Hsbc Scandal

The HSBC scandal shook Europe as a whole! Britain’s largest institutional bank was accused of a â€Å"drugs and gun-running† scandal. The bank failed to monitor a staggering ? 38trillion of money moving across borders from places that could have posed a risk, including the Cayman Islands, Switzerland, Iran, and Mexico. One of the highest noted disregards by the bank was their financial dealings with Al Rajhi, the Saudi Arabian bank that was linked with funding the 9/11 terrorist scheme.Another report showed that the bank accepted ? 9. 6billion in cash over two years from subsidiaries without checking where the money came from, showing blunt disregard for the obviousness of the transactions. Mexican and US authorities warning HSBC that there was a volume limit (? 4. 5billion) in money sent to the US from its Mexican subsidiary that would exemplify â€Å"illegal drug proceeds†. A HSBC officer admitted that the accounts in the Cayman Islands were abused by â€Å"or ganized crime†, ? 1. 3billion total.The bank became the subject of a US senate investigation, and they dropped a 335 page report that accused the bank of ignoring all of the warning and safeguards that should have stopped the laundering of money from Mexico, Iran and Syria. In December they agreed on a settlement to pay a penalty of ? 1. 2 billion that would further scorch their already diminished reputation. With the settlement of the fee, comes the bank admitting to violating US laws meant to prohibit money laundering including the Bank Secrecy Act and the Trading with the Enemy Act.When presented with the 335 page senate report, the head of HSBC’s compliance division, David Bagley, quit in front of the Senate committee. Being at his post since 2002, one can understand why he resigned when pressed with these concerns. He felt guilty being with the bank for so long and did not want to take responsibility for the actions and accusations of the bank. The affair is also a n embarrassment for David Cameron, because his trade envoy Stephen Green chaired HSBC during the period covered by the allegations.Lord (Barron) Green is probably the person most to blame for these disregards for policy on money laundering and regulations. He was the chief executive and the executive chairman of HSBC. Being a trade minister, it was his duty to ensure that the issues brought to the senate’s attention would be regulated for legality concerns. In failing to successfully do so, the fault of the accusations falls on his lap. The regulators of money laundering actively, domestically, and internationally are the countries of the FATF. Forming in 1989, the FATF has 3 primary functions with regard to money laundering.These 3 functions are monitoring member’s implementation of anit-money laundering measures, review and report trends and techniques of laundering, and promote standards globally. Combined with a unified effort within these countries, the US being o ne of the main ones, money laundering activities will be noted quickly before large scale transactions may go through unnoticed and through the means of illegal activities. The US promotes the most laws against these sorts of offensives. HSBC needs to come to a complete â€Å"retake†.All historical transactions, accounts, and services need to be reviewed and mended to meet the golden standard of banking that they have held themselves to ever since becoming the primary bank of Europe. With the removal and replacement of key executive level positions, they may bring in new, fresh minds and with that comes a new approach to the regulating of the activities of the bank. In short, re-staffing the bank with new executives over the previous ones shows the public that the bank takes serious note to what has happened and a serious effort to mend and fix it. Shipman, T. & Davies, R. (2012, July 7). Hsbc let drug gangs launder millions: First barclays, now britain. Retrieved from http:/ /www. dailymail. co. uk/news/article-2174785/HSBC-scandal-Britains-biggest-bank-let-drug-gangs-launder-millions–faces-640million-fine. html (n. d. ). Retrieved from http://www. guardian. co. uk/business/2012/dec/10/standard-chartered-settle-iran-sanctions Yost, P. , & Pylas, P. (2012, December 11). Hsbc to pay $1. 9 billion to settle money-laundering scandal. Retrieved from http://www. salon. com/2012/12/11/hsbc_to_pay_1_9bn_to_settle_money_laundering_scandal/

African Americans Status in 1890 Essay

There were many problems that African Americans faced in the 1890’s some of which still exist in today’s society. African Americans have come a long way and earned many rights but still live with the hardships that they had in the 1890’s. The status of African Americans at this time in United States history was not good. Blacks had a very hard time living especially in the south. The problems that blacks dealt with were primarily found in the south where they were not accepted. Segregation became huge across the entire south after the Supreme Court ruled that â€Å"Separate but equal† was legal in the Plessy v. Ferguson case. Everything was separate but it was almost never equal. Whites always had things better than African Americans did. Blacks could not ride in the same train cars as whites. The national government gave blacks the right to vote but southern state governments took away that right through the use of poll taxes and literacy tests. A big problem that blacks faced was trying to stay alive. Many blacks were killed for no reason during this period of time. Jim Crow laws were set up to keep blacks from enjoying the same rights and privileges that whites enjoyed everyday. The Ku Klux Klan was set up by whites who had hatred for blacks. Blacks in the south feared for their lives and their families’ lives everyday. It was certain that African Americans would be confronted by racism each and everyday in the south. Relationships between blacks and whites have greatly improved in the last century but things still are not perfect and it is unlikely that they ever will be. The greatest changes were made during the civil rights movement in the 1950’s and 1960’s when blacks stood up for themselves and gained their rights as American citizens. Laws were finally passed that made literacy tests and poll taxes illegal. Segregation came to an end after Brown v. Board of Education turned over the ruling made in Plessy v. Ferguson. There was no longer â€Å"Separate but equal†, it was now just equal. Although many big steps have been taken to stopping racism and segregation it still exists in our lives today. African Americans still see racism everyday even though they are now doing many things with whites. Blacks and whites have been able to peacefully interact with each other for decades but you still see newspapers talking about segregation and racism. The overall improvement has been very significant. Comparing today’s society to the 1890’s show a lot of good change yet there are still problems in our society with race relations.

Journal summary

Michele Semen's article was written as a useful means to give perspective to prospective and current teacher's information with regards to developing their own Pipes. The article is compromised primarily of past experiences from preservers teachers who wrote Pipes in their own undergraduate course and the challenges that they faced from their own inexperience's. The student's personal experiences enhance the readers understanding of the challenges in writing Pipes and techniques to simplify the process.Article Summary College student's experiences of writing individual experience programs are examined in this article by highlighting personal experiences of the students in an individual and group setting. Nineteen college level students that are in their junior year have been indoctrinated in a two year college teacher education program that was designed to not only show them previously designed Pipes but also instruct the in the art of designing their own program.The educational prog ram lasted over a period of two years and consisted of non graded activities, in class participation, personal reflections, and students writing their own personal Pipes. The two year course consisted of multiple PEP in class discussions and assignments that were intentionally unguarded. In the discussions, the dents discussed how to write various goals and objectives in developing personal Pipes. Multiple examples and case studies were utilized in developing their personal Pipes.The course also consisted of open ended questionnaires and evaluations in order to produce common trends and thoughts that students had in developing their programs. One major trend identified was that students recognized the importance of focusing on individualizing with respect to student's educational strengths and knowledge. Students recognized that for an PEP to function correctly, it must not be created in mineral terms but must be created to focus on the individual student.

Reflective writing .. Developing the Professional Essay

Reflective writing .. Developing the Professional - Essay Example These developments are an explanation of my progress as recorded in the draft of this essay and in the assessment in Assignment 1. I shall base this reflection essay on Kolb’s Learning Cycle, since it was my guide throughout this module. Kolb’s learning Cycle helped me considerably in understanding the different components of effective learning, which I applied throughout this semester. My application of the Kolb’s cycle of learning was not only in this module, but also on the other modules that I covered this semester. Aside from explaining the responses, I shall also go through a number of interesting topics that we covered in class, sharing the most captivating segments. My reflection shall also bring out my experiences during group work. I shall also highlight how the experiences contributed to my development. In so doing, I shall employ the use of frameworks, models and theories within the module to communicate my understanding and development throughout my studies in this module. The information in this reflection shall be my honest assessment of myself as recorded in the documents attached in the Appendix section of this paper. One of the most interesting topics in this module, according to me, is Active Learning. This topic was a revelation, considering the fact that even during my undergraduate program; I was not exposed to knowledge on how different individuals are with regard to learning styles, values and personality. I understood that the process of learning depended much on the personality that a person has (Burbank, 2008).This revelation changed my approach to learning, making me develop a positive attitude towards learning new things, regardless of how difficult they appeared. This topic also helped me to understand the difference that my learning style had compared to my classmates, and how as a member of a study group I could help turn this diversity into a powerful tool for

Hospitality Article Example | Topics and Well Written Essays - 250 words

Hospitality - Article Example ies became of incredible importance in the businesses, consequently Human Resource organization requirements to be cautiously well thought-out and implemented (Xiao 5). It ought to be able to overcome the effects of the varying earth of work, which advocates that individuals working in the Human Resources Department be alert of the effects of globalization, expertise changes, workforce variety, employment shortages, varying skill necessities, and employee participation. There has been extensive evidence done to determine the major cause that influences customers to return in hotels (Emir & Kozak). Many hotel businesses are undertaking extensive research to determine what may impress the customers and influence them to come back. Many five star hotels have concentrated on facilities they offer and the services they give their customers. The hotels mainly concentrated on reception services and house keeping ensuring their customers received quality services for them to return. Staff education is an important part as well as the major utility of Human Resource supervision and improvement; it is a fundamental path of encouraging staff and rising output in the industry. Through the improvement of the technologies and the entire business surroundings, workers are asked to be extra trained and qualified (Xiao

The History Of Industrialization Essay Example | Topics and Well Written Essays - 1000 words

The History Of Industrialization - Essay Example This changed during the Gilded Age as businessmen like Carnegie adopted vertical integration thereby eliminating all middlemen in the process. Instead of meat being handled by different individuals, a single businessman engaged in all the trades from cattle breeding to retailing meat. This led to the emergence of corporations such as the giant steel empire of Carnegie which brought them huge profits. Others such as Rockefeller adopted horizontal integration (purchase of competing companies in the same industry) thus eliminating competitors. Rockefeller purchased all independent oil refineries creating a monopoly in the market named the Standard Oil Company. Such investors were referred as robber barons as they did everything they could to earn profits. Corporations produced powerful tycoons such as Carnegie, Rockefeller and Frederick Weyerhaeuser (timber industry) and consequently business malpractices. Rockefeller was the richest man, Carnegie the fourth richest and Weyerhaeuser the seventh richest. These and other wealthy businessmen formed trusts to monopolize the production of goods. This prompted the U.S government to pass legislation such as the Sherman Anti-trust Act of 1890 and the Interstate Commerce Act of 1887 to curb such malpractices and corruption. The Interstate Commerce Act was to eliminate discrimination against small shippers by railroads while the Anti-trust Law was to curb monopolies. Speculations by tycoons often led to an economic crisis such as the panic of 1893.

