The Bean Trees By Barbara Kingsolver - 1281 Words

Gisselle Moreno Ms. Harter/Ms. Juarez AP Literature Summer Assignment Self-Ruled, Not Dependent Anaà ¯s Nin dared to question the norm of society; she asked â€Å"how wrong is it for a woman to expect the man to build the world she wants, rather than to create it herself?† The two main characters in the novel, The Bean Trees, written by Barbara Kingsolver, are two young women who share a common struggle, Taylor Greer and Lou Anne Ruiz. The book changes protagonist between Taylor and Lou Anne whom are complete opposites. However they both deal with their hardships together in Tucson, Arizona. Most women end up pregnant and dependent on their spouse just like Lou Anne. Both of these protagonists learn from each other to improve their lifestyles. Women are not dependent on men; life is what you decide to do not society’s trends. In this novel Taylor is a dynamic character, we see her transform from a young girl who didn’t want to get married or have kids to an independent single mother. In the beginning we get to know her as a self-owned, determined and a stubborn girl who is focused, ambitious and thinks outside the box; because she knows firsthand what is like to see her mother struggle as a single parent. She learned to value every day because pregnancy was like a disease. An example of her considerate outlook is â€Å"believe me in those days the girls were dropping by the wayside like seeds off a poppy seed bun and you learned to look at every day as a prize† (3). This small butShow MoreRelatedThe Bean Trees By Barbara Kingsolver Essay1520 Words   |  7 PagesIn The Bean Trees, Barbara Kingsolver uses characters and symbols to show that families are not genetically made up, rather built from love and support. As Kingsolver establishes the dynamic roles of Taylor Greer upon meeting Turtle and Lou Ann Ruiz throughout the novel, she also includes the symbolic significance of the rhizobia to illuminate the message of The Bean Trees. Kingsolver structures Taylor’s dynamic behaviors in ways that explain the definition of family. She appeals to the reader thatRead MoreThe Bean Trees By Barbara Kingsolver1342 Words   |  6 PagesMotherhood in the Bean Trees The book The Bean Trees, by Barbara Kingsolver, is a coming of age story about a young girl, Taylor, that is thrust into motherhood when a baby is left in her car. Taylor however, is not the only example of a mother in the story. There is Lou Ann and Esperanza, both literal mothers, but only one of them has their child to take care of. There is Mattie, one of the first people that Taylor meet in Tucson, and who becomes almost a surrogate-mother for both her, and alsoRead MoreThe Bean Trees, By Barbara Kingsolver1858 Words   |  8 Pagessixteenth birthday †¦ nobody could understand about Scotty †¦ But the way I see it is, he just didn’t have anybody. †¦ It was like we were all the animals on Noah’s ark that came in pairs, except of his kind there was only one† (Kingsolver 132-4). In Barbara Kingsolver’s novel The Bean Trees, Taylor mentions to Estevan her classmate Scotty Richey’s suicide. She explains that although her school had a very distinct social hierarchy, people within a class had each other for company. Scotty, however, had nobodyRead MoreCharacters In The Bean Trees By Barbara Kingsolver1043 Words   |  5 Pagesof the characters in The Bean Trees by Barbara Kingsolver. The Bean Trees is a tale of a girl named Taylor, who receives a baby from a stranger who is in need of help, this childs name is Turtle. Turtle helps Taylor enjoy the journey of motherhood and Taylor helps Turtle end her journey to find her parents and then Taylor drives Estevan and Esperanza to Cherokee land and Estevan unintentionally helps Taylor get through her dislike in men. Throughout the story, Kingsolver develops a message, thatRead MoreThe Bean Trees by Barbara Kingsolver746 Words   |  3 Pagesspronging out the front of its head like a forties-model ladies hat. We could just make out that she was dithering back and forth in the road, and then we gradually could see that there were a couple dozen babies running around h er every which way† (Kingsolver 106-107). Turtle and Taylor have become comfortable as a family and Turtle has recovered from her previous trauma to the point that she makes audible noises and expresses herself. Just as the family of Taylor and Turtle has brought joy to the livesRead MoreBean Trees by Barbara Kingsolver Essay599 Words   |  3 PagesWithin the novel Bean Trees, by Barbara Kingsolver, the reader is introduced to a young women named Marietta, Missy, and she later on renames herself Taylor. Taylor story is much like a coming of age story, and she many new lessons along the roads of life. She learns how to deal with unforeseen troubles, phobias, and the many forms of love, and because these inner actions she learned to see a new outlook on life. Taylor started off as a young country girl in Pittman Country, and was traumatizedRead MoreInequality In The Bean Trees And Hard Times By Barbara Kingsolver1512 Words   |  7 PagesInequality is a hardship that most women experience in their daily life or workplace. The article, â€Å"Let’s expose the gender pay gap† by the New York Times, â€Å"Hard Times† by E. Royston Pike, and the novel, â€Å"The Bean Trees† by Barbara Kingsolver, all represent the struggles females endure by their colleagues or powerful people around them. Women have suffered from inequality in the workplace for as long as we have been alive because we are considered the weaker sex. Often times the adversity a personRead MoreTransformations in The Bean Trees by Barbara Kingsolver Essay1411 Words   |  6 PagesWhen thinking of birds, visualizing them building their nests in cacti certainly isnt the first thing that comes to mind. In the book, The Bean Trees by Barbara Kingsolve r, metaphorically everyone is constantly building their nests in cacti, and evolving from their experiences. From living in attics to taking trips across the country with no destination, characters in this book dont live what society considers the â€Å"conventional American lifestyle.† Growing and thriving in unexpected and unusualRead MoreTaylors Life Choices in The Bean Trees by Barbara Kingsolver783 Words   |  4 PagesIn The Bean Trees by Barbara Kingsolver, protagonist Taylor Greer is not your average teenage girl from Pittman, Kentucky. Taylor refuses to remain in her hometown forever, which only leads to teenage pregnancy and motherhood until death. On a mission to escape Pittman’s stereotypical teenage girl image, she buys a ‘55 Volkswagen and embarks on a journey west. Just when she thinks she is home free, Taylor is left with an abandoned three-year-old American Indian girl. Ironically, Taylor ends upRead MoreTraditional Gender Roles In The Bean T rees By Barbara Kingsolver1609 Words   |  7 PagesBarbara Kingsolver’s modern romance, The Bean Trees, tells the story of a young woman named Taylor Greer. Taylor is born in a small rural town and â€Å"gets away† so she can do bigger and better things. While driving cross-country, a woman leaves her a small child. Taylor raises names and raises this child, Turtle. She moves in with another single mom and works for Mattie, a woman who smuggles refugees. Taylor has multiple moments of lost innocence as she learns the true evils of the world, and she uses

Challenges and Opportunities of Computerized Accounting...

Challenges and Opportunities of Computerized Accounting System Ahmed Qaalib Ismail BCom BIT Reg.No: HK-MBA-01411 This Thesis submitted to Kampala University Impartial fulfillment of the requirement for the award of the Master of Business Administration Kampala University 08/04/2013 By: Ahmed Qaalib Ismail DECLARATION I, Ahmed Qaalib Ismail, declare that this research report is my original work. It has not been submitted to any other university or higher institution of learning for any award. Any other author’s work has clearly been indicated. Signature†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Date†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ APPROVAL I certify that Mr. Ahmed Qaalib†¦show more content†¦Accounting Today | | | |10.4. Computerized Accounting | | | |10.5. Manual vs. Computerized Accounting Sys. | | | |10.6. Comparison between Manual and Computerized Accounting System | | | |10.7. Manual Accounting System Model | | | |10.8. Computerized Accounting System Model | | | |10.9. Benefits of Computerized over Manual Accounting System | | | |10.9.1. Financial Reporting and its qualities | | | |10.9.2. Advantages and disadvantages of CAS | | | |10.9.3. Features of good CAS | | | |10.9.4. Characteristics of CAS | |Show MoreRelatedBenefits Of Using A Computerized Accounting System1247 Words   |  5 Pagesindependent CPA, and accounting software consultant, has several clients in her practice located in Louisville, Kentucky. XYZ Company has used the same journal and ledger manual system for more than twenty years. On the other hand, other small, medium and large business clients prefer an automated accounting system because of the advantages. In the end, independent accountants serve multiple types and sized businesses. 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Today’s packaged accounting software not only records financial transactions and produce accounting reports, but they include functionality for managerial decision makingRead MoreCase: Lipschultz, Levin Gray1591 Words   |  7 PagesChartered Professional Accounting (CPA) Company provides accounting, tax and consulting services to mid-sized and large privately held companies and to the individuals that own and manage these enterprises. Stephen P. Seigel is the CEO facing new yet challenging ta sks. He assures that LLG’s clients have the best professionals working for them. It has the resources to service other company as it grows and develops in complexity. Over 50 years of services for the accounting, tax and consultancy needsRead MoreInformation Technology And How Big Data Will Change Accounting1166 Words   |  5 Pagesadvance, businesses and organizations grow more dependent on information systems that hastens the procedures for accessing, processing and storing data. The advancements of information technology (IT) raises a question as to whether auditing standards have kept up with the increase use of technology. No, auditing standards have not kept up with the use of information technology. The article, How Big Data Will Change Accounting, (as cited by Cukier and Mayer-Schonberger, 2013) shows growth in the useRead MoreApplication of Ict on Accounting4286 Words   |  18 PagesApplications of ICT in Accounting. Accounting records have been maintained only on a manual basis for a period now. The bookkeeper or the owner is required to fill a paper source document for each sale or receipt, and then work overtime writing the transactions of the day or week in special journals, stock cards, and debtor and creditor records. This obviously took some time, time that would otherwise have been spent operating the business. 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Trust and Privacy Concern in Social Networking MyAssignmenthelp

