Measurement in Ambulatory Care and Public Health HEDIS - 1100 Words

Measurement in Ambulatory Care and Public Health: NMHCs and HEDIS (Annotated Bibliography Sample) Content: Measurement in Ambulatory Care and Public Health- Annotated BibliographyNameInstitutional AffiliationMEASUREMENT IN AMBULATORY CARE AND PUBLIC HEALTH- ANNOTATED BIBLIOGRAPHYBarkauskas, V., Pohl, J., Tanner, C., Onifade, T., Pilon, B. (2011). Quality of Care in Nurse-Managed Health Centers. Nursing Administration Quarterly, 35(1), 34-43.The study by Barkauska and colleagues aimed at evaluating the quality of care in nurse-managed health centers (NMHCs). Nurse managed health centers contribute immensely to the outpatient services offered in the United States. The study is highly valuable to the CQI project because the author not only compared the health care outcomes with the HEDIS (Healthcare Effectiveness Data and Information Set) outcomes but also evaluated the feasibility of implementing data reporting system that could be even in the financial-restricted small Nurse-managed health centers. The results of the quality assessment and evaluation indicate that most of the NMHCs meet the HEDIS quality outcomes indicators. For instance, cervical cancer screening was one of the quality outcomes used in the study, and 74% of the NMHSCs were meeting HEDIS quality outcomes indicators.Brandon, A., Schuessler, J., Ellison, K., Lazenby, R. (2009). The effects of an advanced practice nurse led telephone intervention on outcomes of patients with heart failure. Applied Nursing Research, 22(4), e1-e7.A randomized-controlled pretest-posttest trial on the effects of nurse led telephone intervention on health outcomes of Heart failure patients. The study purpose was to measure the effect of simple public health interventions on morbidity and mortality. Twenty participants were randomly allocated to either an experimental group that received the APN-led telephone intervention (ALTI) or a control group that received the standard care in this pretestà ¢Ã¢â€š ¬posttest study. The results of the study supported the hypothesis that an ALTI positively impacts outcome s of patient with Heart Failure (HF), particularly by improving Self care Behaviors and decreasing hospital readmissions. Thus ALTI deserves consideration to improve outcomes of patients with HF. This is an important resource for the CQI project as it provides a cheaper solution to the only cardiac condition with an increasing prevalence in the United States.Mangione-Smith, R., DeCristofaro, A., Setodji, C., Keesey, J., Klein, D., Adams, J. et al. (2007). The Quality of Ambulatory Care Delivered to Children in the United States. New England Journal Of Medicine, 357(15), 1515-1523.The purpose of this study was to evaluate the quality of outpatient care delivered to children in the United States. Comprehensive studies on the quality of health care provided to children are limited. This study is one of the few sources that have extensively evaluated the quality of pediatric health care. The study evaluated the degree to which care processes recommended for pediatric outpatients are de livered. Quality indicators were produced with the utilization of the RANDà ¢Ã¢â€š ¬UCLA adjusted Delphi technique. Parents and guardians of 1536 kids who were randomly chosen from 12 metropolitan towns gave written and verbal consent to acquire medical records from all the facilities that had cared for the children amid the 2-year period before the date of study enrollment.According to Mangione-Smith and Co, children in the United States receive less than half (46%) of the recommended care. Preventive care, an important concern of public health stakeholders, was rated the lowest; children received only about 40% of the recommended preventive care services. On the other hand, acute medical conditions and chronic conditions in children were rated more than average- 67% and 53% respectively. This is an important article for the CQI project as it highlights one of the most critical areas of outpatient care that needs improvement.Mundinger, M., Kane, R., Lenz, E., Totten, A., Tsai, W., Cleary, P. et al. (2000). Primary Care Outcomes in Patients Treated by Nurse Practitioners or Physicians. JAMA, 283(1), 59.This is a randomized trial that sought to compare the health care outcomes patients treated nurse practitioners or physicians. This was a randomized trial conducted between August 1995 and October 1997, with patient meetings at 6 months after the initial visit and medical services utilization data recorded at 6 months and 1 year after the first appointment. Four community based health care facilities (17 doctors) and 1 primary health care center (7 nurses) were used to conduct the study.A sum of 1316 grown-up patients (mean age, 45.9 years; 76.8% female; 90.3% Hispanic) who had no consistent source of medical care were enlisted and randomized with eit...

Nathaniel Hawthorne s The Scarlet Letter - 864 Words

In Nathaniel Hawthorne’s The Scarlet Letter, he thoroughly exposes the social depths of the Puritan society. As a Romanticist, his values and ideals go in line with nature and individualism, which is lucidly seen by the way he writes of the so called pious who contradict this and rather emphasize conformity. To further depict the hypocrisy within the Puritan community, the use of rhetorical devices is evident as Hawthorne utilized the character of Pearl to epitomize the beauty of yielding societal norms and instead placing emphasis on an open mind. Hawthorne used diction to gear the readers towards understanding Pearl’s genuine jubilance in her way of life. Because Pearl â€Å"could not be made amenable to rules†, many Puritans saw her as destructive and devilish. However, in reality her â€Å"wild, desperate, defiant mood† was embodied with â€Å"quivering sunshine† and â€Å"natural dexterity† as she often painted her face with a â€Å"vi vid and beautiful† smile (Hawthorne 171-187). Hawthorne obviously had certain word choice to further highlight the differing perspectives of the Puritans and Romanticists, such as himself. In the midst of the condescending words and phrases was little Pearl living through her name, truly showcasing her rarity and precious traits. This goes to show that though she was distinct from all others in the community; she possessed a light that never failed to shine ever so brightly. This very light guided her to go about worry-free and with conviction in her character.Show MoreRelatedNathaniel Hawthorne s The Scarlet Letter1187 Words   |  5 PagesPuritanism in Red Nathaniel Hawthorne’s The Scarlet Letter shows the early view of Puritanism by concentrating on sin, guilt, and its effects on society. Nathaniel Hawthorne conveyed a dark and romantic style of writing in â€Å"The Scarlet Letter†, impacting the society by focusing on the concepts of romanticism. The Scarlet Letter is considered a classic book and is still read today. Nathaniel Hathorne was born in Salem, Massachusetts on July 4, 1804. He was the son of Nathaniel and Elizabeth ClarkRead MoreNathaniel Hawthorne s The Scarlet Letter1631 Words   |  7 PagesNathaniel Hawthorne’s personal isolation originated in his early childhood and later developed the theme for his most renowned literary novel, The Scarlet Letter. In The Scarlet Letter, Nathaniel Hawthorne emphasized the impact that societal isolation can have on individuals. Several of the victims inflicted with isolation throughout the novel were ultimately met with their inevitable downfalls. One particular character, Hester Prynne, was selected to undergo a struggle comparable