Crime Scene Investigator Essay Example | Topics and Well Written Essays - 1750 words

Crime Scene Investigator - Essay Example The ability to recognize and collect physical evidence properly is always invaluable in solving violent crimes as well as during prosecution. As a matter of fact, the role of a crime scene investigator is in most court cases very critical as he/she is the determining factor as to whether physical proof will be applied while prosecuting or solving violent criminal acts (Crime Scene Investigator Network, n.d). It is important to note that the investigation of a crime scene can either be straightforward or it can come with challenges, which would call for a multidisciplinary approach in order to resolve them. To start with, the investigator can get the wrong impression of the crime scene – for instance, a crime scene that seems to be accidental fire may have been staged to conceal further crimes. Therefore, hurried conclusions may make the investigator to miss out on important clues. The investigator should therefore know that every item that catches his/her attention is importan t and he/she should document it. He/she should thus be observant and diligent following standard procedures for every kind of scene response (Fish, Miller & Braswell, 2010). On arriving at the scene of crime, a crime scene-investigator must do various things and process lots of information. To start with, he/she should start by having a brief interview meeting with the first reporting officer on the scene as well as the lead detective in order to obtain information that can assist him/her comprehend what happened, when it occurred and the order of the events that took place (Domnauer, 2007). This should happen without the investigator getting too much information that is likely to taint his/her perspective. Instead, it should be sharpened in such a way that he/she is able to take the information that he/she received previously and mesh it with that which he/she gathered at the crime scene thereby enabling him/her to come to an impartial and logical determination of the events. In ot her words, the investigator should present the court with an accurate and true crime scene representation remaining unbiased as well as objective all through the proceedings. He/she should leave it for the court to weigh the value of the evidence and determine innocence or guilt (Fish, Miller & Braswell, 2010). Crime Scene Investigator Network (n.d) further records that a crime scene investigator has no substitute for a thoughtful and careful approach, and that he/she must not jump into making immediate conclusions regarding what happened founded on limited evidence. Instead, he/she must come up with several different theories of the crime, keeping those that incoming information at the scene do not eliminate. Rational deductions regarding what happened are generated from information from witnesses as well as the scene appearance. These theories assist in guiding the investigator in documenting specific conditions and identify valuable proof. According to Ruslander (2007), a crime s cene

Platos Allegory of the Cave Essay Example | Topics and Well Written Essays - 1250 words

Platos Allegory of the Cave - Essay Example The prisoners come up with a guessing game on what the images they see on the wall could be. The one who gets his guess right on what the next object to appear is gets praised by his fellow prisoners and is viewed as a master of nature, even though none of these things they guess have they seen or known.Plato finds a problem with this kind of knowledge where people believe in truth in things they have even not seen or experienced. Plato has his own view of how people should perceive and arrive at truth in their daily encounters in life. The first perception is: sensory perception. This entails the world as it appears, how we see it, feel it using our senses. The second kind of perception is spiritual perception. This comes about after we ignore the sensory perception and set out to seek deeper insight on the basic knowledge we have (Herman 2013). This previous perception happens to be Plato’s ideal philosophy of all time and the ideal kind of concept.Aristotle’s rhetori c can best be defined as the art of observing the necessary cause of persuasion in any given situation. According to Aristotle’s Rhetoric, he finds it okay for people to talk about things (ideal) they envision or have heard about as though they were actually in touch with them (Rorty, 1996). In his view this believe in the vision would bring them even closer to these ideal. Aristotle believed that human beings had the ability to look at how communications happen around them and deduce meaning and come up with convincing arguments.

Anheuser-Busch's social responsibility Essay Example | Topics and Well Written Essays - 750 words

Anheuser-Busch's social responsibility - Essay Example It operates 13 breweries in the United States. Anheuser-Busch InBev is involved in the production, marketing, distribution and selling of a balanced portfolio of about 200 brands of beer (ABInBev par. 1-20). Social responsibility in Anheuser Busch Company The company has strived to accomplish the three years’ environmental goals’ plan set in 2010. Since that time, the company has had some notable progress. According to Global Citizenship report released in 2011, extensive context for the operation of the community, environmental and social development goals were discussed in detail within the context of the company’s development. Social responsibility in Anheuser Busch entails environment, responsible drinking and community (ABInBev par. 1-20). The Better World Taskforce has engaged itself in energizing the stakeholders and employees in accomplishing activities on a global basis ranging from reducing of the water use, as well as greenhouse gas emission to the dev elopment of renewable energy programs. The company is involved in execution of extensive drinking campaigns, creation of safe working environments and encouraging the employees through the volunteer programs. The Better World has been used by the company as a pillar to accomplish different goals based on the positive impact, which passionate people can have in their determination to make a difference (ABInBev par. 1-20). Responsible drinking Responsible drinking entails setting high standards in the industry that encourages responsible enjoyment of the products by the adults who are of legal drinking age. The company is adamantly opposed to any form of abuse of alcohol, including underage drinking and drunk driving. Some of the goals of the company in enhancing responsible drinking include reaching adults with the programs that will enable parents be able to talk to their children regarding underage drinking, and providing materials for checking the ID and information on education t o beer dealers to assist them in preventing sales to the minors, provision of trainings on proper selling of the alcohol. Other goals include reaching legal-age consumers on how to increase awareness on the importance of the safe and designated ride home, investing in programs and advertisement that educates and reminding consumers on responsible drinking. Another goal includes celebrating the Beer Responsible day that promotes the importance of the responsible drinking (ABInBev par. 1-20). Environment The company is involved in reduction on the use of water and energy reduction of emission and generation of wastes while maintaining the quality standards. The company wholly integrates the significant environmental performance indicators and the global management system through the Voyager Plant Optimization that increases the efficiency (VPO) to enhance efficiency in the brewery operations, improve the environmental management, as well as global management system. It also combines t he benefits of systems like Six-Sigma and ISO that are tailored towards the manufacturing processes. The environmental strategies and policies emphasize on the reduction of the environmental impacts by promoting conservation of the natural resources (ABInBev par. 1-20). Community The company strengths and improves the community through charitable organizations, donations volunteer programs that for families and individuals worldwide. The

Ratio Analysis Essay Example | Topics and Well Written Essays - 2500 words

Ratio Analysis - Essay Example Financial statement analysis consists of the application of analytical tools and techniques to the data in financial statements in order to derive from them measurements and relationships that are significant and useful for decision making (ICFAI Center for Management Research ICMR). The process of financial analysis can be described in various ways, depending on the objectives to be obtained. Financial analysis can be used as a preliminary screening tool of future financial conditions and results. It may be used as a forecasting tool of future financial conditions and results. It may be used as a process of evaluation and diagnosis of managerial, operating, or other problem areas. Above all, financial analysis reduces reliance on intuition, guesses and thus narrows the areas of uncertainty that is present in all decision making processes. Financial analysis does not lessen the need for judgment but rather establishes a sound and systematic basis for its rational application. In the analysis of financial statements, the analyst has a variety of tools available from which he can choose those best suited to his specific purpose. The following are the important tools of analysis. Ratios are well known and the most widely used tools of financial analysis. ... The analysis of ratios can disclose relationships as well as bases of comparison that reveal conditions and trends that cannot be detected by going through the individual components of the ratio. The usefulness of ratios is ultimately dependant on their intelligent and skillful interpretation. Ratios are used by different people for various purposes. As ratio analysis mainly helps in valuing the firm in quantitative terms, two groups of people are interested in the valuation of the firm and they are creditors and shareholders (Blackwell publishing). Creditors are again divided into short-term creditors and long-term creditors. Short-term creditors hold obligations that will soon mature and they are concerned with the firm's ability to pay its bills promptly. In the short run, the amount of liquid assets determines the ability clear off current liabilities. These persons are interested in liquidity. Long-term creditors hold bonds or mortgages against the firm and are interested in current payments of interest and eventual repayment of principal. The firm must be sufficiently liquid in the short-term and have adequate profits for the long-term. These persons examine both the liquidity and profitability of the firm (ICFAI Center for Management Research ICMR). Ratio Analysis - A strategic tool Insight into the financial situation of a company will quickly place its condition in perspective. The critical areas in any profit or non-profit organization can be summed up as follows: Scanning and using funds Planning for securing and using funds Controlling expenditure Reporting all transactions and results to appropriate parties Facts can be gathered and tentative conclusions can be