Question: Discuss about the Trust and Privacy Concern in Social Networking. Answer: Introduction: This topic has been selected for review since issue of privacy and trust on the social networking sites is a major one and contemporary to the current scenario. After selection of the topic, I have used various search keywords such as privacy, data protection, internet security, social networking, Face book, MySpace and searched using the Google Scholar and the Vitoria University Library. A large number of relevant journal have been found and ten of them has been found appropriate for the next step. Out of the reservoir of appropriate information, only two journal articles have been chosen for review. Date Task Action Comment 01/05/17 Searching for topics for the review Selection of some relevant topic Selecting one of them 02/05/17 Some journals are selected from Google Scholar as well as Vitoria University Library Some of the articles are read and analysed. Creation of a folder for collecting the articles which I want to refer to later 03/05/17 Reading Reading and understanding three articles from my folder Have a good article to follow up 04/05/17 Reading Reading three other articles The information in these articles is not appropriate. 05/05/17 Choosing five articles Reading these articles thoroughly Selecting two of the articles for review 06/05/17 Staring the literature review Starting with list of reference books Inserting all citations that are relevant to this assignment 07/05/17 Beginning with the review of the first article Reading this first article Highlighting the essential points and comments 09/05/17 Reading the second article Making notes for some essential information Highlighting the essential information and reviewing it. 10/05/17 Reviewing the second article Reading this article Reviewing some essential part of the authors work 12/05/17 Writing this assignment Writing this assignment based on information from these two articles Completion of the assignment done Source Used keywords Number of Returned Literature Number of Collected Literature Google scholar Social network Privacy in Social network Trust and social network Cyber security and social network 2340000 2120000 1230000 550000 2 3 1 1 Vitoria University library Social network Social network and privacy 3434000 3250000 2 1 Out of the chosen literatures, two has been chosen for literature review. The other articles were used as references. With the advent of social networking sites such as Facebook and Myspace, people have been attracted to these sites and are using them extensively (Dwyer et al. 2007). As a result they are sharing various personal details in these sites. However, the security and privacy of these sites could be questioned, since the information used in these sites is accessible to all (Dwyer et al. 2007). It has been highlighted that over 47 million Americans visit Myspace every month, whereas Facebook is visited by 15 million Americans every month. With such a huge number of visitors every month, it is impossible for these sites to maintain the privacy and integrity of all the users. Along with the basic information of the users such as the name, date of birth, email address, phone number, and other personal information is also shared (Dwyer et al. 2007). These include the buying of a new car, or celebration of an event. These information and personal pictures might be used by hackers and could be us ed for cyber bulling. Thus, it might be concluded that the social networking sites are an essential part of the social lives of the people. However, the users need to be careful enough as they share their sensitive and personal information (Dwyer et al. 2007). This literature review highlights the facts that though people tend to share sensitive information as well as develop new relationships in the social networking sites, yet it cannot be trusted. Social networking sites are an important part of the society and social lives (Barnes 2006). Increasing number of visitors in the social networking sites is witness of the fact that these sites are becoming more and more popular (Barnes 2006). However, these sites could consider as a privacy paradox. Solution to privacy issues The people especially the users of the social networking sites are to be made aware of the detrimental effects of the lack of privacy of the social networking sites (Barnes 2006). There are three distinct solutions, that the users might seek help from. These include the society, technology and the legislation. The parents and the schools need to take initiative such that the children could be made aware of the privacy issues of the social networking sites along with the harm that might be caused to them (Barnes 2006). The effects of sexual harassments in the social networking sites and the cases of cyber bulling have to be conveyed to the regular users of the social networking sites. Parents need to spend quality time with their children and guide them towards what is right (Barnes 2006). The parents need to be aware of the activities of the children such that they could show the right path to their children. Along with the parents, the social networking sites have a key role to play as well. The users should be provided with a clear guideline regarding the privacy policies and a statutory wring should also be given to them. The profiles of the users need to be scanned regularly by the social networking sites, and the users with inappropriate behaviour or posts should be banned and blocked from all the social networking sites. Thus, not only the parents, the social networking companies also have to take their responsibilities (Barnes 2006). The government has a vital role to play. The government has issues ban against children under the age of 18 to join the social networking sites (Barnes 2006). However, most of the children input a false date of birth and get registered in the social networking sites even at the age much below 18 years. A strict verification is essential where the users have to submit their age proof, before successful registration (Barnes 2006). Thus, the responsibilities of the government and the social networking sites cannot be denied. This report clearly highlights the trust and privacy issues that arise among the users of the social networking sites such as Facebook and Myspace. The social networking sites face various issues. However, I have chosen to shed some light upon the issues of trust and privacy in particular. Out of many shortlisted journals, I have selected two for an extensive literature review. The review of the first article highlights the survey results from a number of social network users. The review of the second article highlights the privacy issues along with some practical solutions. The issues of privacy and trusts have been clearly highlighted and the risks that might arise from these privacy issues are also mentioned. The role of the society, parents, schools, government has been clearly defined to make people especially the children aware of the trust and privacy issues. The solutions proposed in the second article reviewed are practical and should be implemented as soon as possible. The social networking sites have a great impact and importance in the society. Thus it should be used for the benefit of the society and not for bulling and harassing people. References Barnes,S 2006, A privacy paradox: Social networking in the United States, https://firstmonday.org/ojs/index.php/fm/article/view/1394/1312#author Dwyer,J, Hiltz,S, Passerini,K 2007, Trust and Privacy Concern within Social Networking Sites: A Comparison of Facebook and Myspace , AIS Electronic Library (AISeL) Bott, E. and Spillius, E.B., 2014.Family and social network: Roles, norms and external relationships in ordinary urban families. Routledge. Caliskan Islam, A., Walsh, J. and Greenstadt, R., 2014, November. Privacy detective: Detecting private information and collective privacy behavior in a large social network. InProceedings of the 13th Workshop on Privacy in the Electronic Society(pp. 35-46). ACM. Chen, H.T. and Kim, Y., 2013. Problematic use of social network sites: The interactive relationship between gratifications sought and privacy concerns.Cyberpsychology, Behavior, and Social Networking,16(11), pp.806-812. Chewae, M., Hayikader, S., Hasan, M.H. and Ibrahim, J., 2015. How much privacy we still have on social network?.International Journal of Scientific and Research Publications (ISSN 2250-3153). Dwyer, C., Hiltz, S. and Passerini, K., 2007. Trust and privacy concern within social networking sites: A comparison of Facebook and MySpace.AMCIS 2007 proceedings, p.339. Ellison, N.B. and Boyd, D.M., 2013. Sociality through social network sites. InThe Oxford handbook of internet studies. Hamelink, C.J., 2000.The ethics of cyberspace. Sage. Litt, E., 2013. Understanding social network site users privacy tool use.Computers in Human Behavior,29(4), pp.1649-1656. Plaisance, P.L., 2013.Media ethics: Key principles for responsible practice. Sage Publications. Tambe, P. and Vora, D., 2016, May. Privacy preservation on social network using data sanitization. InRecent Trends in Electronics, Information Communication Technology (RTEICT), IEEE International Conference on(pp. 751-753). IEEE. Wang, Y., Nepali, R.K. and Nikolai, J., 2014, February. Social network privacy measurement and simulation. InComputing, Networking and Communications (ICNC), 2014 International Conference on(pp. 802-806). IEEE.

Music Appreciation Classical Era free essay sample

According to Merriam Webster dictionary online the definition of listening Is to pay attention to someone or something In order to hear what Is being said, sung, or played. The definition of hearing is very different from listening it is the process, function, or power of perceiving sound. Many times people believe these two words mean the same thing; however looking at their definitions there is a clear difference. If your teacher is speaking to you can hear the sound her voice is making, however you would need to listen to her to understand what she is saying. ) Music has a huge role In society, which Is why It will always be around. It Is Important to study music because there Is so much history behind It. Listening to different genres of music that come from different parts of the world; we can learn something about that time period and place based on the artists expression through their music. We will write a custom essay sample on Music Appreciation: Classical Era or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Besides history it also teaches us much more. Music builds coordination, rhythm, helps with peoples math skills social skills, and is an outlet for people to express themselves. 3. ) Music Is a crucial part of society and it has many functions. One function would be unity. Each country has Its own distinct national anthem. A national anthem is made to create unity among the people and create a strong sense of nationalism. A second function would be entertainment. Music helps entertain and amuse society. We hear it in the background while shopping and even in movies to intensify a scene. A third function would be for expression. Music has been around for a long time and looking back on different eras of music it is a window looking into what is going on during that time. A fourth function would be music serves as a religious purpose.The followers of different groups of religion sing different hymns and songs that they feel connect them to their lord. 4. ) Classical and pop music differ In many ways especially when it comes to listening to them. When listening to classical music you hear a vast majority of instruments that are played with such precision. There is also a grand scale of emotion that can be played in classical music. When listening to pop music no days it is much more controlled by the computer and you can hear how tweaked he music has been to make the sound better.The voice is also used much more than It Is In classical music. 5. ) Concert halls filled with numerous different Instruments, as well as, the amount of each opposed to stages with a few key instruments hooked up to speakers or amplifiers are very different experiences. The small stage and lesser instruments lead to the unnecessary conductor. Also, the sound quality or tone color is not as rich on a stage as opposed to concert halls and orchestras, the wide array of instruments are exterminated in a band on a stage.For personal listening, a record player or speakers are completely different listening styles. One you get direct more, personal transmittance of sound with headphones and buds, with the lack of bass tones, but on speakers you lose some sounds as they escape through the distance of the speaker and the ear of the listener, but bass sound waves do travel more efficiently. I believe that they are two completely different planes of music listening but I do enjoy all styles of music listening on their own plane.

