Financial Prospectus Content Paper Essay

Prepare the first seven components of your venture’s Financial Prospectus. The Financial Prospectus must include the information you provided in the individual assignments from Week One and Two, revised as necessary based on material covered in subsequent workshops and organized with new material added as necessary. Post your assignment as a Microsoft ® Word attachment in APA format. Every freshman should understand and realize that the freshman 15 does in fact exist. It is important that everyone take the necessary steps to ensure that they are getting proper nutrition during their first year in college. While it might be tempting to pile on some fries for dinner every night, you’ll pay for it in the long run. This work comprises FIN 375 Week 4 Financial Prospectus Content Paper Business – General Business Individual Financial Prospectus Content Paper Resources: Final Prospectus Expectations Prepare the first seven components of your venture’s Financial Prospectus. The Financial Prospectus must include the information you provided in the individual assignments from Week One and Two, revised as necessary based on material covered in subsequent workshops and organized with new material  added as necessary. Post your assignment as a Microsoft ® Word attachment in APA format. Every freshman should understand and realize that the freshman 15 does in fact exist. It is important that everyone take the necessary steps to ensure that they are getting proper nutrition during their first year in college. While it might be tempting to pile on some fries for dinner every night, you’ll pay for it in th†¦ A+ tutorial you will find here – https://bitly.com/1wySU49 Every freshman should understand and realize that the freshman 15 does in fact exist. It is important that everyone take the necessary steps to ensure that they are getting proper nutrition during their first year in college. While it might be tempting to pile on some fries for dinner every night, you’ll pay for it in the long run. Business – General Business Individual Financial Prospectus Content Paper Resources: Final Prospectus Expectations Prepare the first seven components of your venture’s Financial Prospectus. The Financial Prospectus must include the information you provided in the individual assignments from Week One and Two, revised as necessary based on material covered in subsequent workshops and organized with new material added as necessary. Post your assignment as a Microsoft ® Word attachment in APA format.

An Analysis On Upper Echelon Theory Essay

The Upper Echelon Theory links the attributes of firm performance and top management team members. Furthermore, this theory argues that the attributes of a certain person affect the attitudes and preferences of top members and the team dynamics. The theory suggests that the organizational outcomes are the result of the strategic choices that the managers make. The idea that the values, goals, and aspirations of top management influenced organization’s culture and systems can be proven by numerous corporations from different industries that have gained reputation and credibility in the marketplace for providing excellent products and quality services (Coyle-Shapiro, 2005). Those companies have good historical backgrounds and currently possess great missions and visions for their organizations. The goals and values of a certain organization determine the competitive strategy of the firm as suggested by the theory. Apparently, the prominent organizations that have been included on the lists of profitable companies portray excellence in terms of employee line-ups and performance. The people who are highly skilled and possess strong determination are usually found working in these corporations. In other words, the people on the top management could predict the success and future status of the company based on the values and goals that the company would like to achieve in every project. On the contrary to the theory of Hambrick and Mason, Laske and Maynes suggest that people have already their firm beliefs regarding certain issues prior to their participation to an organization. Naturally, people act, talk, and behave according to the constructed reality that the society had provided for them (Laske and Maynes, 2002). In this aspect, Laske and Maynes argue that the organization may or may not fail regardless of the values set by the organization because of the diverse personalities under that firm. The person who works for a certain organization may do his or her job merely because of the benefits like compensation and promotion that the company can offer and not because of what the goals that the top management would like to achieve for the company as a whole. Generally, upper echelon theory proposes a good view in the organizational outcomes; however, it shows conflicts on the values that the company sets and the employees in that firm possess. References Coyle-Shapiro, J. (2005). The Employment Relationship. USA: Oxford University Press Laske, O. and Maynes, B. (2002). Growing the Top Management Team: Supporting Mental Growth as a Vehicle for Promoring Organizational Learning. The Journal of Management Development. Bradford: MCB Ltd. Vol. 21

Benny, the War in Europe, and Myerson’s Daughter Bella Essay

When Benny was sent overseas in the autumn of 1941 his father, Mr. Garber, thought that if he had to give up one son to the army, it might as well be Benny who was a quiet boy, and who wouldn’t push where he shouldn’t; and Mrs. Garber thought: â€Å"my Benny, he’ll take care, he’ll watch out;† and Benny’s brother Abe thought â€Å"when he comes back, I’ll have a garage of my own, you bet, and I’ll be able to give him a job.† Benny wrote every week, and every week the Garbers sent him parcels full of good things that a Jewish boy should always have, like salami and pickled herring and shtrudel. The food parcels were always the same, and the letters — coming from Camp Borden and Aldershot and Normandy and Hol ­ land — were always the same too. They began — â€Å"I hope you are all well and good† — and ended — â€Å"don’t worry, all the best to everybody, thank you for the parcel.† When Benny came home from the war in Europe, the Gar ­bers didn’t make much of a fuss. They met him at the station, of course, and they had a small dinner for him. Abe was thrilled to see Benny again. â€Å"Atta boy,† was what he kept saying all evening, â€Å"Atta boy, Benny.† â€Å"You shouldn’t go back to the factory,† Mr. Garber said. â€Å"You don’t need the old job. You can be a help to your brother Abe in his garage.† â€Å"Yes,† Benny said. â€Å"Let him be, let him rest,† Mrs. Garber said, â€Å"What’ll hap ­ pen if he doesn’t work for two weeks?†Ã‚  Ã¢â‚¬Å"Hey, when Artie Segal came back,† Abe said, â€Å"he said that in Italy there was nothing that guy couldn’t get for a  couple of Sweet Caps. Was he shooting me the bull, or what?† Benny had been discharged and sent home, not because the war was over, but because of the shrapnel in his leg, but he didn’t limp too badly and he didn’t talk about his wound or the war, so at first nobody noticed that he had changed. No ­ body, that is, except Myerson’s daughter Bella. Myerson was the proprietor of Pop’s Cigar & Soda, on Laurier Street, and any day of the week, you could find him there seated on a worn, peeling kitchen chair playing poker with the men of the neighbourhood. He had a glass-eye and when a player hesitated on a bet, he would take it out and polish it, a gesture that never failed to intimidate. His daugh ­ ter, Bella, worked behind the counter. She had a club-foot and mousy hair and some more hair on her face, and although she was only twenty-six, it was generally supposed that she would end up an old maid. Anyway she was the one — the first one — who noticed that the war in Europe had changed Benny. And, as a matter of fact, the very first time he came into the store after his homecoming she said to him: â€Å"What’s wrong, Benny’? Are you afraid?† â€Å"I’m all right,† he said. Benny was a quiet boy. He was short and skinny with a long narrow face, a pulpy mouth that was somewhat crooked, and soft black eyes. He had big, conspicuous hands, Thich he preferred to keep out of sight in his pockets. In fact, he seemed to want to keep out of sight altogether and whenever  possible, he stood  behind a chair or in a  light so that  people wouldn’t notice him — and, noticing  chase him  away. When he had failed the ninth grade at Baron Byng High School, his class-master, a Mr. Perkins, had sent him home with a note saying: â€Å"Benjamin is not a student, but he has all the makings of a good citizen. He is honest and at ­ tentive in class and a hard worker. I recommend that he learn a trade.†

Decisions in Paradise, Part III Essay Example | Topics and Well Written Essays - 1250 words

Decisions in Paradise, Part III - Essay Example As the Business School in Kava can surely cover ARS Corp’s CSR and also has the Kava’s market is optimal for a Business School with good number of target customers, it can surely go ahead with its plan. In addition, there is good support from the Kava Government as well as its people for the establishment of the Business School because it fulfills their key necessity in relation to education. Although, these favorable points can push the ARS Corp to initiate the establishment, starting with the flow of needed funds from its headquarters, there are some key factors which need to be analyzed. These key factors could impact the establishment process, and so to positively and beneficially manage those impacts, apt resources has to be considered and implemented. Even then, there could be ethical issues, which need to be managed aptly for the success of the Business School. Factors affecting decision implementation and the proposed solution The factors that may affect ARS Cor p’s decision to go for a business school can be seen in both its internal environment and also its external environment. Both these factors could impact or even negatively affect the decision of ARS Corp to go for a Business School. When one focuses on the external environment, the main factor is the continuing problems with natural disasters in Kava. Kava is located precariously in the Pacific Ocean and is facing most of the natural disasters known to man. That is, Pacific Ocean countries or islands will always face heightened natural disasters because of its problematic geographical location, with major tectonic plates passing through and with many hurricanes and tornadoes arising and passing through that region. Island nations in the Pacific Ocean experience natural disasters associated with typhoons, and because of their proximity to the Pacific Ocean's "Ring of Fire" – (the term refers to the Pacific region where high numbers of earthquakes as well as volcanic eru ptions occur). (Przyborski and Platnick, 2008). On the same lines, in Kava, many natural and even man-made disasters happen quite often and that includes Tornadoes, Floods, Earthquakes, Volcanic eruptions, Fires, etc. These natural disasters could very well destroy ARS Corp’s Business School if it crosses the location of the school, or if the epicenter of impact is near to the school. â€Å"That’s why the mess all around here. Some disaster hit this place. Right?† (Case Scenario). Although, ARS Corp could try building its Business School, incorporating various inbuilt protections, based on structural techniques and other technologies, skeptics still point out it cannot be foolproof. If this skepticism spreads to ARS Corp hierarchy both in the Kava as well as in the headquarters, then there will be big question mark over the project. Resources and actions required The decision to build the Business School can be carried forward with confidence as there are quite few resources to counter the natural disasters. One of the first steps to counter natural disasters is finding a somewhat safe or even strategic location inside Kava, where there will be minimum impact of natural disasters. Although, Kava is fully exposed to natural disasters, there may be some locations, even deep inside the Island, where the impact of the natural disasters could be toned down. The first duty of ARS Corp is to search and corner in on such a location, even while taking into