Contract and Chou Essay Example for Free

Contract and Chou Essay The case scenario under review by our team includes a contract law situation involving a board game company and a game inventor. Big Time Toymaker (BTT) is a board game company which develops, manufactures, and distributes board games, and Chou is the name of the inventor of a new strategy game. In this scenario, what began with a payment made from BTT to Chou for exclusive negotiating rights for 90 days, ended in a change in management at BTT, leading to their company no longer having interest in distributing Chou’s game. Several questions will be asked about the validity of the terms agreed upon by the parties involved, including at what point did the parties have a contract, and what role does the statute of frauds play in this contract? Our objective is to analyze the case scenario, including the previously stated questions, and provide the answers to those and other questions pertaining to the scenario and contract law. Question 1 At what point, if ever, did the parties have a contract? There was mutual agreement between Chou and BTT via verbal agreement, and a subsequent email verifying that an agreement had been tentatively reached. According to the terms of distribution between Chou and BTT a contract was only valid if formalized in writing. An argument may be made that three days prior to the 90 day time limit a mutual agreement was reached and valid via an E-contract law. There was mutual assent between both Chou and BTT. The argument for the other side will state there was never a formalized written contract from either Chou or BTT, only an email with a subject heading stating Strat Deal. Is the email a valid contract? Question 2 What facts may weigh in favor of or against Chou in terms of parties’ objective intent to contract? Facts show that BTT sent an email with a subject heading of Strat Deal with information stating that Chou and BTT have reached an agreement. The writing states that after months of no response from BTT and with no management in place the company no longer wishes to distribute Chou’s intellectual property. Chou was in compliance with BTT at all times regarding issues pertaining to Strat. Chou will allege that there was a contract between himself and BTT that was of mutual assent and under E-contract law the emails were valid. Question 3 Does the fact that the parties were communicating by email have any impact on your analysis in questions 1-2 above? According to CA Civil Code 1624, b 3, a, online contracts are endorsable even if writing is required by the statute of frauds. Communication of contracts is valid under E-contract law. There is no impact on analysis made of above stated questions because of online communication. Question 4 What role does the statute of frauds play in this contract? A key factor in any contract is acceptance, and in this case a verbal agreement had been reached three days before the exclusive negotiation right was expired. Chou then said he was going to draw up the contract. Big Time Toymaker (BTT) then sent Chou an email outlining all of the things that they had agreed upon that would be included in the contract. Seeing the email, Chou then assumed that this was the contract to be enforced and did not respond to BTT. Even though Chou received the email, he did not respond to it, thereby giving Chou the defense that silence is never acceptance. However, in E-contact law dictated by CA Civil Code 1624, b, 3, a, it says that online contracts are endorsable even if writing is required by the statute of frauds. In addition, the â€Å"Click On† or â€Å"Click Wrap† agreement clause states that these agreements are enforceable since the opportunity to read and acknowledge was given. The statutes of frauds do play a part in this contract due to the Uniform Commercial Code requiring that the statute of frauds applies to any contract for the sale of goods for $500 or more. However, the exact amount of â€Å"Strat† units that Big Time Toymaker (BTT) will sell or at what cost of each unit is unclear to the reader, it was described in detail in the email BTT sent to Chou. Question 5 Could BTT avoid this contract under the doctrine of mistake? Explain. The new management at BTT cannot avoid this contract under the doctrine of mistake because a mistake was not made by both Chou and the old management team. The mistake by Chou was accepting the email outline of the contract terms as an actual contract agreed to by both parties. Scienter applies to Chou in this case by accepting a seemingly legitimate contract. Would either party have any other defenses that would allow the contract to be avoided? The change of management brought about individuals bound to the same company as the old management team was, therefore, scienter applies to the new management team in privity. The draft sent from Chou and received by BTT is a negotiable instrument. BTT thereby becomes a holder in due course. The inaction of BTT after the draft was sent is in violation of the UCC requirement that all offers are to be open for a reasonable period of 90 days. Chou was under the impression that a contract had been made before that 90 days had expired. Chou has real defense as well as personal defense due to breach of contract and fraud. Question 6 Assuming, arguendo, that this e-mail does constitute an agreement, what consideration supports this agreement? By law, statute of frauds would support this agreement. Due to the terms, there cannot be a lawsuit that can be upheld on particular contracts or arrangements, except if it is written and signed by the authorized party or representative. Under the statute, certain kinds of contracts have to be in writing in order to be enforceable in a court of law (Contracts: Statute of Frauds, 2013). The writing also has to be signed by the person who is held responsible for the contract or by that persons agent. To evade the justification of the Statute of Frauds, one would need to make sure the contracts are in text and signed by the other party; so, if the opposing party does not hold his or her end of the agreement, one would gain from that particular party. Question Assuming BTT and Chou have a contract, and BTT has breached the contract by not distributing the game, discuss what remedies might or might not apply. It is obvious BTT’s manager did not think clearly about protecting BTT from liability. He carelessly wrote the emails, and his careless actions put BTT at risk. This led Chou to believe that this e-mail was meant to replace the earlier notion that he should draft a contract. Although the word contract was not ever used in the e-mail, it said that all of the terms had been agreed upon. The compensation would be awarded to Chou by the court in a civil action due to the wrongful conduct, being the breach from the other party, BTT. If the contract is breached by BTT, Chou will be granted equitable relief by the court, which comes in the form of specific performance, injunctive relief, or reformation. Monetary damages could also be in effect, in which they can be compensatory, resulting from a loss due to nonperformance. Also, consequential, which are indirect but to be expected from non-completion. Restitution would also take place that would be equivalent to total the party has been unfairly supplemented by the non-breaching party, and liquidated, which damages are a preset value rendering from the agreement. The compensatory damages for recovery Chou suffered by the non-breaching party would be the damages that would be awarded to the party in the same situation he would have been in if the other party had executed as agreed upon (Melvin, 2011). After review of the case scenario involving Big Time Toymaker and Chou the game inventor, we have concluded that not only was there a contract agreement between the parties, but that according to E-contract law, Chou may be bound by the terms included in the original email sent from BTT. In addition, the doctrine of mistake cannot be used in this situation because of scienter toward Chou and the old and new management of BTT. Several questions were asked of our team in accordance with contract law and the scenario provided by the textbook. This completes our analysis of the scenario and answers to the questions we were presented.

Micro Economic Environment Essay Example for Free

Micro Economic Environment Essay The economic environment consists of external factors in a business market and the broader economy that can influence a business. You can divide the economic environment into the microeconomic environment, which affects business decision-making such as individual actions of firms and consumers, and the macroeconomic environment, which affects an entire economy and all of its participants. Many economic factors act as external constraints on your business, which means that you have little, if any, control over them. Lets take a look at both of these broad factors in more detail Macroeconomic influences are broad economic factors that either directly or indirectly affect the entire economy and all of its participants, including your business. These factors include such things as: Interest rates Taxes Inflation Currency exchange rates Consumer discretionary income Savings rates Consumer confidence levels Unemployment rate Recession Depression Microeconomic factors influence how your business will make decisions. Unlike macroeconomic factors, these factors are far less broad in scope and do not necessarily affect the entire economy as a whole. Microeconomic factors influencing a business include: Market size Demand Supply Competitors Suppliers Distribution chain such as retailer stores Why Is It Important? The economic environment of business will play a pivotal role in determining the success or failure of a business. Lets first consider some  macroeconomic factors. If interest rates are too high, the cost of borrowing may not permit a business to expand. On the other hand, if unemployment rate is high, businesses can obtain labor at cheaper costs. However, if unemployment is too high, this may result in a recession and less discretionary consumer spending resulting in insufficient sales to keep the business going. Tax rates will take a chunk of your income and currency exchange rates can either help or hurt the exporting of your products to specific foreign markets. Now, lets turn our attention to microeconomic factors for a bit. Market size may determine the viability of entering into a new market. If a market is too small, there may not be sufficient demand and profit potential. This leads us to the concept of demand and supply. If your product is in high demand but there is a low supply of it, you are going to make a tidy profit, but if your product is in low demand and the market is flooded with similar products, you may be facing bankruptcy. The quality and quantity of your competition will affect how well you do in winning customers in the marketplace. Suppliers are the arteries pumping vital supplies and resources to you for production. If you have problems with suppliers, it can clog up those arteries and cause serious problems. Likewise, the type of relationship you have with your distributors, such as retail stores, may influence how quickly your products leave their shelves. Summary The environment in which a business operates is very complex and has a great deal of influence on how a business performs and whether it will succeed. Macroeconomic factors influence not only a business but also all participants in an economy and include such things as interest rates, inflation, unemployment rates, taxes, discretionary spending, periods of growth and recession. Microeconomic factors also influence the success or failure of a business and include such things as market size, demand, supply, competitors, suppliers, and distributors.