Jysk Porter 5 Forces Essay Example

Jysk Porter 5 Forces Paper For the external analysis I will do a Porter 5-Force analysis on the Micro environment of JYSK on the Chinese market. First I want to have a look at the Industry competitors, so the rivalry. If we take a look on the Chinese market, we can see that there is already a fierce competition going on the market. Domestic and foreign retailers like IKEA or Wal-Mart have already successful penetrated the market. The number will increase constantly, because everybody wants a piece of the cake. If we look at the entry market for JYSK, that would be Shanghai, so there is already a large furniture center. There is no concept like JYSK so far, but most of the segments they serve are already covered, like mattresses. The Chinese market suffers from plagiarism; there is no uniqueness due to that. Next I want to have a look at the potential entrants. In general there are no big entry barriers; it’s easy to penetrate the market. Costs are quiet low. The sorts of concepts you can offer are limited, there is no franchise retail chain on the market yet. We will write a custom essay sample on Jysk Porter 5 Forces specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Jysk Porter 5 Forces specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Jysk Porter 5 Forces specifically for you FOR ONLY $16.38 $13.9/page Hire Writer IKEA is similar, but different because it’s a self-service shop. The advantage of being a famous European chain is no advantage in china any more, Chinese are brand fixed, but they don’t know European brands on the market that much. For the potential entrants there is to mention, that almost the whole world wants to join the Chinese market and there is and there will be even more beginners. Next I want to have a look at the substitutes. Substitutes do not exist due to the uniqueness of the product-level. It’s almost impossible to substitute a mattress, of course you can use an air mattress, but the possible substitutes are not worth to be mentioned. The big problem is the Chinese patent system, because there is none, the market suffers from plagiarism. Next I want to have a look at the buyers and there Power. The bargaining power of furniture buyers in china is pretty low. Furniture creates less significance for buying ambitions. Most of the time Chinese don’t even buy it by themselves due to a lack of time. If we think about switching costs in that segment, they are low. It’s hard to tie the customer, because the products JYSK sales are exchangeable without any switching costs and the possibilities will be even more in the future. As a result of that the bargaining power growths. Chinese are very open and well informed though very brand fixed, it is easier to tie them with a brand than a product. The consumers are very price sensitive, they want more for less. It’s important to consider national special features, ike not using some colors (yellow) because of their special meaning. Buyers want hard mattresses and because of the fast changing generations the trend of bed-linen and duvets will be change as well. Next I want to have a look at the suppliers. There is already a fierce competition going on at the local supplier market, mass production of less quality is floating the market. Way cheaper than JYSK products. The large number of manufacturers pushed the bargaining po wer of the Chinese furniture industry suppliers. Conclusion: Porter’s 5 Forces has shown that the Chinese furniture market is developing quite fast and changing all the time and due to this suffers from different circumstances (e. g. changing customer needs/ less raw materials). Focusing the micro-level it must be stated that the market is defined by intensive competition due to rivalry in conquering market shares. While entering the market is nothing in the way, companies must be rather careful to prevent plagiarism and stuck to what they are good at. Keep their focus on the brand and less at the variety of the products because the Chinese market offers every product already way cheaper.

The Advantages Of Stupidity Essays - Intelligence, Stupidity

The Advantages Of Stupidity Essays - Intelligence, Stupidity The Advantages of Stupidity Most people say being stupid will lead no where. They claim that it is the worst possible condition in which to spend one's life, and if possible, it should be completely avoided. They would even suggest if the symptoms of stupidity are caught in the early stages, it could easily be treated by a surgeon. The most effective method used to do this is the chainsaw technique, later described in volume two. Yet, perhaps if people took a closer look at some of the advantages stupidity had to offer, they wouldn't have such a negative attitude toward it. After reading this paper, one will underezd the advantages of stupidity. Admittedly, stupidity has certain disadvantages. Life isn't a bowl of cherries. And being stupid doesn't make it any fruitier. Being stupid can annoy even the most sensitive people. If one acts stupid, and does it in the wrong crowd, like a group of adults, it will seem more immature than funny. If one is forced to act stupid while dealing with lower life forms, for example, high school teachers, one may encounter barriers such as cruelty and insensitivity, with the utterance of statements like, "Think with your head straight!" or, "You have a brain, use it." Yet these are all true, there are still many advantages to stupidity. The first advantage is very easy to underezd. Stupid people are never asked to do a lot. Many have noticed that people tend to steer away from someone they feel may be stupid. This is for a very good reason. The stupidity which they posses makes a name for themselves, a name which can be very difficult to shake. Possibly, it is a word which describes the working habits of the person, such as "crappy". Yet, this creates a positive situation for the stupid person. They will have a lot of free time on their hands for more of lifes truly meaningful pleasures. Some of these activities are combing facial hair, and counting the pixels on a Sony TV. Now, there has been a rumour going around that suggests that stupid people have low expectations. This is true. They are so stupid that they don't realize great from O.K. They could have a Sanyo cordless phone, but would probably choose instead a Pierre Cardin alarm clock telephone, because it comes free with their sensamatic folding bed. And someone with the "advantage" of stupidity might have a hard time doing certain tasks, or setting things up. Yet this isn't all bad. For example, if a stupid person leaves the chore, and comes back to it later, no one will be able to underezd it. Would they get fired from their job? No. For the very simple reason that no one would underezd their work except for them. The job would have to be given back to the stupid person, perhaps with a higher salary, or someone would do it for them, leaving them with even more free time! Free time is great for brainstorming (Admittedly this seems to be a bad choice of words!). Yet the ideas stupid people create tend to be original. For example, when was the last time someone stupid said something, and made one think about it? It seems that people are always talking about someone elses dumb idea. An example of such an idea would be, "How many stories will that english teacher drop before having a stroke?" This would suggest that stupid people may have the upper hand when it comes to thinking up original ideas. In fact, the next time someone wants an original idea for something, they should try talking to their local, community stupid person. The reason for this is that while a stupid person thinks with his head, he does not do so an organized manner. This is why they have so much creativity. By thinking in this fashion, their ideas have a natural tendency to flow more easily, without the interruptions which occur from the editing of thoughts that logical people would have normally. Thus if someone else should say to one, "That was a stupid idea!" one should merely look that person straight in the eye, and say, "Thank-you!" This also means that the claim, "Stupid

Global marketing management Essay Example | Topics and Well Written Essays - 3000 words

Global marketing management - Essay Example The researcher states that in the era of globalization, a company with a good financial and non-financial base will certainly think about the expansion of the company overseas. If they can expand their customer base, it would be more profitable for them, when the long run of the business is concerned. The companies have to design efficient strategies to ensure that their new venture in overseas country is generate a good return for them in a long-term basis. Hilton food group Plc is in the retail meat packing business in Europe. They are the supplier of the major food retailers of Europe who have global presence. The group has presence in the United Kingdom, Ireland, Netherlands, Central Europe, Sweden and Denmark. The group wants to expand its business in more countries and subsequently wants to broaden their customer base. Internationalization mainly occurs when a firm decides to expand its R&D, selling production and other related business activities in the international markets. A company expands the operation globally if the management feel it is viable for them financially or non-financially. If the management finds opportunity in a country then they opt for expanding its business there. At first, they identify the customer needs in the new country. If the company has the ability to meet the customer needs then they take the decision to expand their operations in that country. If they identify that, the labour cost is less in the new country is lower than the country where they are currently operating then they would like to expand their business in the country. ... If they identify that, the labour cost is less in the new country is lower than the country where they are currently operating then they would like to expand their business in the country (Tan and Mahoney, 2002, pp.20-24). When a company is trying to moving towards to some lower development country, then there is the chance to expand the product life cycle. The company will also get the chance to expand the customer base and as a result, the economies of scale of the company will improve. The vision of Hilton food group plc is continuing their global expansion as it is their strategic goal. They have done the expansion in the recent years also. In the year 2010, they have expanded their operations in Estonia (Hilton Group Food Plc, 2010, p.5). The company has subsidiaries in Ireland, Holland (Financial Analysis Made Easy-1, 2012). The idea of international expansion is as per the vision of the company. Their purpose of going global is increasing the customer base of the company so th at they can gain the economies of scale. Market Opportunities For analyzing their market opportunities, the researcher has to go through their products, which they offer. They are the suppliers of packaged foods to the retailers of Europe. The clients of Hilton food group includes Tesco Plc, Albert Hejin, Ahold etc (Hilton Food Group Plc, 2012), who are among the top players of the retail sector. They are specialist in non-vegetarian foods like meat products, fish products including the provisions of freezer (Financial Analysis Made Easy-2, 2012). They have no branded product, which means that they manufacture the products when they have not any recognition to the retail customers. It is concluded by the researcher that the clients of the

