The Importance Of Quality Corporate Governance Finance Essay - Free Essay Example

Sample details Pages: 21 Words: 6356 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The importance of corporate governance quality has been stressed by many studies (Asian Roundtable on Corporate Governance, 2006; Andy Mullineux, 2006; Chris Mallin, 2003; Ross Levine, 2004; Stephen Y.L.Cheung et. al., 2004; Vasile Cocris et. al., 2007). Don’t waste time! Our writers will create an original "The Importance Of Quality Corporate Governance Finance Essay" essay for you Create order Notably, an opinion survey conducted by McKinsey Company (2002) highlighted a significant 78% of investors are willing to pay a premium, as high as 22% to 25%, for Malaysian companies exhibiting good corporate governance quality. Due to the special nature of the banking business, notably with the fiduciary duty owe by the banks to its stakeholders, many studies have identifies reasons why corporate governance for banks should be given priority as compared with other industries (Asian Roundtable on Corporate Governance, 2006;). Such a study is even more pronounce in Malaysia as many prior studies perceive the failure of corporate governance is the root cause to the Financial crisis in 1997 (Asian Roundtable on Corporate Governance, 2006;). This chapter provides some relevant prior studies on corporate governance quality in Malaysia as well as its banking sector. Malaysian corporate governance reform aims to restore investors confidence of the capital market, this paper is satisfie d that discussions and findings on corporate governance practices in Malaysia directly contributes to the corporate governance quality of the Malaysian banking sector. Innssa Love (2010) specified three main sources used to construct measures of corporate governance quality, namely, (i) information from companys by-laws and charter provision; (ii) Independent rankings constructed by rating agencies, such as Standard Poors (S P) or Credit Lyonnaise Securities Asia (CLSA); as well as (iii) Opinion surveys of firms. It is the intent of this chapter to provide review of these sources to discern the perception of corporate governance quality in the context of the Malaysian banking sector. Measurements of Corporate governance quality in Malaysian domestic banking institutions The mechanisms that determine corporate governance quality in Malaysia can be analyzed from the directions contain in the master plans as well as orders from relevant regulatory bodies (Abdul Hadi B. Z., 2000 and Inessa Love, 2010). According to Abdul Hadi bin Zulkafli et al., (2000), the main sources of corporate governance reforms agenda in Malaysia can be traced back to three official documentations, namely, the Malaysian Code on Corporate Governance (MCCG), the Capital Market Master Plan (CMP) and the Financial Sector Master Plan (FSMP). As part of its implementation plan for the FSMP, Bank Negara Malaysia (BNM) also issued various prudential guidelines such as Guideline on Corporate Governance for Licensed Institutions (BNM/GP1) to regulate corporate governance practices of the banking sector. In addition to sufficing to BNMs prudential guidelines, Malaysian domestic banking institutions are also required by Bursa Malaysia to disclose and justify the extent of compliance with the principles and best practices set out in the MCCG. With the above legal and regulatory environment in place, the following sub-sections take stock of the progress of corporate governance reform of Malaysian domestic banking institutions. On the basis of analysis of broad principles of corporate governance directly affecting the quality of corporate governance of the Malaysian domestic banking institutions as shown in Table 1.2, this research discusses the following mechanisms of corporate governance. Board Characteristics (Directors) In a paper that examines the impact of corporate governance practices on the performances of firms in Malaysia, Allan Chang Aik Leng, 2005 concluded that corporate governance practices, such as board composition, CEO duality and concentrated ownership were found to have insignificant impact on ROE. The paper, however, concluded three independent variables that were found to have significant impact on ROE. These variables are, namely, (i) th e dominant role of the CEO and chairman of the board, (ii) gearing; and (iii) size of the company (Allan Chang Aik Leng et. al., 2005). Broad principles set forth by MCCG in this category includes board effectiveness, board compositions, supply of information to the board, as well as appointments of directors. Board Effectiveness Lum Chee Soon et. al. (2006) concludes the important role of board effectiveness in the corporate governance in Malaysia banking system. The paper evaluates that board independence is a prerequisite for enhancing board effectiveness. There is still room for improvement in this important basis of the internal governance mechanism in the post financial crisis period. This is a difficult area for most banking leaders to tread: and improvements must be made at the board level if the board is truly committed to the idea of enhancing board effectiveness. Board independence is a prerequisite for enhancing board effectiveness. The results of the survey questionnaires show there is still room for improvement in this important basis of the internal governance mechanism. All board members, especially the independent directors, must truly feel independent without any reservations about, first, whether their term can be terminated if they dont toe the line, or second, if they have an obligation to the controlling owner or CEO who appointed them. This is a difficult area for most banking leaders to tread; and improvements must be made at the board level if the board is truly committed to the idea of enhancing board effectiveness (Lum Chee Soon et. al., 2006) Much still remains to be done to enhance board effectiveness and independence at the firm-level. The board must be more conscious and passionate of its role in establishing the ethical and cultural values of good corporate governance. Board diversity is always an important ingredient for those interactions to take place that are necessary to promote open and constructive engageme nts within board discussions and decision-making process. We have seen that the increasing role of independent directors in the boardroom is an important ingredient for this diversity (Lum Chee Soon et. al., 2006). The appointment of the board members is very much a contentious issue. A perusal of the board composition in the domestic banking institutions in Malaysia reveals the fact that very little change has taken place in terms of recruitment of new board members: there is still a reluctance to recruit unfamiliar independent non-executive directors to the board in domestic banking institutions. Appointment of non-executive directors should not be based on who you know but should be based on who is best. A simple criterion of choice should be on the candidates merits and passion to engage in constructive boardroom discussions and create value for the shareholders as well as other stakeholders (Lum Chee Soon et. al., 2006). Board Responsibilities Directors Remuneration The broad principle of directors remuneration in MCCG refers to .. Sang-Woo Nam et. al., () conducted an opinion survey on Directors Remuneration and show that compensations for CEOs, boards of directors, and executive directors are positively related to changes in stock return. In a study that investigates the relationship between financial compensation of bank directors and the banks performance for the period 2000-2003 of Asian banks, Katsuyuki Kubo (2006) concluded that there is a positive link between banks profitability and their financial compensations. This result is consistent with the opinion survey by bank directors which confirms a link between performance and compensation. The implication of the result of this study renders directors compensation as not an important element of corporate governance. Rights of Shareholders The World Banks Report on Observance of Standards and Codes (2005) highlighted protection for minority shareholders and shareholders activ ism as key challenges for corporate governance reform in Malaysia. Accoutability, Independence, Disclosure and Transparency McKinsey (2002) found that majority of survey respondents agree that corporate governance remains of great concern to them with strengthening the quality of financial disclosure and transparency as the top priority, followed by board independence and board effectiveness (Hafiza Aishah Hashim et. al., (); Sang-Woo Nam et. al., 2004; Stephen Y.L.Cheung et. al.,2004). The World Banks Report on Obeservance of Standards and Codes (2005) highlighted directors accountability as a key challenge for Malaysia. Julius C. P. (2006) found that banks risk management practices in Asian banks generally meets the requirements of internationally accepted standards under current supervisory framework. Generally, the survey results show that Asian banks have sound practices in areas of risk management, such as credit and market risk management, as well as internal cont rol. However, Much, however, must still be done to address operational risk management, public disclosure practices related to risk exposure of banks as well as more closely integrate risk management into overall governance and managegement of banks. S.Susela Devi (2003), in an article that describe the evolution of corporate governance in Malaysia, provides a chronological list of corporate governance initiatives in Malaysia and discusses the development of corporate governance in Malaysia in three phases, namely, Awareness, Advocacy and Action. S.Susela Devi (2003), in a forum article organized by United Nations aims to discuss corporate transparency and disclosure, describes Malaysia experience in corporate governance developments in three phases: Awareness, Advocacy and Action. In his article written for UN, Chris Mallin (2003) observes that transparency and accountability were two key corporate governance qualities recommended for reformed in many countries, including Malaysia, that have been affected by a lack of investor confidence. Innessa Love (2010) presents an example that measures various components in a Corporate Governance Index based on CLSA (2001) questionnaire provides 45% weightage to Transparency, Independence and Accountability. The other 45% are attributed to discipline, responsibility anf fairness. Lum Chee Soon et. al. (2006) concludes that although much has been achieved in the post-crisis period, the public perception of corporate governance in Malaysia banking system is still weak. One important area of public concern is that of disclosures and transparency of the workings of the boards in the domestic banking institutions. In a study published by Institute for Development Policy and Management, University of Manchester, Tommy Thomas of United Nations Development Programme concluded that the quality of corporate governance is inextricably linked to accountability of directors to shareholders. Hence, the greater the a ccountability, the better the corporate governance. Conversely, the lesser the accountability, the poorer the corporate governance (Tommy Thomas, 2002) cg and malaysia 3 The relationship between Corporate Governance, transparency and Financial disclosure ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦the disclosure category looks at the transparency of a corporation as measured by the quantity and quality of the publicly available information on the governance structure. Deminor state that information to shareholders is one of the most important aspects of corporate governance, as it reflects the degree of transparency and accountability of the corporation towards its shareholders. The paper concludes with the recognition that while no single universal model of corporate governance exists nor is there a static, final structure in corporate governance that every country or enterprise should emulate (Commonwealth Association for Corporate Governance, 2000), transparency and disclosure are key attributes of any model of good corporate governance. Institutional Framework supporting Corporate Governance Quality Environment Legal and Regulatory In a paper that measures the progress of corporate governance reforms in nine East Asian economies, including Malaysia, a divergence between the regulatory environment and market perception of corporate governance practices in the countries sampled (Stephen Y.L. Cheung et. al., 2006). In considering the implications of banks fiduciary duty to their depositors and taxpayers in the context of the banks corporate governance, Andy Mullineux (2006) found that good corporate governance of banks requires regulation to balance the interests of depositors and taxpayers with those of the shareholders. The Malaysian Code of Corporate Governance (2000) was developed to provide guidance on general principles of corporate governance and best practices of each principle as part of Malaysian corporate governance reform of the private sector. In recognizing that there are aspects of corporate governance where statutory regulation is necessary and others where self-regu lation, complemented by market discipline is more appropriate, the code was structured in a way so as to allow for a more constructive and flexible response to raise standards in corporate governance. In considering the special nature of the banking business and implications of banks fiduciary duty to their depositors in the context of banks corporate governance, Andy Mullineux (2006) found that good corporate governance of banks requires regulation to balance the interests of depositors with those of the shareholders. As discussed in previous section, the Malaysian banking sector has made great strides in embracing corporate governance practices for the last decade. Abdul Hadi B. Z. (2000), in his descriptive analysis of corporate governance mechanisms in Malaysia, found that the mechanisms that have been put in place are comprehensive and covers a wide spectrum of corporate governance internally and externally. Indeed, the key results of an opinion survey of the board of dir ectors and survey of risk management conducted by Sang-Woo Nam et. al., (2006), imply that the practice of good corporate governance has become a norm in the domestic banking institutions in Malaysia. The author also commended the effort of Bank Negara Malaysia (BNM) and the domestic banking