The Importance Of Communication Of Nurses

The Importance Of Communication Of Nurses This essay will explore the importance of communication in nursing; define communication and look at the different modes of communication and barriers to communication. A reflective model will be used to describe how communication impacted on care delivery in practice. Although each person will bring their own experience of ways to communicate, it will discuss how student nurses can develop their skills that will assist them to ensure excellent communication and also how qualified nurses continue to learn communication throughout their profession. Baillie, (2009) indicate that It is predominantly imperative for a nurse to have and develop effective communication skills. A nurse will have contact with a wide range of individuals during nursing; this includes the patient and their relatives and also members of the healthcare team. (Thompson 2003, cited in Baillie 2009) suggests that communication is not only needed whilst transferring information from one person to another, it plays a significant role in relationships. Kenworthy et al. (2002) indicates that Communication comprises of three fundamental factors; the sender, the receiver and the message. Successful communication can be defined when the receiver is able to interpret the senders message whilst reflecting on their thoughts and feelings and the message received is almost accurate to that of the sender. There are various modes of communication that a nurse may use. For example, face to face contact, telephone calls, emails and letters. (Kenworthy et al. 2002) Daniels et al. (2010) explain that communication has two parts; a verbal and a non verbal message. Verbal communication is associated with speech and usually heard through the persons ears, however paraverbal cues for example, pitch, speech, inflection and volume can be associated with verbal messages changing the word meaning. Different cultures may find spoken language to be problematic to understand because paraverbal cues may differ from one culture to another. However, paraverbal cues such as a happy friendly smile or crying with grief are associated with different cultures and may help with a cultural barrier. (Daniels et al. 2010) The way in which a nurse speaks and the tone of voice can be very reassuring to a patient, however a patient can also misinterpret the tone as being demeaning or they may even become frightened. Another very important factor suggested by Corner and Bailey (2008) is the way in which a nurse may choose words ensuring that a patient will understand and not be confused with any medical jargon. A nurse requires excellent awareness of communication theories whilst giving verbal handovers in both hospital and community settings. A report will only become effective during handover if the nurse has a confident attitude, along with good verbal and non verbal skills creating an ideal environment for communication between the healthcare team to ensure continuity of care.(Thurgood [no date] ) Nurses are responsible for maintaining confidentiality. (NMC, 2008) Confidentiality is imperative in a therapeutic relationship with information only being shared between appropriate people. (Sundeen et al. 1998) Nonverbal communication is made up of all types of communication, with the exception of total verbal communication. Nonverbal communication is usually observed through the eyes however, other senses in the body can compliment this. (Kenworthy, 2002) Nonverbal aspects of a message can include kinesis, facial expression, gesture, touch, movement, body language and eye contact. (Baillie, 2009) Nonverbal communication can be divided in three ways; sign, action and object. Sign nonverbal communication can include hand gestures and sign language, action nonverbal communication can include how you move around, involving body movements that do not offer precise signals. Object nonverbal communication can include furnishings, hairstyles and clothing. (Sundeen et al. 1998) Written communication is certainly a significant method of communication and is crucial in a healthcare setting. The (NMC, 2008) states that it is imperative that all records are kept clear and accurate. This must include all information on assessments, discussions, treatment and the effect of them. Unfortunately, (Bailie, 2009) points out that written communication is an area that is often ignored, stating that good written communication is vital to protect the patients welfare, encouraging high standards of continuity and clinical care, ensuring healthcare team members receive accurate information. Bailie, (2009) suggests that there are different barriers that may prevent a nurse from communicating that may influence the development of a therapeutic relationship, arguing that Physical barriers may possibly include the surrounding environment, a patient who is in need of pain management or any speech, hearing or visual problems. Bailie, (2009) indicates that psychological barriers may include the emotional needs such as anxiety or personality issues such as a person being introvert or having different beliefs and social barriers can be caused if a person feels that their own social status is categorised by hierarchy, religious or culture beliefs. Students are encouraged to keep reflective journals of experiences whilst on clinical placements. Reflective journals enable students to learn from their experiences, enhancing their communication development. However, education should be a lifelong experience in that qualified nurses are also encouraged to keep journals. Journals are known as reflective practice and studies have shown that using these can lead to better practice. (Sully Dallas, 2005) I now plan to use Gibbs model of reflection (1988). This model of reflection is simple to follow for a first piece of reflective writing (please see appendix 1). The patient who has been used in this scenario will be referred to as Mr Jones. The reason for not using the patients real name is to respect the patients confidentiality. (NMC, 2008) On my second day of placement Mr Jones was transferred to the ward from the Accident and Emergency Department. During handover the nurse explained that Mr Jones had been referred from his general practitioner since he was complaining of pain in the throat area. As previously mentioned, Thurgood, [no date] states that a handover will only be successful if the nurse has good verbal and non verbal skills. Mr Jones general practitioner was also concerned as he had not eaten anything and drank very little over the previous two days. Past medical history revealed that Mr Jones had been diagnosed with mouth and throat cancer three months ago and was currently receiving chemotherapy treatment at another hospital. However, the nurse described that Mr Jones had become quite angry at times and that he removed his venflon out of his arm and refused fluids. My mentor asked if I would assist her whilst taking Mr Jones observations. The observations involved taking the patients temperature, pulse, respiration and blood pressure. Comparisons were then compared to the patient baseline and plotted on a chart. Baillie, (2009) suggests that all nurses who observe patients should have the necessary skills and knowledge to understand the measurements and take appropriate action. The medical team decided that the way forward with medical treatment was by firstly ensuring that sufficient fluids were given to Mr Jones. The doctor asked Mr Jones for consent to insert a venflon in his hand whilst explaining the importance of fluids in the body, yet he kept shaking his head. The (NMC, 2008) states that we must gain consent before any treatment and respect the patients choice. The doctors decided that they would prescribe Mr Jones a supplement drink. (Cancerhelp) suggests that Supplement drinks can be used if a patient has a poor appetite and not able to take in enough nourishment into the body. The medical team decided that the nurses on the ward should encourage Mr Jones with oral fluids over the following twenty four hours and assess from there. Mr Jones became quite angry with the doctors and started pushing his arms away, prompting them to leave. Once the medical team had left I volunteered to sit down with Mr Jones as he appeared to be quite upset. I introduced myself as a student nurse. Mr Jones seemed a very pleasant man however, I soon realised that Mr Jones found it very difficult responding to my questions due to his speech. Mr Jones became more upset and at this point he started to cry, I reached out for a tissue and passed it to Mr Jones, I also held his hand to comfort him. As mentioned previously, Bailie, (2009) suggests that non verbal communication such as touch can be reassuring to the patient. I felt quite nervous at this point, being a student and not experienced, I was not sure what to talk about next, so I stood up and told Mr Jones that I would be back in a minute. I walked to the toilet and became upset, I felt absolutely useless not knowing what to do and more so, to see a grown man similar to my own dads age crying. I put a small amount of cold water over my face and wiped my eyes before I went back on th e ward to prevent people from seeing that I had been upset. I spoke to my mentor and discussed with her that I thought Mr Jones was struggling to communicate with me as his speech was very poor and how upset he had become. (Maguire 1978, cited in Hanson 1994) states that a patient with cancer may find it difficult to communicate to show any worries that they might have. My mentor explained to me that speech more often does become deteriorated when people have mouth or throat types of cancer. I asked my mentor how she felt if I offered Mr Jones a pen and notepad to enable him to write things down or if that at any time he felt he could not communicate by speech comfortably. Baillie, (2009) indicates that speech problems can cause a physical barrier to a patient. My mentor said that she thought it was a good idea and that I could try if I wanted to. I returned to the bay and found that Mr Jones had pulled the curtains around his bed. I can understand that Mr Jones wanted privacy from the other patients and maybe staff as he was clearly upset. I popped my head around the curtain, smiled at Mr Jones and asked if he was happy for me to come and sit down with him. Mr Jones smiled and started tapping on the chair, gesturing for me to sit down. I sat down and asked Mr Jones if he found it difficult to communicate with his speech and he nodded. Speech disorder, (2009) suggests that Cancer of the throat can cause loss of the individuals voice and speaking ability. This can be problematic for a patient who would normally use verbal communication. I then continued to show Mr Jones that I had brought a note pad and pen, offering for him to use if he wanted. Mr Jones smiled at me and wrote down thank you. Mr Jones then started to open up, writing down that he felt secluded and on times felt patronised by the doctors because he used to live in Pakistan. I reassured Mr Jones and asked why he did he feel this way, he replied by saying that he was confused, there with things he did not understand, the doctors do not listen, he was very scared of dying and asked me if he going to die. Corner Bailey (2008) indicate that doctors prefer to use closed questions as opposed to open questions, concentrating on the biomedical model and not the emotional needs of the patient. I explained to Mr Jones that I would ask a member of the team to come along and have a chat with him and try to answer the questions that I felt I could not answer being a student nurse. At this point I asked Mr Jones if he would like to have a sip of water and he gave me the thumbs up. I felt really good with myself at this point, I was not experienced however, I had encouraged the patient to drink a small amount of water. I then discussed this with my mentor who agreed that this patient absolutely needed to be able to understand what the medical team were explaining to him and equally important that the medical team must listen to the needs of the patient. Corner and Bailey (2008) argue that it is important for a patient to have a balanced relationship, along with good doctor-patient communication to enable a patient to have faith in their professional opinion. My mentor asked me to be present with her, whilst she had a chat with Mr Jones and I agreed. My mentor came down to the patients level to ensure good eye contact and allowing the patient to answer many open questions, to enable us to get a good understanding of how he was feeling. Wiggens (2006) suggests that open questions will gain an enhanced assessment of the patient, allowing them to speak freely. Mr Jones felt much more at ease once my mentor had finished explaining the importance of fluid and nutritional intake that the body needs. Mr Jo nes was able to write down on the notepad any questions that he felt had been unanswered and anything that he wished to have a better understanding of. Gurrero, (1998) suggest that nurses must be willing to use other means of communication aids, for example white boards, writing pads and pens. The hospital had kept a food chart for Mr Jones since he had been admitted into hospital, clearly showing a very minimal amount of fluid intake and no nutritional intake. My mentor decided to show this to Mr Jones, fortunately he understood and consented to have a new venflon put back in his arm. Mr Jones continued to write down that he felt he was unable to swallow properly and that he would prefer to have fluids this way. My mentor phoned the doctor to come to the ward and Mr Jones happily consented. I felt totally powerless when seeing the frustration that Mr Jones showed towards the medical team during his first assessment on the ward. I could see that there was nothing that the medical team could do to encourage Mr Jones to have the venflon put back in. I believe that because of the breakdown in communication from the doctor, Mr Jones became very distressed. As previously mentioned Corner and Bailey (2008) argue that a doctor-patient relationship is needed for good communication. I felt very inexperienced and accepted the fact that the medical staff knew what they were doing however, I hoped that the doctors would have done something more, even though I understood that the patient had a right to say no to any form of medical treatment that was offered. I was concerned that Mr Jones would die if he did not eat or drink. The other nurses on the ward did not seem to be as anxious to the situation as me. This resulted in me becoming quite distressed over the whole situation, even questioning myself if nursing was for me. I discussed how I felt with my mentor and this left me feeling very positive. My mentor was a very experienced nurse who explained that nurses quite often find themselves in similar situations and most definitely feel the same way as I do. My mentor said that she felt I had done everything that I could have done with the patient and especially how I noticed that the patient was feeling angry and frustrated because he was having difficulties communicating. I found that my lack of confidence as a student nurse left me not knowing what to do if a patient is refusing treatment, eating and drinking. When Mrs Jones came to see her husband during visiting time, she told me that her husband had told her that he felt much happier that he now understood what was going on. Mrs Jones also said that the note pad was a fantastic idea for her husband to write things down and be able to communicate. If the situation arose again with a patient who has mouth or throat cancer, I would certainly ask during handover how well can the patient communicate, to ensure a good environment is created for the healthcare team and the patient. To conclude, I believe that there is nothing else that I could have done to help Mr Jones. However, I do believe that during the handover it would have been beneficial for everyone involved in the care of Mr Jones to be made aware of his difficulties with verbal communication. Nurses certainly need to communicate effectively with patients to provide safe and effective care, taking into consideration that there is difference and diversity and looking at every individual needs. Nurses who work with different cultures have a duty to learn the differences in cultural behaviour and patterns within these groups to prevent a cultural barrier. Listening, along with smiling at appropriate times, showing a positive and genuine interest towards the patient, and have good eye contact will help to prevent barriers in communication. Another important factor is the way in which a nurse positions themselves when talking to a patient. If a patient is sitting, it may be appropriate for a nurse to come down to their level as not to seem to be standing over them, as this could be very disturbing and disrespectful to some patients. Touch and gestures can also go a long way into reassuring a patient. Just by touching a patients arm if they are upset and frightened can mean a lot to a patient. Along with this goes body language and showing respect that will hopefully continue to trust. References Baillie, L., (2009). Developing Practical Adult Nursing Skills. 3rd ed. London: Edward Arnold (Publishers) Ltd. Cancerhelp,(2009).Coping with cancer [online]. Available at: http://www.cancerhelp.org.uk/coping-with-cancer/coping-physically/diet/managing/weight/high-calorie-drinks (accessed 13.01.2009) Corner, J., Bailey, C., (2008).Cancer Nursing. Oxford: Blackwell Publishing Limited. Daniels, R., Grendell, R., Wilkins, F., (2010). Nursing Fundamentals Caring and Clinical decision making, 2nd ed. USA: Delmar. Gibbs, G., (1988) Learning by Doing: A Guide to Teaching and Learning. London: FEU Guerro, D., (1998) Neuro-Oncology for Nurses. London: Whurr Publishers Hanson, E., (1994). The Cancer Nurses Perspective. Lancaster: Quay Publishing Limited Kenworthy, N., Snowley, G., and Gilling, C., (2002). Common Foundation Studies in Nursing, 3rd ed. Edinburgh: Churchill Livingstone. Nursing and Midwifery Council, (2008) The NMC code of professional conduct: standards for conduct, performance and ethics. London: Nursing and Midwifery Council. Speech disorder, (2009). Cancer cause speech disorder [online] Available at: http://www.speechdisorder.co.uk/cancer-cause-speech-disorder.html (accessed 13.01.2009) Sully, P., Dallas, J., (2005). Essential Communication skills for Nursing, London: Elsevier Mosby. Sundeen, S., Stuart, G., Rankin, E., and Cohen, S., 1998. Nurse-Client Interaction Implementing the Nursing Process, 6th ed. USA: Sally Schrefer. Thurgood, G.[no date]. Verbal handover reports: what skills are needed? [online]. Available at: http://www.internurse.com/cgi-bin/go.pl/library/article.cgi?uid (Accessed 02/11/2009) Wiggens, L., (2006). Communication in clinical settings. Cheltenham:Nelson Thornes Limited