Clever Marketing for Luxury Goods in the Fashion Industry Essay

Clever Marketing for Luxury Goods in the Fashion Industry - Essay Example The essay "Clever Marketing for Luxury Goods in the Fashion Industry" concerns the clever fashion marketing. It first looked into the number of years that the number of years by which the latter are working as members of the marketing industry within the luxury fashion industry. Seven respondents (11.7%) reported to have been in the luxury fashion industry for less than five years. Meanwhile, twenty two (36.7%) said that they have been employed by the said industry for five to six years. In the same manner, fifteen (25.0%) noted to have been working in such for seven to ten years. Finally, sixteen (26.7%) said that they are within the luxury fashion industry for more than ten years. Aside from determining the number of years that the respondents have stayed within the luxury fashion industry, the researcher also determined which among of the three groups being studied are they a member of. Since this research is aimed towards ensuring the proper representation of the three groups, tw enty respondents (33.3%) were obtained from each. These results are graphically presented in Table 2. As established in the previous chapters of this study, the era wherein fashion was characterized as super exclusive and could only be afforded by the elite has ended (Agins, 2000). In fact, designers are now taking their cues from consumers from the mainstream and creativity has been channeled to the mass-marketing clothes. As a result, members of the industry were seen to have joined financial groups.

Kantian and Utilitarian Theories and the Nestle Moral Issue Term Paper

Kantian and Utilitarian Theories and the Nestle Moral Issue - Term Paper Example o new mothers, free or low cost products, improper labels) allegedly designed for the adoption of bottle-feeding instead of breast-feeding by mothers. Outrage against Nestle came to a high point when a Caribbean Food and Nutrition Institute attested that millions of infants suffered ailments or death due to bottle-feeding. The institute, however, did not clarify whether the cause was the infant formula or improper sterilization-and-storage of baby bottles and feed. Heightened indignation against Nestle resulted in a campaign led by the Infant Formula Action Coalition (INFACT) to boycott Nestle products globally. Subsequently, the World Health Organization (WHO) imposed a Code of Marketing of Breastmilk Substitutes to prohibit advertising which discourages breastfeeding. After years in which Nestle seemed to comply with the Code, the Action for Corporate Accountability charged Nestle with non-compliance. Boycott of Nestle was again instigated, bolstered by the United Methodist Churchà ¢â‚¬â„¢s study that Nestle’s advertising practices (free supplies to hospitals, stepped up donation to counter Ivory Coast government’s promotion of breastfeeding) were designed solely to increase sales, thus violating the WHO code. KANTIAN AND UTILITARIAN THEORIES 3 Today, the issue is unresolved due to data issued by UNICEF that 1.5 million infants, who are not breast-fed, die each year. This study was used by the International Baby Food Action Network and its affiliates by accusing Nestle and other infant-formula companies of violating the WHO marketing code. The situation aggravated when a 2003 British Medical Journal reported that 90 percent of health providers were ignorant of the WHO code, while two-thirds of mothers using infant-feed formula were not advised on the benefits of... Kantian and Utilitarian Ethics have similarities in their common aim to provide guidance on moral conduct amid 18th century modernizing times in which nationalism and industrialization were emerging. Both theories need not be seen simply as speculative principles since the Kantian categorical imperative will have an impact after his death on the subsequent 19th century German idealism in which: â€Å"The state had a will, a consciousness and a moral end of its own, on a higher level than that of any individual. Neither internally nor externally was the state limited by moral laws, since it was itself the fount of such laws†. On the other hand, utilitarianism will be the foundation of the American principle of American capitalism and free enterprise, expressed by Adam Smiths’ insight â€Å"in which a free market system could combine the freedom of individuals to pursue their own objectives†. The Utilitarian philosophy is also well entrenched in the Declaration of Independence as drafted by Thomas Jefferson: â€Å"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights that among these are Life, Liberty, and the pursuit of Happiness†.