institution and confirmed that there is some persuasive evidence, with particular reference to strict measures of board structures and composition, to suggest that the banking sector have embraced the importance of the practice of corporate governance in Malaysia. Even though the Malaysian banking sector has made great strides in embracing corporate governance practices, however, many researches held to the perception that much more needs to be done, especially on the institutional-level, to enhance the corporate governance quality of the Malaysian banking sector (Asian Lum Chee Soon et. al., 2006; Stijn Claessens et. al., 2002). While work on Asia has thus clarified some corporate governa nce issues, many important issues are still unknown. These issues include: (a) the causes of specific ownership structures and the relationships of ownership structures with countries institutional environments; (b) how ownership structures influence not only firm performance and valuation, but also other corporate policies, such as investment patterns and financing structures; (c) alternative governance mechanisms in enhancing governance, such as the roles of reputation, second block holders, (foreign) institutional investors and other voluntary mechanisms; (d) family firm internal governance issues, including management, compensation and family succession; and (e) the interaction between the quality of public governance and corporate governance. Most of the challenges of addressing these issues arise because of data availability problems. Resolving the data problems calls for systematic data collection by researchers and corporate governance research centres in this region (Stijn Claessens et. al., 2002). Mike W. Peng et. al. (2006) examined whether the role of concentrated family ownership and control in large firm in Asia is good, bad or irrelevant for firm performance. Their findings demonstrated that concentrated family ownership does not have a negative impact on firm performance in the Malaysian context. The authors explains that, in general in countries where institutional framework are weak, family ownership may provide a complementary internal control mechanism and better access to resources. A major element of public concern during the crisis period was the close connectivity between banks and corporate borrowers. It is acknowledged that much has already been done in terms of regulatory guidelines (GP1, GP5, GP6 and GP7) to ensure the avoidance of conflicts of interest and the problem of large single corporate borrowers. With this, the associated dire consequences will not occur and have an adverse impact on the whole financial and banking sy stem. However, it must be recognized that BNM cannot solve the root of the problem by using its regulatory guidelines alone. While regulatory bites can have its advantage, there must also be the banking industrys corporate leaders will to ensure that the intents of the regulatory guidelines are implemented in practice (Lum Chee Soon et. al. 2006) In moving forward a review of the implementation issues and problems at the ground level may be necessary. Enforcement and surveillance mechanisms by the regulatory bodies are critical. There is little doubt that the reality of corporate governance is that those in control of corporations will always have one eye on the laws governing his / her actions and more particularly the penalties that go with any breach thereof and another eye on wealth-making for the corporation (Chan, 2001). Political economy The World Banks Report on Observance of Standards and Codes (2005) highlighted large government ownership as a key challenge for co rporate governance reform in Malaysia. Stijn Claessens et. al. (2000) provides insight of Malaysia banking sector as following: State control is significant in Malaysia. Ownership data are either completely missing, available only on nominee accounts, or not sufficient to collect more than half of the ownership rights in Malaysia. Family ownership is significant in Malaysia. Significant evidence of cross-holdings in Malaysia. Four-fifths or more of companies in Malaysia have managers who belong to the controlling group. Medium size firms show the most separation of ownership and control. The separation of ownership and control in state-controlled firms occurs in Malaysia with the smallest firm displaying the most separation, such as families firms. Firms held by financial institutions do not display significant ownership and control. Family controlled firms in Malaysia increases from 58% to 67%. Older firms are more likely family controlled. A qua rter of the corporate sector in Malaysia is controlled by largest ten families. The largest 15 families in Malaysia held a significant 76% of corporate assets as a percentage of GDP in 1996. These findings can be interpretated as indicative of both the motivation for and the means to crony capitalism in East Asia. The concentration of corporate control in the hands of a few families creates powerful incentives and abilities to lobby government agencies and public officials for preferential treatment, whether through trade barriers, non-market based financing, preferential public contracts, or other means. Concentration of control might also have been a detriment to the evolution of the countries legal systems. Finally, the direct participation by government officials in the control of a large part of the corporate sector opens up the possibility of wide-spread conflicts between public and private interests of some individuals, leading to crony capitalism. While we can not docu ment whether and through what channels crony capitalism has developed in East Asia, the large ownership concentration certainly raises the likelihood of it. The author concluded that while there is a separation between ownership and management, there is not a separation between control and management. These leads to wealth concentration in the hands of few family which could negatively affect the evolution of the legal and other institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future poliy reform. Third is the interaction between corporate governance and public governance. As suggested in several studies reviewed in this paper, governments and politicians can determine the rules of the game and the nature of competition in the market place. Listed companiescorporate governance practices are likely to be influenced by the rules, in particular how and to what degree the rules are enforce d. Therefore, it would be important to examine how corporate governance practices of a country are shaped by the quality and the integrity of its government and its regulatory policies (Stijn Claessens et. al., 2002). In a research that examine the separation of ownership and control for corporations, Stitjn Classens et al., 2000 find state control to be a significant corporate governance environment exists in majority of Malaysian corporations (Stijn Claessens et. al., 2000). Malaysia and Hong Kong show the highest degree of family ownership, with 67.2 per cent and 66.7% of total market capitalization controlled by family groups. Certain industry, such as, banking sector might be heavily regulated and the State may own a controlling stake in the companies in such industries. Malaysia has the second most significant, after Singapore, State ownership with 13.4% of value under State control (Stephen Y.L.Cheung et. al., 2004) Stijn Classens et al., 2000 find Malaysia to be amo ng other East Asian countries in examination, with highest concentration of control rights in the hands of the largest blockholder (Stijn Claessens et. al., 2000) The continual lack of public confidence in corporate governance of Malaysia banking system despite hardwork of BNM may be inherited in the potential area of concern in the post-merger domestic banking that the ownership structures of dominant domestic banking institutions financial conglomerates have become more complex and opaque. (Lum Chee Soon et. al., 2006) Markets and Competition In a paper to study the relationship between ownership structure and governance quality, Joseph P.H.F. et al., 2006 found that different ownership structures between widely held foreign banks and family / state-controlled banks in Asian nations may be due to their different business models. The implication of this result was that concentrated ownership structures should not be given much weight in the measure of good corporate govern ance. The paper also provides detail empirical data relating from banks characteristicsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ After reviewing major governance concepts in general, Ross Levine (2004), discusses two special unique attributes of banks, namely, greater opaqueness than other industries and greater government regulation. With the perception that these unique attributes of banks weaken many traditional governance mechanisms, Ross Levine (2004) concluded that existing work suggests the importance to strengthen the ability and incentives of private investors to exert governance over banks rather than relying excessively on government regulators. The continual lack of public confidence in corporate governance of Malaysia banking system despite hardwork of BNM may be inherited in the potential area of concern in the post-merger domestic banking that the ownership structures of dominant domestic banking institutions financial conglomerates have become more complex and opaque . (Lum Chee Soon et. al., 2006) Reputational agents One possible corporate governance role of institutional investors in Asia, and emerging markets in general, is certification. When ownership is concentrated and a firm is subject to agency conflict between controlling owner and minority shareholders, the firm may invite institutional investors equity participation so that it can borrow their reputation to enhance its credibility to minority shareholders. Institutional investing, however, may or may not lead to subsequent improvement of corporate governance or be accompanied with active monitoring. As in any situation with rent seeking and relationship-based transactions, institutional and other minority investors may prefer to let controlling owners continue to protect their rents and not force them to disclose all information, as otherwise their own values are negatively affected (Stijn Claessens et. al., 2002). [Regulatory v Market Discipline] Following a decade of corpo rate governance implementation in Malaysia, there is no lack of write up on the subject matter. Existing literature, however, focuses their attention on legal and regulatory aspects, such as descriptive details on regulatory reform of corporate governance in MalaysiaÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ Despite the importance of the Malaysian Code of Corporate Governance, preliminary review of literature has discerned the following public perceptions of corporate governance quality to be of significant barriers to on-going mplementation of corporate governance in the Malaysian banking industry: Past experience of government regulatory forbearance: Effectiveness of the board Lack of separation of ownership and control Connectivity of banks and corporate borrowers Opaqueness of banking institutions High degree of government intervention Following a decade of corporate governance implementation, this chapter provides review of literature from both academic and professio nal sources to establish a strong grounding on the subject matter of corporate governance quality, with particular focus on public perception of corporate governance quality in the context of Malaysian domestic banking institutions. Corporate Governance Quality of Malaysian Banking Sector Following a decade of corporate governance reform to the Malaysian capital market, issues related to corporate governance quality in the Malaysian banking sector has been well documented in the literature. Inessa Love (2010) specified three main sources used by researchers in constructing measures of corporate governance quality, namely, information from companys by-laws and charter provisions, independent rankings constructed by rating agencies, as well as, surveys of firms. Review of Corporate Governance Quality through banking sector by-laws and charter provision In the context of Malaysian banking sector, the main sources of the banking sector by-laws and charter provision are namely, the Malaysian Code of Corporate Governance (MCCG), the Capital Master Plan (CMP), the Financial Sector Master Plan (FSMP) (Abdul Hadi B. Z. et. al., 2000) as well as the Guidelines on Corporate Governance for Licensed Institutions (BNM/GP1) issued by Bank Negara Malaysia to its member bankin g institutions. Abdul Hadi B. Z. et. al., (2000) provides a descriptive analysis on some important mechanisms of corporate governance quality taken from the capital and financial sector master plans as well as orders from relevant regulatory bodies and found that the mechanisms that have been put in place are comprehensive and covers a wide spectrum of corporate governance internally and externally. Review of Corporate Governance Quality of the Malaysian banking sector through independent rankings and surveys Public Perception of Corporate Governance Quality in Malaysian Banking Sector Public perception of cg quality in Malaysian banking sector is discern through a triangulation approach from existing literature on cg quality of Malaysian banks and various surveys on corporate governance of Malaysia as a whole. Academic literature Surveys [cg 8] There are three main sources used by researchers to construct measures of corporate governance: Information from companys by-laws and charter provisions; Independent rankings constructed by rating agencies, such as Standard Poors or Credit Lyonnais Securities Asia (CLSA) (described in Gill 2001), which rely on public information, proprietary analysts assessments, or both; Surveys of firms Mckinsey Survey [cg 5] Mckinsey (2000 / 2002) Investor Opinion Survey found that the majority of investors were prepared to pay a premium to invest in a company with good corporate governance. The survey states that good governance in relation to board practices includes a majority of outside directors who are truly independent; significant director stock ownership and stock-based compensation; formal director evaluations; and responsiveness to shareholder requests for governance information. The Mckinsey Emerging Market Investor Opinion Survey (2001) showed that respondents considered greater transparency