Gods Eye View Essay Example | Topics and Well Written Essays - 750 words

Gods Eye View - Essay Example The need to explain religious beliefs and culture of people results in the notion of God’s eye view. In the Iliad, every action of mankind was under the influence of a god. Zeus exerts influence upon a Trojan warrior to wound Melaneus and, thus, to break the truce existing between Greeks and Troy; Poseidon intervenes in the war and protects the Greeks from slaughter (Paley, 35). Homer managed to bring out the religious culture of the Greeks and the names of their gods.An analysis of the subject-object principle is essential in order to effectively describe this concept. An examination of human experience should be done, and a conclusion made on what is subjective and objective (Trigg, 51). The notion of subject-objective principle arises from the knowledge that the world consists of objects which are seen and subjects who are mainly observers. As observers, subjects possess knowledge and they can explain any circumstance facing the community.In the Iliad, Homer plays a subject ive role. He is an observer and, therefore, he gives out an analysis of the roles of the Trojan conflict. The Greeks and the gods are the objects. Home sees them and, thus, analyses their roles in the conflict. In describing this notion, the principles of subject and object need to be put in consideration. The world, as construed in the Iliad, is governed by the gods. The Greek gods were part and parcel of the Greeks’ way of life, and this is portrayed in the Trojan War where gods fought on different sides.

One out line page using standard outline format Essay

One out line page using standard outline format - Essay Example People facing information overload sometimes try to manage by ignoring some of the messages, by responding inaccurately to certain messages, by delaying responses to messages they judge unimportant, by answering only a part of some messages, by reacting only superficially to all messages, or by taking less time with each messege. To overcome information overload, one needs to realize the information that not necessary, and make the necessary information simply available. Give information meaning rather than just passing it on, and set priorities for dealing with the flow of information. Some information is not necessary. This is scenarios where the information is difficult to handle. When formulating business messages, one should communicate both as a representative of an association and as an individual. There must adjustment of style and ideas so that they are acceptable to your manager. In reality, a person is asked occasionally to write or say something that you disagree with personally, some communicators finds difficult. Communicators are regularly faced With messages that struggle for attention. To overcome competition barriers, avoid making demands on a receiver who doesnt have the time to pay careful attention to your message. Make written messages visually attractive and easy to understand, and try to convey them when your recipient has time to read them. Oral messages are most efficient when you can speak straight to your receiver. Also, be sure to set aside enough time for significant messages that you receive. Business messages rarely have the benefit of the audience’s full and undivided attention. workforce of low status may be too cautious when sending messages to managers and may talk only about subjects they think the manager has interest in. likewise, higher-status people may deform messages by

Entomology Essay Example | Topics and Well Written Essays - 750 words - 2

Entomology - Essay Example Dietary assessment has become an integral part of clinical evaluation and nursing assessment. Good nutrition is not only important for preventing disease, but also for comprehensive management of a sick patient. In this essay, I plan to reflect on the food I consumed over the previous week and compare with US guidelines for dietary consumption. Dietary assessment includes 24 hour recall of food intake of each day of the week, including the type and quantity, calories analysis, estimation of protein, fat and other important nutrients like vitamins and minerals and comparing with standard references for respective age, sex and physiological condition like pregnancy, lactation and adolescence. This is then averaged to per day analysis. One week's recall of food may not be the best guide for nutrition assessment. However, it keeps matter simple for calorie calculation. From my previous week food recall, it is evident that total calorie intake on an average is about 2500 kcal per day, in excess of my requirement. The recommended calorie requirement for my age and sex is about 1900 calories. The protein intake is about 25 grams when I need about 45 grams. Total fat is about 30% (when it should be less than 20%) and mainly constituting saturated fat and dietary fibre is only about 10% (when it should be 30%). Except for some iron and calcium in the breakfast and some vitamins in the snacks, my diet is poor in vitamins and minerals. Also, there is increased consumption of non milk extrinsic sugars in the form of coke and cookies. The diet does not contain fresh fruits or vegetables or starchy staple foods. Nor does the diet contain any milk. Of course, the amount of alcohol is in moderation. Due to the excess calorie intake and predominance of saturated fats and sugary foods, Ana is at risk of chronic diseases like obesity, cardiovascular disease, hypertension, arthritis and chronic pulmonary disease. Consumption of acidic foods and non milk extrinsic sugars (like in c oke, pastries, chocolates) are cariogenic and are the beginning of periodontal diseases. Also, diet poor in minerals and vitamins can lead to multi-vitamin deficiencies, anemia and malnutrition. Improper diet can also have a psychological effect leading to depression. It is important for me to refer to the dietary guidelines and alter my diet. First of all, the total calorie value of food should not exceed 2000 k cals. According to the National Food Guide to an adult’s diet, bread, cereals and potatoes should comprise one third of the diet and preferably whole grains. Another one third should comprise of fruits and vegetable

Essay Example | Topics and Well Written Essays - 1250 words - 6

Essay Example Christina Hoff Sommers, in â€Å"Philosophers Against the Family† discusses that there is a false dichotomy as there is the great divide which distinguishes the radical feminist from the simply feminine and the mutual exclusivity of the two concepts which completely overlooks the reality that both can co-exist. Sommers (2005) offers that there is a middle ground, though this has not been widely recognized by both views, especially radical feminism in the United States. Liberal feminism gives focus on reforms which touches base on the very root of feminism. The oppression and the discrimination that necessarily entails sexism as commonly seen in the workplace and in society is the very nature that belittles women and that affects them on a regular basis. This is the fight of feminism on a daily basis that is in the heart of the average woman and her understanding of what feminism is. This, however, is far removed from the philosophical feminist’s view. â€Å"But to be a ntisexist in the technical, radical philosophical sense is not merely to be opposed to discrimination against women; it is to be for what Wasserstrom calls the assimilationalist ideal† (Sommers, 2005, p.313). The truly antisexist in this sense would neither fight nor agree for laws that give preference to women such as maternity leave. Equality is achieved by overlooking and consequently extinguishing gender and all notions that come with it. The wider perspective that transcends the philosophical feminist movement is best understood by first appreciating the average woman. â€Å"The average woman enjoys her femininity† (Sommers, 2005, p.314). She has goals which include being with a man, having children and maintaining a career with the same opportunities that her male counterpart has. â€Å"These are the goals that women actually have, and they are not easily attainable. But they will never be furthered by an elitist radical movement that views the actual aspirations of women as the product of a false consciousness† (Sommers, 2005, p.314). The goals and aspirations of the average woman must first be understood in order to make a correlation with these and how they are achieved. The characterization of a woman in the realistic sense juxtaposed to the ideal woman of the radical feminist movement made by the author brings forth a wider understanding on why the two concepts cannot meet. The illustration made by the radical feminist movement of the woman is arguably deductive and brings it to a realm that makes it incomprehensible most especially to the average woman herself. The false consciousness that is attributed her makes her very existence appear to be a pretense together with all of her life’s worth along with all her hopes and dreams. Sommers is correct in concluding that goals for marriage, family, career, and more logically, equal opportunity for all of the foregoing are the main points that calls for what is deemed as the av erage woman’s feminist ideals as oppose to the scholarly feminism written of extensively. Radical feminism, at the heart of it, attacks societal pressures to conform to gender roles which has been proliferated for ages and has been inculcated in every person from the moment of conception. The idea of an assimilationist society is the very purpose of many feminist movements which has often been likened to Marxism in many regards. Citing the famous feminist Simone de Beauvoir, Sommers

Impact of school funding on student achievement Essay

Impact of school funding on student achievement - Essay Example In fact, more than $66 billion is said to have been invested in school technology (QED, 2004). This unprecedented level of investment in educational technology has raised expectations of legislators and the public who have been looking for returns on this investment (Benton, 2002; CEO Forum, 1999, 2000), and therefore are calling for evidence regarding the efficacy and cost-effectiveness of technology especially in K-12 schools (Ringstaff & Kelley, 2002; Panel on Educational Technology, 1997; Melmed, 1995). No child left behind (NCLB) requires states to demonstrate that "every student is technologically literate by the time the student finishes the eighth grade, regardless of the student's race, ethnicity, gender, family income, geographic location, or disability" (U.S. Department of Education, 2001). While NCLB has established an eighth-grade technology literacy requirement, the requirement is not a full statement of knowledge and skills students need nor does it include a mechanism for ensuring accountability (Kay & Honey, in press). Educational funding has been found to be associated with student achievement (Lance (2001), Miller (2002), Siminitus (2002), and Whitington (2002). Generally, that would mean more funding may be able to enhance student achievement. The RAND study findings (Grissmer, et al. 2000) found that when other characteristics, like socio-economic status and family background, are equal, NAEP test scores are higher in states that have: 1) higher per-pupil expenditures, 2) lower pupil-teacher ratio in lower grades, 3) higher percentage of teachers who feel they have adequate resources for teaching, 4) more children in public pre-kindergarten programs, and 5) lower teacher turnover. In the Burke County, North Carolina Research (Pritchard 2000), the Burke County schools in 1995-96 reduced class sizes in first- and second-grade to 15 students per teacher. The study found: 1) increased achievement in both reading and math, and 2) More teacher time devoted to instruction due to fewer discipline problems. The Ohio Education Association in a member survey stated that new educational policies have done more harm than good, while Ohio political leaders have continued to neglect severe funding problems of Ohio public schools (Ohio Education News). The highlights of the 4000 Member Survey include - Only 5% of respondents feel Ohio's school funding system gives every school district equal resources for a quality education for all students. Eighty-seven percent indicated Ohio's system of funding education is fundamentally flawed. Two-thirds feel that their school districts are under-funded, and 93% feel that Ohio schools overall are under-funded. Eighty-nine percent feel the state legislature has failed to solve the state's education funding crisis. Between 85% and 95% of those surveyed feel initiatives like No Child Left Behind, tuition vouchers, and some aspects of high-stakes testing have done more harm than good. Two of other popular researches include the Tennessee STAR Project (Prichard 2000a) which tested the effect of class size on student achievement, where smaller classes outperformed regular classes, and HEROS (Health and Education Research Operative Services) Research (Prichard