The Sovereignty and Goodness of God Essay -- American History

The Sovereignty and Goodness of God The Sovereignty and Goodness of God is a primary source document written in the 17th century, by a well-respected, Puritan woman. This book, written in cahoots with Cotton and Increase Mather, puritan ministers, tells the story of her capture by Indians during King Phillip’s War (1675-1676). For three months, Mary Rowlandson, daughter of a rich landowner, mother of three children, wife of a minister, and a pillar of her community lived among â€Å"savage† Indians. This document is important for several reasons. First, it gives us insight into the attitudes, extremes, personalities and â€Å"norms† of the Puritan people we learn about in terms of their beliefs, and John Calvin’s â€Å"house on a hill†. Beyond that, despite the inevitable exaggerations, this book gives us insight into Indian communities, and how they were run and operated during this time. Mary Rowlandson was a pretentious, bold and pious character. Her narrative did not make me feel sorry for her at all, which is strange since she really did go through a lot. During the war, the Narragansett Indians attacked Lancaster Massachusetts, and burned and pillaged the whole village. During the siege Mary and her six year old child were shot, she watched her sister and most of her village either burn or get shot. She was kept as a captive, along with her three children and taken with the Narragansett’s on their long retreat. The exposition of the story is set immediately. The reader is perfectly aware of Missus Rowlandson’s status and religious beliefs. She constantly refers to the Narragansetts in an incredibly condescending way, to the point that you know that she does not even consider them human. She paints them as purely evil pe... ...e child were given boiled horse feet, and after she ate hers she ate the child’s because he/she could not bite it and was only gnawing on it. I think that this narrative is important for us to read in order to understand the mind-sets of the colonists and the Indians at the time of King Philip’s War. I believe that it is an excellent source, and really allows the reader to get a peak at what life was like during the 17th century. I also think that it is amazing that she is the second â€Å"American† woman to write and publish a book, and it is interesting to see how strong she was to preserve her own life in such an unfamiliar and â€Å"uncivilized† situation. Work Cited Rowlandson, Mary. The Sovereignty and Goodness of God. 1682. The Sovereignty and Goodness of God. by Mary Rowlandson with Related Documents. Ed. and intro. Neal Salisbury. Boston: Bedford, 1997.

Who Has Seen The Wind: Meaning Of Life Essay -- essays research papers

Who Has Seen the Wind: Meaning of Life From the time people are born, until they die, it is only a natural thing to want to keep learning about their life and to figure out why they were put on this earth. From the very beginning of life, babies want to touch and experience everything around them. Throughout the novel, Who Has Seen the Wind by W.O. Mitchell, Brian O'Connal has found himself with a tremendous hunger to discover the real meaning of life. Clearly, then, Brian always searches for new ways to learn about the world he lives in. One of the things that Brian shows an interest in is God. Brian really wants to meet Him, not knowing that God is something that cannot be seen, for He is a spirit. Brian would say "Lets go over to his place"(7). Throughout the novel, Brian seems to be looking for God. He has his own image of God in his mind, thinking that "God rides the vacuum cleaner"(31). Brian learns the truth about God from different people like his parents, Saint Sammy, Mr. Hislop, his grandma, and his friends. He discovers that God is everywhere and in everyone, but He cannot be seen. Furthermore, Brian is very much interested, like many other children his age, about where living things come from. Being as young as he was, he always thought that God delivered babies. After Brian witnessed his very first birth, that of a rabbit, he became very confused and curious about what and how it happened. Brian had a very uncomfort...

My Examination as a Writer Essay -- Essays Papers

My Examination as a Writer The process of examining me as a writer is not easy. Writing, for me, has never been an easy task. Many times I sat for hours contemplating my blank piece of paper just trying to figure out how to begin to write the creative writing assignment due in a few days for my high school English class. I knew that learning to write well took patience and practice, much like learning any other skill. I remember the long hard hours I spent developing my skills as a skateboarder. I knew that I had to find the same attitude to develop my writing skills. I knew also that I wanted to continue my education and pursue a law degree. Definitely my writing skills had to be developed. This September I found myself no longer as a high school student. I am now a college freshman in the University of Dayton. As a high school student in Puerto Rico, I competed with other Puerto Rican students who also had English as a second language. Now I panicked because I am submerged in a totally English-speaking environment. I was not sure that my ideas could su...

Constitutional Supremacy

C.L.BParliamentary SupremacyParliamentary Supremacy means that parliament is supreme over theConstitution. It is also called legislative supremacy because thelegislature is not a body created by the Constitution neither the powerof the legislature is limited by the Constitution. Legislature exercises anunlimited and supreme power in law making.Such legislative supremacy is possible only where the Constitution isunwritten and flexible.Three essential feature of parliamentary supremacy1.There is no law which parliament cannot change or modify.2.There is no distinction between constitutional law and ordinarylaw.3.There is no body which can declare the law passed by theparliament illegal or inconsistent.Constitutional SupremacyThe Constitutional supremacy means that the Constitution is supremeover the parliament and the parliament can exercise its functions beingonly within the bounds of the Constitution. Constitutional supremacy ispossible only where the constitution is written and rigi d. This constitutional supremacy is also called judiciary supremacy in thescene that the judiciary the highest court of the land is supreme overthe legislatureProfessor Hood Philips says that,â€Å"To say that a Constitution is supreme is todescribe its relation to the legislature’s power to alter the Constitutionis either limited or non-existent.†Actually a constitution with constitutional supremacy not only definesthe power of the legislature, it defines and establishes the principalorgans of the state. It is a source of their authority. It prescribes themanner in which and within their functions are to be exercised. Thethree organ of the  state cannot do anything beyond the constitutionallimitations. If any organ does anything in violation of the constitutionallimitations then court can declare the action and this paramountpower of the court is given by the Constitution it self. The Constitutionhas sanctity over everything in the realm. This position is calledCons titutional Supremacy.Characteristics of Constitutional Supremacy1.The Constitution is written.2.The Constitution must be rigid.3.  There must be, in constitution, either or implied declaration thatthis Constitution shell be the supreme law and any other lawinconsistent with this Constitution shell be void.4.  The parliament is created by the Constitution itself and itexercises its legislative power being within the bounds of theconstitutional limitations.5.There is distinction between constitutional law and ordinary law.