the most important corporate reform in emerging markets. [cg and asia 1] Mckinsey Company conducted an investor opinion study in 2000 and 2002 to see if the investors were willing to pay a premium for good governance and if yes, the marnitude of the premium. The result was an overwhelmingly large percentage of respondents stated that they were willing to pay a premium for companies with good governance structures. With regard to the magnitudes of premiums that investors were willing to pay, it appears that there is a pattern that the value of good corporate governance s higher for economies where the quantity and quality of information available to investor is inadequate. [The weaker the level of transparency, investors are willing to compensate more for its effort in promoting transparency.] [cg and asia 5] According to a survey by Mckinsey (2002), 78% of professional investors in Asia say that they are willing to pay a premium for a well-governed company in 2002. The average premium these investors are willing to pay generally ranges from 20% to 25%. Many scholars have attempted to find the relationship between good governance and firm performance in a more rigorous way. Opinion surveys of professional investors may provide some guide on the construction of corporate governance scores. Survey respondents of Mckinsey (2002) say that, for corporation, timely and broad disclosure is the highest priority, followed by independent boards, effective board practices, and performance-related director / management compensation. The survey also shows that priority areas for policymakers include strengthening shareholder rights, improving accounting standards, more effective disclosure, and stronger enforcement. [cg and Malaysia 13] In the global institutional investor opinion survey of McKinsey Company (2002) on Corporate Governance issues, it was found that the majority of investors agree that corporate governance remains of their great concern with strengthening the quality of accounting disclosure as the top priorities. The majority institutional investors are willing to pay a high premium for companies with good corporate governance. The survey also provides evidence that majority (71%) of the respondents state that accounting disclosure is the most important factor that impacts their investment decisions and 52% of the respon dents identify that improving financial reporting quality is the governance priorities for policymakers. [cg and Malaysia 19] While the evidence seems to be quite mixed, there does appear to be a widely held perception that corporate governance can make a difference to the bottom line. The findings of a survey by McKinsey (2002) found that the majority of investors would be prepared to pay a premium to invest in a company with good corporate governance. The survey states that good governance in relation to board practices includes a majority of outside directors who are truly independent, significant director stock ownership and stock-based compensation, formal director evaluations, and good responsiveness to shareholder requests for governance information. The author synthesized that the results indicate the investors perception and belief that corporate governance is important and that belief leads to the willingness to pay a premium for good corporate governance. [cg and Malaysia 3] A recet survey by the international management consultancy, McKinsey Co. suggests that institutional investors are actually prepared to pay a premium for good corporate governance. Its survey revealed that international investors are prepared to pay a mark-up of more than 20% for shares of companies that achieve good corporate governance. In such companies, a majority of directors come from outside the company, have no ties to management and receive most of their remuneration in the form of stocks or options. They are likely to have formed an evaluation process for their directors and to be responsive to investors requests for information on governance issues. Apparently, the results were based on information received from more than 200 institutional investors worldwide. Interestingly, more than 80% of the investors who responded to the McKinsey study say they would pay more for the shares of a well-governed company than those of a poorly governed company with compa rable performance.[bad synthesis] The author synthesized that companies with poor governance will find themselves at a competitive disadvantage when it comes to attracting capital to finance growth. In the concluding words of the McKinsey report: High governance standards will prove essential to attracting and retaining investors in globalised capital markets, while failure to reform is likely to hinder those companies with global ambitions. Questionnaire Survey on Corporate Governance Practices [cg and asia 5] This questionnaire survey pays its major attention to the actual corporate governance practices at the micro-level, rather than the laws and regulations governing them. As observed in the White Paper on Corporate Governance in Asia (OECD, 2003), most Asian jurisdictions have substantially reformed their laws and regulations largely along the spirit of the OECD Principles. However, due to poor implementation and enforcement or some other reasons, the actual practices usually fall short of the new rules. Companies may simply ignore some regulations and guidelines or comply only in cosmetic way in form but not in substance. For various reasons, independent directors may be far from being independent and effective, and small shareholders may be much frustrated in their efforts to exercise the rights secured by the laws. In other cases, corporations may adopt governance practices that are of higher standards than the minimum requirements, or those not required by l aws and regulations. They might do so to signal the market of their intention to protect the interests of minority shareholders. Without a comprehensive firm-level investigation, it is difficult to evaluate the degree of deviation between the regulatory framework and the realities. As such, the survey, in its approach and methodology, is closer to those of the Standard Poors. The corporate-level governance practices, however, will be discussed in close reference to the relevant laws and regulations of individual countriesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. The questionnaire survey concluded that diffused ownership is rather rare in all the countries under study except for Malaysia. Professional managers in CEO position are found in less than 60% of the Malaysian firms and only in 40-50% of the respondent firms in three other countries. This confirms that the major corporate governance concern in the exchange-listed firms are indeed is to prevent the controlling owners from expropr iation of minority shareholders. It is notable that the positions of CEO and board chairpersns are separated in more than 80% of the Malaysian firms. The functions of the boards and board committees are generally weak, even though corporate directors tend to agree that their boards are a forum for serious discussion of significance corporate matters. In all four countries, boards seem to be rather inactive in selecting, monitoring, and replacing CEO, and reviewing the remuneration of key executives and directors. They are particularly poor in evaluating and supporting directors for their best contribution as board members. Outide or independent directors are inadequately supported with necessary information, access to outside professional services, personnel assistance, education and training, stock-based incentive compensation, and insurance coverage for personal liability. Though there seems to be little role played by banks and employees in protecting stakeholders rights, t his may not be the case in the future. Corporate directors in the surveyed countries are rather sympathetic with the roles of broader stakeholders. About 60% of them strongly agree that a corporation has the goal of enhancing the well-being of various stakeholders in addition to making profits for shareholders. They are generally interested in relationship banking, and seem to be increasingly willing to treat employees as partners given the rising importance of human capital. Their concern about the downside of the increased participation of these stakeholders doesnt seem very serious. Other favorable environment for employee participation includes their high educational background, relatively long tenure, and availability of complementary mechanisms making employees truly stakeholders such as shop-floor and financial participation. Corporate governance practices have been scored to come up with aggregate scores that are to be used for the investigation of the link with firm perf ormance. The scores are based only on practices related to shareholder rights and the effectiveness of the boards. The scores are generally lower for board effectiveness (than for shareholder rights). The highest scores are found among the Malaysian firms, followed by the Thai firms. Scores for Korean firms turn out to be the poorest, which is consistent with their ownership and control structure dominated by a single largest owner. Regression results show that high overall corporate governance scores are associated with larger firms, and firms substantially foreign owned or with a professional manager as CEO. For the whole sample firms, the survey results provide strong evidence that corporate governance matters. Although score for shareholder rights alone does not have any significant association, scores for board effectiveness and overall scores turn out to be significantly associated with firm performance. Investigated by country, such association is evident for Korea and Ind onesia where corporate governance is relatively poor. However, such evidence however, cannot be found for Thai and Malaysian firms. The regression results provide some other interesting evidence. First, the market seems to discount the quality of corporate governance by about 30% in the case of firms controlled by a single Report on the Observance of Standards and Codes: Corporate Governance [CG Asia] One key step in a countrys transition towards improving corporate governance is the completion of the World Banks Reports on the Observance of Standards and Codes (ROSC). The ROSC process identifies weaknesses that may contribute to a countrys economic and financial vulnerability. [cg and asia 3 / cg and asia 7] The World Bank (2003; 2004 a b; 2005 a, b c; 2006 a b) has conducted a number of studies of corporate governance practices in various countries all over the world. It has conducted eight studies of Asian countries. Out of X corporate governance practices, the result highlighted two corporate governance challenges for Malaysian corporate governance reform, namely, participation rights, Act in Due diligence and care, ensure compliance with laws, and equal treatment of shareholders. [cg country assessment msia] The world banks Report on Observance of Standards and Codes (2005) highlighted the following key challenged to corporate governance reform t o Malaysian assessment: Large government ownership; Free float remains low; Directors accountability; protection for minority shareholders; Institutional investors and shareholder activism Scorecard on Corporate Governance in East Asia [cg and asia 8] This paper measures the progress of corporate governance reforms in nine East Asian economies as revealed empirically through two surveys. The first survey is a stock-taking exercise to take note of on-going reforms in corporate governance rules and regulations, while the second covers perceptions of the implementation and enforcement of corporate governance rules as seen by fund managers and analyst. This study indicates a divergence between the regulatory environment and market perceptions of corporate governance practices in the countries sampled. The survey results also shw that, although the nine economies do not differ significantly in the corporate governance rules and regulations they have put in place, there is s significant difference in terms of market perceptions of their corporate governance practices. CLSA CG Watch 2007 With all these reforms in place, Malaysia was ranked number one in terms of rules and regulation in a study conducted by Credit Lyonnaise Securities Asia (CLSA) and Asian Corporate Governance 2003. However, Malaysia only managed to obtain a score of 5.5 out of 10 for the overall corporate governance practice (Zulkafli et. al, 2005). [cg and Malaysia 2 reviewed zulkafli] Although the regulators have created a commendable framework for corporate governance, Malaysian corporations have yet to achieve a satisfactory level of corporate governance practices and compliance. This is evident from a joint study conducted by CLSA and Asian Corporate Governance 2003 in which the country was ranked number one (9 out of 10) in terms of rules and regulation but only managed to obtain an average score of 5.5 out of 10 for overall corporate governance practice. [sv and cg 14] As proxies for the quality of corporate governance they use the CLSA corporate governance scores and the S P t ransparency rankings. Indeed, both the CLSA and S P scores give weight to qualitative and quantitative board characteristics. [cg watch 2007] Refer to handout KPMG Fraud Survey Report [cg and asia 6 cg asia] In Malaysia, KPMG fraud survey report provides insights into contemporary fraud issues faced by Malaysian companies. The findings are quite striking. While on one hand it shows that there is relatively high degree of awareness and concern about fraud within the Malaysian business community, the survey found that fraud is very often the product of both poor governance and a deficient corporate culture. What is particularly alarming is that 61% of the respondents expect the level of fraud to increase during the next two years. About 89% expect that the trend of fraud as well as financial statement fraud will increase markedly in the aftermath of the economic downturn. Indeed, while Malaysia has succeeded in improving its governance framework in line with the global best practices, there are still lingering concerns about the way it is being implemented. [S P] 1. refer to printed handout 2. refer to S P 1 Past experience of government regulatory forbearance: Effectiveness of the board Separation of ownership and control Opaqueness of the banking instutions Connectivity of banks and corporate borrowers High degree of government intervention

