Decreasing Population of Bachelor of Secondary Education Essay

INTRODUCTION Anyone who chooses a teaching career in the Philippines must hold a degree in teacher education. Teachers in public and private elementary schools must have at least a bachelor’s degree in elementary education. High school teachers are expected to have a bachelor’s degree in secondary education with specialization (a major and a minor) in high school subjects. Both degrees are awarded upon successful completion of approved teacher education courses in recognized institutions. Teaching in colleges or professional degree programmes at the tertiary level requires at least a master’s degree in a particular area of specialization. But obviously, population of Bachelor of Secondary Education students were decreasing ultimately. Because of these, quality of education in the Philippines will likely face a crisis if the current trends in decreasing college enrolment and increasing dropouts especially Bachelor of Secondary Education and Bachelor of Elementary Education will continue. There are several factors to consider why the population of Education students diminished. Due to continuing tuition hikes, many college students decided to take vocational courses. Recently, the United Nations Educational, Scientific and Cultural Organization (UNESCO) National Commission of the Philippines reported that approximately 22 percent overall student survivals from first to fourth Year College. And undeniably, teacher is a very stressful profession. Teacher engaged in actual classroom teaching that render not more than eight hours of actual classroom teaching a day, preparation and correction of exercises and other work incidental to his/her normal teaching duties. Secondary teachers shall be assigned to no more than six daily forty-minute periods of instruction. For college, the normal teaching load of a full-time instructor shall be eighteen hours a week. The teaching load of part-time instructors who are full-time employees outside of teaching shall not exceed twelve hours per week. However, the average teachers’ salary at present is inadequate as source of livelihood. Teaching is a noble profession companied by the fact that they have a lot of pressure responsibilities to mould people in the society they belong. RELATED LITERATURE Teaching is a profession whose rewards have the potential to be great, yet its challenges have the potential to be frustrating at the same time. Teachers have the opportunity to positively impact their students’ lives. Helping young people reach their potential is extremely rewarding. However, some students are difficult to connect with, or have problems that interfere with their behavior and performance in the classroom. Aside from that, they also encounter difficulties in their work schedule, most teachers arrive at school early, stay late or bring work home. Planning, grading, meetings, conferences and professional development must be accomplished in addition to the daily teaching of lessons. They are also a typical 10-month employee and are off when school is closed for holidays and vacations. However, teachers may have to get summer jobs to supplement their salaries (Sally Miller, 2005). All higher education institutions in all countries have experienced tension between the demand to be specifically applicable to local needs and the desire to maintain ideas and values of universal reference (Hargreaves, 1973). Basically in Bachelor of Secondary Education or in any other teaching/education courses. The management structure of primary teaching education is inadequately organized to guide teacher education institute in accordance with the national development strategy. Rigidity and inefficiency in the schooling process result from the absence of effective, central and complete planning(Dunkley, 1981). Because of this, teacher’s wanna be decreasing extremely. According to Dr. Rupert Maclean(1988), there are some important implications for the development of the system of teacher education in the region such as: (1) need to recognize that the pursuit of learning is a lifelong process, (2)an examination of the extent to which educational institutions should be autonomous, and the consideration of the social and economic cost and benefits involved when greater autonomy occurs, (3)the reform and expansion of teacher education as a vital step towards the rejuvenation of public education. On the other hand, A Unesco Publication, The Changing Role of the Teacher, states â€Å"There was a time when the teacher’s roles was to pass down to the younger generation the knowledge, experiences and mythology of a slow evolving society The pace of change in contemporary society has made his role redundant. The role of teacher must be, among other things, a change agent. It does not matter whether one is addressing the situation in a developing country or an industrialized nation, the problem remains the same. What are the new dimensions of his/her role, and how is the teacher to be trained to fulfil that role. In examining the changing role of the teacher we need to see the changes as being a response to, and an attempt to confront the pressure of a society undergoing constant transition† (Goble and Porter, 1977). For this statement, we can say that teachers play an important role in changing the education in the society. For example, in Malaysia, education is envisioned to serve two important functions: (1)a means to achieve national unity and (2) a vehicle for national development. Since 1964, English was slowly replace by Bahasa Malaysia, the argument being that a nation system of education using a common medium of instruction, in addition to a common syllabus , will provide a strong base for promoting national unity. Unfortunately, the policy has created inter-ethnic tension, in view of the fact that in Malaysia about 53% are Chinese and about 11% are Indian origin(S. Husin Ali, Chang Yii Tan, Tan Boon Kean, 1987). Teacher is responsible in almost every job in the society especially when we are talking about the future of every student they handle in primary, secondary and tertiary level. Focusing in higher education, according to Trow(1938:132) higher education itself ‘a stratified system of institution, graded formally or informally in status and prestige, in wealth, power and influence of various kind. Moreover, teacher in the Philippines had its beginning as early as Spanish period. Teacher education programs have always been dictated by the urgent needs of the time, Before 1950, there were only a few state colleges offering a teacher education program. However, when the Department of Education reported the gravity of the problem of undersupply of professionally qualified teachers, enrolment in teacher education registered slowly upward. To encourage more schools to offer teacher education courses, requirements for opening normal schools and college were relaxed(Carson, 1978). Furthermore, most countries in the region of Asia recognize the crucial importance of pre-service education for teachers. For instance, the 1986 National Policy on Education states that â€Å"no people can rise above the level of its teachers† (de la Cruz, Leandro, 1988). Lastly, most important evidence of quality in an education system is to be found in the quality of the pupils/students produced. The problem, however, is to arrive at satisfactory indicators which will show that better quality education has been achieve (Adams, 1988). Accordingly, much discussion in quality and standards will show in this research. And also this study will attempt to show what was really the factors we