effectiveness of management. 10. Real transparency of performance. 11. Enhancing shareholder’s net worth and wealth. 12. Representing accountability and responsibility towards shareholders and others having the direct or indirect interest in the company. BENEFITS OF GOOD GOVERNANCE: †¢Good governance leads to congruence of interest of board, management including owner managers and shareholders. †¢Good governance provides stability and growth to the company. †¢Good governance system builds confidence among investors. Good governance reduces perceived risks, consequently reducing cost of capital. †¢Well governed companies enthuse employees to acquire and develop company specific skills. †¢In the knowledge driven excellence, the soft skills like management will be the ultimate tool for corporate to leverage a competitive advantage in the financial market. †¢Adoption of good corporate practices promotes stability and long-term sustenance of stakeholders’ relationship. †¢A good corporate citizen becomes an ethical icon and enjoys a position of pride in corporate culture. Potential stakeholders aspire to enter into relationships with enterprises whose governance credentials are exemplary. EMERGENCE OF CORPORATE GOVERNANCE IN INDIA: The need to formulate a code of principles embodying good governance was felt in India as early as 1995-96. In India, initiative on corporate governance began with the Confederation of Indian Industries [CII] setting up in 1996 a National Task Force under the Chairmanship of Mr. Rahul Bajaj. The task force presented its recommendations and Code for Corporate Governance in 1997 which were then debated publicly.SEBI, the corporate regulator, appointed a Committee on 7th May, 1999 under the Chairmanship of Mr. Kumar Mangalam Birla to frame the guidelines for corporate governance in India. The Committee had made 25 recommendations in all. Of them, 19 are mandatory and the remaining is non mandatory. The mandatory recommendations broadly includes new listing norms to be followed by the company, conducting Board meetings at least four times a year, constitution of audit committee, optimal blend of executive and non executive directors as well as appointment of independent directors, issue of quarterly reports etc.On the other hand, non mandatory recommendations suggest that investment institutions are not to be permitted by the Board. The Department of Company Affairs has initiated a legislative action in the Lok Sabha on 6th December, 1999 for the amendment of the Companies Act. FACTORS INFLUENCING CORPORATE GOVERNANCE: SEBI has summarized the factors which influence quality of governance in Indian Companies. a. Integrity of the Management. b. Ability of the Board. c. Adequacy of providing the Board with relevant and timely information. d. Commitment level of individual Board members. e. Quality of Corporate Reporting. f.Participation of stakeholders in the management. ROLE OF MAJOR PLAYERS IN CORPORATE GOVERNANCE: Where the Government and other regulatory agencies provide a platform through legislations and rules, the Board of directors, auditors, shareholders, financial institutions, company secretaries and the employees play their individual role for proper governance. Role of the BOD: A Working Group has recommended a Statement of Director’s Responsibility [SDR] to be attached along with the annual accounts for better transparency. The Directors must specify whether applicable accounting standards have been followed or not.The Directors are also responsible for maintaining adequate accounts for safeguarding the assets of the company and for detecting fraud and irregularities. Role of Accounting Professionals: The growing complexities of business have changed the traditional role of accounting professional. On the wake of demand for good corporate governance from every quarter, the need arises for redefining their role. The activity should not only look at the reliability of accounting and reporting, it must cover all relevant business processes from brand management to customer service.Role of Company Secretaries: The Chairman and the Board will look to the Secretary for guidance on what their responsibilities are under the rules which they are subject and how those responsibilities should be discharged. There is also need for secretarial audit before financial audit to ensure compliance of all requirements of law. Role of employees: A good team of employees is the backbone of the company. However, their individual ethical standard is of a greater concern. A responsible employee should point out the mistake of even his superior.When the employees are shareholders, their responsibilities rise even further. CORPORATE GOVERNANCE IN INDIA: In India, while the predominant form of Corporate Governance is much closer to the East Asian models, there are a number of firms that resemble the European version where the control is maintained through pyramidal form of ownership and control. The concept of industrial house which controls several companies is quite commonly accepted although the founding family does not own the company. There are quite a few companies whose practice of corporate governance is a matter of concern.Dilution of accounting and reporting standards have allowed corporations from manipulating resources for their own vested interests sidelining the stakeholders of the company. Investors have suffered on account of unscrupulous management of the