Why Should Anybody Care - 1198 Words

ELA7_SB_U5_L11 Introduction and Objective â€Å"Why should anybody care?† That’s the question of the day! The answer is also how you create an effective concluding section for your essay. You want to make sure your reader understands why they read through your entire essay, and you want them to be happy they spent the time doing it! Today s lesson objective is: Students will write a concluding section that follows from the information or explanation presented. In addition to a strong introduction, every great essay needs a great conclusion to wrap up all of your interesting points! Are there strategies that you can use to summarize your main points and tie all of your ideas together? Record your plan of attack for writing a†¦show more content†¦To write your concluding section, just follow these steps: https://pixabay.com/en/success-gradual-career-stairs-413093/ 1. Refer to your thesis (remind the audience of your purpose) 2. Summarize your main points/findings 3. Synthesize to tell how your main points fit together 4. Relate to your reader(s) - Try to link back to the hook that started the essay Placing these pieces in this particular order makes a big impact on the reader. It gives you a good strategy for helping your reader(s) remember what is most important about your thoughts from the essay. Let’s see how well you can recall the order of the tasks you need to create a complete and memorable concluding paragraph. ELA7_B_5_11_ACT_1 DOK 2 https://pixabay.com/en/thoughts-construct-does-face-139620/ Now that you know what you need to do, it’s time to take a closer look at the specific tasks you’ll need to complete to compose your concluding paragraph. 1. Refer to the thesis does not mean just rewriting it exactly as you did in the introduction! It means that you must write your purpose and add whether you feel that you have achieved that purpose. Example: In this essay I set out to analyze the figurative language and symbolism in Angelou’s poem, â€Å"Caged Bird.† I found that not only does Angelou use literary elements like an expert; she also creates a deep experience for

Comparison of Odysseus and Helen as Liars Free Essays

Comparison of Odysseus and Athena as liars Deception, or the act of deceiving or defrauding, is a prominent theme in the Odyssey. Though inherently dishonest, deception can be used to gain information and knowledge. Different characters (and people) use it different ways. We will write a custom essay sample on Comparison of Odysseus and Helen as Liars or any similar topic only for you Order Now This essay will establish that, whereas Odysseus uses deception to help him progress from Nobody back to Odysseus, king of Ithaca, Athena does so to keep her identity secret when she disguises herself. Odysseus ensures his security and protects his identity while deceiving Polyphemus, thus displaying his true cleverness. Odysseus tells Polyphemus that â€Å"Nobody is his name,† (9,365) he uses this clever deception so the other Cyclopes do not go after him after he escapes. Also, if Polyphemos knew who Odysseus really was then Polyphemos would’ve treated him differently. Odysseus wouldn’t had received the hospitality that he did. By being his witty self, Polyphemos stated â€Å"I will eat you last† because he liked his cleverness which was actually his decievence. Odysseus is in sense a nobody, no one cared if he was king of Ithaca. This was his lowest point as he started to lie more in order to reconstruct his identity. In order to restore his identity, he had to continue with his lies, with that he began his Cretan lies. These Cretan lies deceived Athena, Eumaois, and Penelope. Odysseus used his first Cretan lie to Athena, who was disguised as a Shepard boy, †¦Ã¢â‚¬ ¦.. He takes pains to establish a sound character: â€Å"I have come here/with these gods that you see but leaving as much again to my children. † (13,258) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Later on he used his second Cretan lie to Eumaios, the swine herd, to gain information of what is happening at his home. He established a sympathetic character: son of a rich man and his concubine, the legitimate heirs gave him only a small portion of estate. He then condemned liars†¦.. The immediate reason is that Odysseus is cold, and he’s hinting for Eumaios to give him some more cover–which Eumaios does. It’s also believe to be a test, although Eumaios has already demonstrated the kind of person he is by sharing his meager necessities with this ragged stranger and by the concern he has shown for his master’s family in his determination not to let anyone arouse false hopes that will just be dashed. In particular, remember that just a page or so earlier, he has firmly forbidden the stranger to tell Penelope that he knows Odysseus is on his way home, because he has seen many other wayfarers tell her the same thing and be rewarded with a new tunic and cloak, and then leave her to be disappointed all over again. But when the stranger tells the story of how Odysseus conned another soldier out of his cloak so that the stranger could use it, Eumaios tells him that he will receive a new tunic and cloak soon, and then piles other covers over him in the meantime. Perhaps that anecdote rings so true as something Odysseus would have done that Eumaios is now convinced that the stranger does at least KNOW Odysseus. His third Cretan lie was to Penelope to see if she was still true to him. He pretended to be the brother of idomeneus, grandson of late king Minos. He gave a first name Aethon, and told Penelope about Odysseus, everything she wanted to hear. He told her a lengthy description of his â€Å"homeland† Crete†¦Ã¢â‚¬ ¦.. Similarly to Odysseus, Athena disguises herself as a mentes†¦. And disguises herself as a mentor†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ This essay established that both Odysseus and Athena decieved in similar ways, to gain information. A†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ The many acts of deception found in The Odyssey often are used to show a character’s cleverness or to show the importance placed on cleverness. Cleverness is one of the qualities that make Athena want to aid Odysseus throughout his trials. Cleverness is one of the qualities that is to inspire Odysseus to want Penlope. Cleverness is what makes Penlope of value and is what makes Odysseus a hero. Deception in the Odyssey is always about appearances: Circe appears beautiful and benevolent, but is actually malicious. The men are made to appear as animals, but are actually still men in spirit and mind. Odysseus’s disguise as a beggar is much like Athene’s former disguise as a mortal; by dressing below their stations, these two are able to test the integrity of those they deceive. How to cite Comparison of Odysseus and Helen as Liars, Essay examples

Zen Gardens Essay Research Paper The art free essay sample

Zen Gardens Essay, Research Paper The art of garden-making in Japan goes back to the sixth century, when hill and pool gardens were introduced from China and Korea, where blue bloods gathered to bask poesy and games alongside a watercourse. Nipponese monastics further developed gardens into a high art over 100s of old ages of temple horticulture. They emptied their heads of secular distractions and came to cognize themselves in their gardens. Rocks and Stones bring powerful symbolism to a Zen garden. The Godheads of Nipponese Zen gardens have strong grasp of rocks- striking stones with character. The dateless quality of stone can be contrasted with the unstable quality of sand # 8211 ; to show both the permanency and permanency and changeableness of the universe. Formations of stone may be composed to resemble a mountain scope in illumination, while smaller groups can typify the Isles of the Blessed in the Western Seas. Some of the most popular and powerful stone groupings in Nipponese gardens are those that represent the Crane and polo-neck. We will write a custom essay sample on Zen Gardens Essay Research Paper The art or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But these representations remain intentionally obscure because it is up to the looker-on of the Zen garden to near each agreement of rock separately. You may set any stones in the garden you wish # 8211 ; some that are bizarre or fiery, saintly, heroic or level like a boat. Rocks one time chosen, are non merely placed on the surface but buried two-thirds into the land, to look as natural outcrops. The way of the stones borders and ridges and their overall arrangement in relation to each other are carefully considered to let the free ex pression of their natural energy. Rocks are composed of uneven Numberss of rocks, positioned in a triangular form to make an asymmetrical balance – a symmetrical balance is considered out of kelter with nature. The figure three is considered auspicious and represents heaven, Earth and humanity. A perpendicular stone is used to typify heaven as the strata of the stone points heavenwards ; a stone placed with its interruption lines horizontally symbolizes Earth ; and a diagonally placed stone represents humanity. Nipponese garden Masterss besides regard the Numberss seven and five as auspicious and stones in Zen gardens are arranged with this in head. Naturally happening stones are neer the same form and size, therefore it would be incorrect non to hold a assortment of otherwise shaped stones and bowlders in your garden. Rocks are the foundation of the garden. Sand in the stone garden creates simpleness and repose. Normally the sand, typifying the empty head, is raked in whirl, resembling the manner H2O edges rocks and islands. The whirl can leave a feeling of ramping or soft lapping H2O, depending on their design. The sand besides symbolizes the ocean around the island of Japan while the stones placed in the garden, represent Japan itself. Assorted colourss of sand can besides be used as in existent stone gardens # 8211 ; black to give an imposing formality, brown for a subdued and refined expression and the purest white to put off the stones even more starkly. Spontaneity and experimentation are the key. The Zen garden is after all a establishing tablet # 8211 ; a topographic point where ideas take off from and come back to.