Answer the questions Assignment Example | Topics and Well Written Essays - 500 words - 4

Answer the questions - Assignment Example Secondly, McCoy was tired from the lock trek he had already been on; therefore, carrying the Sadhu down the slope was going to be a more than impossible task to accomplish. Additionally, everyone in the group was disjointed, and thus there was no common ground to make a decision. As a defense for McCoy, I would say that the circumstances that prevailed in the mountain provided him with little or no rope on which to make an informed decision. Each decision he would have made would have had consequences. The decision he made to treat the Sadhu for hypothermia helped a great deal to bring the Sadhu back to vigor from the lifeless state he had been in prior to the McCoy’s intervention. In conclusion, McCoy did something to mitigate the situation even if it was enough to suffice the situation. In this case, I think McCoy would have stopped to help. Women and children are vulnerable and as such, McCoy would have been motivated to help. Additionally, there is a vast chasm between the Western culture and Asian culture since McCoy hails from the western culture he would have stopped to help the western woman. Besides, children are a responsibility of everyone in the Western culture; therefore, he would have also been forced to help if it were a child. McCoy helping a western woman or a child matters because failure to do so would lead us to question his values, as well as moral grounding. Women and children are vulnerable and as such, it is essential to assist them. Context is essential for us to empathize with McCoy in this situation. Besides, context enables to learn from experiences and hence make a better decision in the future. The conditions that prevailed in McCoy’s case were grave, and McCoy was in danger of being spent up or getting an attack of altitude sickness. Absolutely. The dangers that one faces on top of the mountain are life-threatening in nature – altitude sickness, accidents, hypothermia – to mention but a few. When making a judgment, in

Hydration and nutrition at the end of life Essay - 8

Hydration and nutrition at the end of life - Essay Example According to standard practice in the UK and Scotland, palliative care and end-of-life healthcare requires a holistic approach through which patients are given the kind of care that influences all aspects of their lives positively (Tappenden, et al., 2013). Therefore, it is important for all aspects of healthcare to be considered and taken into account in order to provide the best of treatment for this category of patients. Furthermore, palliative care and elderly healthcare come with major issues that require the active involvement of the families of patients (Field & Cassel, 2013). This means there is the need for authorisation in an official and unofficial context for the provision of proper care and treatment. In spite of the importance of nutrition in improving the lives of end-of-life patients, evidence indicates that a vast majority of these patients are not given the proper care and attention in terms of feeding and the digestion process (Mann & Truswell, 2012). Over 55% of nurses and medical practitioners do not spend quality time examining and critiquing options for the provision of high quality care (Gillespie & Raftery, 2014). Therefore, patients get major complications that contribute to their challenges at these sensitive times of their lives. The purpose of this research is to examine the main issues with the provision of proper nutrition to persons who are going through end-of-life medical treatments and processes. This will culminate in the examination of a central point in research and from there, In order to design a proper research, there was the need to define the scope of the research and formulate an appropriate strategy to conduct the study.

Romantic Imagination Essay Example for Free

Romantic Imagination Essay â€Å"The Creation of Adam† painted by Michelangelo in 1510, is one of the most beautiful and famous painting representing the Creation. It was painted on the ceiling of the Papal Sistine Chapel and is a masterpiece of High Renaissance art. It is a part of a larger scheme of decoration within the chapel, including various elements like a large fresco of The Last Judgement. Michelangelo demonstrated his skill in creating a huge variety of poses for the human figure, providing an influential pattern for other artists ever since. So at the time, it was not conventional. The technique employed was fresco. The colours are beautiful. It represents a metaphor of Humankind’s need for a covenant (accordo, convenzione) with God. Elohim creating Adam by William Blake is a colour print finished in pen and watercolour. It represents God creating the first human being. God is a supernatural being with wings, white hair and beard. He is bigger and stronger than him and very powerful. Adam, instead, seems a very weak and suffering creature. He is stretched on the ground. In the picture there is also a great worm that entwines Adam and symbolizes the world of pain and sorrow, the devils temptations and also the fact that the human being is linked to sin and corruption. Blake uses cold colours, dull, dismal and gloomy. The atmosphere is very sad. The shapes of the protagonists are distinct and sharp. All these things suggest the tension of the creation and also the energy of God. For Blake the creation is a suffering moment for the creature, a moment of tension, because the author has a pessimistic view of life. Adam is innocent, weak and destined to sin.