to Hawthorne’sRead MoreNathaniel Hawthorne s The Scarlet Letter1896 Words   |  8 PagesIn a surface examination of the work of Nathaniel Hawthorne, it is quickly evident that no good things come from the wilderness. Therein, the wilderness is often associated with the savages and the devil. In his wor k The Scarlet Letter, Hester Prynne finds herself exiled by society for having an adulterous affair with the town reverend which brought forth the child known as Pearl. Pearl is quickly established as the child of the wilderness: wild, capricious, and thought by the town to be a demon-childRead MoreNathaniel Hawthorne s The Scarlet Letter1944 Words   |  8 PagesNathaniel Hawthorne adds a satirical twist throughout his novel The Scarlet Letter which manifests his perception of the Puritanism. The novel portrays the strictness and impact of Puritanism on human lives. Hawthorne’s usage of Puritan characters and outcasts also demonstrate Hawthorne’s position on Puritanism. Throughout Hawthorne’s novel, all of the characters in this novel represent strong Puritan belief, Puritan lifestyle, strong resistance to Puritanism, and satirical Puritan lifestyles. HawthorneRead MoreNathaniel Hawthorne s The Scarlet Letter869 Words   |  4 Pagesview of human life. The mo st famous Dark Romantic writer, Nathaniel Hawthorne, emphasizes human proneness to sin and self-destruction, uses symbols that are considered dark, and believes that evil can overtake good. In The Scarlet Letter, Nathaniel Hawthorne employs elements of Romanticism and symbolism to communicate the idea that sin and guilt have psychological effects which can turn into physical and mental manifestations. Hawthorne utilizes the romantic element of the focus on the individualRead MoreNathaniel Hawthorne s The Scarlet Letter1193 Words   |  5 PagesThe Scarlet Letter, is most often referred to as Nathaniel Hawthorne’s best work. It gives a detailed image of life in a Puritan society. The heroine of the book-Hester Prynne, defies power, and rebels against colonial rule. Laws composed of religious convictions and individual beliefs. Through Hester’s action, you can depict a feminist consciousness. She differs from traditional colonial woman who s sole purpose it to be obedient, despite the unfair rules carried out by puritan men. Hester representsRead MoreNathaniel Hawthorne s The Scarlet Letter1850 Words   |  8 PagesShe s an archetype. She is Eve. She s Juno. She the good woman gone bad. She is Hester Prynne. As part of NPR s series, In Character, my colleague, Andrea Seabrook, shows how this Puritan woman is still very much alive today. ANDREA SEABROOK: Hester Prynne is the protagonist of Nathaniel Hawthorne s magnum opus The Scarlet Letter. Any serious literary scholar will tell you that she is one of the first strong women in American literature and is still among the most important. She s veiled(ph)Read MoreNathaniel Hawthorne s The Scarlet Letter2106 Words   |  9 Pagespeople of other religions. Because they â€Å"deeply and fervently believed that they were doing the work of God†, Puritans often punished and shunned those who did not follow their rules or share their same views (Collier 62). In Nathaniel Hawthorne’s The Scarlet Letter, Hawthorne presents these popular ideas and truths about the Puritan way of living in a symbolic story of submissive defiance. He creates a strong feminist that contradicts the majority of the Puritan views on feminism. This rebelliousRead MoreNathaniel Hawthorne s The Scarlet Letter2174 Words   |  9 PagesChildren encompass parents’ lives from the day t hey are born into this world, often altering their plans for the future and their desired outcomes for life. In Nathaniel Hawthorne’s The Scarlet Letter, the most seemingly complex and misinterpreted of characters is Pearl, the illegitimate daughter of Hester Prynne and Reverend Arthur Dimmesdale. The deviations in Pearl’s temperament, conduct, and character in the progression of the plot are a guide to the varying moral statuses of Hester and DimmesdaleRead MoreAnalysis Of Nathaniel Hawthorne s The Scarlet Letter 1606 Words   |  7 PagesMarin Fallon Mrs. Janosy English 2H 23 November 2015 Sin in the The Scarlet Letter The story of The Scarlet Letter by Nathaniel Hawthorne is one with many twists and turns. A young woman moves to Boston, Massachusetts while her husband takes care of affairs in England. After two years pass she secretly has an affair with the Reverend Arthur Dimmesdale. When she becomes pregnant and gives birth to her daughter Pearl, the town punishes her for committing the act of adultery. She is sentenced to stand

Biography of Adolf Hitler, Leader of the Third Reich

Adolf Hitler (1889–1945) was the leader of Germany during the Third Reich (1933–1945). He was the primary instigator of both the Second World War in Europe and the mass execution of millions of people deemed to be enemies, or inferior to the Aryan ideal. He rose from being a talentless painter to the dictator of Germany and, for a few months, emperor of much of Europe. His empire was crushed by an array of the worlds strongest nations; he killed himself before he could be tried and brought to justice. Fast Facts: Adolf Hitler Known For: Leading the German Nazi party and instigating World War IIBorn: April 20, 1889 in Braunau am Inn, AustriaParents: Alois Hitler and Klara PoelzlDied: April 30, 1945 in Berlin, GermanyEducation: Realschule in SteyrPublished Works: Mein KampfSpouse: Eva BraunNotable Quote: In starting and waging a war it is not right that matters but victory. Early Life Adolf Hitler was born in Braunau am Inn, Austria, on April 20, 1889 to Alois Hitler (who, as an illegitimate child, had previously used his mother’s name of Schickelgruber) and Klara Poelzl. A moody child, he grew hostile towards his father, especially once the latter had retired and the family had moved to the outskirts of Linz. Alois died in 1903 but left money to take care of the family. Adolf was close to his mother, who was highly indulgent of him, and he was deeply affected when she died in 1907. He left school at age 16 in 1905, intending to become a painter. Unfortunately for him, he wasnt a very good one. Vienna Hitler went to Vienna in 1907 where he applied to the Viennese Academy of Fine Arts but was twice turned down. This experience further embittered the increasingly angry Hitler. He returned to Vienna again when his mother died, living first with a more successful friend (Kubizek) and then moving from hostel to hostel as a lonely, vagabond figure. He recovered to make a living selling his art cheaply as a resident in a community Mens Home. During this period, Hitler appears to have developed the worldview that would characterize his whole life, and which centered on hatred for Jews and Marxists. Hitler was well-placed to be influenced by the demagogy of Karl Lueger, Vienna’s deeply anti-Semitic mayor and a man who used hate to help create a party of mass support. Hitler had previously been influenced by Schonerer, an Austrian politician against liberals, socialists, Catholics, and Jews. Vienna was also highly anti-Semitic; Hitlers hate was not unusual, it was simply part of the popular mindset. What Hitler went on to do was present these ideas more successfully than ever before. The First World War Hitler moved to Munich in 1913 and avoided Austrian military service in early 1914 by virtue of being unfit for service. However, when the First World War broke out in 1914, he joined the 16th Bavarian Infantry Regiment, serving throughout the war, mostly as a corporal after refusing promotion. He