The Impact Of Globalization On Indigenous People And...

Introduction Globalization has been the catalyst for advances made in technology, medicine and other areas in the development of the ``modern`` world. Nations have become economically, politically and sociably integrated and dependent on each other, direct effect of globalization. There have been significant beneficial outcomes, but one will wonder at what cost? Throughout the process, societies have neglected the rights of Indigenous people and impaired their way of life; the actions of the human race have caused irreversibly consequences to the Indigenous people. Cultural Survival Background David Maybury –lewis, an anthropologist, took initiative through the founding of cultural survival (non profit group) that eventually became incorporated in 1972. In the 1960`s governments opened the undeveloped areas of the Amazon and South America, in the sole purpose in obtaining resources. The urge in the creation of the group was a direct response to the repercussions occurred to the Indigenous people throughout the process. Cultural Survival essential became another ``voice`` for the Indigenous people throughout their struggle for their rights, sovereignty. Since its dawn, cultural survival has been the catalyst and backbone in the international Indigenous rights movement. The significant contributions made include: empowerment for Indigenous people around the world and increase in exposure of Indigenous culture through their publication program. The cutting of rainforestShow MoreRelatedGender Marginalization5547 Words   |  23 Pagesexperience that affects millions o f people throughout the world. People who are marginalized have relatively little control over their lives, and the resources available to them. This results in making them handicapped in delving contribution to society. 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Effective Board of Directors Free Essays

1. Topic: Effective Board of Directors 2. Six Steps to Building an Effective Board By:Bruce R. We will write a custom essay sample on Effective Board of Directors or any similar topic only for you Order Now Evans 3. Summary: The author Bruce R. Evans is a managing partner in Summit Partners’ Boston office. He has also been a member of more than 25 boards, which include 10 public company boards. He claims that when a Board is working effectively it is a big part of the company’s success. However, an ineffective board can be distracting and cause liabilities for the company. Through his experiences he has created six steps to building an effective Board of Directors. The first step is â€Å"find the expertise you are missing†. CEOs of companies that are similar but not in competition with your company can give you information on the industries trend. The second step is â€Å"look for board experience†. This means that getting people that are experienced are key because they know what they are doing and understand critical issues of audit, finance, and strategy. Next is â€Å"do not overlook non-CEO candidates†. Other types of executives can be extremely valuable because most of the time they want board experience and therefore will be willing to serve on smaller company’s boards unlike CEOs. Another step is â€Å"keep your board size manageable†. The smaller and more focused boards are preferred than large ones. The more directors you have the more time you will invest in order to manage them. There should always be an odd number of directors to avoid ties in voting. The next step is â€Å"choose people who can participate fully†. The people on the board should be able to put in time for the company, and not just show up for the meeting. Members that live close to the company are preferable because when problems arise you can meet them face-to-face. The final step is â€Å"divide your board into focused committees†. The Board of Directors work on many issues, such as, compensation, audit, transactions, financing, business strategy, lawsuits, and other problems. To increase the effectiveness of the Board Evans suggest you form focused committees on these critical areas. A diverse and experienced board can be key in the success of a business. It will offer a different perspective on industry trends that can help you avoid liabilities and take advantages of opportunities. 4. I believe that this article very accurately explains the keys of creating a Board of Directors. All of Evans’ steps are very simplistic but are very important. Before I read the article I did not know what exactly a Board of Directors did, but now I know that they work on many key issues in the company. For that reason they need a diverse group of members so they get a different perspective on the issues. Also, it is important that they have focus groups for each issue that way they can go into each issue in depth and in detail. I am sure that the most successful companies have well diverse group of Board of Directors. How to cite Effective Board of Directors, Essay examples

Corporate Governance Policies and Principles

Question: Discuss about the Corporate Governance Policies and Principles. Answer: Introduction In the year 1988, ABC Learning was formed and with due passage of time, it pursued over 30 centers until the year 2000. In the year 2001, it achieved great heights and widespread across United Kingdom, Australia and United States with over 2238 centers. However, this extreme expansion and development was the key reason behind its downfall. Not only this, the company was encountering various accounting problems because it is observed that the assets and goodwill were extremely overvalued. Furthermore, various auditors that resulted in additional infringement of the issues put two varied opinions forward. From the year 2007, ABC Learning had to negotiate and finance again with its bankers when it started facing debt issues. Within a short span of time, some of the long-term loans payable by the company converted into short-term, thereby negatively affecting the companys cash flow. Sooner, the share value of the company also diminished and as a result, the company liquidated. Evaluation OneTel considered as the fourth biggest telecommunication company in Australia. However, it also disintegrated with due passage of time because of inappropriate pricing strategies, uncontainable development, failed anticipations etc (Kruger, 2009). Furthermore, there also prevailed matters relating