Analysis of Tescos Corporate Governance and Responsibility

Analysis of Tescos Corporate Governance and Responsibility 1.0 INRODUCTION 1.1 Overview of the project Corporate governance and Corporate Responsibility have gained an increasing amount of importance over the last decade due to some of the worlds greatest corporate scandals that have been taking place. These scandals have not been happening to the under developed or developing economies, which have a high rate of corruption, but instead have been taking place in the developed countries, which supposedly have had various safeguards to protect the interests of all the stakeholders. Following the collapse of major multi-nationals such as the Maxwell Empire in the UK, Enron in the United States and Parmalat in Italy to name just a few, findings of fraud, dishonesty, irregular accounting and too much power held by one individual soon came to light. As a result, people and investors have lost the trust they placed in the financial markets and the big corporations to safeguard their assets and interests. The loss in confidence has seen big drops in the stock markets around the world and should the trend continues, the whole world economy would collapse which would lead to devastating consequences. As a result of those alarming situations, governments around the globe have devised frameworks of good corporate governance and passed on various laws, rules and regulations to hold companies responsible for their own actions, known as Corporate Governance and Responsibility in order to ensure that such scandals are not repeated in the future. The main corporate governance frameworks include the Organisation for Economic Co-operation and Developments (OECD) principles, the UK revised Combined Code (2003) and the Sarbanes-Oxley Act in the United States. Some of these are legally binding, such as the one in the United States while others operate on a comply or explain basis. This project will place more emphasis on the governance framework in the UK, namely the revised Combined Code, though I will make brief analyses of other reports and frameworks. Why I chose this particular topic area is for many reasons. Firstly, I believe that there is still scope to improve corporate governance worldwide and hence, wished to learn more about it. Secondly, despite the fact that corporate governance and corporate responsibility have become increasingly important in todays world and that companies have to adhere to the rules or principles, reports of fraud and bad management are still emerging in the developed economies, which lead to the collapse or nationalisation of various organisations. Well known examples in the UK include the nationalisation of Northern Rock bank and the government pumping in money into its various other banks, including Lloyds and Royal Bank of Scotland among others. It therefore begs the question about the credibility of the corporate governa nce framework. In addition, as a business student, it is now imperative to have a good understanding of the subject and as a taxpayer and citizen, I am both directly and indirectly affected by corporate behaviour. 1.2 The Organisation in question This thesis revolves around Tesco plc, one of the worlds leading retailers. Opened in 1919 by founder Jack Cohen, his first days sales were  £4 with a profit of  £1. By 1947, the company floated on the stock exchange with a share price of 25p and by 1979, its annual sales has reached  £1 billion. In 1983, Tesco Stores (Holdings) Ltd becomes Tesco PLC. Nowadays, the company has entered various other markets including the USA, China, Korea and many other European countries. It has also diversified into other industries, including financial services and is currently making profits in excess of  £2 billion. It is the UKs biggest supermarket in terms of turnover with 2,115 UK stores and employing 280, 373 staff in the UK alone (Tesco annual report 2008) .Such an organisation has been chosen for various reasons, namely because: It is a listed company, and hence according to the London Stock Exchange rules, it needs to adhere to the principles of the UK Combined Code on Corporate Governance on a Comply or Explain basis. Therefore, I will be able to determine whether such a big company is really being a good corporate citizen. Most of the data that I will need to conduct my research is readily accessible through its website, including its financial statements and annual reports. Data on similar organisations, such as Sainsburys plc is also readily accessible, which would prove to be very useful for comparison purposes. This would help me to make an analysis on how those two similar organisations are complying with the UK combined code on corporate Governance and whether the departure from for example a specific code is usual for these companies or ot. Tesco plc has a very large number of stakeholders and hence it is interesting to find out how the company is working towards fulfilling its responsibility towards them. In other words, how it is being corporately responsible, especially how it is dealing with the principal-agent problem. In addition, according to the companys annual report, Tesco follows a diversification strategy, laid down over 10 years ago and which has been the foundation of its enormous success in recent years. Due to the companys size, Tesco has segmented itself into 5 main areas: CORE UK COMMUNITY NON FOOD RETAILING SERVICES INTERNATIONAL The UK is its biggest market and the core of the business. The main aim here is to provide its customers with excellent value and choice. As well as deriving high shareholder value, the company also tries to be a corporate citizen. In addition to its annual report, the company also publishes a Corporate Responsibility report to show that it is a responsible business. Over the past decade, the company diversified into the non-food market whereby it offers a range of products, from laptops to mobile phones, etcThe aim here is to be as strong in food as in non-food, competing on price and value. Following its success into the non-food market, the company went into retailing services, offering financial services to its customers. Again here, this sector has proven to be profitable for the company. Nowadays, Tesco is not only operating in the UK but also in most European countries as well as in the US and Asia. The company has been expanding very quickly and is the number 1 retailer in Thailand today! As can be seen, Tesco has followed through a diversification strategy throughout the last decade, expanding not only into other markets but into other industries as well. Considering that diversification is quite a risky strategy, the company has been performing exceptionally well, defying the current credit crunch to record profits of over 2 billion pounds! Such a big and successful company provides us with ample opportunities to assess whether there are any irregularities in its reports, ie, whether there is good governance or not! 1.3 Research Questions The dissertation is mainly an analytical one, in that an analysis on the companys corporate governance and its corporate responsibility report will be performed. The main objective is to determine whether the company is behaving responsibly, by complying with all the provisions of the code and how is it discharging its duties towards its stakeholders. The main questions that will therefore be investigated are the following: Has Tesco complied in all respect with the principles of Corporate Governance and if not, why has it departed from a particular provision? Is there a link between its Corporate Governance and Corporate Social Responsibility and its financial position? Is the company projecting an image of a good corporate citizen? The above will form the main research questions though I will also be looking at various other aspects briefly such as: Variety of directors at the organisation. The difficulty in finding the right people with the right skills for the company. The role of Tescos audit committee, including independence issues. Public relations regarding the effect on the company if seems to flout regulations. The companys budget towards fulfilling its corporate responsibility How the company is working towards being eco-friendly Whether the company provides proper adequate training, pension provisions, etc 1.4 Overall Research Approach The starting point for the thesis indulges firstly into a broad explanation of both corporate governance and corporate responsibility. We will look at various definitions from a few sources in order to provide the reader with an understanding of the subject. Good corporate governance is incorporated into many reports. The main ones that will be the focus of the dissertation are notably the Cadbury report, Hambel report, Greenbury report, Higgs report, Smith report and the Turnbull Committee. The main points of the UK Combined Code (revised July 2003) will be discussed in a bit more detail, since it will form the basis of our first topic of interest of the project. In addition, the London Stock Exchange now requires all its listed companies to comply with the above code, which includes Tesco. As such, the first project objective will be achieved, whereby we can make an analysis whether Tesco has complied fully with the code or not. Whether there is a link between Tescos governance system and its financial performance will be the second part of the project. An analysis of the companys financial statements will be performed to assess its financial performance using various accounting techniques, such as ratio analysis, industry, competitor and international comparisons. Other items, such as share price movements, off balance sheet finance, creative accounting and conflicts of interests between management and shareholders will also be looked at to ensure that the figures provided in the financial statements are not misleading, especially to both current and potential investors. The impact of Tescos corporate governance system on its various stakeholders will form the next point. The main stakeholders that will be investigated here will be: Shareholders Employees Suppliers Customers Loan provider Government Public Each of the above points will be explored in details and an assessment on stakeholders conflicts of interests will be discussed briefly if there are any. Next on the agenda will be the topic of Corporate Responsibility. I will be making an analysis to determine how well Tesco is taking the responsibility to consider the interests of customers, employees, shareholders, society and the environment in its operational activities. Lastly, the thesis will focus on any criticisms and possible recommendations on the organisations corporate governance system and on its corporate social responsibility. 2.0 Information gathering Gathering information and data effectively is key to achieving a good project. A great deal of research is needed and very often there might be data overload. When too much data is collected, it sometimes becomes very difficult to analyse and interpret them properly which may be problematic in doing well in the thesis. On the other hand, not collecting enough data may lead to the wrong conclusion, thus rendering the thesis useless or even misleading. Therefore, it is of utmost importance that one must collect information properly and effectively in order to avoid wasting time and sometimes even money. We should always bear in mind that the data that needs to be collected should be sufficient so as to achieve the research objectives. 2.1 Sources of information There are two types of data, mainly primary and secondary data. Primary data is data that is unique to the researcher, and that is unavailable anywhere else. There are different methods of collecting such types of data. The main ones though are: Survey Questionnaires Observation and Interviews Primary data is often very valuable since it is unavailable anywhere else. However, collecting it is very time consuming and costly. In addition to that, one must always ensure that a proper margin of error is selected and that a good sample size is chosen. Otherwise, all the benefits of primary data will be lost. As can be seen, though valuable, it is often very time consuming and costly. Secondary data, as the name suggests, is data that is not unique. It is data that already exists somewhere else. Secondary data is data that has already been collected and collated by somebody for some reason other than the current study. It can be used to get a new perspective on the current study, to supplement or compare the work or to use parts of it, as another study may prove costly and time consuming e.g. the census. Secondary data can further be divided into two parts, namely qualitative and quantitative. Qualitative data includes biographies, personal letters, diaries, records, documents, published material, computer database, policy statements, etc. Quantitative data would have market research, census, and Economic documents, planning documents or specimens. The list is endless and once the type of secondary data is identified, it becomes easy to locate the source. The following is a list of where data has been collected and scrutinised for the purpose of the thesis: 2.1.1 Textbooks Textbooks have always been a major source of information. In fact, due to the increased importance of corporate governance, corporate responsibility and responsibility accounting, many textbooks have attempted to explain the concept of those topics and their relevance of in todays financial world. In todays accounting profession, it is now recommended that all accountants be familiar with corporate governance and especially ethics. This is mainly due to those scandals such as Enron which shook the whole financial world. It has been one of the most talked topics in the recent decade regarding the top CFOs and CEOs integrity! I found the texts regarding corporate governance and corporate responsibility to be well documented, which has been quite useful in analysing the topics in question. I made use of several textbooks, including many accounting ones. The main one I have used for my research is the BPP textbook for the Association of Certified Chartered Accountants P1, Professional Accountant. The textbook has provided me with a great insight about ethics and corporate governance and has helped a lot in preparing for this analysis. In addition, I also found the Heriot-Watt University MBA textbook regarding corporate governance to be extremely useful. This has helped me to understand from scratch why corporate governance is so important! The MBA textbook goes into much more details on the subject which really broadened my knowledge and provided me an insight from the barriers to improvement on governance systems to the various policy responses. The benefits of using textbooks are that they contained a great deal of literature on the issue of corporate governance, which not only helped me in achieving some of my aims for my project but also opened my eyes on the effects it has on each and every one of us. Unfortunately, textbooks have some drawbacks as well. Firstly, one needs to get the right texts for a particular research topic, which can take a lot of time. Next, there is a lot of reading to do, and if time is a constraint, this can pose a serious problem. In addition, although one may get the right books, one also has to make sure that they are the latest editions, since they tend to contain updated data and information. 