companies, which have raised capital from the market at high valuations and have p erformed much worse than the past reported figures. There are also many companies which are not paying adequate attention to basic procedures for shareholders services as many do not pay adequate attention to address investor’s grievances.It has to be emphasized that there is considerable synergy between economic efficiency and corporate governance. The US and UK models of Corporate Governance are an integral part of the market oriented economy. Several developments such as international integration of financial markets, requirements of foreign institutional investors and listing securities in the international stock exchanges make it imperative for companies in India to be transparent in regard to norms of corporate governance adopted by them.While sound corporate governance is necessary, it is not sufficient to improve operational efficiency and profitability. CORPOARTE GOVERNANCE IN INDIAN COMPANIES: The first systematic study on Corporate Governance was conducted by Business Today- AIIMS of the Best Boards in 1997. A total of 659 respondents in Bangalore, Kolkata, Chennai, Delhi and Mumbai, comprising 11 FIs, 10 FIIs, 23 stock brokers, 200 finance companies, 11 banks and 584 individual investors were surveyed. The parameters set for the evaluation were: a.Accountability to share holders. b. Transparency of disclosure. c. Quality of directors. d. Independence of decision making. CompanyAccountabilityTransparencyQualityIndependenceTotal Hindustan Lever74. 265. 475. 565. 9281. 0 TELCO63. 453. 364. 057. 6283. 3 Bajaj Auto63. 753. 262. 757. 5237. 1 HDFC62. 655. 364. 951. 7234. 5 Larsen and Toubro61. 550. 562. 258. 1232. 3 TISCO59. 851. 161. 051. 5223. 4 ACC55. 649. 258. 545. 9215. 8Colgate Palmolive58. 952. 458. 545. 9215. 8Indian Hotels 58. 151. 356. 648. 0214. IDBI55. 145. 460. 246. 9207. 7 HLL has swept the first spot. Respondents awarded the company for the blue-chip quality of its directors. TELCO getting the second position has benefited from the involvement of Ratan Tata who leads a board of august personalities who control and monitor all activities. The data reveals that the Indian corporate sector suffers from transparency and independence in decision making. The reason can be traced in their non professional management and paternal style of leadership. CORPORATE GOVERNANCE ABROAD: The need to well manage a company is felt all over the world. Corporate sectors around the world are tuning their activities in accordance with the good principles of corporate governance. A committee in UK observed that ‘transparency’ is the basis of corporate governance. The London Stock Exchange has made it mandatory for companies to reveal their balance sheets whether or not they have followed the financial aspects of corporate governance.The Toronto Stock Exchange had constituted a committee which was of the view that ‘increasing the shareholders’ value’ should be the prime objective of corporate governance. Attaching significance to the Board, the committee specified that the main responsibility of the Board if Directors is to supervise and control the Board’s activities. They should also seek to ensure orderly succession of senior executives by selecting, training, and supervising their activities at appropri ate time. A Stakeholder, Alliance in North America has come out with its own â€Å"Sunshine Standards† to provide direction to the corporate sector reporting to the stake holders. The Alliance demands that all information relevant to the stakeholders should be provided. ISSUES OF CORPORATE GOVERNANCE: Good company governance is the need of the day for which the consciousness is increasing. But, it has to face a number of problems which are as follows: Facing impact of globalization: Globalization has a radical impact on company governance.Now, the traditional management has given place to professional management, the international standards of corporate governance have to be adopted, the mobility of resources has to be increased and foreign law and regulations have t be abided by. Challenges of drastic changes in economy: The radical changes are taking place in Indian economy. Due to globalization, all sectors of the economy are being opened up to worldwide competition, controls are bei ng removed day by day over industries and trade and to integration of Indian industries with the world industries, a number of problems have arisen before corporate governance. Pressure of public opinion and investors for financial reporting and transparency: Due to awareness among investors and public at large, they are demanding more and more information about companies’ objectives, about its performance, more frequent financial reporting and more transparency in its management, which is challenge to the company governance. It requires increased awareness on the part of corporate management to satisfy these demands. Challenge of global competition: the corporate management is required to face worldwide competition.The competition has reached international level for Indian companies due to liberalization and globalization. The management has to make adjustment in policies and practices of corporate governance to meet this challenge. Criticism of sudden failures and accountability: A number of companies have failed and closed down all of a sudden for which the accountability of the Board has been selected to