The Ninny Status Essay Example

The Ninny Status Essay The Governess by Neil Simon, and Up From the Holler there was some sort of conflict about social class each differ and are different points of view. I believe that seeing something from a deferent point of view is very important. I think that its Important because you see others perspectives on matters that you once thought about only In one way. One persons craziness Is another persons reality. said by Tim Burton. In The Ninny by Anton Chekhov took the view of the nanny Julia. In this story she was letting down with her mistress to talk about her pay. During this conversation the mistress kept on finding obscure things to pay Julia less. I knew that Julia wanted to argue back that it isnt fair to take from her pay that much. But Julia felt Like she could not argue back or she may lose her Job. Then the Mistress finally asked Julia why she wasnt standing up for herself and told her that she was getting all her pay. We will write a custom essay sample on The Ninny Status specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Ninny Status specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Ninny Status specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I think that this Is a very good description of social class and point of view. I think that about this article because Julia was from the lower class and a nanny a her mistress was room higher class so Julia didnt want to talk back, and the mistress did not see why she didnt talk back because she could. In Neil Simonys story The Governess social class affected the Mistress by making her have to show confidence when she really wasnt. Another way that social class affected her was by making her be strict Tijuana when she didnt want to. Even though she wanted to help Julia she felt that she couldnt because of her social class. I feel that being in a social class makes you act different. For instance you would not expect the same manners from someone in rower class as someone in the higher class. I think this because the people in the social class that they are in dont want to be looked down on. In Up From the Holler I took the perspective of Della. She grew up in the lower class. She also lived in a holler. At first she accepted her social class by making her home not feel like home. When Della was young she yearned to be in the upper class. So Della worked hard and made her way up to upper class and had what she had always wanted her whole life. But it didnt feel right to her. She Just wanted her kids to fit in with the other kids n her class. So over all I think that everyone is made to be in a certain social social class. No matter how you got there whether it being born into it, trying hard, or not trying at all. I think that Up From the Holler is a very good example of this because all Della wanted was to be in the upper class and she worked hard and got there, but she wasnt meant to be in the upper class so she went back to where you fit In. The Ninny Status By Slim Jim Jon-Ludwig In the three short stories that we read The Ninny by Anton Chekhov, The something from a different point of view is very important. I think that its important because you see others perspectives on matters that you once thought about only in one way. One persons craziness is another persons reality. said by Tim Burton. In The Ninny by Anton Chekhov I took the view of the nanny Julia. In this story she was sitting down with her mistress to talk about her pay. During this conversation the argue back that it isnt fair to take from her pay that much. But Julia felt like she could wasnt standing up for herself and told her that she was getting all her pay. I think hat this is a very good description of social class an d point of view. I think that about she didnt talk back because she could. In Neil Simonys story The Governess social wasnt. Another way that social class affected her was by making her be strict to Julia when she didnt want to. Even though she wanted to help Julia she felt that she couldnt because of her social class. I feel that being in a social class makes you act life. But it didnt feel right to her. She Just wanted her kids to fit in with the other kids she wasnt meant to be in the upper class so she went back to where you fit in. The Ninny Status Essay Example The Ninny Status Essay The Governess by Neil Simon, and Up From the Holler there was some sort of conflict about social class each differ and are different points of view. I believe that seeing something from a deferent point of view is very important. I think that its Important because you see others perspectives on matters that you once thought about only In one way. One persons craziness Is another persons reality. said by Tim Burton. In The Ninny by Anton Chekhov took the view of the nanny Julia. In this story she was letting down with her mistress to talk about her pay. During this conversation the mistress kept on finding obscure things to pay Julia less. I knew that Julia wanted to argue back that it isnt fair to take from her pay that much. But Julia felt Like she could not argue back or she may lose her Job. Then the Mistress finally asked Julia why she wasnt standing up for herself and told her that she was getting all her pay. We will write a custom essay sample on The Ninny Status specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Ninny Status specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Ninny Status specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I think that this Is a very good description of social class and point of view. I think that about this article because Julia was from the lower class and a nanny a her mistress was room higher class so Julia didnt want to talk back, and the mistress did not see why she didnt talk back because she could. In Neil Simonys story The Governess social class affected the Mistress by making her have to show confidence when she really wasnt. Another way that social class affected her was by making her be strict Tijuana when she didnt want to. Even though she wanted to help Julia she felt that she couldnt because of her social class. I feel that being in a social class makes you act different. For instance you would not expect the same manners from someone in rower class as someone in the higher class. I think this because the people in the social class that they are in dont want to be looked down on. In Up From the Holler I took the perspective of Della. She grew up in the lower class. She also lived in a holler. At first she accepted her social class by making her home not feel like home. When Della was young she yearned to be in the upper class. So Della worked hard and made her way up to upper class and had what she had always wanted her whole life. But it didnt feel right to her. She Just wanted her kids to fit in with the other kids n her class. So over all I think that everyone is made to be in a certain social social class. No matter how you got there whether it being born into it, trying hard, or not trying at all. I think that Up From the Holler is a very good example of this because all Della wanted was to be in the upper class and she worked hard and got there, but she wasnt meant to be in the upper class so she went back to where you fit In. The Ninny Status By Slim Jim Jon-Ludwig In the three short stories that we read The Ninny by Anton Chekhov, The something from a different point of view is very important. I think that its important because you see others perspectives on matters that you once thought about only in one way. One persons craziness is another persons reality. said by Tim Burton. In The Ninny by Anton Chekhov I took the view of the nanny Julia. In this story she was sitting down with her mistress to talk about her pay. During this conversation the argue back that it isnt fair to take from her pay that much. But Julia felt like she could wasnt standing up for herself and told her that she was getting all her pay. I think hat this is a very good description of social class an d point of view. I think that about she didnt talk back because she could. In Neil Simonys story The Governess social wasnt. Another way that social class affected her was by making her be strict to Julia when she didnt want to. Even though she wanted to help Julia she felt that she couldnt because of her social class. I feel that being in a social class makes you act life. But it didnt feel right to her. She Just wanted her kids to fit in with the other kids she wasnt meant to be in the upper class so she went back to where you fit in.

Free Essays on Lewis And Clark

Lewis And Clark â€Å"1774 was the birth year of Meriwether Lewis, of Albemarle County, Virginia- Meriwether Lewis, who was to become a captain in the United States Army, secretary to President Thomas Jefferson, leader of the Lewis and Clark Expedition to the pacific, Governor of Louisiana Territory and helmsman extraordinary of the American frontier.† (pg6) Meriwether Lewis was born to a prestigious family. Some of his family members include: great uncle who was a part of the King’s Council before the Revolution and â€Å"Fielding Lewis who married a sister of General Washington.† (pg7) Thomas Jefferson’s father and Meriwether Lewis’ grandfathers founded Albemarle. Lewis’ father died when he was four, and his family’s land was to be auctioned off. Jefferson, a young lawyer in Albemarle County, â€Å"warded ruin from the Lewis plantation.† (pg10) As a young boy Lewis had only one good friend by the name of Billy (William) Clark. The boys dreame d of being soldiers. When Lewis was ten and Clark 14, the Clarks moved to Kentucky and Lewis was separated from his only friend. Clark wound later join the militia and fight the Indians in Ohio. Jefferson became United States Minister to France and Lewis went off to a Latin school. On July 1, 1792, Lewis graduated. He then decided to go back home to Albemarle to farm on the family’s plantation. Lewis didn’t farm for long he joined the Virginia State militia to fight for the government in the Whiskey Rebellion. During this time General Washington and Alexander Hamilton accompanied Lewis’ company. Lewis didn’t get to see mush action with the state militia so when the uprising was over he joined the regular Army hoping to see some action. In 1795 Lewis and Clark meet again. Clark is a rifleman for â€Å"Gen. Mad Anthony Wayne.† (pg30) Both Lewis and Clark were able to see a little action against the federated Indian’s but that was all of the ac tion they were able participate ... Free Essays on Lewis And Clark Free Essays on Lewis And Clark Lewis And Clark â€Å"1774 was the birth year of Meriwether Lewis, of Albemarle County, Virginia- Meriwether Lewis, who was to become a captain in the United States Army, secretary to President Thomas Jefferson, leader of the Lewis and Clark Expedition to the pacific, Governor of Louisiana Territory and helmsman extraordinary of the American frontier.† (pg6) Meriwether Lewis was born to a prestigious family. Some of his family members include: great uncle who was a part of the King’s Council before the Revolution and â€Å"Fielding Lewis who married a sister of General Washington.† (pg7) Thomas Jefferson’s father and Meriwether Lewis’ grandfathers founded Albemarle. Lewis’ father died when he was four, and his family’s land was to be auctioned off. Jefferson, a young lawyer in Albemarle County, â€Å"warded ruin from the Lewis plantation.† (pg10) As a young boy Lewis had only one good friend by the name of Billy (William) Clark. The boys dreame d of being soldiers. When Lewis was ten and Clark 14, the Clarks moved to Kentucky and Lewis was separated from his only friend. Clark wound later join the militia and fight the Indians in Ohio. Jefferson became United States Minister to France and Lewis went off to a Latin school. On July 1, 1792, Lewis graduated. He then decided to go back home to Albemarle to farm on the family’s plantation. Lewis didn’t farm for long he joined the Virginia State militia to fight for the government in the Whiskey Rebellion. During this time General Washington and Alexander Hamilton accompanied Lewis’ company. Lewis didn’t get to see mush action with the state militia so when the uprising was over he joined the regular Army hoping to see some action. In 1795 Lewis and Clark meet again. Clark is a rifleman for â€Å"Gen. Mad Anthony Wayne.† (pg30) Both Lewis and Clark were able to see a little action against the federated Indian’s but that was all of the ac tion they were able participate ...