to failures of corporate governance practices such as financial reporting, ineffective audit and internal controls, management communication etc within the company that led to its downfall (Gilbert et. al, 2005). Ray Williams founded HIH Insurance in the year 1968. The anticipated asset base of the company reported at $8.1 billion in the late 2000 that urged investors to believe it to be resilient and dependable. However, by the year 2001, HIH crumbled because of its debts and insurance liabilities. Actually, too much weightage on debts hampers the smooth performance of a company and the same prevailed in the case of HIH Insurance. Investigations have also stated that the company lacked appropriate interpretation and understanding in relation to relevant business risks and it acquired assets at a very high price. Furthermore, other issues like persuasion of stock markets, fraud, careless management etc also prevailed within the company. On a whole, the company disintegrated due to several immoral practices done by it (Kaplan, 2011). Research ABC Learning was one of the few companies that achieved massive growth in a short period. It was the first childcare center and corporate day care in Australia whose prices of shares increased three times within five years from getting listed. The reason behind the downfall of ABC was because several macro-economic factors but the company gave prior concern to profit-making by compromising with the quality of services provided. This was one of the major reasons when the problems started accumulating within the company. Investigations state that the management and their work were not being looked after which was the key shock (Teen, 2012). Financial irregularities started occurring when the company started acquiring various businesses and the management overlooked it. Furthermore, due to high reliance on debts and irregularities in the financial information portrayed by the company, even the public neglected it. After the companys downfall, people lost complete faith in it and viewed it with suspicion. ABC also ineffectively followed the corporate governance practices and it undertook related party transactions with a motive of advantage for Mr. Grooves (Teen, 2012). Queensland Maintenance Services had brother-in-law (Mr. Grooves) as the director and was paid a massive sum for ABC Learning Centers maintenance. The company also provided massive sum for the Brisbane Basketball Team that was own by Mr. Grooves. Even after so many accusations, the company stated that the transactions undertaken were not for the directors or their relatives personal interest but as there was a lack of transparency because of poor practices of corporate governance, the confidence, and trust among investors deteriorated. HIH Insurance Ltd and its operations The business activities of HIH Insurance started on a very small level but with due passage of time, it established more than 200 subsidiaries so that its insurance activities can be covered both domestically and internationally. However, such extreme expansion and acquisition did not prove well for the company and as a result, it created many difficulties for it (Kruger, 2015). HIH Insurance started operating in US markets because insurance activities and market is very competitive in nature and if entrants are capable of manipulating and aligning with the market shares, then it can achieve great heights (Westfield, 2003). As a result, many customers were attracted because the company initially offered lower premium amounts on its insurance activities (Brown et.al, 2006). But when the company tried to enter UK markets without prior knowledge of business risks, it encountered various legal problems. For instance, HIH Insurance acquired FAI at a cost of $300 million whose actual price was only $100 million. Furthermore, the company did not establish appropriate provisions to meet its future liabilities while it offered insurance at lower premiums. The actuary advisors of the company had also notified about the requirements of appropriate provisioning but the company neglected their advice and went for reinsurance strategy that also went wrong. Related Party T ransactions took place with the external auditors of the company and bribe matters were also discovered that created generous issues on the auditors report. Quality of issues related to Financial Reporting In relation to OneTel, it can be seen that the quality of its financial reporting were extremely inappropriate because reports like trial balance, monthly reports, debtors aging etc were inappropriately checked by the appointed executives of the company. Investigations have stated that the finance director of the company had not observed the trial balances, journal, ledgers and other books of accounts of the company in an effective manner. This inefficacy clearly indicates the importance level provided by the higher authorities in relation to accounts and finance of the company. Furthermore, this also depicts the inefficiencies in the internal reporting and control activities of the company. The major reason behind the low earnings of OneTel could be justified by the usage of accrual concepts in an extreme conservative way. Moreover, the company introduced two different and relevant changes in its accounting policy. Firstly, that it did not account for its intangibles and secondly, t hat immediately in the next year, the policy associated with deferred expenditures was changed. This was the major reason of the incomes being earned before the year 2000 was because of non-conservative accounting policies adopted by the company and immediately opting to write-off some of its subscriber acquisition costs and business operations resulted in its loss. Furthermore, even the report framed by the companys auditors was inappropriate because there were several irregularities within the company and an unchartered opinion was issued. This clearly indicates of the fact that the auditors of the company provided a biased report that is against the ethical audit practices. When the financials of the company submitted to the ASC for the period 1998-1999, it was revealed that there were millions of deferred expenses and hidden losses in the company. The prevalence of customer billion and cash billing issues made the operating cash flows of the company very poor. Inappropriately pr iced acquisitions and extreme pricing policies also facilitated in the deviation