2.1.2 Professional magazines Professional magazines are another great source of information. As a regular subscriber to the economist, needless to say that they have been of tremendous help to my thesis. From an economic point of view, I understood how corporate governance impacts on everyones life, no matter where you are or whichever country you are working in. The Enron scandal for example did not only affect its employees and the United States citizens but everyone else in the world. Now one may asks oneself how do i get affected if i live in Nepal for example. The answer to that I understood it by reading the economist! When Enron collapsed, first of all, the employees and shareholders and whoever were directly connected were the first to suffer. But Enron was a major global player in the financial markets, which sent shockwaves across the whole world, meaning we were all impacted by their actions! It is therefore no wonder that legislations such as the Sarbanes-Oxley were quickly brought into force in the United States. A lot of other countries also brought in their own codes of best practice on corporate governance and responsibility accounting. All this knowledge, I gained from those professional magazines, which are a great way of keeping up to date. Other magazines that have been useful in my research include the various accountancy magazines, such as Student Accountant which i receive regularly, since I am also an accountancy student from the association of chartered certified accountants. 2.1.3 Library I visited various libraries in order to be able to collect as much information as possible for my research. There is a local library where I live and this helped a lot. I needed to find journal articles and specific books for corporate governance and corporate responsibility. However, the problem I encountered at the library is that there were far too many books for me to choose from and that was very time consuming. I had no other option but to seek help from the librarians, who were most eager to help. I spent a really long-time reading and summarising all the information that I believe would be useful to me. A big drawback was that there were a lot of outdated information which was very frustrating. However libraries are a great source to get information from and they have been most useful to me. 2.1.4 The internet The internet nowadays is one of the most indispensable tools for information gathering. It is an integral part on everyones life and without it, mankind would be kind of lost! The big advantage of using the internet is the speed at which a large amount of data can be accessed. For that reason, it had been one of my principal sources of information. The information is mostly free and it is easily accessible. Though some websites require a payment to get the information provided, most were free of charge. Most of the information regarding this thesis has been accessed from the internet. As with every good thing, the internet has its drawbacks as well. First, one needs to make sure that by accessing information for our own use, we should make sure that we are not infringing anyones copyright. We also have to be very careful due to the spread of viruses which can damage ones computer and stealing our private information. In any case, the internet remains one of the most powerful tool to gather information. 2.1.5 Tesco plc annual report (2008) The companys annual reports were easily accessible from the website and provided me with a wealth of information in regards to corporate governance and corporate responsibility. I managed to even get a 5 year summary of the companys financial statements which has helped me to draw out a lot of conclusions regarding performance. However, as one would expect, the report portrayed Tesco as a good citizen which does everything ethically. I could not therefore rely a hundred percent on everything the report said about. 3.0 Ethical Issues As in any thesis, ethics play a very important role. Therefore, one needs to make sure to being completely ethical whenever gathering information and using them for ones purpose. 3.1.1 Information gathering Bias and Balance: Recognizing biased information, looking for balanced views, exploring opposing views, recognizing commercial interests in published information. Fact or Opinion: Recognizing factual information, looking for evidence of factual truth, recognizing and valuing opinion. Knowledge Gaps: Identifying missing information, locating missing information, stating research methodologies so that others can search further. 3.1.2 Information Evaluation Accuracy: Is the information accurate when checked against other sources? How reliable and error-free is the information? Authority: Does the information source qualify as an expert? Is the source rightly expected to know the facts and specifics? Are the qualifications of the author/speaker clearly stated? Is the author/speaker affiliated with an institution or organization? Is there contact information available for the author of a written document? Content: What is the purpose of the information, i.e. to inform, convince, or sell? What does it contribute to your understanding of the issues? Who is the intended audience based on content, tone, and style? What is the overall value of the content compared to other resources on the topic? Coverage: Does the information cover the subject adequately? Are there inexplicable omissions? Currency: Is the publication date clearly stated? When was the information last revised? Is it maintained and updated regularly? Are the links on a web page up-to-date and useable? Documentation: Are you certain the information is based on more than hearsay? Does the author explain where the information was obtained? Does the web page or article contain a bibliography or list of sources used? 3.1.3 Information Use Fair Use of Information: Copyright law allows limited copying for educational and archival purposes, but does limit even that to no more than 10% of a work, among other restrictions. Proper Citation: Complete citations of sources used is the most important issue, attributing information to its true author, and including enough information for another to locate the source. The ethical issues above (3.1.1 3.1.3) were compiled by H. Heller-Ross, Plattsburgh State University. They have been included in this thesis to help readers take a grasp on the various ethical issues which may impact upon ones research. 4.0 Results and Analysis Corporate Governance 4.1 Corporate Governance Corporate governance is the system by which organisations are directed and controlled. (Cadbury A. 1992) Corporate governance is a set of relationships between a companys directors, its shareholders and other stakeholders. It also provides the structure through which the objectives of the company are set, and the means of achieving those objectives and monitoring performance are determined. (Johnston D. J OECD Secretary General) Corporate governance, the system by which organisations are directed and controlled, is based on a number of concepts including transparency, independence, accountability and integrity. (BPP, P1 2007) Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between the constituent parts of a company the directors, the board (and its sub-committees) and the shareholders. Transparency and accountability are the most important elements of good corporate governance. This includes: the timely provision by companies of good quality information; a clear and credible company decision-making process; Shareholders giving proper consideration to the information provided and making considered judgements. The corporate governance framework in the UK operates at a number of levels: through legislation particularly the Companies Act; Through regulation and in particular for listed companies through the listing rules, which are the responsibilities of theFinancial Services Authority. Through the Combined Code which is the responsibility of the Financial Reporting Council. It contains general principles and more detailed provisions relating to the corporate governance of listed companies. It is appended to the FSAs Listing Rules, which require these companies, in their annual report and accounts to, (i) report on how they apply the principles, and (ii) confirm that they comply with the Codes provisions or, where they do not, provide an explanation: hence the comply or explain principle which, if applied effectively, underpins informed dialogue between directors and shareholders. contains general principles. (http://www.berr.gov.uk/whatwedo/businesslaw/corp-governance/page15267.html) What the above definitions are about is that organisations should be managed in the best interest of everyone connected. In other words, directors should not forget that they are the agents of the companies they manage and they have a responsibility towards the various stakeholders. Therefore, they should act with integrity and honesty and should not just be concerned with filling their own pockets. The principal agent problem consists of trust and risk. (Lee, A.T. 2006). This trust may be breached by the agents by pursuing their own interest or through negligence and fraud. History is witness to this abuse, which has resulted in shareholders losing their investments and employees losing their jobs with no fault of theirs. As a consequence, stakeholders now want reassurance that such scandals are not repeated, resulting in corporate governance frameworks around the world. The success of a company based on the principal-agent relationship is dependent on the effectiveness of its corporate governance particularly the competence and independence of its board of directors and various subcommittees. (Lee, A.T. 2006) 4.2 Various Corporate Governance Reports The various scandals around the financial world prompted governments to review corporate governance, especially about those companies that are listed in the stock markets. This lead to a wide range of corporate governance reports being written by scholars around the world. The main ones in the UK are listed below, with a brief explanation about it. 4.2.1 The Cadbury report The Cadbury Report, titled Financial Aspects of Corporate Governance, is a report of a committee chaired by Adrian Cadbury that sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures. The report was published in 1992. The reports recommendations have been adopted in varying degree by the European Union, the United States, the World Bank, and others. 4.2.2 The Greenbury Report The Greenbury report was issued in 1995 by a committee under the chairmanship of Sir Richard Greenbury that developed a number of recommendations of the Cadbury Report on directors remuneration. It stressed the importance of a remuneration committee of non executive directors , the provision of information on remuneration policy in the annual report and accounts, and the restriction of notice and contract periods to less than one year. 4.2.3 The Hambel Report This was a committee set up under the chairmanship of Sir Ronald Hampel to review the implementation of the Cadbury Code and the recommendations of the Greenbury report. A report was issued in 1998 emphasizing that the primary duty of directors is to shareholders and that the recommendations of the two earlier reports should be treated as guidelines rather than prescriptive rules. 4.2.4 The Turnbull Report The latest link in the UK corporate governance chain is the September 1999 publication Internal Control: Guidance for Directors on the Combined Code otherwise called, after its chairman (Nigel Turnbull, Executive Director of Reed Plc), the Turnbull Report (Turnbull). Turnbulls guidance is based upon the adoption by a companys board of a risk-based approach to establishing a sound system of internal control, and on Accountability, transparency, corporate social responsibility: a new mantra for a new millennium. reviewing its effectiveness. This should be incorporated by a company within its normal management and governance processes. The span of internal control contemplated by Turnbull stretches wider than financial controls, to encompass social and environmental issues matters that have recently come to be grouped together under the generic heading of reputational risk. 4.2.5 The Higgs Report The Higgs Report, named after its author Derek Higgs focused on the role and effectiveness of the non-executive director so as to consolidate the UKs combined code on corporate governance. The report was published in January 2003 and it was expected that the revised combined code will come into effect in July 2003. 4.2.6 The Smith Report Following the major financial scandals around the world, the Financial Reporting Council invited Sir Robert Smith to chair a report on the role and responsibilities of the audit committees. The aim was to develop the existing Combined Code guidance and to clarify the duties of the non executive directors meant to form the audit committee. 