proved to be an able and brave soldier as a dispatch runner, winning the Iron Cross on two occasions (First and Second Class). He was also wounded twice, and four weeks before the war ended he suffered a gas attack that temporarily blinded and hospitalized him. It was there he learned of Germany’s surrender, which he took as a betrayal. He especially hated the Treaty of Versailles, which Germany had to sign after the war as part of the settlement. Hitler Enters Politics After WWI, Hitler became convinced he was destined to help Germany, but his first move was to stay in the army for as long as possible because it paid wages, and to do so, he went along with the socialists now in charge of Germany. He was soon able to turn the tables and drew the attention of army anti-socialists, who were setting up anti-revolutionary units. In 1919, working for an army unit, he was assigned to spy on a political party of roughly 40 idealists called the German Workers Party. Instead, he joined it, swiftly rose to a position of dominance (he was chairman by 1921), and renamed it the Socialist German Workers Party (NSDAP). He gave the party the Swastika as a symbol and organized a personal army of storm troopers (the SA or Brownshirts) and bodyguards of black-shirted men, the Schutzstaffel (SS), to attack opponents. He also discovered, and used, his powerful ability for public speaking. The Beer Hall Putsch In November 1923, Hitler organized Bavarian nationalists under a figurehead of General Ludendorff into a coup (or putsch). They declared their new government in a beer hall in Munich; a group of 3,000 marched through the streets, but they were met by police who opened fire, killing 16. Hitler was arrested in1924 and used his trial to spread his name and his ideas widely. He was sentenced to just five years in prison, a sentence often described as a sign of tacit agreement with his views. Hitler served only nine months in prison, during which he wrote Mein Kampf (My Struggle), a book outlining his theories on race, Germany, and Jews. It sold five million copies by 1939. Only then, in prison, did Hitler come to believe he was destined to be a leader. The man who thought he was paving the way for a German leader of genius now thought he was the genius who could take and use power. Politician After the Beer Hall Putsch, Hitler resolved to seek power through subverting the Weimar government system, and he carefully rebuilt the NSDAP, or Nazi, party, allying with future key figures like Goering and propaganda mastermind Goebbels. Over time, he expanded the party’s support, partly by exploiting the fears of socialists and partly by appealing to everyone who felt their economic livelihood threatened by the depression of the 1930s. Over time, he gained the interest of big business, the press, and the middle classes. Nazi votes jumped to 107 seats in the Reichstag in 1930. Its important to stress that Hitler wasnt a socialist. The Nazi party that he was molding was based on race, not the idea of socialism, but it took a good few years for Hitler to grow powerful enough to expel the socialists from the party. Hitler didnt take power in Germany overnight and took years for him to take full power of his party overnight. President and Fà ¼hrer In 1932, Hitler acquired German citizenship and ran for president, coming in second to von Hindenburg. Later that year, the Nazi party acquired 230 seats in the Reichstag, making them the largest party in Germany. At first, Hitler was refused the office of Chancellor by a president who distrusted him, and a continued snub might have seen Hitler cast out as his support failed. However, factional divisions at the top of government meant that, thanks to conservative politicians believing they could control Hitler, he was appointed chancellor of Germany on January 30, 1933. Hitler moved with great speed to isolate and expel opponents from power, shutting trade unions and removing communists, conservatives, and Jews. Later that year, Hitler perfectly exploited an act of arson on the Reichstag (which some believe the Nazis helped cause) to begin the creation of a totalitarian state, dominating the March 5 elections thanks to support from nationalist groups. Hitler soon took over the role of president when Hindenburg died and merged the role with that of chancellor to become fà ¼hrer (leader) of Germany. In Power Hitler continued to move with speed in radically changing Germany, consolidating power, locking up â€Å"enemies† in camps, bending culture to his will, rebuilding the army, and breaking the constraints of the Treaty of Versailles. He tried to change the social fabric of Germany by encouraging women to breed more and bringing in laws to secure racial purity; Jews were particularly targeted. Employment, high elsewhere in a time of depression, fell to zero in Germany. Hitler also made himself head of the army, smashed the power of his former brownshirt street warriors, and expunged the socialists fully from his party and his state. Nazism was the dominant ideology. Socialists were the first in the death camps. World War II and the Failure of the Third Reich Hitler believed he must make Germany great again through creating an empire and engineered territorial expansion, uniting with Austria in an Anschluss and dismembering Czechoslovakia. The rest of Europe was worried, but France and Britain were prepared to concede limited expansion with Germany, taking within it the German fringe. Hitler, however, wanted more. It was in September 1939, when German forces invaded Poland, that other nations took a stand and declared war. This was not unappealing to Hitler, who believed Germany should make itself great through war, and invasions in 1940 went well. Over the course of that year, France fell and the Third Reich expanded. However, his fatal mistake occurred in 1941 with the invasion of Russia, through which he wished to create lebensraum, or living room. After initial success, German forces were pushed back by Russia, and defeats in Africa and West Europe followed as Germany was slowly beaten. Death During the last years of the war, Hitler became gradually more paranoid and divorced from the world, retreating to a bunker. As armies approached Berlin from two directions, Hitler married his mistress Eva Braun and on April 30, 1945, he killed himself. The Soviets found his body soon after and spirited it away so it would never become a memorial. A piece remains in a Russian archive. Legacy Hitler will forever be remembered for starting the Second World War, the most costly conflict in world history, thanks to his desire to expand Germany’s borders through force. He will equally be remembered for his dreams of racial purity, which prompted him to order the execution of millions of people, perhaps as high as 11 million. Although every arm of German bureaucracy was turned to pursuing the executions, Hitler was the chief driving force. In the decades since Hitler’s death, many commentators have concluded that he must have been mentally ill and that, if he wasn’t when he started his rule, the pressures of his failed wars must have driven him mad. Given that he ordered genocide and ranted and raved, it is easy to see why people have come to this conclusion, but it’s important to state that there is no consensus among historians that he was insane, or what psychological problems he may have had. Sources â€Å"Adolf Hitler.† Biography.com, AE Networks Television, 14 Feb. 2019. Alan Bullock, Baron Bullock, et al. â€Å"Adolf Hitler.† Encyclopedia Britannica, Encyclopedia Britannica, Inc., 19 Dec. 2018.