serious criticism. Such weak and unscrupul ous companies do not report their true financial position and true profitability before the investors and the public. The Directors are held liable for this situation. SUGGESTIONS FOR EFFECTIVE CORPORATE GOVERNANCE: Effective honest and transparent corporate governance is required for enhancing the wealth and worth of the company, for promoting welfare of the society, for the success of the company, for protecting the interest of investors and other stakeholders and for fulfilling the responsibility and accountability of directors. Hence the following suggestions may be useful in meeting challenges before them and for solving a number of problems which ahs been created during recent times.Downsizing: One theoretical step towards instilling ethical values in the modern corporation is to downsize or breakup the corporate entity. Autonomy would eliminate long bureaucratic chains and increase personal motivation, communication and accountability. Long-termism: The emphasis on short term profitability creates a significant degree of instability within corporations and lead to short termism. Markets requi re quick results and generally discourage long term investment. This leads to an unnecessary dissipation of corporate resources towards meaningless ends.Dealing with risk and uncertainty: The economic and technological environment is fast changing than ever before which results in great difficulty in planning reliably for the long term. In such a scenario, ethical endeavor drawn from longer planning suffers significantly. Curbing Corporate Power: The modern corporation commands significant power which has a profound influence on government and legislative process. In a recent GAAT agreement, it had been alleged that governments merely act as pawns – it was the corporate lobbyist and agents who drafted the agreement and pushed governments into signing it.Limit on the number of Directors: The number of companies in which a person can work as director has been kept at 20. This should be reduced to 10 in order that the director has to attend a few companies and play an effective role in company management. Bringing down the number of part time directors: For efficient corporate governance it is essential that directors devote as much of their time as possible. This will be possible only when the number of part-time directors is reduced and full time directors are appointed.Frequent reporting and transparency: Quarterly un-audited financial statements are required to be published. Accounts must be audited in time and social audit must also be undertaken. In all respects, transparency would infuse confidence in investors and would make the directors more conscious of their accountability. Appointment of audit committees should be made compulsory: It is advocated that audit committees should be compulsorily appointed consisting three independent directors who will go through the progress, policies and practices adopted by the Board.SEBI has recommended that appointment of audit committees should be made compulsory by law. Adjustments to be made along with changing times: The corporate governance has to adjust itself to environmental factors, population constituents, political position, economic factors, social factors and technological changes and must solve the problems arising out of such a situation in rational and logical manner.High ethical standards to be maintained: Maintaining high ethical standards is one of the most powerful features of good corporate governance which would include working with honest policies and practices, not accepting any secret commission, not indulging in competitive collision and not to indulge in untrue and misleading advertisements. The non executive directors should be given due importance: Non Executive directors must be given due importance and their opinions and advice must also be needed.Regular board meetings: Regular board meetings would make corporate governance more effective as policies and strategies would be framed and discussed frequently and performan ce evaluations would be undertaken. CONCLUSION: In India, the existing corporate governance framework has failed to encourage corporate sector to voluntarily adopt higher corporate governance standards, necessary to compete both nationally and internationally.The availability of effective legal remedies of the stakeholders in case of mismanagement, the exercise of which requires reliable and adequate information, is essential. Disclosures by the management on a timely basis can provide stakeholders with the information required to arrive at informed decisions regarding the corporation. The ability of the market to regulate is rather doubtful. Therefore, the essential nature of regulatory institutions and mechanisms, both inside and outside the corporation, cannot be overemphasized.Self regulation can significantly assist in achieving the right regulatory framework. In the corporate structure, the role of the different stakeholders should be more clearly defined. If â€Å"Good Corporate Governance† is to become a reality, it is necessary that the company and its promoters adopt a transparent policy regarding the proper use of funds and properties of the company. The promoters should realize that they are the custodian of the company as trustee for the people connected with it. The promoters’ stress should be for the best use of the company’s resources for its benefits. The axiom of â€Å"least governed is the best governed† should become a reality by enforcing self discipline by the promoters leading gradually to a minimum control by outside agencies including the government.BIBLIOGRAPHY: 1. Corporate Governance — N. P. Agarwal Sugan C. Jain 2. Corporate Governance — H. R. Machhiraju 3. Taxman’s Chartered Accountants Today — March 16-31,2005 December 16-31,2005 How to cite Corporate Governance – Conceptual Framework, Papers