4.2.7 UK Combined Code The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders. All companies incorporated in the UK and listed on the Main Market of the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. Overseas companies listed on the Main Market are required to disclose the significant ways in which their corporate governance practices differ from those set out in the Code. The Combined Code contains broad principles and more specific provisions. Listed companies are required to report on how they have applied the main principles of the Code, and either to confirm that they have complied with the Codes provisions or where they have not to provide an explanation. (http://www.frc.org.uk/corporate/combinedcode.cfm) The combined code on corporate governance will be the benchmark against which an analysis of corporate governance at Tesco will be made. Any areas of the code which have not been followed or where the company has tried to manipulate it will be looked at in detail and conclusions drawn out. 5.0 Analysis of Tescos Governance system 5.1 Directors 5.1.1 The board As at 28 February 2009, the Board of Tesco PLC comprised eight Executive Directors, seven independent Non-executive Directors and David Reid, Non-executive Chairman. The Companys Articles of Association require all new Directors to be submitted for election by shareholders in their first year following appointment. The Board has appointed one Non-executive Director, Rodney Chase, to act as Senior Independent Director. The Senior Independent Director is available to shareholders to assist in resolving concerns, should the alternative channels be inappropriate. The Senior Independent Director is also required to lead the discussion in relation to assessing the effectiveness of the Chairmans performance. The Non-executive Directors bring a wide range of skills and experience, as well as independent judgement on strategy, risk and performance to the Compa Analysis of Tescos Corporate Governance and Responsibility Analysis of Tescos Corporate Governance and Responsibility 1.0 INRODUCTION 1.1 Overview of the project Corporate governance and Corporate Responsibility have gained an increasing amount of importance over the last decade due to some of the worlds greatest corporate scandals that have been taking place. These scandals have not been happening to the under developed or developing economies, which have a high rate of corruption, but instead have been taking place in the developed countries, which supposedly have had various safeguards to protect the interests of all the stakeholders. Following the collapse of major multi-nationals such as the Maxwell Empire in the UK, Enron in the United States and Parmalat in Italy to name just a few, findings of fraud, dishonesty, irregular accounting and too much power held by one individual soon came to light. As a result, people and investors have lost the trust they placed in the financial markets and the big corporations to safeguard their assets and interests. The loss in confidence has seen big drops in the stock markets around the world and should the trend continues, the whole world economy would collapse which would lead to devastating consequences. As a result of those alarming situations, governments around the globe have devised frameworks of good corporate governance and passed on various laws, rules and regulations to hold companies responsible for their own actions, known as Corporate Governance and Responsibility in order to ensure that such scandals are not repeated in the future. The main corporate governance frameworks include the Organisation for Economic Co-operation and Developments (OECD) principles, the UK revised Combined Code (2003) and the Sarbanes-Oxley Act in the United States. Some of these are legally binding, such as the one in the United States while others operate on a comply or explain basis. This project will place more emphasis on the governance framework in the UK, namely the revised Combined Code, though I will make brief analyses of other reports and frameworks. Why I chose this particular topic area is for many reasons. Firstly, I believe that there is still scope to improve corporate governance worldwide and hence, wished to learn more about it. Secondly, despite the fact that corporate governance and corporate responsibility have become increasingly important in todays world and that companies have to adhere to the rules or principles, reports of fraud and bad management are still emerging in the developed economies, which lead to the collapse or nationalisation of various organisations. Well known examples in the UK include the nationalisation of Northern Rock bank and the government pumping in money into its various other banks, including Lloyds and Royal Bank of Scotland among others. It therefore begs the question about the credibility of the corporate governa nce framework. In addition, as a business student, it is now imperative to have a good understanding of the subject and as a taxpayer and citizen, I am both directly and indirectly affected by corporate behaviour. 1.2 The Organisation in question This thesis revolves around Tesco plc, one of the worlds leading retailers. Opened in 1919 by founder Jack Cohen, his first days sales were  £4 with a profit of  £1. By 1947, the company floated on the stock exchange with a share price of 25p and by 1979, its annual sales has reached  £1 billion. In 1983, Tesco Stores (Holdings) Ltd becomes Tesco PLC. Nowadays, the company has entered various other markets including the USA, China, Korea and many other European countries. It has also diversified into other industries, including financial services and is currently making profits in excess of  £2 billion. It is the UKs biggest supermarket in terms of turnover with 2,115 UK stores and employing 280, 373 staff in the UK alone (Tesco annual report 2008) .Such an organisation has been chosen for various reasons, namely because: It is a listed company, and hence according to the London Stock Exchange rules, it needs to adhere to the principles of the UK Combined Code on Corporate Governance on a Comply or Explain basis. Therefore, I will be able to determine whether such a big company is really being a good corporate citizen. Most of the data that I will need to conduct my research is readily accessible through its website, including its financial statements and annual reports. Data on similar organisations, such as Sainsburys plc is also readily accessible, which would prove to be very useful for comparison purposes. This would help me to make an analysis on how those two similar organisations are complying with the UK combined code on corporate Governance and whether the departure from for example a specific code is usual for these companies or ot. Tesco plc has a very large number of stakeholders and hence it is interesting to find out how the company is working towards fulfilling its responsibility towards them. In other words, how it is being corporately responsible, especially how it is dealing with the principal-agent problem. In addition, according to the companys annual report, Tesco follows a diversification strategy, laid down over 10 years ago and which has been the foundation of its enormous success in recent years. Due to the companys size, Tesco has segmented itself into 5 main areas: CORE UK COMMUNITY NON FOOD RETAILING SERVICES INTERNATIONAL The UK is its biggest market and the core of the business. The main aim here is to provide its customers with excellent value and choice. As well as deriving high shareholder value, the company also tries to be a corporate citizen. In addition to its annual report, the company also publishes a Corporate Responsibility report to show that it is a responsible business. Over the past decade, the company diversified into the non-food market whereby it offers a range of products, from laptops to mobile phones, etcThe aim here is to be as strong in food as in non-food, competing on price and value. Following its success into the non-food market, the company went into retailing services, offering financial services to its customers. Again here, this sector has proven to be profitable for the company. Nowadays, Tesco is not only operating in the UK but also in most European countries as well as in the US and Asia. The company has been expanding very quickly and is the number 1 retailer in Thailand today! As can be seen, Tesco has followed through a diversification strategy throughout the last decade, expanding not only into other markets but into other industries as well. Considering that diversification is quite a risky strategy, the company has been performing exceptionally well, defying the current credit crunch to record profits of over 2 billion pounds! Such a big and successful company provides us with ample opportunities to assess whether there are any irregularities in its reports, ie, whether there is good governance or not! 1.3 Research Questions The dissertation is mainly an analytical one, in that an analysis on the companys corporate governance and its corporate responsibility report will be performed. The main objective is to determine whether the company is behaving responsibly, by complying with all the provisions of the code and how is it discharging its duties towards its stakeholders. The main questions that will therefore be investigated are the following: Has Tesco complied in all respect with the principles of Corporate Governance and if not, why has it departed from a particular provision? Is there a link between its Corporate Governance and Corporate Social Responsibility and its financial position? Is the company projecting an image of a good corporate citizen? The above will form the main research questions though I will also be looking at various other aspects briefly such as: Variety of directors at the organisation. The difficulty in finding the right people with the right skills for the company. The role of Tescos audit committee, including independence issues. Public relations regarding the effect on the company if seems to flout regulations. The companys budget towards fulfilling its corporate responsibility How the company is working towards being eco-friendly Whether the company provides proper adequate training, pension provisions, etc 1.4 Overall Research Approach The starting point for the thesis indulges firstly into a broad explanation of both corporate governance and corporate responsibility. We will look at various definitions from a few sources in order to provide the reader with an understanding of the subject. Good corporate governance is incorporated into many reports. The main ones that will be the focus of the dissertation are notably the Cadbury report, Hambel report, Greenbury report, Higgs report, Smith report and the Turnbull Committee. The main points of the UK Combined Code (revised July 2003) will be discussed in a bit more detail, since it will form the basis of our first topic of interest of the project. In addition, the London Stock Exchange now requires all its listed companies to comply with the above code, which includes Tesco. As such, the first project objective will be achieved, whereby we can make an analysis whether Tesco has complied fully with the code or not. Whether there is a link between Tescos governance system and its financial performance will be the second part of the project. An analysis of the companys financial statements will be performed to assess its financial performance using various accounting techniques, such as ratio analysis, industry, competitor and international comparisons. Other items, such as share price movements, off balance sheet finance, creative accounting and conflicts of interests between management and shareholders will also be looked at to ensure that the figures provided in the financial statements are not misleading, especially to both current and potential investors. The impact of Tescos corporate governance system on its various stakeholders will form the next point. The main stakeholders that will be investigated here will be: Shareholders Employees Suppliers Customers Loan provider Government Public Each of the above points will be explored in details and an assessment on stakeholders conflicts of interests will be discussed briefly if there are any. Next on the agenda will be the topic of Corporate Responsibility. I will be making an analysis to determine how well Tesco is taking the responsibility to consider the interests of customers, employees, shareholders, society and the environment in its operational activities. Lastly, the thesis will focus on any criticisms and possible recommendations on the organisations corporate governance system and on its corporate social responsibility. 2.0 Information gathering Gathering information and data effectively is key to achieving a good project. A great deal of research is needed and very often there might be data overload. When too much data is collected, it sometimes becomes very difficult to analyse and interpret them properly which may be problematic in doing well in the thesis. On the other hand, not collecting enough data may lead to the wrong conclusion, thus rendering the thesis useless or even misleading. Therefore, it is of utmost importance that one must collect information properly and effectively in order to avoid wasting time and sometimes even money. We should always bear in mind that the data that needs to be collected should be sufficient so as to achieve the research objectives. 2.1 Sources of information There are two types of data, mainly primary and secondary data. Primary data is data that is unique to the researcher, and that is unavailable anywhere else. There are different methods of collecting such types of data. The main ones though are: Survey Questionnaires Observation and Interviews Primary data is often very valuable since it is unavailable anywhere else. However, collecting it is very time consuming and costly. In addition to that, one must always ensure that a proper margin of error is selected and that a good sample size is chosen. Otherwise, all the benefits of primary data will be lost. As can be seen, though valuable, it is often very time consuming and costly. Secondary data, as the name suggests, is data that is not unique. It is data that already exists somewhere else. Secondary data is data that has already been collected and collated by somebody for some reason other than the current study. It can be used to get a new perspective on the current study, to supplement or compare the work or to use parts of it, as another study may prove costly and time consuming e.g. the census. Secondary data can further be divided into two parts, namely qualitative and quantitative. Qualitative data includes biographies, personal letters, diaries, records, documents, published material, computer database, policy statements, etc. Quantitative data would have market research, census, and Economic documents, planning documents or specimens. The list is endless and once the type of secondary data is identified, it becomes easy to locate the source. The following is a list of where data has been collected and scrutinised for the purpose of the thesis: 2.1.1 Textbooks Textbooks have always been a major source of information. In fact, due to the increased importance of corporate governance, corporate responsibility and responsibility accounting, many textbooks have attempted to explain the concept of those topics and their relevance of in todays financial world. In todays accounting profession, it is now recommended that all accountants be familiar with corporate governance and especially ethics. This is mainly due to those scandals such as Enron which shook the whole financial world. It has been one of the most talked topics in the recent decade regarding the top CFOs and CEOs integrity! I found the texts regarding corporate governance and corporate responsibility to be well documented, which has been quite useful in analysing the topics in question. I made use of several textbooks, including many accounting ones. The main one I have used for my research is the BPP textbook for the Association of Certified Chartered Accountants P1, Professional Accountant. The textbook has provided me with a great insight about ethics and corporate governance and has helped a lot in preparing for this analysis. In addition, I also found the Heriot-Watt University MBA textbook regarding corporate governance to be extremely useful. This has helped me to understand from scratch why corporate governance is so important! The MBA textbook goes into much more details on the subject which really broadened my knowledge and provided me an insight from the barriers to improvement on governance systems to the various policy responses. The benefits of using textbooks are that they contained a great deal of literature on the issue of corporate governance, which not only helped me in achieving some of my aims for my project but also opened my eyes on the effects it has on each and every one of us. Unfortunately, textbooks have some drawbacks as well. Firstly, one needs to get the right texts for a particular research topic, which can take a lot of time. Next, there is a lot of reading to do, and if time is a constraint, this can pose a serious problem. In addition, although one may get the right books, one also has to make sure that they are the latest editions, since they tend to contain updated data and information. 