Capital Punishment A Form Of Legal Punishment Essay

Capital punishment implies that the criminal is sentenced to death as a punishment for their crimes. Prima facie, it appears to be the most just punishment and solution to crimes that demand such severity of punishment in proportion to the offense. However, the reason why it is a moot point and a debatable issue is because ethicists see both sides of the story and there are numerous ethical issues involved with institutionalizing capital punishment. To understand the debate on capital punishment as an ethical issue, there must first be an understanding of the terms involved in the debate. Capital punishment refers to death as a form of legal punishment for crimes. The term ethics refers to a code of human conduct that regulates human behaviour and helps one discern right from wrong. The debate ensues as soon as one understands the meaning of ethics and tries to apply it to the justification of capital punishment or the death penalty. Death as a form of punishment for crimes has been meted out since historical times when monarchy existed as a form of governance. Before the introduction of humane capital punishment methods that are used in present times, penalties included boiling to death, flaying, slow slicing, crucifixion, impalement, crushing, disembowelment, stoning, burning, decapitation, dismemberment and scaphism. The evident barbarity of these punishments is in itself a justification to how human consciousness has evolved over centuries and how what was onceShow MoreRelated Capital Punishment In The United States Essay examples1586 Words   |  7 PagesCapital Punishment in the United States Executive Summary Capital punishment has been around for many years as a way of executing criminals. Despite what most believe, capital punishment is not functional in the American society. Defenders of the death penalty often claim that the execution of criminals will teach others not to do bad, initially decreasing crime rates. Unfortunately, statistics prove that thought to be wrong. Capital punishment also has great flaws. For example, many innocentRead MoreThe Merits and Pitfalls of Capital Punishment Today1482 Words   |  6 Pages Capital punishment is an age-old practice. It has been used in civilizations for millennia, and will continue to be used for millennia to come. Whether used for the right or wrong reasons, capital punishment is unmistakable in its various forms. From hangings, to firing squads, to lethal injections, capital punishment and the associated proceeding have evolved over time. There have been many arguments against capital punishment, many of which still hold true. As capi tal punishment has evolved overRead MoreCapital Punishment and its Controversies 1434 Words   |  6 PagesCapital punishment uses death penalty as a form of punishment in many states and countries. It is a practice that has raised endless questions all over the world. Capital punishment or death penalty policy has changed in many countries overtime. Countries such as, New Australia, Zealand and 15 states in the US do not have capital punishment. One of the major concerns arising with capital punishment is because it causes ending of a human life. People and organizations of different backgrounds areRead MoreEssay on Should Capital Punishment Be Legal?992 Words   |  4 PagesCapital punishment is a very controversial issue today. There are good statements made on both sides of the argument. A couple of questions should be asked before deciding which side to take in the never ending debate of capital punishment. Is capital punishment a cruel and unusual way of punishing serious of fenders? Should the mentally ill be susceptible to capital punishment? A lot of states made capital punishment legal, but not all of them use it as freely as some states like Texas. The stateRead MoreCapital Punishment: An Overview682 Words   |  3 Pagesï » ¿Outline I.Introduction II.Capital Punishment: An Overview III.In Support of Capital Punishment 1.Deterrence 2.Proportional 3.Closure 4.Public Interest IV.Dissenting Views 1.Execution of Innocents 2.The Penaltys Deterrence Effect V.Conclusion VI.References Introduction Does capital punishment still have a place in the modern society? While there are those who feel that the role capital punishment plays in the preservation of order cannot be overstated, others continue to push forRead MoreThe Constitutionality Of Capital Punishment1726 Words   |  7 Pagesalmost all capital sentences in the United States have been imposed for homicide. There have been intense debates among Americans regarding the constitutionality of capital punishment. Critics charge that executions are violations of the â€Å"cruel and unusual punishment† provision of the Eighth Amendment; while supporters of the death penalty counter that this clause was not intended to prohibit legal executions. In the 1972 court case of Furman vs. Georgia, the U.S. Supreme Court ruled that capital punishmentRead MoreWhy the Death Penalty is Ineffective1552 Words   |  6 PagesIneffective The society constantly tries to reason with an effective way to respond to violence. Differences in opinion on the use of death as punishment arise from differences in religious, ethical, cultural, and morale perspectives. The role of death as a punishment for an offence has not been solved today, and remains a dilemma for the citizenrys political, legal, social, and religious thought. This is because an answer to the question is the death penalty effective? is not clear or evident todayRead MorePersuasive Essay On The Death Penalty910 Words   |  4 Pageshistory of capital punishment, and why others believe it is okay. Capital punishment is when someone has committed a crime in which they are sentenced to death. In this paper I will be arguing that the death penalty is okay. Capital punishment has been a controversial and debatable issue for centuries. People have been sentenced to capital punishment since the beginning of time, it has been accepted as fair punishment by law enforcement within any period. Over time capital punishment has becomeRead MoreTaking a Look at Capital Punishment1080 Words   |  4 Pages Since 1608, legal systems have used capital punishment as justice. â€Å"As of November 2014, 32 states have the death penalty. There have been a total of 1348 executions from January 1977 to the end of 2014† (capitalpunishmentuk). The capital punishment only affects those who sentenced in the crime of rape or murder. The most popular death method is lethal injection. There are other options such as â€Å"electrocution, hanging, shooting, and the gas chamber† (capitalpunishmentuk) but theses alternativeRead MoreThe Death Penalty Of Capital Punishment1333 Words   |  6 Pagesof the many terrible mishaps, that have occurred in the history of the death penalty. Capital punishment has long been a controversial topic, with a countless number of cases taken up to the Supreme Court. This barbaric form of â€Å"discipline† began as early as 1750 B.C, with one of the most notable portrayals being a statement in Hammurabi s Code. Today, in the 31 states, in which the de ath penalty is legal, capital crimes from first degree murder, terrorism to espionage, are all punishable by death

Marketing Positioning - 1419 Words