Nike Business Essay

Analyse their strategic choices with their options- why they made the choices that they did and recommendations. Has their strategic focus changed? Look for critical success factors, matches and mismatches. Identify any key areas that have affected Nike. Look at tools of analysis e. g. swot analysis, pestle, value chain, porter’s 5 forces, shareholder matrix, resource view, 4 p’s, BCG matrix. etc and others to come to your answer. Introduction Nike operates within the sports footwear and apparel market. Originally designing and producing running shoes, their portfolio has broadened to include a wide range of sports and leisure wear. This is all endorsed by top sporting personalities. This environment is fairly stable although terrorism and Sars has affected consumer confidence and supply networks. Mission Statement In its mission statement Nike expresses that it requires doing business in a responsible way, leading to sustainable financial growth. With the advances in technology, HR practices, the well informed and trained work force, there is very little left to differentiate organisations. Being seen to go further than the minimum required on social issues can attract and retain customers. This green cleansing attracts attention to the organisation; they are viewed as caring and social responsible (Mullins, L. 2005). A report, on the business practices of Nike through its supply chain accused the organisation of being involved in poor working conditions, violations of labour rights, low wages and harassment of its workforce. Nike takes these reports seriously. On the basis of the research findings the company has intensified the monitoring of its suppliers (Hummels, H and Timmer, D. 004) Past options To build its business with all of its partners based on trust, teamwork, honesty and mutual respect; this is expected to be returned, expecting business partners to operate on the same principles. Rationale Nike does not want to only do what is required by law, but also do what is expected of a leader Future Options Review and monitor closer the actions of business partner s Rationale To prevent bad publicity, which can damage the organisation Critical Success Factor To demonstrate to consumers the high value within the organisation to CSR. Change of Focus Theorist Hummels, H and Timmer, D. 2004 agreed that these reports were needed, Although Mullin, L. 2005 stated that it could be just green washing Nikes Function Past options the company focus on design and development Rationale This reduces long term debt has the benefit of not tying capital up in plant and equipment Future Options Rationale Critical Success Factor Reduced size of premises therefore reduced costs. Vital to have innovative employees. Products are viewed as innovative Change of Focus Theorist Johnson, G & Scholes J 2004 agreed that this was a cost effective method of production Production Within several of these countries there have been problems with production, distribution and political problems. With the change in relationship between the USA and Vietnam and China, these are new production venues that Nike could explore. Past options Produce goods in the Far east Rationale Keeps costs down Future Options Vietnam and China Rationale New trade agreements, present sites are switching manufacturing to electrical goods Critical Success Factor Maintaining current standards, closer working relationships, retaining customer loyalty by guaranteed standard of product Change of Focus A shift to a more managed production Theorist All organisation need to watch changes in political and economical factors in their outsourcing. Johnson, G & Scholes J 2004, Shareholder Matrix Surrounding all organisations are stakeholders, all with varied levels of authority, power and interest towards the organisation Mendelow (1991) considered a matrix that classifies the level of power and interest a stakeholder has in an organisation. Although once each group of stakeholders is recognised, it cannot be assumed that their level of interest will remain the same (Mendelow (1991) cited in Scholes, K. Johnson, J 1997:198). Jones (1995) argue that the stakeholder framework is practical for considering business and society issues, because it identifies the sources of a corporation’s social obligations and its set of stakeholders (Jones (1995) cited in Rowley, T. 1998:28). Therefore by Nike concentrating on their stakeholders it has placed Corporate Social responsibility high on th eir agenda. The organisation has to demonstrate transparency in all actions and reporting. This can cause conflict with the shareholders. Common in stakeholder theory is compromises on both sides that can obviously haze over differences; this primary characteristic is accepted as contra-distinctiveness from the shareholder value. This was discussed by Friedman, (1993) that the ultimate purpose of a company should be serving the interests of its shareholders (Friedman, (1993) Value Chain Nike’s supply chain provides a clear view of the extent of the global nature of the company. Nike’s headquarters are in America; however, virtually all of its production takes place outside of the United States. Nike’s supply chain upstream begins with the materials used in the production of its products. Many of these materials used in production are available in the locations which the manufacturing takes place, but some specialised materials have to be imported to the manufacturing company. Past options Outsourcing of all production Rationale Reduced costs Future Options Outsource with stronger control Rationale Speed up reporting of any problems in production, the supply chain, the greater the distance the slower the reporting of problems Critical Success Factor Reduce problems associated with distance, i. e. uality, consistency and value Change of Focus Although still outsourcing, they would gain more control over production. Theorist Johnson, G & Scholes J 2004, agreed that Nike can be too far from the site of production Past options Target USA Rationale Demand and growth for footwear in the US was rapid. Future Options Future option is to enter EU markets Rationale To expand in to growing markets as US is near saturation. Critical Success Factor organic growth as well as by acquisition, also brand name, goodwill- therefore there is a match is CSF to succeed Change of Focus Maybe have to target marketing in a different way Theorist When markets are reaching saturation, new markets need to be identified to prevent decline in sales. Johnson, G & Scholes J 2004, Distribution And Retailers Nike has a strong network of retailers in 200 coutries world wide through distributors, licensees and sudsiduaries. Within the USA there are 18000 stores that retail nike products. These are well established channels. Nike made itself heavily dependant on one retailer Footlocker, representing 10% of their revenue. When Footlocker reduced their purchasing form Nike, it created a reduction in turnover in the short term. Organisations that are over dependant on one retailer are open to cash flow problems, if the retailer switches suppliers, reduces purchasing or ceases trading (Johnson, G & Scholes J 2004). Past options Although they have numerous retailers, they were heavily dependant on one out let chain Rationale To sell top of the range products Future Options To negotiate partnerships deals that allow for the choice of product for the retailer Rationale To prevent sudden withdrawal of products Critical Success Factor Customer being able to rely on source of product. If withdrawn they may find an alternative product Change of Focus Closer working partnerships Theorist Organisations that are over dependant on one retailer are open to cash flow problems, if the retailer switches suppliers, reduces purchasing or ceases trading. Johnson, G & Scholes J 2004 Nike has a futures, but can also ship overnight when needed. Although the futures method is currently working for Nike, Past options Futures ordering system Rationale a 6 month lead time for product orders, always knowing what is needed in production Future Options Rationale Critical Success Factor This is responsive to the market trends, but can also help retailers plan stock. Change of Focus Theorist Any change or threats within the markets could leave them overstocked (Groucutt, J. et al 2004) Sales In addition, consumer sales outside of the United States exceeded sales in the United States in 2003 with only 43% of the company’s sales coming from the US In Europe there are difficulties in entering the market, the single currency and the trade rules make entry difficult for large organisations. Past options Target the US Rationale Growing market, but is now reaching saturation Future Options Target new markets, including e-commerce Rationale To avoid a reduction in sales Critical Success Factor Entry to the markets, by advertising and targeting the audience. Ensuring accurate and quick picking of the customers order Change of Focus Shift to global marketing, selling world wide from the web targeting Generation Y. Theorist By tailoring marketing to the customer needs Nike has been successful in the past and continues to be today (Johnson, G & Scholes J 2004) Nike Branding Past options global brand Rationale Consumers are willing to pay a premium price for; as they imply credibility, high quality and up-to-date global trend. Future Options When companies are bought trade under their name Rationale Moving into a new market with a brand that is already global you can reduce cost of introductory and follow-up marketing programs. Critical Success Factor Ensures customer loyalty and to widen portfolio Change of Focus Concentrating on core products as Nike, allowing growth in new diverse markets Theorist significant scales of economy are achieved Aaker 2000, this is in terms of brand development, packaging and manufacturing Marketing Sports personalities have endorsed the Nike product, although with numerous different sports and countries targeted this has been costly. The amount each personality has received is considered high. This forces the competitors to market their products in the same way. Trends within the industry have increased the number of female consumers. With advertising Nike has targeted segments of the market, this costly. Nike should review their advertising policies (Groucutt, J. et al 2004). Past options Sports personalities have endorsed the Nike product, although with numerous different sports and countries targeted Rationale To target all types of sport by choosing personalities which are at the top of their sports. Future Options To chose personalities that appeal to a wider audience Rationale To reduce advertising costs Critical Success Factor Change of Focus Theorist Groucutt, J. et al 2004 4ps The athletic shoe industry is highly competitive as well as a demanding market where fierce competition, price conscience consumers, and constant changing market trends and fads have all been attributing factors in how a manufacturer responds. Highly focused brand includes Nike, Adidas, and Reebok, they target a precise market. However, there is evidence that a brand will widen its target market as it reaches a greater level of maturity. In the case of Nike, for example, there was a move into new sports areas away from the running heritage. Nike’s target audience has moved from more masculine towards female and Generation Y. Price is related to Product, through the characteristics of the brand, it’s packaging and overall image. People are buying into an ideal, not just the item. Consumers believe that there is a link between quality of a product and the price. Consumers question what they are getting for their money. Brand Management, customer awareness and loyalty, is directly linked to the price, therefore maintenance of the relationship between brand images; quality and price have to be consistent (Johnson, G & Scholes J 2004). Models Used In Analysis Swot Analysis This analysis will summarise key issues from the business environment and the strategic capacity of Nike. This can be used to judge future strategic options. Strengths Product Range Capacity for innovation Distribution expertise Single Brand Stars endorsement Contract manufacturing Large portfolio of products Weaknesses Single Brand Too many stars endorsement Contract manufacturing Spread portfolio of products Reliant on retailers Reduction of target market Opportunities New Markets E commerce Research and development Increase product line Product diversification Change target market New manufacturing countries Threats Competition Fashion Trends Contract manufacturing and copying of product (intellectual property) Consumer lifestyle changes Competition Bad press associated with Nike Outlets cancelling orders Sars Pestle This will consider environmental influences on the organisation, both in the past and with future strategic plans. Political Striking dock workers Political unrest in the production countries Terrorism in the home country Economic Slow down in the economy Reduction in consumer confidence Barriers of entry to the EU Contract manufacturing Socio-cultural Brand conscious consumers Change in buying habits in younger people Generation Y prefers other types of footwear Increase in the female share of the market Corporate social responsibility Technological Speed of change of product Design Ability Speed of News reporting Environmental Re use a shoe Sustainability philosophy Climate impact Legal Threaten action by underage workforce Poor employment record Corporate social responsibility Contract manufacturing and copying of product (intellectual property) Trade agreements Supply Chain Like every large IT undertaking, the team responsible for the implementation of Nike Supply Chain (NSC) began with a set of specific, stated goals: Enhancing Nike’s ability to respond to changing conditions; Reducing inventory and capital investment risk; Improving service to meet customer/consumer needs; Improving process, information and product quality; and Providing an efficient global supply chain with local implementation Porter’s 5 Forces This model is used to identify the sources of competition, and how to gain advantage over them. Potential Entrants Other sportswear manufacturers expanding their portfolio Cheap copies from the Far East Buyers The buyers of sports footwear have changed in the past decade. There has been and increase in women purchasing the shoes, Generation Y has a different tastes and purchasing methods. Substitutes When required for professional use there is no substitute goods, but as a fashion item there are many other goods that could be purchased. Suppliers Using production facilities in the Far East has give Nike economies of scale. Although there are now problems arising from these factories, they are switching to making there own goods, labour and political unrest causes delays in manufacturing and shipping of the goods, Competitive Rivalry Reebok, offering more choice of shoe, introducing endorsement by sports personalities, sponsoring sporting leagues Adidas have recovered from the problems that plagued them, and have a good product mix, covering a wide range of sports. BCG Matrix Nike is established within its markets, benefiting from economies of scale. This places them in the Cash Cows category on the Matrix. Cash cows market growth has slowed, and the products hold a fairly stable market share. Bibliography Books Aaker, D. (2000) Brand leadership Free Press, New York Doyle, P. (1998) Innovation in marketing Butterworth-Heinemann, Oxford Drawbaugh, K. (2001) Brands in the balance meeting the challenges to commercial identity Pearson Education, London Groucutt, J. et al (2004) Marketing Essential Principals and New realities Kogan & Page, Great Britain Johnson J & Scholes K (1997)(4th Edition)Exploring Corporate Strategy Prentice Hall, Hemmel Hempstead. Johnson, G & Scholes J (2004) (6th Edition) Exploring Corporate Strategy Prentice Hall, Hemmel Hempstead. Mullins, L. (2005) (7th Edition) Management and Organisational Behaviour Prentice Hall, Pearson, Harlow. Journals Hummels,H and Timmer, D. (2004) Investors in Need of Social, Ethical, and Environmental Information Journal of Business Ethics Jun 2004Vol. 52, Iss. 1 Kaler, J. (2003) Differentiating Stakeholder Theories Journal of Business Ethics Aug 2003. Vol. 46 Rowley, T (1998) A normative justification for stakeholder theory Business and Society. Mar 1998 Welch, J. (1997) Business ethics in theory and practice: Diagnostic notes. A prescription for value Journal of Business Ethics, Feb 1997. Vol. 16, Related Nike Resources On Business Teacher: Nike Case Study Nike SWOT Analysis