2.1.2 Professional magazines Professional magazines are another great source of information. As a regular subscriber to the economist, needless to say that they have been of tremendous help to my thesis. From an economic point of view, I understood how corporate governance impacts on everyones life, no matter where you are or whichever country you are working in. The Enron scandal for example did not only affect its employees and the United States citizens but everyone else in the world. Now one may asks oneself how do i get affected if i live in Nepal for example. The answer to that I understood it by reading the economist! When Enron collapsed, first of all, the employees and shareholders and whoever were directly connected were the first to suffer. But Enron was a major global player in the financial markets, which sent shockwaves across the whole world, meaning we were all impacted by their actions! It is therefore no wonder that legislations such as the Sarbanes-Oxley were quickly brought into force in the United States. A lot of other countries also brought in their own codes of best practice on corporate governance and responsibility accounting. All this knowledge, I gained from those professional magazines, which are a great way of keeping up to date. Other magazines that have been useful in my research include the various accountancy magazines, such as Student Accountant which i receive regularly, since I am also an accountancy student from the association of chartered certified accountants. 2.1.3 Library I visited various libraries in order to be able to collect as much information as possible for my research. There is a local library where I live and this helped a lot. I needed to find journal articles and specific books for corporate governance and corporate responsibility. However, the problem I encountered at the library is that there were far too many books for me to choose from and that was very time consuming. I had no other option but to seek help from the librarians, who were most eager to help. I spent a really long-time reading and summarising all the information that I believe would be useful to me. A big drawback was that there were a lot of outdated information which was very frustrating. However libraries are a great source to get information from and they have been most useful to me. 2.1.4 The internet The internet nowadays is one of the most indispensable tools for information gathering. It is an integral part on everyones life and without it, mankind would be kind of lost! The big advantage of using the internet is the speed at which a large amount of data can be accessed. For that reason, it had been one of my principal sources of information. The information is mostly free and it is easily accessible. Though some websites require a payment to get the information provided, most were free of charge. Most of the information regarding this thesis has been accessed from the internet. As with every good thing, the internet has its drawbacks as well. First, one needs to make sure that by accessing information for our own use, we should make sure that we are not infringing anyones copyright. We also have to be very careful due to the spread of viruses which can damage ones computer and stealing our private information. In any case, the internet remains one of the most powerful tool to gather information. 2.1.5 Tesco plc annual report (2008) The companys annual reports were easily accessible from the website and provided me with a wealth of information in regards to corporate governance and corporate responsibility. I managed to even get a 5 year summary of the companys financial statements which has helped me to draw out a lot of conclusions regarding performance. However, as one would expect, the report portrayed Tesco as a good citizen which does everything ethically. I could not therefore rely a hundred percent on everything the report said about. 3.0 Ethical Issues As in any thesis, ethics play a very important role. Therefore, one needs to make sure to being completely ethical whenever gathering information and using them for ones purpose. 3.1.1 Information gathering Bias and Balance: Recognizing biased information, looking for balanced views, exploring opposing views, recognizing commercial interests in published information. Fact or Opinion: Recognizing factual information, looking for evidence of factual truth, recognizing and valuing opinion. Knowledge Gaps: Identifying missing information, locating missing information, stating research methodologies so that others can search further. 3.1.2 Information Evaluation Accuracy: Is the information accurate when checked against other sources? How reliable and error-free is the information? Authority: Does the information source qualify as an expert? Is the source rightly expected to know the facts and specifics? Are the qualifications of the author/speaker clearly stated? Is the author/speaker affiliated with an institution or organization? Is there contact information available for the author of a written document? Content: What is the purpose of the information, i.e. to inform, convince, or sell? What does it contribute to your understanding of the issues? Who is the intended audience based on content, tone, and style? What is the overall value of the content compared to other resources on the topic? Coverage: Does the information cover the subject adequately? Are there inexplicable omissions? Currency: Is the publication date clearly stated? When was the information last revised? Is it maintained and updated regularly? Are the links on a web page up-to-date and useable? Documentation: Are you certain the information is based on more than hearsay? Does the author explain where the information was obtained? Does the web page or article contain a bibliography or list of sources used? 3.1.3 Information Use Fair Use of Information: Copyright law allows limited copying for educational and archival purposes, but does limit even that to no more than 10% of a work, among other restrictions. Proper Citation: Complete citations of sources used is the most important issue, attributing information to its true author, and including enough information for another to locate the source. The ethical issues above (3.1.1 3.1.3) were compiled by H. Heller-Ross, Plattsburgh State University. They have been included in this thesis to help readers take a grasp on the various ethical issues which may impact upon ones research. 4.0 Results and Analysis Corporate Governance 4.1 Corporate Governance Corporate governance is the system by which organisations are directed and controlled. (Cadbury A. 1992) Corporate governance is a set of relationships between a companys directors, its shareholders and other stakeholders. It also provides the structure through which the objectives of the company are set, and the means of achieving those objectives and monitoring performance are determined. (Johnston D. J OECD Secretary General) Corporate governance, the system by which organisations are directed and controlled, is based on a number of concepts including transparency, independence, accountability and integrity. (BPP, P1 2007) Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between the constituent parts of a company the directors, the board (and its sub-committees) and the shareholders. Transparency and accountability are the most important elements of good corporate governance. This includes: the timely provision by companies of good quality information; a clear and credible company decision-making process; Shareholders giving proper consideration to the information provided and making considered judgements. The corporate governance framework in the UK operates at a number of levels: through legislation particularly the Companies Act; Through regulation and in particular for listed companies through the listing rules, which are the responsibilities of theFinancial Services Authority. Through the Combined Code which is the responsibility of the Financial Reporting Council. It contains general principles and more detailed provisions relating to the corporate governance of listed companies. It is appended to the FSAs Listing Rules, which require these companies, in their annual report and accounts to, (i) report on how they apply the principles, and (ii) confirm that they comply with the Codes provisions or, where they do not, provide an explanation: hence the comply or explain principle which, if applied effectively, underpins informed dialogue between directors and shareholders. contains general principles. (http://www.berr.gov.uk/whatwedo/businesslaw/corp-governance/page15267.html) What the above definitions are about is that organisations should be managed in the best interest of everyone connected. In other words, directors should not forget that they are the agents of the companies they manage and they have a responsibility towards the various stakeholders. Therefore, they should act with integrity and honesty and should not just be concerned with filling their own pockets. The principal agent problem consists of trust and risk. (Lee, A.T. 2006). This trust may be breached by the agents by pursuing their own interest or through negligence and fraud. History is witness to this abuse, which has resulted in shareholders losing their investments and employees losing their jobs with no fault of theirs. As a consequence, stakeholders now want reassurance that such scandals are not repeated, resulting in corporate governance frameworks around the world. The success of a company based on the principal-agent relationship is dependent on the effectiveness of its corporate governance particularly the competence and independence of its board of directors and various subcommittees. (Lee, A.T. 2006) 4.2 Various Corporate Governance Reports The various scandals around the financial world prompted governments to review corporate governance, especially about those companies that are listed in the stock markets. This lead to a wide range of corporate governance reports being written by scholars around the world. The main ones in the UK are listed below, with a brief explanation about it. 4.2.1 The Cadbury report The Cadbury Report, titled Financial Aspects of Corporate Governance, is a report of a committee chaired by Adrian Cadbury that sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures. The report was published in 1992. The reports recommendations have been adopted in varying degree by the European Union, the United States, the World Bank, and others. 4.2.2 The Greenbury Report The Greenbury report was issued in 1995 by a committee under the chairmanship of Sir Richard Greenbury that developed a number of recommendations of the Cadbury Report on directors remuneration. It stressed the importance of a remuneration committee of non executive directors , the provision of information on remuneration policy in the annual report and accounts, and the restriction of notice and contract periods to less than one year. 4.2.3 The Hambel Report This was a committee set up under the chairmanship of Sir Ronald Hampel to review the implementation of the Cadbury Code and the recommendations of the Greenbury report. A report was issued in 1998 emphasizing that the primary duty of directors is to shareholders and that the recommendations of the two earlier reports should be treated as guidelines rather than prescriptive rules. 4.2.4 The Turnbull Report The latest link in the UK corporate governance chain is the September 1999 publication Internal Control: Guidance for Directors on the Combined Code otherwise called, after its chairman (Nigel Turnbull, Executive Director of Reed Plc), the Turnbull Report (Turnbull). Turnbulls guidance is based upon the adoption by a companys board of a risk-based approach to establishing a sound system of internal control, and on Accountability, transparency, corporate social responsibility: a new mantra for a new millennium. reviewing its effectiveness. This should be incorporated by a company within its normal management and governance processes. The span of internal control contemplated by Turnbull stretches wider than financial controls, to encompass social and environmental issues matters that have recently come to be grouped together under the generic heading of reputational risk. 4.2.5 The Higgs Report The Higgs Report, named after its author Derek Higgs focused on the role and effectiveness of the non-executive director so as to consolidate the UKs combined code on corporate governance. The report was published in January 2003 and it was expected that the revised combined code will come into effect in July 2003. 4.2.6 The Smith Report Following the major financial scandals around the world, the Financial Reporting Council invited Sir Robert Smith to chair a report on the role and responsibilities of the audit committees. The aim was to develop the existing Combined Code guidance and to clarify the duties of the non executive directors meant to form the audit committee. 4.2.7 UK Combined Code The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders. All companies incorporated in the UK and listed on the Main Market of the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. Overseas companies listed on the Main Market are required to disclose the significant ways in which their corporate governance practices differ from those set out in the Code. The Combined Code contains broad principles and more specific provisions. Listed companies are required to report on how they have applied the main principles of the Code, and either to confirm that they have complied with the Codes provisions or where they have not to provide an explanation. (http://www.frc.org.uk/corporate/combinedcode.cfm) The combined code on corporate governance will be the benchmark against which an analysis of corporate governance at Tesco will be made. Any areas of the code which have not been followed or where the company has tried to manipulate it will be looked at in detail and conclusions drawn out. 5.0 Analysis of Tescos Governance system 5.1 Directors 5.1.1 The board As at 28 February 2009, the Board of Tesco PLC comprised eight Executive Directors, seven independent Non-executive Directors and David Reid, Non-executive Chairman. The Companys Articles of Association require all new Directors to be submitted for election by shareholders in their first year following appointment. The Board has appointed one Non-executive Director, Rodney Chase, to act as Senior Independent Director. The Senior Independent Director is available to shareholders to assist in resolving concerns, should the alternative channels be inappropriate. The Senior Independent Director is also required to lead the discussion in relation to assessing the effectiveness of the Chairmans performance. The Non-executive Directors bring a wide range of skills and experience, as well as independent judgement on strategy, risk and performance to the Compa