Influence Of Slope Aspects On Woodland Ecosystem Of Duhok Dissertation

Influence Of Slope Aspects On Woodland Ecosystem Of Duhok - Dissertation Example Studies have shown that position of a slope in an ecosystem affect the quality of organic material, soil chemistry, and nutrient cycling, largely; it affects the soil quality than even the type of bedrock beneath the soil (Yimer, Sting and Adelkadir 2006, p.95). Research that has been conducted on influence of topographical features on soils in southern Italy clearly demonstrate that soils originating from the same parent material, with the same vegetative covering and climate, with the only difference being the position of the landscape produced different and varied microclimatic conditions (Chen, Hsieh, Jiang, Hsieh and Sun 1997, p.230). In the northern temperate climatic zone, the aspect of a slope was found to be a huge influence of the microclimatic conditions of the area mainly influenced by the temperature levels (Coleman, Crossley and Hendrix 2004, p.312). This is because the amount of solar that area experiences will determine the levels of temperature and water in the soil, the inherent characteristics of the soil will be affected (Fu, Liu, Ma and Zhu 2004, p.48). In the Pinus laricio forests of southern Italy, the north-facing slope receives higher insolation and as a result, there is low moisture content that is also connected to the scanty vegetative cover and insolating effects of small vegetation (Gong, Chen, Fu and Wei 2007, p.1). Differences in the soil microbial activities offer the different type of plant species. These plant species depend on the soil moisture, root activities, temperature and organic matter that return to the soil through the litter that falls from the plants (Gong, Brueck, Giese, Zhang, Sattelmacher and Lin 2008, p.484). Studies have been carried out to determine the effects of climatic conditions on the soil and vegetation properties, however no studies have been carried to determine the influence of aspect in the soil and vegetation properties(Tewksbury and Lloyd 2001, p.426).

Marketing in France Report II Essay Example | Topics and Well Written Essays - 500 words

Marketing in France Report II - Essay Example Some countries have banned some or all the forms of alcohol advertising (http://www.bbc.com/news/world-europe-18960770). In France, advertising for any drink that has alcohol content that is above 1.2% is prohibited on television, radio (between 5 pm to midnight, and on Wednesdays) and on print media that are targeted at teenagers and kids (http://www.theguardian.com/media/2001/jul/26/advertising). Advertising is allowed in the remaining printed media, on radio between midnight and 5 pm, billboards, posters, and leaflets. Since 2009, using the Internet was allowed except on websites that target the youth or related to sports (Nic, Gormley, and Usher 61). Given this information, we will gear our advertising more towards internet marketing because of the media restrictions through television. The French government is stepping up its effort so as to gather more of the taxes that owners of TV set are to pay to assist public service broadcasting. This has led to the private TV companies t o respond by increasing up their rates of advertising making the advertising cost high and this contributes towards effective regulation of liquor consumption and moral responsibility (http://www.theguardian.com/media/2001/jul/26/advertising). Overall use of TV for advertising in France stands at 35.4% (Austin, Barnard, Galli and Hutche, 3). The competition between Television stations in France has become intense. TV also has to compete against the other media, i.e. radio stations that are commercial, public sector and the press. At the same time, expansion in the TV sector has led to jockeying for dominating the market so as to win for advertisers and audience. The market in supplying through the TV is relatively open and the costs are lower as compared to the other forms of media. Print media advertisements greatly vary and this depends on the publication, number of insertions, circulation, quantities (if it is flyers, direct mail, handouts,

Requires ...grammar....expression correction Essay

Requires ...grammar....expression correction - Essay Example Despite the technological advancement, hi-tech society buildings still suffers from a variety of issues of maintenance causes from decisions of their designer. It is a broad observation that modern day buildings are more susceptible to maintenance as compared to older counterparts. This research investigates of the impact of design defects on maintenance through their barriers and limitations of the interaction between them in an attempt to improve building design to reduce maintenance costs, especially in hospital buildings. In addition to literature studies, the interviewee questions and a case study have been analyzed to identify design and maintenance defects, their impacts on the maintenance and management of hospital buildings in Saudi Arabia. Furthermore, it explores the concerning roles, responsibilities, obligations, and liabilities of the agents who are involved in the design and maintenance performance and feasible solutions. The King Fahad Hospital was chosen for the stud y and the five interviewees were interviewed on telephone. Qualitative methodology was selected to collect data for this study; it has been found out that the majority of maintenance dilemmas in the hospital building are attributed to design defects. The defects affecting the maintenance of hospital in the budget were led to depletion of maintenance budget besides an increase in maintenance costs. Some recommendations were provided. Conclusion The first topic the chapter reviewed was maintenance. Common problems were identified and approaches to reduce the burden of maintenance through Total Quality Management of design were described. The effect poor design has on society was explored in terms of political, economic, social, technological, environmental, and legal aspects. The chapter discussed design defects in terms of the professional obligations that each agent in the design team holds. The chapter emphasized the roles, which the civil engineers, the architects, the interior de signers, the commissioning agents, and the structural engineers have in the designing process. It also talked about the increasing role of legal action in poor design. Then the chapter discussed the inherent limitations of the building design and maintenance and its limitation in their relation. It lists the scope of the projects as well as the objectives and concludes with the significance of an investigation of the impact of design on the maintenance of hospital buildings in Saudi Arabia. This presents an opportunity for investigations of the impact of design imperfections on maintenance. In prior knowledge of most results and the factors that influenced the maintenance of negligence in design, circles many aspects such as specification of materials, thermal movement, wet areas, ventilation, inefficient detailing, improper material selection and poor design for accessing maintenance measures. The chapter also argued that the design process must also be considered from legal standp oint and the obligations of the design agents. There is mention in the literature of maintenance issues in Saudi Arabia. Ikhwan and Burney (1999) pointed out the importance of maintenance in the Kingdom, and discussed the need for maintenance education. They also highlighted research activities on maintenance performed at King Abdulaziz University in Jeddah. They recommended an extensive assessment of the current states of maintenance management and

Abigail Williams Character Essay

Abigail Williams Character Essay Being hung because of someone elses lies, selfishness, and lustful temptations, seems fair right? This is exactly what happened because of Abigail Williams. 19 people were hanged during the Salem Witch Trials, which was consequent of Abigail Williams lies, and selfishness. Abigail was the young women that John Proctor had an affair on his wife with. After the affair, she became obsessed with John, despite his constant reassurance that what he did was wrong, and that he was through with her. She became obsessed to that point that she drank blood, and did a dance with the devil in order to see Mrs. Proctor killed. After this didnt work, she began telling lies about seeing others (including Mrs. Proctor) with the devil, so that she would be hanged and she could possibly live a life with John. Analysis and study of Abigail Williams in The Crucible shows that she is a villain with manipulative skills, and is a compulsive liar, who is motivated by sexual temptation and John Proctor. Abigail Williams is a prime example of a villain because of her actions in The Crucible. One of the things that she does to portray her as villain is she lies about Tituba forcing her to drink blood, when really she did it under her own will. While Abigail was being pressured into saying who was involved with the Witchcraft she said, She (Tituba) makes me drink blood! (47). This resulted in Tituba being brutally beat and eventually sent back to her old country. Abigail also victimizes herself, in order to make it seem like she is innocent. For example she says, She sends her spirit on me in church; she makes me laugh at prayer! (48) during a court session. Abigail is also really good at drawing attention away from herself because another time during a court hearing, when she was about to get proven a liar, she suddenly acted as if there was a demon in the room. She screamed with terror, Shes going to come down! Shes walking the beam! (120). All of these instances do a great job of sh owing that she knows how to play the role of a villain, by making herself seem innocent. Abigail has some major strengths that help her in being a villain, and those strengths are compulsive lying, and extremely good manipulative skills. Everyone knows that Mrs. Proctor is a goody woman in Salem; however, because she has something that Abigail wants she chooses to lie about the type of person she is in order to manipulate the way people view her by saying, Its a bitter woman, a lying, cold, sniveling woman, and I will not work for such a woman! (12). She also was asked if she was the one conjuring spirits and she answered by putting the blame and Tituba and Ruth. Abigail replied, Not I, sir Tituba and Ruth. (16). Betty (who has fallen sick and unconscious due to the conjuring of spirits) also even admits what she saw Abigail do, to kill Proctors wife. Betty exclaimed, You did, you did! You drank a charm to kill John Proctors wife! You drank a charm to kill Goody Proctor! (20). Abigail consistently lies about the doing of other people and tries to manipulate other people s minds by scaring them. The root of all Abigails wrong doings come from her unjust motivations, which has to do with her lust for John Proctor. Even though John is married to Elizabeth, she still wants John and is willing to do anything for it. She even says to him, John- I am waitin for you every night. (22). She also continues to fantasize about her relationship (mainly fueled by lust) with John Proctor. In front of Betty while she was unconscious she said to John, I know how you clutched my back behind your house and sweated like a stallion whenever I come near! Or did I dream that? Its she put me out, you cannot pretend it were you. I saw your face when she put me out, and you loved me then and you do now. (23) Abigail even ventures as far as to beg John to talk about his affection for her. She begs, Give me a word, John. A soft word. (23). All of her lies, sins, and vengeful feelings for Mrs. Proctor are consequential of her love and lust for John Proctor. Abigail Williams is a villain who is fueled by the motivations of lust for John Proctor, which brings out her manipulative strength and lying abilities. All the things that Abigail Williams did during the crucible, caused harm, uproar, and eventually death for a lot of people. If thats not a villain, what is?