Analysis of OECD Principles of Corporate Governance

Analysis of OECD Principles of Corporate Governance Foreword The OECD Principles of Corporate Governance were endorsed by OECD Ministers in 1999 and have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both OECD and non OECD countries. The Financial Stability Forum has designated the Principles as one of the 12 key standards for sound financial systems. The Principles also provide the basis for an extensive programme of cooperation between OECD and non-OECD countries and underpin the corporate governance component of World Bank/IMF Reports on the Observance of Standards and Codes (ROSC). The Principles have now been thoroughly reviewed to take account of recent developments and experiences in OECD member and non-member countries. Policy makers are now more aware of the contribution good corporate governance makes to financial market stability, invest ment and economic growth. Companies better understand how good corporate governance contributes to their competitiveness. Investors especially collective investment institutions and pension funds acting in a fiduciary capacity realise they have a role to play in ensuring good corporate governance practices, thereby underpinning the value of their investments. In todays economies, interest in corporate governance goes beyond that of shareholders in the performance of individual companies. As companies play a pivotal role in our economies and we rely increasingly on private sector institutions to manage personal savings and secure retirement incomes, good corporate governance is important to broad and growing segments of the population. The review of the Principles was undertaken by the OECD Steering Group on Corporate Governance under a mandate from OECD Ministers in 2002. The review was supported by a comprehensive survey of how member countries addressed the different corporate governance challenges they faced. It also drew on experiences in economies outside the OECD area where the OECD, in co-operation with the World Bank and other sponsors, organises Regional Corporate Governance Roundtables to support regional reform efforts. The review process benefited from contributions from many parties. Key international institutions participated and extensive consultations were held with the private sector, labour, civil society and representatives from non-OECD countries. The process also benefited greatly from the insights of internationally recognised experts who participated in two high level informal gatherings I convened. Finally, many constructive suggestions were received when a draft of the Principles was made available for public comment on the internet. The Principles are a living instrument offering non-binding standards and good practices as well as guidance on implementation, which can be adapted to the specific circumstances of individual countries and regions. The OECD offers a forum for ongoing dialogue and exchange of experiences among member and non-member countries. To stay abreast of constantly changing circumstances, the OECD will closely follow developments in corporate governance, identifying trends and seeking remedies to new challenges. These Revised Principles will further reinforce OECDs contribution and commitment to collective efforts to strengthen the fabric of corporate governance around the world in the years ahead. This work will not eradicate criminal activity, but such activity will be made more difficult as rules and regulations are adopted in accordance with the Principles. Importantly, our efforts will also help develop a culture of values for professional an d ethical behaviour on which well functioning markets depend. Trust and integrity play an essential role in economic life and for the sake of business and future prosperity we have to make sure that they are properly rewarded. OECD Principles of Corporate Governance The OECD Principles of Corporate Governance were originally developed in response to a call by the OECD Council Meeting at Ministerial level on 27-28 April 1998, to develop, in conjunction with national governments, other relevant international organisations and the private sector, a set of corporate governance standards and guidelines. Since the Principles were agreed in 1999, they have formed the basis for corporate governance initiatives in both OECD and non-OECD countries alike. Moreover, they have been adopted as one of the Twelve Key Standards for Sound Financial Systems by the Financial Stability Forum. Accordingly, they form the basis of the corporate governance component of the World Bank/IMF Reports on the Observance of Standards and Codes (ROSC). The OECD Council Meeting at Ministerial Level in 2002 agreed to survey developments in OECD countries and to assess the Principles in light of developments in corporate governance. This task was entrusted to the OECD Steering Group on Corporate Governance, which comprises representatives from OECD countries. In addition, the World Bank, the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) were observers to the Group. For the assessment, the Steering Group also invited the Financial Stability Forum, the Basel Committee, and the International Organization of Securities Commissions (IOSCO) as ad hoc observers. In its review of the Principles, the Steering Group has undertaken comprehensive consultations and has prepared with the assistance of members the Survey of Developments in OECD Countries. The consultations have included experts from a large number of countries which have participated in the Regional Corporate Governance Roundtables that the OECD organises in Russia, Asia, South East Europe, Latin America and Eurasia with the support of the Global Corporate Governance Forum and others, and in co-operation with the World Bank and other non-OECD countries as well. Moreover, the Steering Group has consulted a wide range of interested parties such as the business sector, investors, professional groups at national and international levels, trade unions, civil society organisations and international standard setting bodies. A draft version of the Principles was put on the OECD website for public comment and resulted in a large number of responses. These have been made public on the OECD we b site. On the basis of the discussions in the Steering Group, the Survey and the comments received during the wide ranging consultations, it was concluded that the 1999 Principles should be revised to take into account new developments and concerns. It was agreed that the revision should be pursued with a view to maintaining a non-binding principles-based approach, which recognises the need to adapt implementation to varying legal economic and cultural circumstances. The revised Principles contained in this document thus build upon a wide range of experience not only in the OECD area but also in non-OECD countries. Preamble The Principles are intended to assist OECD and non-OECD governments in their efforts to evaluate and improve the legal, institutional and regulatory framework for corporate governance in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. The Principles focus on publicly traded companies, both financial and non-financial. However, to the extent they are deemed applicable, they might also be a useful tool to improve corporate governance in non-traded companies, for example, privately held and stateowned enterprises. The Principles represent a common basis that OECD member countries consider essential for the development of good governance practices. They are intended to be concise, understandable and accessible to the international community. They are not intended to substitute for government, semi-government or private sector initiatives to dev elop more detailed best practice in corporate governance. Increasingly, the OECD and its member governments have recognized the synergy between macroeconomic and structural policies in achieving fundamental policy goals. Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a companys management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual company and across an economy as a whole, helps to provide a degree of confidence that is necessary for the proper functioning of a market economy. As a result, the cost of capital is lower and firms are encouraged to use resources more efficiently, thereby underpinning growth. Corporate governance is only part of the larger economic context in which firms operate that includes, for example, macroeconomic policies and the degree of competition in product and factor markets. The corporate governance framework also depends on the legal, regulatory, and institutional environment. In addition, factors such as business ethics and corporate awareness of the environmental and societal interests of the communities in which a company operates can also have an impact on its reputation and its long-term success. While a multiplicity of factors affect the governance and decisionmaking processes of firms, and are important to their long-term success, the Principles focus on governance problems that result from the separation of ownership and control. However, this is not simply an issue of the relationship between shareholders and management, although that is indeed the central element. In some jurisdictions, governance issues also arise from the power of certain controlling shareholders over minority shareholders. In other countries, employees have important legal rights irrespective of their ownership rights. The Principles therefore have to be complementary to a broader approach to the operation of checks and balances. Some of the other issues relevant to a companys decision-making processes, such as environmental, anti-corruption or ethical concerns, are taken into account but are treated more explicitly in a number of other OECD instruments (including the Guidelines for Multinational Ente rprises and the Convention on Combating Bribery of Foreign Public Officials in International Transactions) and the instruments of other international organisations. Corporate governance is affected by the relationships among participants in the governance system. Controlling shareholders, which may be individuals, family holdings, bloc alliances, or other corporations acting through a holding company or cross shareholdings, can significantly influence corporate behaviour. As owners of equity, institutional investors are increasingly demanding a voice in corporate governance in some markets. Individual shareholders usually do not seek to exercise governance rights but may be highly concerned about obtaining fair treatment from controlling shareholders and management. Creditors play an important role in a number of governance systems and can serve as external monitors over corporate performance. Employees and other stakeholders play an important role in contributing to the long-term success and performance of the corporation, while governments establish the overall institutional and legal framework for corporate governance. The role of each of the se participants and their interactions vary widely among OECD countries and among non- OECD countries as well. These relationships are subject, in part, to law and regulation and, in part, to voluntary adaptation and, most importantly, to market forces. The degree to which corporations observe basic principles of good corporate governance is an increasingly important factor for investment decisions. Of particular relevance is the relation between corporate governance practices and the increasingly international character of investment. International flows of capital enable companies to access financing from a much larger pool of investors. If countries are to reap the full benefits of the global capital market, and if they are to attract long-term patient capital, corporate governance arrangements must be credible, well understood across borders and adhere to internationally accepted principles. Even if corporations do not rely primarily on foreign sources of capital, adherence to good corporate governance practices will help improve the confidence of domestic investors, reduce the cost of capital, underpin the good functioning of financial markets, and ultimately induce more stable sources of financing. There is no single model of good corporate governance. However, work carried out in both OECD and non-OECD countries and within the Organisation has identified some common elements that underlie good corporate governance. The Principles build on these common elements and are formulated to embrace the different models that exist. For example, they do not advocate any particular board structure and the term board as used in this document is meant to embrace the different national models of board structures found in OECD and non-OECD countries. In the typical two tier system, found in some countries, board as used in the Principles refers to the supervisory board while key executives refers to the management board. In systems where the unitary board is overseen by an internal auditors body, the principles applicable to the board are also, mutatis mutandis, applicable. The terms corporation and company are used interchangeably in the text. The Principles are non-binding and do not aim at detailed prescriptions for national legislation. Rather, they seek to identify objectives and suggest various means for achieving them. Their purpose is to serve as a reference point. They can be used by policy makers as they examine and develop the legal and regulatory frameworks for corporate governance that reflect their own economic, social, legal and cultural circumstances, and by market participants as they develop their own practices. The Principles are evolutionary in nature and should be reviewed in light of significant changes in circumstances. To remain competitive in a changing world, corporations must innovate and adapt their corporate governance practices so that they can meet new demands and grasp new opportunities. Similarly, governments have an important responsibility for shaping an effective regulatory framework that provides for sufficient flexibility to allow markets to function effectively and to respond to expectations of shareholders and other stakeholders. It is up to governments and market participants to decide how to apply these Principles in developing their own frameworks for corporate governance, taking into account the costs and benefits of regulation. The following document is divided into two parts. The Principles presented in the first part of the document cover the following areas: I) Ensuring the basis for an effective corporate governance framework; II) The rights of shareholders and key ownership functions; III) The equitable treatment of shareholders; IV) The role of stakeholders; V) Disclosure and transparency; and VI) The responsibilities of the board. Each of the sections is headed by a single Principle that appears in bold italics and is followed by a number of supporting sub-principles. In the second part of the document, the Principles are supplemented by annotations that contain commentary on the Principles and are intended to help readers understand their rationale. The annotations may also contain descriptions of dominant trends and offer alternative implementation methods and examples that may be useful in making the Principles operational. Shareholders should be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting. Shareholders