Poet makes the poem memorable Essay

‘Heroines’ is a poem written by Penny Windsor. The poem is about struggling mums trying to escape their lives as mums. By using different techniques the poet makes the poem memorable.  The similes in the poem are interesting. The similes show how the mums feel about their lives. The women are becoming unhappier, â€Å"the hill tops creep away like children playing games†. ‘The hill tops’ represent the women’s peak in life, their happiest times. ‘The hill tops creep away’ show the mums happiness slowly going away day by day, just like their children going away to play. The next simile in the poem shows that the mothers feel that they just can’t escape. â€Å"Plotting our escape like jail birds†. The mums feel trapped like prisoners in jail. They are desperate to get out of their situation. They can’t break free. In jail, prisoners go through the same routine everyday and that is how the mums feel. Another similes described the women becoming fearless, â€Å"tescoed prisoners rising from the household dust like heroines rising from the household like heroines†. The mums are being compared to a phoenix. A phoenix is said to go up into flames then is reborn from its ashes, stronger. The mums are going to become stronger and better by rising from the household dust for their children. The reason for the mums being reborn stronger is because they get some time to themselves. The get just ten minutes of the day to become stronger. They get that little time to revive themselves. That’s why the mums are going to be stronger and better by rising from the household dust for their children. The similes in the poem make me remember how the mums feel. The metaphors in the poem are creative. The metaphors show that the mums are something else. The women are changing into something different than they already were. â€Å"We are the terraced women†. The mums are turning into their own houses. They are in there houses so much that they are becoming them. The terraced houses all look the same and are no different from each other. The women feel like they are their houses because they are all so close together and the same as one another. Another metaphor in the poem shows that the mums have a different side that they don’t get to show that often. â€Å"Briefly we are wild women†. They can be something that they are not for a small moment in time. For only one occasion in the day they are free and not mums but they are â€Å"wild women†. They can let their hair down and relax, Talk about what they want without children being there. All the metaphors in the poem make it more outstanding. The imagery in the poem is very imaginative. The imagery shows that the mums lead a hard, difficult life. † We tug reluctant children†. The mums live a tough life. Their lives are a constant battle everyday. Even the easiest everyday things make life even harder for them. The word â€Å"tug† emphasizes how laborious their life is for them. The next piece of imagery in the poem gives a clear image of how hurt the mothers are. â€Å"We wave with hands scarred by groceries and too much washing up†. The mums are scarred by the life they lead. They are constantly looking after their children which never leaves them time to heal. Their scarring is physically but may also be much more mentally and underneath, deep down inside. The mothers are badly hurt and the imagery in this poem shows that. Also the imagery makes the poem impressive and easy to remember.  The repetition in the poem is intriguing. The repetition shows that the mums are worn out and bored with their lives. The women practically have no other name apart from mum.