Computers In The 1950s :: essays research papers

Computers in the 1950’s People have been in awe of computers since they were first invented. At first scientist said that computers would only be for government usage only. â€Å"Then when the scientists saw the potential computers had, scientist then predicted that by 1990 computers may one day invade the home of just about ever citizen in the world† (â€Å"History† Internet), the scientists were slightly wrong, because by 1990 computers were just beginning to catch on. Then a few years later when scientists when to major corporations to get help with a special project, the corporations said no, because computers would just be a fad and they wouldn’t make much money off of it. â€Å"By definition Abacus is the first computer (the proper definition of a computer is one who or that which computes) ever invented† (Internet). The subject of this term paper will be about computers in the 1950’s. The divisions that will be covered are; the types of computers there were, the memory capacity of computers, the programming languages of that time, and the uses of the computers for that time. Information will be gathered from the Internet, from books, and from magazines, and from the encyclopedia. Ali 2 In the fifties, computers were in the experimental stage they were extremely hard to work with, and were a constant technicians worst nightmare, because often enough you had to replace the fuses (s Appendix a). The memory capacity of that time was rather limited. â€Å"There were not many external drives, the only external drives of that time were I/O cards, I cards and O cards† (â€Å"Whirlwind† Internet) â€Å"computers of that time were capable of a multitude of small tasks, like data processing (i.e. IRS related material, and information storage.), word processing (i.e. extremely early model of Microsoft word), data analysis (i.e. survey taking), complex calculations (i.e. weather prediction) communications (i.e., the telephone system (switching))† (â€Å" Computers† Internet). The lack of the internal drive, even 1 k drives proved to be very hard on the computers of the 1950’s (â€Å"Hackers† Internet) â€Å"with out the hard drives, programmers had to leave everything running all the time or print what they typed for the day and retype it the next day or they could save it to a I/O card† (â€Å"Computers† Internet). All three of these choices posed as a problem from programmers of that time, as first off to leave on the computer would cost a lot of money as it required a lot of money to maintain them while they are on.

My Ambition to Become a Aeronautical Engineer

Aimless life is no lesser than a sin . Many people have no definite aim in life. They are like travellers going ahead without any destination. Someone has truly said that â€Å"Changes do not happen when circumstances improve it happens when we decide to change to ourselves . ’’Such people who lead an aimless life do not believe in hard work but, always depend on destiny. It is true that God has written our destiny but it is we who have to achieve it through hardwork.It is you, if you do not work efficiently you won’t achieve the best results of it. A person who has his goals set will never astray. He won’t be mislead by other temptations. He’ll be the master of his luck. He does not believe in destiny. He loves his work and he’ll be efficient towards it, and his energies won’t go waste. His health does not fail him. But, for people who have aimless lives won’t change his mood to change his track. If you have an ambition, you c an pursue it all your life and you are never tired.It drives you on and on quite tirelessly. It is necessary to decide in life that what you aspire to become. An engineer, a doctor, lawyer, scientist, philosopher or anything different from it. The whole world is open before a young man and he should make up his mind about his career/profession as soon as possible. Most of the people work to achieve money and fame, but why do people forget that they need to serve their country first. They need to pay their motherland.People should love their work. For them work should be their life. It is true that in this present world money is necessary but too much will pave a wrong path for you. That is why, I strongly desire to become an I. A. S. officer [Indian Administrative Service]. I want to thank my motherland first to give me such a beautiful land to live. I want to serve her upon my best. I know that an I. A. S. officer does not receive that amount of money to have luxurious lives.But I envisage that someone has truly said that â€Å"If your whole day has been good, then you are on the wrong path†. This means that if you have all the luxuries of life you will lose your simplicity and I being an officer want people to inspire from what I become. â€Å"Hate the sin, but not the sinner†. Do not ignore people who don’t be efficient towards their work, hate their habit. Atlast, I would only say that put up aims in your life at an early age, you’ll never astray and seek your aims with wonders and happiness of life.