The Importance Of Project Management Construction Essay

The Importance Of Project Management Construction Essay The purpose of this report is to demonstrate the importance of project management and the attributes the client should seek when selecting a project manager. By defining measureable objectives, project managers offer strategical qualities and direction to the desired milestones as well as to the completion of the entire project. The employment of their services allows for the organizing of information and activities including future risk assessment that leads to a quality product within the time and budget restraints. In addition to the purpose of a project manager, there are certain background attributes that would contribute to the success of a project such as managerial skill and technical expertise that are relevant to the clients goals. Introduction According to the Association for Project Management (APM), project management is identified as the process by which projects are defined, planned, monitored, controlled and delivered such that the agreed benefits are realised. A project manager is appointed by the client and serves as their representative throughout the entire progression period of the project, if permitted by the contractual agreement. It is the project managers responsibility to predict as many possible dangers and problems in time to plan, organize and control activities so that the project remains on schedule (Lock, 2007). Various risks can be avoided by planning strategically including defining measurable objectives at the start of the project so that those issues can be accounted for before reaching the construction phase. It is essential to incorporate a project manager because they are able to coordinate and organize information or activities, increase product quality, reduce risks, manage budgets, as well as complete the project under strenuous time restraints. In order for a project manager to bring these successful traits to a project they must possess an array of managerial and technical skills. This report will closely evaluate how defining measurable objectives, organisation, product quality, and budget management will improve the overall construction process as well as evaluating various attributes that project manager should have to effectively deliver a quality product. 1.0 Why hire a Project Manager? 1.1 Define Objectives Defining measureable objectives-the scope of the project-at the start of the project is crucial to any successful project. Scope Creep is one of the most common reasons why projects are unsuccessful whether it is due to schedule delays or drastic unexpected increases in budgets. For example, Federation Square in Melbourne, Australia had major increases in the original budget. The Federation Square opened in October 2002 with an original estimated budget at $100million but, due to poorly defined objectives, the budget has increased drastically to approximately $460million over the last 7 years. (VAGO, 2003) Scope creep, refers to tasks that are added to the initial reasons or scope of the project, which can occur both after the project as well as during the process. During the planning period, the engineer is not always certain of what the problems are before the construction phase. This is mostly due to the lack of research. If the construction phase commences as planned and there ar e utility lines unaccounted for, this would introduce complexity to the project as well as alter the original objectives. The lack of definition could throw the entire project off course from the original purpose of construction. The project manager hired will be able to take the necessary actions to combat these issues with the client. 1.2 Organise Information and Activities Construction projects are unique in the aspect that each project presents its own complexities. With any complex system, it is a requirement that information and activities be well organised which is one of the many reasons for commissioning a project manager. There are a variety of programs that aid the project manager in this area including Microsoft Office Project. Organization allows for optimal communication between the project manager and the key players that could take the form of graphs, charts, etc. This information keeps the involved parties aware of their preparation time before their services are needed. If a problem occurs, organization also allows the project manager to make quality decisions based upon the progression of the project in relation to the next milestone or deadline. In addition to organizing activities, labelling the distribution of funding is equally important. The Project Management Body of Knowledge (PMBOK) classifies these in the form of Work Breakdown Structure, or WBS, which is a deliverable-oriented hierarchical decomposition of work to be executed by the project team to accomplish the project objectives and create the required deliverables (PMBOK, 2004). In regards to the budget, a WBS allows money to be distributed based upon its original intentions in a way that keeps the project manager up-to-date with the remaining funding. WBS is just another way to keep complex projects simple and easy to manage as well as keeping the client in the know. 1.3 Increase Product Quality Due to the economic crisis, many clients desire a high quality product associated with little cost. During the planning process, the project manager has the opportunity to research the services and products necessary to complete the project with the clients best interest in mind. Generally, most project errors occur during the construction process possibly due to unforeseen circumstances, field issues, and the work ethics of the contractors involved. Particularly in the US, based on a study done in 2006-2008 on the most common reasons why contractors fail in which performance and management issues were ranked in the top 5. Performance issues accounted for 36% of failures and management issues accounted for 29%. To assist in eliminating these problems, it is the responsibility of the project manager in conjunction with the construction manager to ensure that the structure is built with minimal errors and safety hazards. Through this checks and balance system, field issues can be succe ssfully managed with little to no effect on the schedule or future structural performance. 1.4 Manage Budget The budget is the primary skeletal system to a successful project. In any project, whether in the public or private sector, financial funding is essential. Without it, delays in financial support progress are inevitable. During the planning process, the project manager uses the WBS to assist in organizing and managing the funds as well as ensuring that there are funds allocated to future risks also known as the contingency. In a recent survey conducted by the National Audit Office (NAO), approximately 24% of delays in schedules were due to the incurred additional costs. This information conveys that the given budget was not managed properly or there were too many unforeseen risks involved. With the assistance of a project manager, such risks can be accounted for during the planning period to avoid schedule delays. 2.0 What attributes should be considered when hiring a Project Manger? 2.1 Managerial Skills When selecting a project manager, the client should not only be aware of how a project manager can enhance the overall performance of a project but also what skills to look for when employing their services. In order to produce a successful project the client should hire a project manager based on their leadership skills. Leadership skills consist of team building, problem solving, and communication skills, just to name a few. Project managers are faced with difficult situations throughout the course of the project which cannot be solved by themselves. The project manager must depend equally on all of the key players by building an effective and efficient team that may or may not be temporary and motivate them to the clients desired vision. With those difficult situations, quick and quality problem solving techniques are equally critical to the completion of the project. For instance, if there is an unpredicted pipe underneath the work site and there is change in the initial scope, t he project manager must be able to make a quality decision based upon the time and budget restraints. This issue can also be affected by the communication links between the key players. As stated earlier in this report, communication can be conveyed through organisation, charts, graphs, and schedules to keep the involved parties informed, especially the client(s). Leadership is just one attribute that covers an array of sub-skills that a project manager should possess to help determine the success of a project. 2.2 Technical Expertise In addition to the managerial attributes, technical expertise is also important to have when working with a clients vision. Technical expertise may include scope, cost, risk, contract, and construction management and helps to aid the clients knowledge beyond the initial concept of the structure. When managing the scope, the project manager must keep the primary vision in mind so that cost, contracts, and the construction process of even the most complex project remain simple. The project manager is able to make the client aware of the different risks that they might encounter before the project progresses past the conceptual phase as well as offer advice throughout the construction process. Again, these attributes are just a few that a project manager can contribute to a successful project and should be considered during the selection process. 3.0 Conclusion 3.1 Overall Conclusion In conclusion, defining measurable objectives, organisation of information and activities, increased product quality, budget management, and managerial and technical skills are all very important to a project that is classified a success by the client and the parties involved. The client should be increasingly mindful when employing the services of a project manager that, A leader is only as good as his followers. Without the stable foundation of any team or project, the product is bound to fail but if they are somehow incorporated from beginning to end, the temporary and longevity use of the product is sure to be met.