What a strange word, â€Å"positioning.† Its origins are shrouded in the fog of history. The popular marketing writers, Jack Trout and Al Ries, started talking about position or positioning in 1972 or thereabouts, and took credit later for having invented positioning. However, I believe that positioning was an emerging concept and a term, in at least limited use, within the marketing and advertising community at the time that Trout and Ries first wrote about it. Certainly, the basic concepts of positioning were not new in 1972. The term â€Å"positioning† was described by Trout and Ries as the basic position in the consumer’s mind occupied by a brand. They saw positioning as an antidote to the â€Å"over-communicated† society, in which consumers were†¦show more content†¦At the beginning, it’s critical to talk to consumers representing a broad spectrum of the potential market. It is in these early stages that you must resist the temptation to focus too quickly on a narrow segment of consumers. Keep the market definitions very broad in the early stages of the research so you do not accidentally preordain the outcome before it begins. For example, if you interviewed people who only use rotary lawnmowers, you probably would find they only want to buy rotary mowers. But if you interviewed everyone with a lawn, you probably would identify many different needs, problems and motives that may form the basis for a positioning strategy. Qualitative methods (focus groups, depth interviews and ethnography) are essential in the early stages. What do consumers know, and what do they not know? What language, associations, images, and metaphors do consumers use in talking about the category? What brands are they familiar with, and how much do they know about the different brands? What are their perceptions of each of these brands? What motivates them to consume the product or use the service? What are the key determinates of brand preference? How is the market segmented or subdivided? What products or services would be substituted if the subject brand were unavailable? What are the major channels of distribution, and how does the channel relate to perceptions and usage of the brands? Who are heavyShow MoreRelatedMarketing Positioning1012 Words   |  5 PagesWhat is positioning? How has the organisation that you have selected positioned their product? As we all know that, there are three steps in target marketing which are market segmentation, market targeting and market positioning. According to Kotler (2010), the definition of product position is â€Å"the way the product is defined by consumer on important attributes – the place the product occupies in consumers’ minds relative to competing product† (P280). Furthermore, in principle, a brand must haveRead MoreMarketing Positioning1254 Words   |  6 PagesNon Urban, income is medium to high | Sociable, Friendly, Gregarious | Average | Economical Snackers | U.S.A | Larger Families, Better educated, income is low to medium | Self assured, price oriented | Average | Market Targeting In target marketing the seller distinguishes the major market segments, targets one or more of these segments, and develops products and services tailored to each selected segment (Wright amp; Esslemont, 1994). Terra Chips’ target market is â€Å"Nutritional Snackers†Read MoreMarketing Communication (Brand positioning).1888 Words   |  8 PagesBrand positioning is an attempt to create and maintain a unique representation of the brand in customers mind, a representation that is expected to stimulate choice of that brand (Rossiter, 2005, p.42). Positioning, in fact, refers to how customers think about different brands in a market. Through brand positioning a company attempts to build a sustainable competitive advantage on product attributes in the consumers mind. Nevertheless, developing a successful positioning strategy is not easyRead MorePositioning and Marketing Mix2743 Words   |  11 Pagesmust take effective measures to deliver and communicate the chosen position to target consumers. Marketing mix efforts should be synchronized to back the positioning strategy. If the company wants to build a position on better quality and service, it must first take necessary action t o deliver that position. Tactical details of the positioning strategy must be worked out to guide the designing of marketing mix-product, price, place and promotion. A company that chooses a â€Å"high-quality position† mustRead MorePositioning: Marketing and Product5093 Words   |  21 PagesBrand Positioning Submitted by: Rishi Dewan PGDM-Marketing (DCP) IMT Ghaziabad Contents Introduction 2 Process of Positioning 3 Strategies of Positioning 5 Positioning by Product attributes 5 Positioning by Quality 5 Positioning by Price 6 Positioning by User Category 7 Positioning by Use 8 Positioning by Competitor 9 Positioning by Celebration 10 Positioning Errors: 11 1. Under-positioning 11 2. Over Positioning 11 3. Confused positioning 12 4Read MoreApple and Marketing Positioning Essay1281 Words   |  6 PagesMarketers manage product positioning by focusing their marketing activities on a positioning strategy. This essay will discuss the multiple factors that are crucial to optimal market positioning. The factors that impact the chosen organisation, Apple, and the chosen product, laptop computers, include market segmentation, market positioning, and the marketing mix, which comprises price, promotion, place and product. Established in the United States of America in April 1976, Apple Inc is a multinationalRead MorePositioning Strategy For The Marketing Program830 Words   |  4 PagesPositioning refers to the act of distinguishing a brand in customer’s minds relative to a competing brand in terms of the benefits and attributes that the brand offers, Keegan and Green (2005). According to Aaker and Shansby (2001), positioning goes far beyond the image that a marketer may want to conjure up in the mind of customers. Positioning can be viewed as a principle asset to a brand strategy, as all elements of the marketing program can potentially affect the effectiveness of any positioningRead MoreMarketing and Positioning Eureka Facts3041 Words   |  13 PagesSegmentation - Targeting – Positioning Eureka Facts, The Smart Marketing Information. 1 SEGMENTATION – TARGETING – POSITIONING BY: JORGE A. RESTREPO President Principal Researcher EurekaFacts LLC The strategic marketing planning process flows from a mission and vision statement to the selection of target markets, and the formulation of specific marketing mix and positioning objective for each product or service the organization will offer. Leading authors like Kotler present the organizationRead MoreMarketing - Positioning Your Brand6468 Words   |  26 PagesClean Edge Razor Splitting Hairs in Product Positioning 1 Index 1. Synopsis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 2. Situation Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 3. Alternative Evaluation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 4. Position Strategy, with explanation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 5. Marketing mix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 6. Expected Outcomes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 7. Appendices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 9 - 22 2 Synopsis: BasedRead MoreMarketing Segmentation, Targeting and Positioning Essay1388 Words   |  6 Pagesof a targeted market. 3. Discuss what is meant by positioning using two example of a business positioned in differing market sectors Marketing consists of a range of techniques designed to sell a product/service. It focuses on customers and their needs, firms generally undertake research aimed at finding out about their customer’s requirements. A well planned marketing campaign involves a range of methods including; market positioning, Market planning, identification of target markets and

Corporate Governance Exam Paper Free Essays