Social Class and Inequality

Social Class and Inequality Social inequality has been defined as a conflicting status within a society with regards to the individual, property rights, and access to education, medical care, and welfare programs. Much of society’s inequality can be attributed to the class status of a particular group, which has usually been largely determined by the group’s ethnicity or race (Macionis & Gerber, 2006). The conflict perspective is an attempt to understand the group conflict that occurs by the protection of one’s status at the expense of the other.One group will resort to various means to preserve a ideal social status through socioeconomic prestige, consolidation of power (political and financial), and control of resources. In Canada, even though its impact is frequently minimized, social inequality exists, but because the majority of citizens associate exclusively with members of their own class, they are often unaware of the significant role social inequality co ntinues to play (Macionis & Gerber, 2006). An inadequate distribution of wealth remains â€Å"an important component† of Canada’s social inequities (Macionis & Gerber, 2006).Wealth can be defined as the amount of money or material items that an individual, family, or group controls and ultimately determines the status of a particular class (Macionis & Gerber, 2006). Canada’s social classes can be divided into four, and the wealth is not distributed equally between them. First, there is the predominantly Anglo upper class, in which most of the wealth has been inherited; and they comprise of approximately 3-to-5 percent of the Canadian population (Macionis & Gerber, 2006).Next, there is the middle class, which is made up of the greatest number of Canadians, nearly 50 percent with ‘upper-middle’ class subdivisions generating white-collar incomes of between $50,000 and $100,000 while the rest are earning reasonable livings in less prestigious white- col lar jobs or as skilled blue-collar laborers (Macionis & Gerber, 2006). The working class represents about 33 percent of the Canadian population, and their lower incomes leave little in the way of savings (Macionis & Gerber, 2006).Finally, there is the lower class, which is represented by about 20 percent of the population (Macionis & Gerber, 2006). Among these are the so-called working poor whose incomes alone are not sufficient enough for adequate food or shelter (Macionis & Gerber, 2006). Their living conditions are often separated from the mainstream society in concentrated ethnic or racial communities (Macionis & Gerber, 2006). The most impoverished members of this class are unable to generate any income and are completely reliant upon government welfare programs.One of the primary deciding factors as to what determines wealth, power, and social status is occupational prestige (Macionis & Gerber, 2006). For example, in Canada, physicians and lawyers continue to reside at the top of the social ladder while newspaper delivery persons or hospitality staff rank at the bottom (Macionis & Gerber, 2006). The growing disparity in income is beginning to resemble that of the United States with approximately 43. percent of the Canadian income being concentrated within the top 20 percent of social spectrum while those in the bottom 20 percent are receiving a mere 5. 2 percent of that income (Macionis & Gerber, 2006). Nearly 16 percent of Canadians were categorized as being â€Å"below the poverty line† in the mid-1990s, and every month, close to a million people rely upon food banks to feed their families (Macionis & Gerber, 2006). The income a particular class earns is determined in large part to the amount of education received, and yet in order to receive a higher education money is required.There is also a strong correlation between income and healthcare. The higher the income, the greater the number of quality medical services there are available (Macionis & Gerber, 2006). The wealthy or upper middle classes can afford specialized care that isn’t typically covered by a provinces general health care plan, thus widening the gap of equality between the social classes. Within the boundary of the Canadian border we can see the separation between ethnicity, and wealth which determines class.Studies show that predominately the British and French Canadians earn the highest levels of income whereas the Africans, certain Asian groups, Latin Americans, and Aboriginals consistently rank near the bottom (Macionis & Gerber, 2006). In recent years, there has been an increase in income inequality with the 14 percent of impoverished Canadians in the lower social classes of families headed by single mothers, female senior citizens, indigenous peoples, and the recent influx of immigrants (Reutter, Veenstra, Stewart, Raphael, Love, Makwarimba, and McMurray, 2006).Because of social exclusion, poverty is perpetuated with certain groups consistently shut out of the opportunities that might better equalize the social scales (Reutter et al, 2006). Canadian sociologist John Porter’s focused nearly entirely on power and class, his breakthrough research was published as The Vertical Mosaic: An Analysis of Social Class and Power in Canada in 1965 (Driedger, 2001).Porter explored the impact of race and ethnicity upon social mobility and noted that Canadian social history has been determined by ‘charter groups,’ mainly the English and the French situated in Ontario and Quebec, while the English were widely dispersed in both rural and urban locales, becoming increasingly urbanized as a result of industrialization and the fortunes being made, the Quebecois group was nearly exclusively rural in geography and philosophy (Driedger, 2001).Power examined how power relationships developed along social class lines and how the conflict among these charter groups influenced differences in social classes (Driedger, 2001). Acco rding to Hier & Walby (2006), Porter presented the argument that â€Å"an ‘entrance status’ is assigned to less preferred immigrant groups (particularly southern and eastern Europeans†¦ that restricts collective gains in education, income, and membership among Canada's elite† (p. 83). This entrance status was, in Porter’s view, strong enough to create a social barrier not unlike India’s caste system (Hier ; Walby, 2006).A decade later, Porter drew similar conclusions when he noted that his Canadian census job stratification study revealed, â€Å"Ethnicity serves as a deterrent to social mobility† (as cited in Driedger, 2001, p. 421). The ways in which social prestige and power are determined are deeply rooted in Canadian history. For instance, 1867’s British North America Act gave the British and the French the distinction of being a charter group that entitled them to a power, prestige (and of course wealth) that other groups wer e automatically denied unless they displayed a similar pedigree Driedger, 2001). The charter languages and cultures, though separate, would afford these members with exclusive privileges (Driedger, 2001). They would have automatic access to society, while other groups would have to battle for entrance and to secure status. Therefore, while a few managed to break through, most ethnic groups were consistently refused entrance. For this reason, they were forced to take jobs of low class status and their degree of assimilation into Canadian society would be determined by the charter members (Driedger, 2001).There is a sharp distinction between industry and finance in terms of ownership of financial resources. The bankers exert the most social control, and because they have been historically more interested in protecting their own interests, the indigenous industrialized groups have been discouraged (Panitch, 1985). Southern Ontario remains the wealthy hub of the Canada’s industri al sector, while the indigenous groups and other lower classes remain both regionally and socially isolated (Panitch, 1985).Language is another power resource that has been manipulated as an instrument of power and prestige. While the French have long been a charter of Canadian society, as in the United States, being culturally separate has not meant equality in terms of class status. In the years following World War II, the French Canadians of Quebec have sought greater independence (Driedger, 2001). Their discontent resulted in the establishment of the Royal Commission on Bilingualism and Biculturalism in 1963, which emphasized the notion of an â€Å"equal partnership† (Driedger, 2001, p. 21). Even though charter dualism is not articulated in the Canadian constitution, the Quebec provincials believed that their one-third French-speaking status along with the growing number of languages spoken by non-charter members warranted a reclassification to at the very least bilingual ism and at the most, an acknowledgement of multiculturalism that would remove existing cultural barriers and provide greater social access. These efforts have thus fall fallen short, and therefore Quebec annexation may one day become a reality.Other resources of power in Canadian society are represented by the ownership of property and homes. In Canada as in most parts of North America, homes represent wealth because of the â€Å"forced savings, investment appreciation, and protection against inflation† it represents (Gyimah, Walters, ; Phythian, 2005, p. 338). Owning a home offers â€Å"a sense of belonging† or inclusion for immigrant classes that is unlike anything else (Gyimah, Walters, ; Phythian, 2005, p. 338).But not surprisingly, Gyimah et al (2005) have discovered, â€Å"Rates of ownership have been found to vary considerably by ethnicity and immigration status† (p. 338). There is, interestingly, a structure among immigrant classes that impacts on the ac cess to these resources with the immigrants who settled in Canada earlier enjoying much higher rates of home ownership than new immigrant arrivals (Gyimah et al, 2005). The lone exception is the Hong Kong business entrepreneurs that relocated to Canada when the Chinese regained control of the area (Gyimah et al, 2005).They had accumulated enough wealth in Hong Kong to bypass traditional barriers and secure housing usually reserved for charter members. On the opposite end of the spectrum, home ownership rates are lowest among the Blacks and Aboriginal classes (Gyimah et al, 2005). According to a study Henry, Tator, Mattis, and Rees conducted in 2002, â€Å"In spite of the historical and contemporary evidence of racism as a pervasive and intractable reality in Canada †¦ itizens and institutions function in a state of collective denial† (as cited in Hier ; Walby, 2006, p. 83). Throughout the history of Canada, â€Å"institutionalized racism† has been a part of the cu ltural landscape dating back to the indentured servants and slave labor of the African and Caribbean peoples that first arrived in the seventeenth century, and continued to be oppressed for the next 200 years in the Ontario, New Brunswick, Nova Scotia, and Quebec provinces (Hier ; Walby, 2006).The fur trade justified this enslavement and the Federal Indian Act revisions of the mid-twentieth century continued to treat certain races in a subordinate manner (Hier ; Walby, 2006). Those deemed more primitive were oppressed because of social perceptions of their â€Å"savagery, inferiority, and cultural weakness† (Hier ; Walby, 2006, p. 83). Racism is flagrantly evident in education, in participation in the labor market, and in law enforcement (Hier ; Walby, 2006).When Ruck and Wortley studied the perceptions of high school students regarding school discipline through a questionnaire issued to nearly 2,000 Toronto students in grades 10 through 12, the ethnic groupings of Black/Afri can, Asian/South Asian, White European, and Other revealed that their perceptions of discipline discrimination were significantly higher than those students of White European backgrounds (Hier ; Walby, 2006). Therefore, not surprisingly, these students were more likely to drop out of school and be denied any hope of receiving a well-paying job.Lower social classes were also relegated to low-paying jobs because of purportedly lacking â€Å"‘Canadian’ work experience† and a lack of English language comprehension (Hier ; Walby, 2006, p. 83). In a 2001 study by Austin and Este, the immigrant males they interviewed reported that because the power and resources are so tightly controlled by the White Canadian majority, their foreign employment experiences were minimized and they were blocked from taking the training programs that would have improved their language proficiency (Hier ; Walby, 2006).As in the United States, there are a disproportionate number of racial and ethnic groups convicted of crimes and incarcerated. This is believed to be due to racial profiling in law enforcement that tips the scales of justice away from people of color. According to a Royal Commission survey, the majority of respondents believe police are prejudiced against Black Canadians (Hier ; Walby, 2006). Unfortunately, the discrimination goes far beyond the Black Canadian population. The Aboriginal population provides a contemporary case study that reflects the impact of racism upon social inequality of Canada.The 2001 Canadian census lists a total of 976,310 Aboriginal peoples throughout the territories and provinces (Adelson, 2005). Of those, more than 600,000 are Native Americans – referred to as First Nations – and live mostly in the provinces of Ontario, British Columbia, Alberta, Manitoba, and Saskatchewan (Adelson, 2005). The Metis group live in the western sections of these provinces and total around 292,000 (Adelson, 2005). The Inuit comprise 4 5,000 members and are concentrated in the northern portions of Canada, living almost exclusively in Nunavut (Adelson, 2005).These peoples have been the victims of racist social attitudes dating back to 1876’s Indian Act, in which colonization was officially determined through First Nations recognition status (Adelson, 2005). This affects the Native Americans and the Inuit (as a result of a 1939 amendment to the Act), but the Metis are not forced to register to achieve a â€Å"recognition of status† (Adelson, 2005, p . 45). What this means is that those Aboriginal groups that live on government controlled reserves continue to receive government services while those who decide to venture off of these reserves do not (Adelson, 2005).Those groups are deprived of the education and basic skills that would enable them to improve their status. In comparison to non-Aborigines, the Aboriginal groups often fail to complete their education at every level, which further reduces the ir opportunities (Adelson, 2005). In a 2002 study of off-reserve Aboriginals, less than half percent of these children complete the twelfth grade (Adelson, 2005). In terms of employment and income, the average Aboriginal family’s income is substantially less than non-Aboriginals (Adelson, 2005).In 1991, the average Aboriginal income was $12,800, which was about half of the income of Canada’s non-Aboriginals (Adelson, 2005). Sociologists attribute the disparities in employment and income due to ethnic discrimination in the workplace, the lack of education accorded indigenous groups, the loss of property, and the â€Å"cultural genocide† they are forced to commit if they wish to assimilate (Adelson, 2005, p. 45). This â€Å"circle of disadvantage† results in the Aboriginals being mired in poverty and forced to take low- paying migrant jobs that are often seasonal and provide nothing in the way of employment security (Adelson, 2005, p. 5). Solely on the basi s of their ethnicity, these peoples are relegated to the social periphery and are deprived of anything remotely resembling power, prestige, or wealth. In terms of their living conditions, many of the Aboriginal peoples are overcrowded, with 53 percent of the Inuit peoples and 17 percent of the Aboriginals living off-reserve living more than one person per room (Adelson, 2005). This is in comparison to 7 percent of white Canadians of European origin (Adelson, 2005).In addition, Aboriginal homes are; twice as likely to be sorely in need of major repairs; about 90 times more likely to have no access to safe water supplied by pipes; five times more likely to have no type of bathroom facilities; and ten times more likely to have a toilet that does not flush (Adelson, 2005, p. 45). The Aborigines that do not live in government housing are exposed to appalling threats to their health and hygiene resulting from inferior housing, which has adversely affected their life expectancies (Adelson, 2005).Despite their high adult mortality, the aboriginal population also has a high birth rate (Adelson, 2005). However, this also means their infant mortality rate is also higher than the national average. According to 1999 statistics, infant mortality rates were 8 out of 100 among First Nations’ peoples, which is 1. 5 times higher than the overall Canadian rate of infant mortality (Adelson, 2005). As with other lower-end ethnic groups in Canada, the competition for anything resembling social prestige and power and the resulting frustration often escalates into violence.Within the Aboriginal groups, substance abuse, physical and sexual violence, and suicides are all too Common place (Adelson, 2005). Domestic violence statistics are high, with 39 percent of this population reporting such instances (Adelson, 2005). According to the 1999 published statistics 38 percent of reported deaths between young people ages 10 to 19 are due to suicide caused by the hopelessness of povert y and lack of social power (Adelson, 2005).Although the Aboriginal groups that still live on-reserve are receiving government healthcare services, these services are not necessarily of the quality the rest of the population is getting due to the government’s inability to control First Nation treaty resources and the seemingly endless â€Å"bureaucratic maze† regarding Aboriginal healthcare policy and insufficient funding (Adelson, 2005, p. 45). Within the past three decades, there has been a notable shift in the Canadian population.While the charter groups still comprised about 50 percent of the population, numerous other non-charter groups were rapidly combining to represent about one-third of the overall population (Driedger, 2001). Immigration pattern changes that began following the Second World War are largely responsible for a greater number of Southeast Asians and Latin Americans to relocate to Canada (Driedger, 2001). By the 1980s, the number of British Canadia ns began to rapidly slip and by 2001, while the British ranked ninth in population, 73 percent of immigrant settlers were either Asian, Latin American, or African (Gyimah et al, 2005).Meanwhile, despite Canadian policymakers’ best intentions, social inequality persists because many of these immigrant classes are being denied their rightful participation in society. Although the French charter remains strong albeit geographically and culturally segregated and the British majority is floundering, the class determinants of charter membership and its perks that enable social inequality to continue are still in place.The British population decrease has in no way adversely impacted their prestigious position or political influence. English is still the dominant language and European ancestry determines esteemed class status. Unfortunately, as long as access to prestige, power, and wealth remain limited to the charter few at the expense of the multicultural many, Canada’s soc ial classes will sadly remain unequal. References Adelson, N. (2005). The embodiment of inequity: Health disparities in Aboriginal Canada.Canadian Journal of Public Health, 96(2), 45-61. Driedger, L. (2001). Changing visions in ethnic relations. Canadian Journal of Sociology, 26(3), 421-451. Gyimah, S. O. , Walters, D. , ; Phythian, K. L. (2005). Ethnicity, immigration and housing wealth in Toronto. Canadian Journal of Urban Research, 14(2), 338-363. Hier, S. P. , ; Walby, K. (2006). Competing analytical paradigms in the sociological study of racism in Canada. Canadian Ethnic Studies Journal, 26(1), 83-104.Macionis, J. J. , ; Gerber, L. M. (2006). Sociology (6th Canadian Ed. ). Retrieved May 21, 2008, from http://wps. pearsoned. ca/ca_ph_macionis_sociology_6/73/18923/4844438. cw/index. html. Panitch, L. (1985, April). Class and power in Canada. Monthly Review, 36(11), 1-13. Reutter, L. I. , Veenstra, G. , Stewart, M. J. , Raphael, D. , Love, R. , Makwarimba, E. , ; McMurray, S. (200 6). Attributions for poverty in Canada. The Canadian Review of Sociology and Anthropology, 43(1), 1-22.