should have the opportunity to ask questions to the board, including questions relating to the annual external audit, to place items on the agenda of general meetings, and to propose resolutions, subject to reasonable limitations. Effective shareholder participation in key corporate governance decisions, such as the nomination and election of board members, should be facilitated. Shareholders should be able to make their views known on the remuneration policy for board members and key executives. The equity component of compensation schemes for board members and employees should be subject to shareholder approval. Ensuring the Basis for an Effective Corporate Governance Framework The corporate governance framework should promote transparent and efficient markets, be consistent with the rule of law and clearly articulate the division of responsibilities among different supervisory, regulatory and enforcement authorities. To ensure an effective corporate governance framework, it is necessary that an appropriate and effective legal, regulatory and institutional foundation is established upon which all market participants can rely in establishing their private contractual relations. This corporate governance framework typically comprises elements of legislation, regulation, selfregulatory arrangements, voluntary commitments and business practices that are the result of a countrys specific circumstances, history and tradition. The desirable mix between legislation, regulation, self-regulation, voluntary standards, etc. in this area will therefore vary from country to country. As new experiences accrue and business circumstances change, the content and structure of this framework might need to be adjusted. Countries seeking to implement the Principles should monitor their corporate governance framework, including regulatory and listing requirements and business practices, with the objective of maintaining and strengthening its contribution to market integrity and economic performance. As part of this, it is important to take into account the interactions and complementarity between different elements of the corporate governance framework and its overall ability to promote ethical, responsible and transparent corporate governance practices. Such analysis should be viewed as an important tool in the process of developing an effective corporate governance framework. To this end, effective and continuous consultation with the public is an essential element that is widely regarded as good practice. Moreover, in developing a corporate governance framework in each jurisdiction, national legislators and regulators should duly consider the need for, and the results from, effective international dialogue and cooperation. If these conditions are met, the governance system is more likely to avoid over-regulation, support the exercise of entrepreneurship and limit the risks of damaging conflicts of interest in both the private sector and in public institutions. The corporate governance framework should be developed with a view to its impact on overall economic performance, market integrity and the incentives it creates for market participants and the promotion of transparent and efficient markets. The corporate form of organisation of economic activity is a powerful force for growth. The regulatory and legal environment within which corporations operate is therefore of key importance to overall economic outcomes. Policy makers have a responsibility to put in place a framework that is flexible enough to meet the needs of corporations operating in widely different circumstances, facilitating their development of new opportunities to create value and to determine the most efficient deployment of resources. To achieve this goal, policy makers should remain focussed on ultimate economic outcomes and when considering policy options, they will need to undertake an analysis of the impact on key variables that affect the functioning of markets, such as incentive structures, the efficiency of self-regulatory systems and dealing with systemic conflicts of interest. Transparent and efficient markets serve to discipline market participants and to promote accountability. The legal and regulatory requirements that affect corporate governance practices in a jurisdiction should be consistent with the rule of law, transparent and enforceable. If new laws and regulations are needed, such as to deal with clear cases of market imperfections, they should be designed in a way that makes them possible to implement and enforce in an efficient and even handed manner covering all parties. Consultation by government and other regulatory authorities with corporations, their representative organisations and other stakeholders, is an effective way of doing this. Mechanisms should also be established for parties to protect their rights. In order to avoid over-regulation, unenforceable laws, and unintended consequences that may impede or distort business dynamics, policy measures should be designed with a view to their overall costs and benefits. Such assessments should take into account the need for effective enforcement, including the ability of authorities to deter dishonest behaviour and to impose effective sanctions for violations. Corporate governance objectives are also formulated in voluntary codes and standards that do not have the status of law or regulation. While such codes play an important role in improving corporate governance arrangements, they might leave shareholders and other stakeholders with uncertainty concerning their status and implementation. When codes and principles are used as a national standard or as an explicit substitute for legal or regulatory provisions, market credibility requires that their status in terms of coverage, implementation, compliance and sanctions is clearly specified. The division of responsibilities among different authorities in a jurisdiction should be clearly articulated and ensure that the public interest is served. Corporate governance requirements and practices are typically influenced by an array of legal domains, such as company law, securities regulation, accounting and auditing standards, insolvency law, contract law, labour law and tax law. Under these circumstances, there is a risk that the variety of legal influences may cause unintentional overlaps and even conflicts, which may frustrate the ability to pursue key corporate governance objectives. It is important that policy-makers are aware of this risk and take measures to limit it. Effective enforcement also requires that the allocation of responsibilities for supervision, implementation and enforcement among different authorities is clearly defined so that the competencies of complementary bodies and agencies are respected and used most effectively. Overlapping and perhaps contradictory regulations between national jurisdictions is also an issue that should be monitored so that no regulatory vacuum is allowed to develop (i.e. issues slipping through in which no authority has explicit responsibility) and to minimise the cost of compliance with multiple systems by corporations. When regulatory responsibilities or oversight are delegated to non-public bodies, it is desirable to explicitly assess why, and under what circumstances, such delegation is desirable. It is also essential that the governance structure of any such delegated institution be transparent and encompass the public interest. Supervisory, regulatory and enforcement authorities should have the authority, integrity and resources to fulfil their duties in a professional and objective manner. Moreover, their rulings should be timely, transparent and fully explained. Regulatory responsibilities should be vested with bodies that can pursue their functions without conflicts of interest and that are subject to judicial review. As the number of public companies, corporate events and the volume of disclosures increase, the resources of supervisory, regulatory and enforcement authorities may come under strain. As a result, in order to follow developments, they will have a significant demand for fully qualified staff to provide effective oversight and investigative capacity which will need to be appropriately funded. The ability to attract staff on competitive terms will enhance the quality and independence of supervision and enforcement. The Rights of Shareholders and Key Ownership Functions The corporate governance framework should protect and facilitate the exercise of shareholders rights. Equity investors have certain property rights. For example, an equity share in a publicly traded company can be bought, sold, or transferred. An equity share also entitles the investor to participate in the profits of the corporation, with liability limited to the amount of the investment. In addition, ownership of an equity share provides a right to information about the corporation and a right to influence the corporation, primarily by participation in general shareholder meetings and by voting. As a practical matter, however, the corporation cannot be managed by shareholder referendum. The shareholding body is made up of individuals and institutions whose interests, goals, investment horizons and capabilities vary. Moreover, the corporations management must be able to take business decisions rapidly. In light of these realities and the complexity of managing the corporations affairs in fast moving and ever changing markets, shareholders are not expected to assume responsibility fo r managing corporate activities. The responsibility for corporate strategy and operations is typically placed in the hands of the board and a management team that is selected, motivated and, when necessary, replaced by the board. Shareholders rights to influence the corporation centre on certain fundamental issues, such as the election of board members, or other means of influencing the composition of the board, amendments to the companys organic documents, approval of extraordinary transactions, and other basic issues as specified in company law and internal company statutes. This Section can be seen as a statement of the most basic rights of shareholders, which are recognised by law in virtually all OECD countries. Additional rights such as the approval or election of auditors, direct nomination of board members, the ability to pledge shares, the approval of distributions of profits, etc., can be found in various jurisdictions. Basic shareholder rights should include the right to: 1) secure methods of ownership registration; 2) convey or transfer shares; 3) obtain relevant and material information on the corporation on a timely and regular basis; 4) participate and vote in general shareholder meetings; 5) elect and remove members of the board; and 6) share in the profits of the corporation. Shareholders should have the right to participate in, and to be sufficiently informed on, decisions concerning fundamental corporate changes such as: 1) amendments to the statutes, or articles of incorporation or similar governing documents of the company; 2) the authorisation of additional shares; and 3) extraordinary transactions, including the transfer of all or substantially all assets, that in effect result in the sale of the company. The ability of companies to form partnerships and related companies and to transfer operational assets, cash flow rights and other rights and obligations to them is important for business flexibility and for delegating accountability in complex organisations. It also allows a company to divest itself of operational assets and to become only a holding company. However, without appropriate checks and balances such possibilities may also be abused. Shareholders should have the opportunity to participate effectively and vote in general shareholder meetings and should be informed of the rules, including voting procedures, that govern general shareholder meetings: Shareholders should be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting. Shareholders should have the opportunity to ask questions to the board, including questions relating to the annual external audit, to place items on the agenda of general meetings, and to propose esolutions, subject to reasonable limitations. In order to encourage shareholder participation in general meetings, some companies have improved the ability of shareholders to place items on the agenda by simplifying the process of filing amendments and resolutions.Improvements have also been made in order to make it easier for shareholders to submit questions in advance of the general meeting and to obtain replies from management and board members. Shareholders should also be able to ask questions relating to the external audit report. Companies are justified in assuring that abuses of such opportunities do not occur. It is reasonable, for example, to require that in order for shareholder resolutions to be placed on the agenda, they need to be supported by shareholders holding a specified market value or percentage of shares or voting rights. This threshold should be determined taking into account the degree of ownership concentration, in order to ensure that minority shareholders are not effectively prevented from putting any i tems on the agenda. Shareholder resolutions that are approved and fall within the competence of the shareholders meeting should be addressed by the board. Effective shareholder participation in key corporate governance decisions, such as the nomination and election of board members, should be facilitated. Shareholders should be able to make their views known on the remuneration policy for board members and key executives. The equity component of compensation schemes for board members and employees should be subject to shareholder approval. To elect the members of the board is a basic shareholder right. For the election process to be effective, shareholders should be able to participate in the nomination of board members and vote on individual nominees or on different lists of them. To this end, shareholders have access in a number of countries to the companys proxy materials which are sent to shareholders, although sometimes subject to conditions to prevent abuse. With respect to nomination of candidates, boards in many companies have established nomination committees to ensure proper compliance with established nomination procedures and to facilitate and coordinate the search for a balanced and qualified board. It is increasingly regarded as good practice in many countries for independent board members to have a key role on this committee. To further improve the selection process, the Principles also call for full disclosure of the experience and background of candidates for the board and the nomination process, which will allow an informed assessment of the abilities and suitability of each candidate. The Principles call for the disclosure of remuneration policy by the board. In particular, it is important for shareholders to know the specific link between remuneration and company performance when they assess the capability of the board and the qualities they should seek in nominees for the board. Although board and executive contracts are not an appropriate subject for approval by the general meeting of shareholders, there should be a means by which they can express their views. Several countries have introd Analysis of OECD Principles of Corporate Governance Analysis of OECD