string(74) " formulation comes under the performance part with focus on future value\." Games Directors play While analysing the Reality of Boardroom we say many games and tactics often employed by directors so that they don’t lose power. Some such games were alliance, coalition, lobbying, scaremongering, log rolling etc. Here also majority of BOD were near and dear ones of Bright so everybody chose to stay quiet about what is going on. We will write a custom essay sample on Corporate Governance Exam Paper or any similar topic only for you Order Now Under-reserving Like we say in the HLL case under-reserving is a tactic used by firms but in the long run it cant stop companies from collapsing. Role of independent directors The question Are independent directors really independent has been topic of debate for ages. In the case the role played by independent directors is insignificant. Also it is questionable whether independent directors were present and in the number advised by law or not. Audit Committee The case talks about KPMG and the arguable role it played but what about the audit committee, was it existent, if so how was it functioning. Its composition and leadership needs attention. Manipulation Most of the cases of accounting frauds, falsifying records, deceiving shareholders and bankruptcy rest upon the manipulation of the balance sheet and the tactics used to fudge the data. Ex: Enron The company needs to take inspiration from firms like GSK, Infy, and tata which serve as examples of good CG. GSK * Chairman of board is independent director along with 5 others in in board. Transparency is valued Infosys * Creating wealth legally and ethically Tata * One of the giants and still fascinating governance * In sync with the values * Very elaborate code of conduct Board composition and structure One of the major flaw ways in the board structure is everyone was quiet about the rising storm dominated by power and status of Bright. There should be some independent directors with ability to question the acts and deeds and the following structures are recommended. European Two Tier model Shareholders Supervisory board Executive board Management Employees and staff The supervisory board overlooks functions of executive board and can question and alter the function This model is preferred over unitary board. Chinese model Here we see the presence of the state as a whole also takes society into account along with shareholders Board Leadership One of the major causes of the downfall was the role played by Bright. He was forceful and rigid and thus not a true leader. The features desired for a leader are: Integrity The ability to differentiate between right and wrong and govern in a manner that it is morally correct and sustainable Independence The board was like a dummy/puppet with no or very less degree of independence Intellect The creativity must not come out in form of manipulation and fraud but the betterment of the firm Character He must be ethical and strong character Personality A leader must be flexible and open to new ideas and suggestions. The personality is the holistic perspective. Communication skills, good listener, motivator etc. Board level information Desired CG was not in place and there was no clear information pathway. The board did not check or authenticate the actions. Control systems The case clearly shows violation of many acts and laws. The board was not conforming to the supervisory work. The control system was not in place. Auditors at fault: In cases like Enron and worldcom it has been seen that the external auditors are able to flee away leaving the company in distress. Usually there are tie ups between management and auditors, some internal settlement that leads to uch actions. Role of internal audit committee is arguable. The company should have gone to auditors like Delloitte who are reliable and tested. Risks that should be considered – Financial risk. Operational, compliance, Business Four aspects of CG Internal control, risk management, behavioural governance, independence Sarbax – oxley act This is one of the landmark acts that came in 2002 after Enron and Worldcomm It says criminal and civil penalties for compliances and accounting frauds, certificate for internal audits and annual report is to submitted by all public and private listed companies. Also introduce PCAOBA (Public company accounting oversight board of America) Was criticized for high cost of compliance CG is a process by which companies are directed and controlled Many attempts have been made to define CG and this one by Cadbury is one of the most comprehensive . Cadbury’s definition – â€Å"Corporate governance is the system by which companies are directed and controlled. The boards of directors are responsible for the governance of their companies. The shareholder’s role in governance is to appoint the directors and the auditors to satisfy themselves that an appropriate governance structure is in place. The responsibilities of the board include setting the company’s strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulations and the shareholders in general meeting. † Mike and Minnow: Corporate Governance is a process of governing and directing the performance of any company and the major actors involved are directors, management, society and shareholders CG is basically to overlook, monitor, control and direct the functioning of the management. For this we have BOD and the code of conduct. Some acts, laws and norms facilitate this process of governance. Scope from least to highest Society Media and Press Shareholders Regulatory bodies Contractual Stakeholders Auditors Governance and Management (Diagram) As it is clear that the scope of CG is very wide. It is crucial that CG is acceptable and answerable to many. Functions of the board Majorly there are four functions of the board depending upon the conformity to past or existing and the performance expected for future. The four functions are accountability, strategy formulation, supervising and monitoring and policy making Matrix The accountability along with monitoring and supervising is the conformance part i. e. to past or existing situation. The policy making and strategy formulation comes under the performance part with focus on future value. You read "Corporate Governance Exam Paper" in category "Essay examples" Usually it is seen that independent directors are forced to conformance because they only understand what is going on. Strategic Formulation * This is the most crucial step of governance There must be shared view according to which governance and management abide * It involves SWOT, PEST, Porter analysis and asking of crucial questions of long term strategic importance * It is important to have helicopter vision balanced of long and short term * San Tzu â€Å"Think the mind alike of your enemy† Policy making * This comes from the strategic formulation * Policies are rules, regu lation and procedures that must be followed and abided Supervision monitoring This is the conformance part to check that everything is happening as per the policies and rules or not Accountability * Accountability is to have proper system wherein respective people are accountable for any error or aberration * Only the top management is not accountable but usually is held responsible. Normative: How board thinks directors should spend their time How directors actually do spend their time Relation between functions Strategy formulation Policy making supervision and monitoring Accountability Roles: Agents and Stewards Agency theory Principal shareholders contract with agents seek self interest It says that it is not possible that agents take care of other money with as much vigilance of vow. They seek personal interest and detrimental effect on shareholders Stewardship theory Owners chose and elect stewards(directors) who play the role of stewards Contrary to agency theory it says owners vest their trust in directors who act as stewards of shareholders money. Along with the board the following roles are performed by the director Managing the board Managing the meeting Strategic leadership Cooperation between board and management Company’s face to public By means of all these functions and roles the board makes an effort towards fair and equitable distribution of profit, ethical governance of firm and deters any unethical behaviour It lays clear rules, norms, laws and code of conduct to facilitate governance Maxwell communication 1991 – Risky acquisition using pension funds leading to bankruptcy Bank of credit and commerce international Cadbury report 1992 – best practices suggested How to implement it? For a company to enter in stockmarket it has to that it follows Cadbury suggestions Corporate governance is directly related to market valuation of a company. Better managed companies are valued more. Enron failure 2001 – faulty accounting policies; creation of special purpose entities to conceal losses; excessive executive compensation Worldcom 2002 – The BOD did not oppose the ambitious investment of Worldcom in fiber optic cables and infrastructure to become a market leader (a short term goal). This led to huge losses when the boom for dot com ended. Measures to check such scenarios * Make BOD accountable to stakeholders * Make changes in structure * Clearly explain the responsibilities of Board Make them active board – in giving a leadership to the company * Make the BOD to meet more frequently – listed company at least 4 times a year * Lay down an agenda about what must be discussed Placing constraints, checks on management power including the CEO Eg: SKF micro finance – CEO was sacked as he is no good There should be separation of position of chairman and CEO Ensuring a sound system of internal cont rol and proper disclosure of financial information and executive compensation Auditors are continuing from 20 years Approaches to strengthen the CG 002 – there was a proposal to change companies act 1956 2012 – the bill was proposed in loksabha Very lengthy process to make a law But then one law for all companies reduces flexibility In 1998 CII appointed a committee under Rahul bajaj to create guidelines for cg which is only voluntary. Only 0. 