How media influences sport

Watching replays we Improve our knowledge and understanding. Participation In sports covered by the media Is always higher than for those that are not. This amount of sports coverage can have positive and negative effects. The first ever Olympic games that were televised were the 1936 games, held In Berlin, Germany, were televised by means of closed circuit television to various viewing halls located across the city. Media coverage of sport helps athletics to have the money to pay to have their rights to show the sporting events on the television.Also athletics being hon.. On the television helps the athletes to gain sponsorship, sponsors such as Aids or Lola who sponsor the Olympic gold medalist Jessica Nines would have seen Jess' potential as an athlete and approached her manager to ask for her sponsorship. Thus giving Jessica money through her sponsors. If there was a ‘face' of London 2012, Ennui's is It, and it's not something she feels particularly comfortable with. She sa ys she felt embarrassed when she went to her local newsagents and saw herself on the cover of a row of glossy magazines.Jess was being promoted by esters, television adverts and anything that the media could put her face on to promote the Olympics. Even In the Olympic village there was no escape for Nines, she was constantly being asked for photos from foreign athletes or to sign things. Jess was constantly in and out of press conferences as everyone wanted to hear what the face of the Olympics had to say. She gave very little away but spoke well, with a nod and a smile at the end of every sentence. Competitors started to see the pressure she was under.To some extent that extra pressure had been created by Team Nines ND the desire to market her. Could she live up to all that love the nation had shown here is what people wondered before the 2012 Games. So why would she do this if its added pressure and almost an embarrassment to see her face everywhere? The career of a athlete Is sho rt lived, to make the most of their career they most make the biggest profile for themselves as possible In the short amount of time. In the Olympics Lola loved her, so used It to sell moisturizer. Jaguar praised her speed and grace and supplied a black five-litter car.Omega took care of her time-keeping needs. Powered, BP and Aviva put their money behind her. Aids gave her a deal said to be the most lucrative of any Team KGB athletics competitor, at IEEE,OHO. So just from the one competition she has managed to gain a awful lot of sponsorship and money. Athletics has a range of deferent events within the sport, each having different rules in which the athletes must abide by. The media give you an idea about these rules because each and every person will witness athletics on the television or read about it in the newspaper.From this people are able to analyses and evaluate the event and main an understanding of the event. For example, a person may pick up the rule the he atheist begi ns the running events from a gun start. The event that receives the highest amount of media coverage at the Olympics games other then the Olympic opening and closing ceremony, was Susan bolt winning the mom finial. Susan Bolt's with the Jamaican historic gold in the 200 meters final taking eighth place in the London games top 10. However, Jamaica may have had an amazing time in the Olympics winning May gold medals but now they are in the media for a different reason.Safe Powell, the former mom world record holder, was the biggest name to test positive, but four others, including Bowel's training partner Sharon Simpson, the Olympic relay gold medalist, also failed tests at the country's national trials in June. Both Powell and Simpson claim they took supplements that might have been contaminated with the banned stimulant Chlorine. This was a big shock o the world of athletics and changes all opinions of the Jamaican athletics team, making people not look up to them as role models any more.Another constructive effect the media has on athletics is it helps to improve the articulation levels at grass roots as these people that enter at grass roots will have witness elite athletes in athletics being promoted as role models by the newspapers. This use of a role model is the reason athletics has 1 million new athletes start each year. Once a athlete has started they can only keep working their way up the performance pyramided to be exactly like their role models. Athletics can be a huge inspiration on people's lives through the media of television.Many people don't have the chance to watch sport on satellite television as there is normally a subscription e or a form of payment. Terrestrial television can bring athletics to those who have no access to satellite TV for one reason or another. People that won't normally see athletics, get the chance to watch it and be inspired. Once inspired, anybody may then be encouraged to get involved into athletics and see how much o f an amazing sport it really is. But what about when television isn't an option?There are a variety of other forms of media that promote sport, such as; newspapers, radio, books or the internet. A radio channel radio five live is a commentary and chat show. During the Olympics this radio station covered every inch of the Olympic Games so when you were driving on the way to and from work you never had the chance of missing a single bit of the 2012 games. Another great form of media is the internet, this is starting to get more and more popular over the years as technology advances. We have a range of different social media options with in Olympic athletes can use to help promote their image.Jess Nines uses the social media site Twitter this allows the athlete to share a bit more of themselves with friends and fans, while teaching hem to behave responsibly and act as an ambassador and role model that she is. Also, by Jess being on the twitter it will benefit her sponsors; fans that fo llow their favorite athletes on social media are 55% more likely to purchase a brand if an athlete mentions it on twitter Have you ever watched athletics and seen Lawrence Kooky do a very technical spin before launching a discus?And thought- I'd love to know how to do that? Through the new technology of the media, we have the ability to go back to that moment and watch it over and over again to look at each and every event, before that throw. We can stop and start our television screens on whatever movement we want to see; hence we have our visual guidance from the professional. Therefore, we can take it to the next level and give it ago. This way, the media has managed to make itself its own coaching aid, so we can use it to help us with our athletics.For example, Sky HAD sports allows you to watch your favorite watch over and over again to see those techniques in action. However, it could be argued that media doesn't always help athletics. To start with, athletics is a popular por t but it seems to still in the shadow of other sports such as: football or rugby. Therefore, it does not get as much attention through the media, such as terrestrial television. Also, we have two very negative, yet different, effects that the media has on athletics. The first being- lack of attendance to live events- take the 2012 Olympics for example.The BBC had said that It sold 7 million tickets to people all around the world, but this was only 80% of the total amount of tickets that they wanted to sell. You may be thinking only 80%? Well it comes down to the media! Every single event at he Olympics was shown on terrestrial and satellite TV, therefore many people chose to watch the events from the comfort of their own home rather than purchase tickets and watch the events live from the different venues. This led to a reduced number of tickets sold and people experiencing the atmosphere and witnessing the sports live.What was amazing though was the support for the face of the Olym pics Jess Nines because on day 1 as she started the crawl two days competing in seven different events in the heptathlon there was a full crowd at the Olympic stadium who came to support her on the opening day of her events. This Just shows how much of an impact Jess had on the Olympics, for a time unusual to see the stadium full- it was jam-packed! Everyone wanted to see this girl compete. She is something special. The second being often the media can over load us with sport on television.Using the Olympics again as a great example- the month that it was on- everywhere you looked, people would be watching the Olympics, listening to the Olympics, talking about the Olympics and thinking about the Olympics. This could be argued-overload. By the time that it had got to half way through the Olympic period many people could abate that seeing another Olympic event was becoming tedious. The media were trying to use the Olympics to get people into sport, when really it could be seen as forc ing people to be interested in sport.The media pushed and pushed that the Olympic Games legacy was it would leave behind for the host city new and upgraded sports facilities and venues. This would create more Jobs, more area for recreational activities and the chance for people to develop into the next athletic star. Carrying on with the media overloading us with sport there were various campaigns set up to peep us involved and interested by the Olympic Games. Nikkei created a television campaign called find your greatness'.They created an ad that showed people from all over the world participating in sports in cities that happened to have London in their name, including London, Ohio, London, Norway, and East London, South Africa. McDonald's, a huge fast food brand known all around the world decided in America they would promote the Olympics by offering when you purchase items that have under 400 calories, you can win prizes, some as big as 25,000 dollars and a trip to London. The w ay it works? An American athlete's name appears on all food items that are less than 400 calories, and if your Olympic athlete wins a gold medal, you win a prize.You may not think of McDonald's to be the best Olympic sponsor as most of its food isn't exactly suitable for a training athlete. Nevertheless, McDonald's best target audience wasn't necessarily athletes, but they were able to create an Olympics campaign that caters to their customer base nonetheless. Often it can feel that the example, in a previous Olympics, the marathon was run at a time which suited TV impasses, even though it was at the hottest time of day! The organizers had no control over when the event was run because they wanted it to suite them.Finally, the media does have an interest in promoting British athletics and other national governing bodies for sport as they are showing high profile sporting events more and more, whereby people can become encouraged to take part in these sports. However, they must be aw are of overloading prime time television slots which could have a negative impact on young sports people of the future Also in this report I want to look t not only the positive and negative effects the media has on sport but ways in which the media can improve our modern sport. The media's improved Olympics over the years. 0-50 years ago most fans would have to wait until the next days papers came out to find out the scores of the day before games. Or they might have access to the radio. The increase in televising the Olympic Games has brought more fans as they are able to follow their favorite Olympic event more closely. Over the years technology has increased to the point where even if your team is not on the television, you can still et up to the second game details through the internet. The media has been the driving force for certain changes in the game as well.For instance the ability to have the world record line run across the pool on our television as the Olympic swimmers travel through the water, has come from the media complaining the swimming wasn't exciting enough as we didn't know what they were fighting for. So now allowing for the possibility of seeing the world record line. The media, by exposing events, teams and athletes more intimately to the public have brought many more fans to the Olympic Games and allowed the Games to drive p the costs of attending a game and in essence that is partly why the facilities are so ridiculously outstanding.The media can account for another reason for outstanding facilities, they have so many commentaries and editorials about every event that the athletes compete in, giving more exposure and their sponsors use this perceived popularity to help them in getting more money. There has been an influence in creating and then helping to correct problems as well. Steroids is a perfect example. In the Olympic 100 meter sprint athletes such as Ben Johnson thought steroids helped create an atmosphere in the game where everyone felt they needed to be improving on their times in each race to gain the approval of the media and the fans.They turned to steroids when natural regimens were not making them enough gains. The media turned a blind eye for a while and then decided to expose the steroid problem in the game. By exposing the problem they basically made it impossible for Ben Johnson not to address the issue. Now there is random testing and ramifications for getting caught. Sports. They promote the Olympic Games and make them more popular without the media the Olympics would not have the popularity they enjoy today.

Why Islamic Financial Institutions in Need for Corporate Governance Essay

Why Islamic Financial Institutions in Need for Corporate Governance Legal Framework - Essay Example Islamic finanical systems were particularly sucessful in the pre-colonial era but were methodologicaly replaced by conventional financial institutions during the colonial era. However over the last thirty or so years, Islamic financial institutions have been making a formidible comeback. Today Islamic financial systems have not only been established in Islamic states, but also internationally. Moreover, a number of conventional banks are also offering Islamic financial services evidencing the global acceptance of Islamic financial institutions. According to the World Bank, Islamic fiancial services are offered globally via 284 financial institutions in 38 countries which are Islamic and non-Islamic states. Like any financial institution, good and effective corporate governance is necessary for the effective and efficient functioning of the institution and for the protection of stakeholder interests. The stakeholder insterest are not always monetary in nature and can include ethics, values and/or religion. For Islamic financial institution, the amin interests of stakeholders is that the institution offering Islamic financial services comply with Shariah principles. Thus Shariah-compliant functioning in an Islamic financial insitution is the key component of corporate governance in Islamic financial institutions. ... However over the last thirty or so years, Islamic financial institutions have been making a formidible comeback. Today Islamic financial systems have not only been established in Islamic states, but also internationally. Moreover, a number of conventional banks are also offering Islamic financial services evidencing the global acceptance of Islamic financial institutions.1 According to the World Bank, Islamic fiancial services are offered globally via 284 financial institutions in 38 countries which are Islamic and non-Islamic states.2 Like any financial institution, good and effective corporate governance is necessary for the effective and efficient functioning of the institution and for the protection of stakeholder interests. The stakeholder insterest are not always monetary in nature and can include ethics, values and/or religion. For Islamic financial institution, the amin interests of stakeholders is that the institution offering Islamic financial services comply with Shariah p rinciples. Thus Shariah-compliant functioning in an Islamic financial insitution is the key component of corporate governance in Islamic financial institutions.3 The challenge for Islamic financial institutions in formulating good and effective corporate governance constructs is reconciling Shariah-compliant principles with the interests of all stakeholders.4 The stakeholder relationship in Islamic financial institutions is different from conventional financial institutions because profit and risk sharing principles change the nature of the stakeholder relationship.5 Moreover, the definition of property also changes the Islamic financial institution’s perspective on corporate