Principles of Corporate Governance Foreword The OECD Principles of Corporate Governance were endorsed by OECD Ministers in 1999 and have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both OECD and non OECD countries. The Financial Stability Forum has designated the Principles as one of the 12 key standards for sound financial systems. The Principles also provide the basis for an extensive programme of cooperation between OECD and non-OECD countries and underpin the corporate governance component of World Bank/IMF Reports on the Observance of Standards and Codes (ROSC). The Principles have now been thoroughly reviewed to take account of recent developments and experiences in OECD member and non-member countries. Policy makers are now more aware of the contribution good corporate governance makes to financial market stability, invest ment and economic growth. Companies better understand how good corporate governance contributes to their competitiveness. Investors especially collective investment institutions and pension funds acting in a fiduciary capacity realise they have a role to play in ensuring good corporate governance practices, thereby underpinning the value of their investments. In todays economies, interest in corporate governance goes beyond that of shareholders in the performance of individual companies. As companies play a pivotal role in our economies and we rely increasingly on private sector institutions to manage personal savings and secure retirement incomes, good corporate governance is important to broad and growing segments of the population. The review of the Principles was undertaken by the OECD Steering Group on Corporate Governance under a mandate from OECD Ministers in 2002. The review was supported by a comprehensive survey of how member countries addressed the different corporate governance challenges they faced. It also drew on experiences in economies outside the OECD area where the OECD, in co-operation with the World Bank and other sponsors, organises Regional Corporate Governance Roundtables to support regional reform efforts. The review process benefited from contributions from many parties. Key international institutions participated and extensive consultations were held with the private sector, labour, civil society and representatives from non-OECD countries. The process also benefited greatly from the insights of internationally recognised experts who participated in two high level informal gatherings I convened. Finally, many constructive suggestions were received when a draft of the Principles was made available for public comment on the internet. The Principles are a living instrument offering non-binding standards and good practices as well as guidance on implementation, which can be adapted to the specific circumstances of individual countries and regions. The OECD offers a forum for ongoing dialogue and exchange of experiences among member and non-member countries. To stay abreast of constantly changing circumstances, the OECD will closely follow developments in corporate governance, identifying trends and seeking remedies to new challenges. These Revised Principles will further reinforce OECDs contribution and commitment to collective efforts to strengthen the fabric of corporate governance around the world in the years ahead. This work will not eradicate criminal activity, but such activity will be made more difficult as rules and regulations are adopted in accordance with the Principles. Importantly, our efforts will also help develop a culture of values for professional an d ethical behaviour on which well functioning markets depend. Trust and integrity play an essential role in economic life and for the sake of business and future prosperity we have to make sure that they are properly rewarded. OECD Principles of Corporate Governance The OECD Principles of Corporate Governance were originally developed in response to a call by the OECD Council Meeting at Ministerial level on 27-28 April 1998, to develop, in conjunction with national governments, other relevant international organisations and the private sector, a set of corporate governance standards and guidelines. Since the Principles were agreed in 1999, they have formed the basis for corporate governance initiatives in both OECD and non-OECD countries alike. Moreover, they have been adopted as one of the Twelve Key Standards for Sound Financial Systems by the Financial Stability Forum. Accordingly, they form the basis of the corporate governance component of the World Bank/IMF Reports on the Observance of Standards and Codes (ROSC). The OECD Council Meeting at Ministerial Level in 2002 agreed to survey developments in OECD countries and to assess the Principles in light of developments in corporate governance. This task was entrusted to the OECD Steering Group on Corporate Governance, which comprises representatives from OECD countries. In addition, the World Bank, the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) were observers to the Group. For the assessment, the Steering Group also invited the Financial Stability Forum, the Basel Committee, and the International Organization of Securities Commissions (IOSCO) as ad hoc observers. In its review of the Principles, the Steering Group has undertaken comprehensive consultations and has prepared with the assistance of members the Survey of Developments in OECD Countries. The consultations have included experts from a large number of countries which have participated in the Regional Corporate Governance Roundtables that the OECD organises in Russia, Asia, South East Europe, Latin America and Eurasia with the support of the Global Corporate Governance Forum and others, and in co-operation with the World Bank and other non-OECD countries as well. Moreover, the Steering Group has consulted a wide range of interested parties such as the business sector, investors, professional groups at national and international levels, trade unions, civil society organisations and international standard setting bodies. A draft version of the Principles was put on the OECD website for public comment and resulted in a large number of responses. These have been made public on the OECD we b site. On the basis of the discussions in the Steering Group, the Survey and the comments received during the wide ranging consultations, it was concluded that the 1999 Principles should be revised to take into account new developments and concerns. It was agreed that the revision should be pursued with a view to maintaining a non-binding principles-based approach, which recognises the need to adapt implementation to varying legal economic and cultural circumstances. The revised Principles contained in this document thus build upon a wide range of experience not only in the OECD area but also in non-OECD countries. Preamble The Principles are intended to assist OECD and non-OECD governments in their efforts to evaluate and improve the legal, institutional and regulatory framework for corporate governance in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. The Principles focus on publicly traded companies, both financial and non-financial. However, to the extent they are deemed applicable, they might also be a useful tool to improve corporate governance in non-traded companies, for example, privately held and stateowned enterprises. The Principles represent a common basis that OECD member countries consider essential for the development of good governance practices. They are intended to be concise, understandable and accessible to the international community. They are not intended to substitute for government, semi-government or private sector initiatives to dev elop more detailed best practice in corporate governance. Increasingly, the OECD and its member governments have recognized the synergy between macroeconomic and structural policies in achieving fundamental policy goals. Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a companys management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual company and across an economy as a whole, helps to provide a degree of confidence that is necessary for the proper functioning of a market economy. As a result, the cost of capital is lower and firms are encouraged to use resources more efficiently, thereby underpinning growth. Corporate governance is only part of the larger economic context in which firms operate that includes, for example, macroeconomic policies and the degree of competition in product and factor markets. The corporate governance framework also depends on the legal, regulatory, and institutional environment. In addition, factors such as business ethics and corporate awareness of the environmental and societal interests of the communities in which a company operates can also have an impact on its reputation and its long-term success. While a multiplicity of factors affect the governance and decisionmaking processes of firms, and are important to their long-term success, the Principles focus on governance problems that result from the separation of ownership and control. However, this is not simply an issue of the relationship between shareholders and management, although that is indeed the central element. In some jurisdictions, governance issues also arise from the power of certain controlling shareholders over minority shareholders. In other countries, employees have important legal rights irrespective of their ownership rights. The Principles therefore have to be complementary to a broader approach to the operation of checks and balances. Some of the other issues relevant to a companys decision-making processes, such as environmental, anti-corruption or ethical concerns, are taken into account but are treated more explicitly in a number of other OECD instruments (including the Guidelines for Multinational Ente rprises and the Convention on Combating Bribery of Foreign Public Officials in International Transactions) and the instruments of other international organisations. Corporate governance is affected by the relationships among participants in the governance system. Controlling shareholders, which may be individuals, family holdings, bloc alliances, or other corporations acting through a holding company or cross shareholdings, can significantly influence corporate behaviour. As owners of equity, institutional investors are increasingly demanding a voice in corporate governance in some markets. Individual shareholders usually do not seek to exercise governance rights but may be highly concerned about obtaining fair treatment from controlling shareholders and management. Creditors play an important role in a number of governance systems and can serve as external monitors over corporate performance. Employees and other stakeholders play an important role in contributing to the long-term success and performance of the corporation, while governments establish the overall institutional and legal framework for corporate governance. The role of each of the se participants and their interactions vary widely among OECD countries and among non- OECD countries as well. These relationships are subject, in part, to law and regulation and, in part, to voluntary adaptation and, most importantly, to market forces. The degree to which corporations observe basic principles of good corporate governance is an increasingly important factor for investment decisions. Of particular relevance is the relation between corporate governance practices and the increasingly international character of investment. International flows of capital enable companies to access financing from a much larger pool of investors. If countries are to reap the full benefits of the global capital market, and if they are to attract long-term patient capital, corporate governance arrangements must be credible, well understood across borders and adhere to internationally accepted principles. Even if corporations do not rely primarily on foreign sources of capital, adherence to good corporate governance practices will help improve the confidence of domestic investors, reduce the cost of capital, underpin the good functioning of financial markets, and ultimately induce more stable sources of financing. There is no single model of good corporate governance. However, work carried out in both OECD and non-OECD countries and within the Organisation has identified some common elements that underlie good corporate governance. The Principles build on these common elements and are formulated to embrace the different models that exist. For example, they do not advocate any particular board structure and the term board as used in this document is meant to embrace the different national models of board structures found in OECD and non-OECD countries. In the typical two tier system, found in some countries, board as used in the Principles refers to the supervisory board while key executives refers to the management board. In systems where the unitary board is overseen by an internal auditors body, the principles applicable to the board are also, mutatis mutandis, applicable. The terms corporation and company are used interchangeably in the text. The Principles are non-binding and do not aim at detailed prescriptions for national legislation. Rather, they seek to identify objectives and suggest various means for achieving them. Their purpose is to serve as a reference point. They can be used by policy makers as they examine and develop the legal and regulatory frameworks for corporate governance that reflect their own economic, social, legal and cultural circumstances, and by market participants as they develop their own practices. The Principles are evolutionary in nature and should be reviewed in light of significant changes in circumstances. To remain competitive in a changing world, corporations must innovate and adapt their corporate governance practices so that they can meet new demands and grasp new opportunities. Similarly, governments have an important responsibility for shaping an effective regulatory framework that provides for sufficient flexibility to allow markets to function effectively and to respond to expectations of shareholders and other stakeholders. It is up to governments and market participants to decide how to apply these Principles in developing their own frameworks for corporate governance, taking into account the costs and benefits of regulation. The following document is divided into two parts. The Principles presented in the first part of the document cover the following areas: I) Ensuring the basis for an effective corporate governance framework; II) The rights of shareholders and key ownership functions; III) The equitable treatment of shareholders; IV) The role of stakeholders; V) Disclosure and transparency; and VI) The responsibilities of the board. Each of the sections is headed by a single Principle that appears in bold italics and is followed by a number of supporting sub-principles. In the second part of the document, the Principles are supplemented by annotations that contain commentary on the Principles and are intended to help readers understand their rationale. The annotations may also contain descriptions of dominant trends and offer alternative implementation methods and examples that may be useful in making the Principles operational. Shareholders should be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting. Shareholders should have the opportunity to ask questions to the