1% adopted them. Voluntary Purely legal approach Cg code Code – a set of practices, guidelines which are expected to be followed by the companies 2 approaches for cg code 1) Principle based – lay down broad principles; comply or explain principles link it with listing. Make the companies which are not adopting explain why they are not adopting 2) Rule based approach – comply or get prosecuted; in extreme cases companies are delisted. But then the shareholders are effected. Rule based approach is rigidity. The companies will try to outsmart the rules if they are rigid. Eg: BJP chief Nitin Gadkari driver was shown as a director in a company. The directors get huge money for just attending 4 meetings, so they agree with whatever the companies say to earn easy money or else they would be removed from the board. CG in India * The issue of CG has come up mainly in the wake up economic reforms characterized by liberalization, privitization and globalization. * The way foreign investments is CG * The last point in previous year * SEBI committee on CG headed by SHri Kumara Mangalam Birla submitted its report in Feb 2000 * Clause 49 in listing agreement with stock exchanges made it mandatory for companies to follow recommendations by Kumara M B committee * Then Naresh Chandra committee is appointed by the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Indian Code Inspired by Cadbury code, 1992 * CII code – 1998 (voluntary compliance could not make much difference) Implementation 2005 – all the companies above 3 crore revenues Audit committee * As an interface between the board and auditors atleast 3 members (NED) majority of independent directors * Looks after all the activities related to auditors i. e. appointment of reappointement of auditors * Reviewing of internal reports * Audit committee must meet 4 times a year * Gap should not be more than 4 months Disclosures Management discussions and analysis report * Related party transactions * Remuneration to NEDs Clause 49 Case of satyam First biggest and most shocking scam involving †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Modus operandi of the scam * Super user login to some employees * Entering fake invoices * Boost revenues and profits * Falsified bank statements * Falsified interest income Role of board in satyam’s case Overlooking the reports The board said ok to all proposals by raju to direct funds to acquire lands in hyd Directors had a salary of rs 12 lakh annually How to cite Corporate Governance Exam Paper, Essay examples

Corporate Governance Exam Paper Free Essays

string(74) " formulation comes under the performance part with focus on future value\." Games Directors play While analysing the Reality of Boardroom we say many games and tactics often employed by directors so that they don’t lose power. Some such games were alliance, coalition, lobbying, scaremongering, log rolling etc. Here also majority of BOD were near and dear ones of Bright so everybody chose to stay quiet about what is going on. We will write a custom essay sample on Corporate Governance Exam Paper or any similar topic only for you Order Now Under-reserving Like we say in the HLL case under-reserving is a tactic used by firms but in the long run it cant stop companies from collapsing. Role of independent directors The question Are independent directors really independent has been topic of debate for ages. In the case the role played by independent directors is insignificant. Also it is questionable whether independent directors were present and in the number advised by law or not. Audit Committee The case talks about KPMG and the arguable role it played but what about the audit committee, was it existent, if so how was it functioning. Its composition and leadership needs attention. Manipulation Most of the cases of accounting frauds, falsifying records, deceiving shareholders and bankruptcy rest upon the manipulation of the balance sheet and the tactics used to fudge the data. Ex: Enron The company needs to take inspiration from firms like GSK, Infy, and tata which serve as examples of good CG. GSK * Chairman of board is independent director along with 5 others in in board. Transparency is valued Infosys * Creating wealth legally and ethically Tata * One of the giants and still fascinating governance * In sync with the values * Very elaborate code of conduct Board composition and structure One of the major flaw ways in the board structure is everyone was quiet about the rising storm dominated by power and status of Bright. There should be some independent directors with ability to question the acts and deeds and the following structures are recommended. European Two Tier model Shareholders Supervisory board Executive board Management Employees and staff The supervisory board overlooks functions of executive board and can question and alter the function This model is preferred over unitary board. Chinese model Here we see the presence of the state as a whole also takes society into account along with shareholders Board Leadership One of the major causes of the downfall was the role played by Bright. He was forceful and rigid and thus not a true leader. The features desired for a leader are: Integrity The ability to differentiate between right and wrong and govern in a manner that it is morally correct and sustainable Independence The board was like a dummy/puppet with no or very less degree of independence Intellect The creativity must not come out in form of manipulation and fraud but the betterment of the firm Character He must be ethical and strong character Personality A leader must be flexible and open to new ideas and suggestions. The personality is the holistic perspective. Communication skills, good listener, motivator etc. Board level information Desired CG was not in place and there was no clear information pathway. The board did not check or authenticate the actions. Control systems The case clearly shows violation of many acts and laws. The board was not conforming to the supervisory work. The control system was not in place. Auditors at fault: In cases like Enron and worldcom it has been seen that the external auditors are able to flee away leaving the company in distress. Usually there are tie ups between management and auditors, some internal settlement that leads to uch actions. Role of internal audit committee is arguable. The company should have gone to auditors like Delloitte who are reliable and tested. Risks that should be considered – Financial risk. Operational, compliance, Business Four aspects of CG Internal control, risk management, behavioural governance, independence Sarbax – oxley act This is one of the landmark acts that came in 2002 after Enron and Worldcomm It says criminal and civil penalties for compliances and accounting frauds, certificate for internal audits and annual report is to submitted by all public and private listed companies. Also introduce PCAOBA (Public company accounting oversight board of America) Was criticized for high cost of compliance CG is a process by which companies are directed and controlled Many attempts have been made to define CG and this one by Cadbury