from the goals of the company (Brown et. al, 2006). Therefore, it is observe that ABC Learning initially emerged as a very strong company but the management was insufficient in handling the treasures of the company and as a result, it failed within a short span of five years. Although the company pursued an effective goal for growth and development, yet it failed to strengthen its base (CPA, 2012). On a whole, the financial and accounting inefficacies and variations in the government policies played a major role in the downfall of such a company that was once a ruler in the day care markets of Australia. Fabricated scenario The various acquisitions made by HIH Insurance tried to depict its economical power and synergies but in reality, these acquisitions were of very weak corporations that significantly led to a poorer amalgamated entity. Furthermore, the supremacy of Ray Williams as the companys CEO proved to be a big obstacle in the path of efficient corporate governance practices because his power could not be override by anyone, thereby increasing the risk of departure from the interest of the shareholders. In relation to OneTel, is seen that the prevalence of inappropriate accounting policies and financial reporting within the company created hindrances in the companys performance and becomes misguiding (Cook, 2001). The management took the accounting policy decisions but the company fixed its accrual percentages in such a way that it totally misguided about its situation (Fernando, 2009). The Management Discussion and Analysis made even focus on EBITDA but it also established a wrong impression on the investors minds. Furthermore, the financial statements of the company did not present a fair representation of its business and even the quality of audit and financial reporting were very low, thereby creating economical distress for the company (Baldwin, 2010). Therefore, it can be seen that OneTel suffered from various significant problems such as earnings, creditors, debtors, cash balance etc, but still the management did not take appropriate initiatives to make way for transparency within the company (Heeler, 2009). As a result, the management provided an encouraging picture of the company taking into consideration the creation of several committees and EBITDA that was completely misguiding and was just for a formality. Recommendation The rules and regulations created by the government is not the only requirement that must be followed by companies. The Board of Directors of every company is morally or ethically responsible to operate in such a manner that does not hamper the society on a whole. When acquisitions and expansions are made, management must not overlook the finance, accounts, and other related provisions of the company. Even the base of the company should be very strong so that during financial pressures, it stands firm (Kruger, 2009). This is done through technical and fundamental evaluations when shares invested in the company. Furthermore, the Board of Directors are also greatly liable to give their best in maintaining high standards of corporate governance and ethics within the activities of the company so that its goodwill can be enhanced, thereby also leading to an enhancement in its shareholder value (Goodstein, 2011). Conclusion Effective and proper corporate governance practices are very vital for the smooth performance of a business enterprise and for its long-term development and survival in the market. This is evident from the case studies of OneTel, HIH Insurance Ltd and ABC Learning Ltd that lack of effective practices of corporate governance lead to the downfall of the companies, irrespective of the fact that these companies initially emerged as a very strong company. It must be noted that while these companies took several years to develop effectively, their downfall happened in a very short span of time. Not only did the directors disregard the relevance of effective corporate governance practices but they also did not give due prominence to regular assessment of these practices that led to a failure (Goodstein, 2011). The introduction of various procedures like voluntary self-regulatory code of effective practices and CLERP 9 have proven to be very effective in such a scenario as these mandates the Board of Directors of a company to evaluate the process in which they function. References Baldwin, S., 2010. Doing a content audit or inventory. Pearson Press. Brown, J.W., Chasek, P. Downie, D.L 2006, Global Environmental Politics, Boulder, CO:Westview Press. Cook, T 2001, Collapse of Australia's fourth largest telco adds to growing list of corporate failures viewed 12 September 2016, https://www.wsws.org/en/articles/2001/06/onte-j08.html CPA 2012, ABC learning collapse case study, , viewed 12 September 2016, https://www.cpaaustralia.com.au/professional-resources/education/abc-learning-collapse-case-study. Fernando, A C 2009, Corporate Governance Policies and Principles, Prentice Hall. Gilbert, W. Joseph J Terry J. E., 2005. The Use of Control Self-Assessment by Independent Auditors. The CPA Journal, 3, pp. 66-92 Goodstein, E 2011, Ethics and Economics, Economics and the Environment, Wiley Heeler, D., 2009. Audit Principles, Risk Assessment Effective Reporting. Pearson Press Horngren, C., 2013. Financial accounting. Frenchs Forest, N.S.W, Pearson Australia Group. Kaplan, R.S., 2011. Accounting scholarship that advances professional knowledge and practice. The Accounting Review, 86(2), pp. 367383. Kruger, C 2009, Lessons to be learnt from ABC collapse, viewed 12 September 2016, https://www.smh.com.au/business/lessons-to-be-learnt-from-abc-learnings-collapse-20090101-78f8.html Kruger, C 2009, Numbers finally start to add up as operators go back to basics, viewed 12 September 2016, https://www.smh.com.au/business/numbers-finally-start-to-add-up-as-operators-go-back-to-basics-20110121-19zy6.html Kruger, P., 2015, Corporate goodness and shareholder wealth, Journal of Financial economics, pp. 304-329 Manoharan, T.N., 2011, Financial Statement Fraud and Corporate Governance, The George Washington University. Teen, M.Y., 2012, The ABC of a corporate collapse, viewed 12 September 2016, https://governanceforstakeholders.com/2012/12/28/the-abc-of-a-corporate-collapse/. Westfield, M 2003, HIH : The Inside Story Of Australia's Biggest Corporate Collapse, viewed 12 September 2016, https://www.smh.com.au/articles/2003/03/14/1047583693489.html