Penguins Essays (966 words) - Flightless Birds, Penguins

Penguins ================================================== Penguins: the eyes have it! LIFE SCIENCES -------------------------------------------------- Myopic little men in tuxedos, or highly efficient land/water animals? Recent research indicates there's more to penguins than meets the eye. If you've every wondered what it would be like to be able to see as clearly under water as you can on land, just ask the nearest penguin.Most aquatic animals are short-sighted on land. Most terrestrial animals (and that includes us) are far-sighted under water. But researchers have discovered that penguins can apparently see equally well in both environments, because of the unique structure of their eyes. Penguins have to be able to see well under water because their diet consists mainly of plankton, molluscs, crustaceans, and the inevitable fish. Through a special slowing-down of their heart rate they're able, like many other diving animals, to stay submerged long enough to search out and chase whatever catches their fancy. On dry land, it's a different story-or has been up to now. Waddling along on their flat little feet, eyes fixed intently on the ground, penguins appear myopic, inefficient and generally out of place. In fact the reverse is true. During a recent stay on the Falkland Islands, a Canadian researcher discovered that penguins are able to recognize individuals and navigate the rocky terrain on which they live quite well. Long of body and short of leg, they probably poke their heads forward as an aid to balance. And as for looking at the ground, they're merely-like us-keeping an eye on where they're going. The human eye is adapted for aerial vision, which is why scuba divers-or even you and I in the local swimming pool-must wear goggles or a face mask to re-introduce air in front of our eyes in order to see clearly. Among vertebrates in general, the bird eye is frequently described as the most efficient. Its superior quality, combined with the fact that a large number of birds-cormorants, pelicans, seagulls, even ducks, as well as penguins-get their food from water, obviously deserved research beyond that possible in a controlled environment such as an aquarium or zoo. Professor Jacob Sivak of the University of Waterloo and his associate, Professor Howard Howland of Cornell University, had a chance to do that research recently. Their trip had but one purpose-to study the structure of penguins' eyes while observing their natural habitat. The Falkland Islands, off the coast of Argentina, offered this opportunity, being one the few areas outside Antarctica where penguins can be found in large numbers. Three of the 16 known species were located there: the Gentoo, which live on flat areas right off the beach; the Magellan (also called Jackass), which live in burrows; and the Rock-hoppers, which live among the rocks along the cliffs. The Rock-hoppers were by far the most common, having a population of well over 100,000. The general rule is, the smaller the penguin, the meaner the temperament, and the researchers did witness the odd fight. Their flippers may look pretty useless out of water, but it's not smart to play around with a penguin. Hel'll stand his ground in a face-off and if you're foolish enough to get too close, those flippers can knock you flat. Dr. Sivak and his associate, however, had little trouble. Rock-hoppers always congregate in fairly tight groups, as a defense against predatory birds such as the skua (a large seagull that thinks it's a hawk), and two more upright figures in their midst didn't seem to bother them. Standing as close to their subjects as 0.3m, the scientists used two devices: one, developed by Professor Howland, to take photographs of the penguins' eyes; the othger, developed by Dr. Sivak, to shine a series of concentric circles on the cornea and give a measurement of how reflections of objects are altered by curvature of the eye. Despite the fact all the work had to be done at night-the only time the penguins' pupils were dilated enough-the results were worth it. Comparison of the photographs with similar photos of human eyes, and study of the internal structure of the eyes of creatures discovered killed by seal lions, proved the scientists' theory that the penguin's eyes are the secret of its survival. In general terms, a penguin eye and a human eye are almost identical. Both have the same components necessary for vision-a cornea through which light can enter; an iris which controls the amount of light that enters; and a crystalline lens that focuses the light onto the back of the eye where a specialized membrane, the retina, receives it and passes the message along the optic nerve to the brain for interpretation. In the penguin eye, hoever, there are many subtle differences. The cornea, for example, is markedly flattened compared to ours -- so much so that it almost resembles a window-pane. This greatly alters the