is one of the most comprehensive . Cadbury’s definition – â€Å"Corporate governance is the system by which companies are directed and controlled. The boards of directors are responsible for the governance of their companies. The shareholder’s role in governance is to appoint the directors and the auditors to satisfy themselves that an appropriate governance structure is in place. The responsibilities of the board include setting the company’s strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulations and the shareholders in general meeting. † Mike and Minnow: Corporate Governance is a process of governing and directing the performance of any company and the major actors involved are directors, management, society and shareholders CG is basically to overlook, monitor, control and direct the functioning of the management. For this we have BOD and the code of conduct. Some acts, laws and norms facilitate this process of governance. Scope from least to highest Society Media and Press Shareholders Regulatory bodies Contractual Stakeholders Auditors Governance and Management (Diagram) As it is clear that the scope of CG is very wide. It is crucial that CG is acceptable and answerable to many. Functions of the board Majorly there are four functions of the board depending upon the conformity to past or existing and the performance expected for future. The four functions are accountability, strategy formulation, supervising and monitoring and policy making Matrix The accountability along with monitoring and supervising is the conformance part i. e. to past or existing situation. The policy making and strategy formulation comes under the performance part with focus on future value. You read "Corporate Governance Exam Paper" in category "Essay examples" Usually it is seen that independent directors are forced to conformance because they only understand what is going on. Strategic Formulation * This is the most crucial step of governance There must be shared view according to which governance and management abide * It involves SWOT, PEST, Porter analysis and asking of crucial questions of long term strategic importance * It is important to have helicopter vision balanced of long and short term * San Tzu â€Å"Think the mind alike of your enemy† Policy making * This comes from the strategic formulation * Policies are rules, regu lation and procedures that must be followed and abided Supervision monitoring This is the conformance part to check that everything is happening as per the policies and rules or not Accountability * Accountability is to have proper system wherein respective people are accountable for any error or aberration * Only the top management is not accountable but usually is held responsible. Normative: How board thinks directors should spend their time How directors actually do spend their time Relation between functions Strategy formulation Policy making supervision and monitoring Accountability Roles: Agents and Stewards Agency theory Principal shareholders contract with agents seek self interest It says that it is not possible that agents take care of other money with as much vigilance of vow. They seek personal interest and detrimental effect on shareholders Stewardship theory Owners chose and elect stewards(directors) who play the role of stewards Contrary to agency theory it says owners vest their trust in directors who act as stewards of shareholders money. Along with the board the following roles are performed by the director Managing the board Managing the meeting Strategic leadership Cooperation between board and management Company’s face to public By means of all these functions and roles the board makes an effort towards fair and equitable distribution of profit, ethical governance of firm and deters any unethical behaviour It lays clear rules, norms, laws and code of conduct to facilitate governance Maxwell communication 1991 – Risky acquisition using pension funds leading to bankruptcy Bank of credit and commerce international Cadbury report 1992 – best practices suggested How to implement it? For a company to enter in stockmarket it has to that it follows Cadbury suggestions Corporate governance is directly related to market valuation of a company. Better managed companies are valued more. Enron failure 2001 – faulty accounting policies; creation of special purpose entities to conceal losses; excessive executive compensation Worldcom 2002 – The BOD did not oppose the ambitious investment of Worldcom in fiber optic cables and infrastructure to become a market leader (a short term goal). This led to huge losses when the boom for dot com ended. Measures to check such scenarios * Make BOD accountable to stakeholders * Make changes in structure * Clearly explain the responsibilities of Board Make them active board – in giving a leadership to the company * Make the BOD to meet more frequently – listed company at least 4 times a year * Lay down an agenda about what must be discussed Placing constraints, checks on management power including the CEO Eg: SKF micro finance – CEO was sacked as he is no good There should be separation of position of chairman and CEO Ensuring a sound system of internal cont rol and proper disclosure of financial information and executive compensation Auditors are continuing from 20 years Approaches to strengthen the CG 002 – there was a proposal to change companies act 1956 2012 – the bill was proposed in loksabha Very lengthy process to make a law But then one law for all companies reduces flexibility In 1998 CII appointed a committee under Rahul bajaj to create guidelines for cg which is only voluntary. Only 0. 1% adopted them. Voluntary Purely legal approach Cg code Code – a set of practices, guidelines which are expected to be followed by the companies 2 approaches for cg code 1) Principle based – lay down broad principles; comply or explain principles link it with listing. Make the companies which are not adopting explain why they are not adopting 2) Rule based approach – comply or get prosecuted; in extreme cases companies are delisted. But then the shareholders are effected. Rule based approach is rigidity. The companies will try to outsmart the rules if they are rigid. Eg: BJP chief Nitin Gadkari driver was shown as a director in a company. The directors get huge money for just attending 4 meetings, so they agree with whatever the companies say to earn easy money or else they would be removed from the board. CG in India * The issue of CG has come up mainly in the wake up economic reforms characterized by liberalization, privitization and globalization. * The way foreign investments is CG * The last point in previous year * SEBI committee on CG headed by SHri Kumara Mangalam Birla submitted its report in Feb 2000 * Clause 49 in listing agreement with stock exchanges made it mandatory for companies to follow recommendations by Kumara M B committee * Then Naresh Chandra committee is appointed by the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Indian Code Inspired by Cadbury code, 1992 * CII code – 1998 (voluntary compliance could not make much difference) Implementation 2005 – all the companies above 3 crore revenues Audit committee * As an interface between the board and auditors atleast 3 members (NED) majority of independent directors * Looks after all the activities related to auditors i. e. appointment of reappointement of auditors * Reviewing of internal reports * Audit committee must meet 4 times a year * Gap should not be more than 4 months Disclosures Management discussions and analysis report * Related party transactions * Remuneration to NEDs Clause 49 Case of satyam First biggest and most shocking scam involving †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Modus operandi of the scam * Super user login to some employees * Entering fake invoices * Boost revenues and profits * Falsified bank statements * Falsified interest income Role of board in satyam’s case Overlooking the reports The board said ok to all proposals by raju to direct funds to acquire lands in hyd Directors had a salary of rs 12 lakh annually How to cite Corporate Governance Exam Paper, Essay examples