board, including questions relating to the annual external audit, to place items on the agenda of general meetings, and to propose resolutions, subject to reasonable limitations. Effective shareholder participation in key corporate governance decisions, such as the nomination and election of board members, should be facilitated. Shareholders should be able to make their views known on the remuneration policy for board members and key executives. The equity component of compensation schemes for board members and employees should be subject to shareholder approval. Ensuring the Basis for an Effective Corporate Governance Framework The corporate governance framework should promote transparent and efficient markets, be consistent with the rule of law and clearly articulate the division of responsibilities among different supervisory, regulatory and enforcement authorities. To ensure an effective corporate governance framework, it is necessary that an appropriate and effective legal, regulatory and institutional foundation is established upon which all market participants can rely in establishing their private contractual relations. This corporate governance framework typically comprises elements of legislation, regulation, selfregulatory arrangements, voluntary commitments and business practices that are the result of a countrys specific circumstances, history and tradition. The desirable mix between legislation, regulation, self-regulation, voluntary standards, etc. in this area will therefore vary from country to country. As new experiences accrue and business circumstances change, the content and structure of this framework might need to be adjusted. Countries seeking to implement the Principles should monitor their corporate governance framework, including regulatory and listing requirements and business practices, with the objective of maintaining and strengthening its contribution to market integrity and economic performance. As part of this, it is important to take into account the interactions and complementarity between different elements of the corporate governance framework and its overall ability to promote ethical, responsible and transparent corporate governance practices. Such analysis should be viewed as an important tool in the process of developing an effective corporate governance framework. To this end, effective and continuous consultation with the public is an essential element that is widely regarded as good practice. Moreover, in developing a corporate governance framework in each jurisdiction, national legislators and regulators should duly consider the need for, and the results from, effective international dialogue and cooperation. If these conditions are met, the governance system is more likely to avoid over-regulation, support the exercise of entrepreneurship and limit the risks of damaging conflicts of interest in both the private sector and in public institutions. The corporate governance framework should be developed with a view to its impact on overall economic performance, market integrity and the incentives it creates for market participants and the promotion of transparent and efficient markets. The corporate form of organisation of economic activity is a powerful force for growth. The regulatory and legal environment within which corporations operate is therefore of key importance to overall economic outcomes. Policy makers have a responsibility to put in place a framework that is flexible enough to meet the needs of corporations operating in widely different circumstances, facilitating their development of new opportunities to create value and to determine the most efficient deployment of resources. To achieve this goal, policy makers should remain focussed on ultimate economic outcomes and when considering policy options, they will need to undertake an analysis of the impact on key variables that affect the functioning of markets, such as incentive structures, the efficiency of self-regulatory systems and dealing with systemic conflicts of interest. Transparent and efficient markets serve to discipline market participants and to promote accountability. The legal and regulatory requirements that affect corporate governance practices in a jurisdiction should be consistent with the rule of law, transparent and enforceable. If new laws and regulations are needed, such as to deal with clear cases of market imperfections, they should be designed in a way that makes them possible to implement and enforce in an efficient and even handed manner covering all parties. Consultation by government and other regulatory authorities with corporations, their representative organisations and other stakeholders, is an effective way of doing this. Mechanisms should also be established for parties to protect their rights. In order to avoid over-regulation, unenforceable laws, and unintended consequences that may impede or distort business dynamics, policy measures should be designed with a view to their overall costs and benefits. Such assessments should take into account the need for effective enforcement, including the ability of authorities to deter dishonest behaviour and to impose effective sanctions for violations. Corporate governance objectives are also formulated in voluntary codes and standards that do not have the status of law or regulation. While such codes play an important role in improving corporate governance arrangements, they might leave shareholders and other stakeholders with uncertainty concerning their status and implementation. When codes and principles are used as a national standard or as an explicit substitute for legal or regulatory provisions, market credibility requires that their status in terms of coverage, implementation, compliance and sanctions is clearly specified. The division of responsibilities among different authorities in a jurisdiction should be clearly articulated and ensure that the public interest is served. Corporate governance requirements and practices are typically influenced by an array of legal domains, such as company law, securities regulation, accounting and auditing standards, insolvency law, contract law, labour law and tax law. Under these circumstances, there is a risk that the variety of legal influences may cause unintentional overlaps and even conflicts, which may frustrate the ability to pursue key corporate governance objectives. It is important that policy-makers are aware of this risk and take measures to limit it. Effective enforcement also requires that the allocation of responsibilities for supervision, implementation and enforcement among different authorities is clearly defined so that the competencies of complementary bodies and agencies are respected and used most effectively. Overlapping and perhaps contradictory regulations between national jurisdictions is also an issue that should be monitored so that no regulatory vacuum is allowed to develop (i.e. issues slipping through in which no authority has explicit responsibility) and to minimise the cost of compliance with multiple systems by corporations. When regulatory responsibilities or oversight are delegated to non-public bodies, it is desirable to explicitly assess why, and under what circumstances, such delegation is desirable. It is also essential that the governance structure of any such delegated institution be transparent and encompass the public interest. Supervisory, regulatory and enforcement authorities should have the authority, integrity and resources to fulfil their duties in a professional and objective manner. Moreover, their rulings should be timely, transparent and fully explained. Regulatory responsibilities should be vested with bodies that can pursue their functions without conflicts of interest and that are subject to judicial review. As the number of public companies, corporate events and the volume of disclosures increase, the resources of supervisory, regulatory and enforcement authorities may come under strain. As a result, in order to follow developments, they will have a significant demand for fully qualified staff to provide effective oversight and investigative capacity which will need to be appropriately funded. The ability to attract staff on competitive terms will enhance the quality and independence of supervision and enforcement. The Rights of Shareholders and Key Ownership Functions The corporate governance framework should protect and facilitate the exercise of shareholders rights. Equity investors have certain property rights. For example, an equity share in a publicly traded company can be bought, sold, or transferred. An equity share also entitles the investor to participate in the profits of the corporation, with liability limited to the amount of the investment. In addition, ownership of an equity share provides a right to information about the corporation and a right to influence the corporation, primarily by participation in general shareholder meetings and by voting. As a practical matter, however, the corporation cannot be managed by shareholder referendum. The shareholding body is made up of individuals and institutions whose interests, goals, investment horizons and capabilities vary. Moreover, the corporations management must be able to take business decisions rapidly. In light of these realities and the complexity of managing the corporations affairs in fast moving and ever changing markets, shareholders are not expected to assume responsibility fo r managing corporate activities. The responsibility for corporate strategy and operations is typically placed in the hands of the board and a management team that is selected, motivated and, when necessary, replaced by the board. Shareholders rights to influence the corporation centre on certain fundamental issues, such as the election of board members, or other means of influencing the composition of the board, amendments to the companys organic documents, approval of extraordinary transactions, and other basic issues as specified in company law and internal company statutes. This Section can be seen as a statement of the most basic rights of shareholders, which are recognised by law in virtually all OECD countries. Additional rights such as the approval or election of auditors, direct nomination of board members, the ability to pledge shares, the approval of distributions of profits, etc., can be found in various jurisdictions. Basic shareholder rights should include the right to: 1) secure methods of ownership registration; 2) convey or transfer shares; 3) obtain relevant and material information on the corporation on a timely and regular basis; 4) participate and vote in general shareholder meetings; 5) elect and remove members of the board; and 6) share in the profits of the corporation. Shareholders should have the right to participate in, and to be sufficiently informed on, decisions concerning fundamental corporate changes such as: 1) amendments to the statutes, or articles of incorporation or similar governing documents of the company; 2) the authorisation of additional shares; and 3) extraordinary transactions, including the transfer of all or substantially all assets, that in effect result in the sale of the company. The ability of companies to form partnerships and related companies and to transfer operational assets, cash flow rights and other rights and obligations to them is important for business flexibility and for delegating accountability in complex organisations. It also allows a company to divest itself of operational assets and to become only a holding company. However, without appropriate checks and balances such possibilities may also be abused. Shareholders should have the opportunity to participate effectively and vote in general shareholder meetings and should be informed of the rules, including voting procedures, that govern general shareholder meetings: Shareholders should be furnished with sufficient and timely information concerning the date, location and agenda of general meetings, as well as full and timely information regarding the issues to be decided at the meeting. Shareholders should have the opportunity to ask questions to the board, including questions relating to the annual external audit, to place items on the agenda of general meetings, and to propose esolutions, subject to reasonable limitations. In order to encourage shareholder participation in general meetings, some companies have improved the ability of shareholders to place items on the agenda by simplifying the process of filing amendments and resolutions.Improvements have also been made in order to make it easier for shareholders to submit questions in advance of the general meeting and to obtain replies from management and board members. Shareholders should also be able to ask questions relating to the external audit report. Companies are justified in assuring that abuses of such opportunities do not occur. It is reasonable, for example, to require that in order for shareholder resolutions to be placed on the agenda, they need to be supported by shareholders holding a specified market value or percentage of shares or voting rights. This threshold should be determined taking into account the degree of ownership concentration, in order to ensure that minority shareholders are not effectively prevented from putting any i tems on the agenda. Shareholder resolutions that are approved and fall within the competence of the shareholders meeting should be addressed by the board. Effective shareholder participation in key corporate governance decisions, such as the nomination and election of board members, should be facilitated. Shareholders should be able to make their views known on the remuneration policy for board members and key executives. The equity component of compensation schemes for board members and employees should be subject to shareholder approval. To elect the members of the board is a basic shareholder right. For the election process to be effective, shareholders should be able to participate in the nomination of board members and vote on individual nominees or on different lists of them. To this end, shareholders have access in a number of countries to the companys proxy materials which are sent to shareholders, although sometimes subject to conditions to prevent abuse. With respect to nomination of candidates, boards in many companies have established nomination committees to ensure proper compliance with established nomination procedures and to facilitate and coordinate the search for a balanced and qualified board. It is increasingly regarded as good practice in many countries for independent board members to have a key role on this committee. To further improve the selection process, the Principles also call for full disclosure of the experience and background of candidates for the board and the nomination process, which will allow an informed assessment of the abilities and suitability of each candidate. The Principles call for the disclosure of remuneration policy by the board. In particular, it is important for shareholders to know the specific link between remuneration and company performance when they assess the capability of the board and the qualities they should seek in nominees for the board. Although board and executive contracts are not an appropriate subject for approval by the general meeting of shareholders, there should be a means by which they can express their views. Several countries have introd