can consider in the change in population of education students. For future studies, it will be necessary to analyze different data that related in the given topic. This research will have the great contribution in people awareness especially students on what are the trends in higher education. METHODOLOGY In order to gain information, the researcher conducted an interview with the highschool teacher including Mrs. Carol Isidro (Filipino II), Mrs. Crisamie Mendieta(Physics), Mrs. Laudato (Filipino II), Mrs. Musa (English I) and university instructors namely Ms. Michelle Zuniga (ITEC), Ms. Rona Feranil (Math), Ms. Jeneth Menil (P.E. and English), Mrs. Cherry Rose S. Uminga (Biology), Mrs. Grace Balingit ( Campus Asst. Librarian). It was made on March 3-5, 2010 at the Carmona National Highschool and Cavite State University- Carmona Campus. The researchers were able to perform an interview through the use of interview sheet/form/guide which the data currently record. They also used a pen to write every single information that the interviewee provide. During the pre-interview stage, the researchers put all the possible questions in a sheet of paper and improve it through the use of Microsoft word 2003. They also used Xerox machine to multiply the number of interview form/ guide. At the interview proper, the researchers used English language as the mode of communication. They apply formal way of gathering the point of views of the target population. And at the post interview stage, the researcher combined all ideas that the sample population had provide. Some of the information they were able to gather play an important role in interpreting the different ideas in understanding the cause of the issue of decreasing population of Bachelor of Secondary Education. RESULTS AND DISCUSSION In pre-Spanish times, education was informal, unstructured, and devoid of methods. Children were provided more vocational training and less academics by their parents and in the houses of tribal tutors. Major changes in education system happened during the Spanish colonization. The tribal tutors were replaced by the Spanish Missionaries. Education was religion-oriented. It was for the elite, especially in the early years of Spanish colonization. But education during that period was inadequate, suppressed, and controlled. According to a new report of Commission on Higher Education (CHED), that the number of tertiary population in schoolyear 2002-2003 was 1.87 million compared to 2.4 million in 1994-1995. It cites however that general population of college students in the universities without classifying the program they belong was decrease incredibly. Even though there have not been any formal studies and analysis about this subject, there are several people and organization that will contribute in the explanation of the issue. According to Raymond Palatino, vice president of Anak ng Bayan (nation’s youth), college students who can no longer afford to study a four year course are planning to shift in other program usually vocational just to achieve their dream of earning a college diploma. In the lowering economic status of the Philippines, teachers play an important role in molding a future to a better one. Bachelor of Secondary Education program and many other teaching-related program students will likely face a doubt in pursuing their profession. They are more responsible in all aspects of an economy rather than any other job. Thus, they have great mission in everyone’s life. The purpose of this research is to provide consciousness towards the current issue of diminishing number of college students specifically Bachelor of Secondary Education students. Knowledge about this topic would make people aware in possibilities and reasons behind education status of a country. Concerning the standard of education in the Philippines, in June 2009 the president of the Federation of Accrediting Agencies of the Philippines (FAAP) cited the Congressional Commission on Education (EDCOM) notice a continuing decline in the quality of education in this country. He said this was due to four main factors: ‘a) mismanagement of the educational system, b) not investing wisely in education, c) lack of management competencies, d) systemic corruption. Another reason why the Philippines is not a major supplier of tertiary education for overseas students in the region is because some instructors and professors in SUC’s (state universities and colleges) be deficient in several abilities in professional teaching. These mandated subjects include the life and works of Filipino national hero Dr Jose Rizal, three subjects of Filipino language, and basic mathematics, science, and Filipino cultural subjects more appropriate for senior high school than for tertiary level. Also in order for the researcher to have primary information about the certain matter, they conducted an interview and look some documents that will testify the population of Bachelor of Secondary Education students in Cavite State University and Carmona National Highschool located at the community of Carmona, Cavite. The basic purpose of the interview was to gather different opinions and personal point of views of the people which generally related to the issue and the aim of the documents was to show relation of different information. The mode of communication during the interview proper is in English language in order to show formality and may give highly appropriate information. The prepared question in the interview guide/form was commonly as regards to the behavior, characteristics and ability of the sample population. From the school documents of Cavite State University, the researcher was able to identify the number of Bachelor of Secondary Education during first and second semester since 2002 at given university. As a follow up to this information, the Graph 1 shows the overall population of the enrollees of BSE program. Figure 1 Graph of enrolled students in BSE program at CvSU Carmona Campus, (Mrs. Mojica, Campus Registrar) As can be seen by the graph, the population of Bachelor of Secondary Education was inconsistent. At school year 2002-2003, during first semester of given year, the recorded population was 22 enrollees. At the latter part or in second semester, the population increased by 26. The population through that year (2002-2003) was said to be slightly increased. At first semester of 2003-2004, the enrollees were 84, and at the second semester in decreased by 76. At the first semester of 2004-2005, the documented enrollees increased by 119, and at the second semester, the enrollees extremely increased by 124. The inconsistency of the population appears at the middle of the year between 2002 to 2007. During the first semester, the population of Bachelor of Secondary Education at year 2005-2006 was 132 and at the second semester it declines to 121. At reach of 2006, the population on that particular campus noticeably decreases. The year 2006-2007, first semester, the enrollees was 110, it decrease to 104. And at the following year (2007-2008), the BSE students was consisted of 86 (first semester) and 93(second semester). At 2008-2009, the BSE program students got their smallest population at only 71 during first semester and 66 at second semester. Fortunately, it survives and reaches 84 enrollees at first semester of the year 2009-2010 and at second semester it decreased to 71. The population in that particular campus was the number of Bachelor of Secondary Education students in all year levels. The researchers also gather information from the teachers of Carmona National Highschool and instructors of Cavite State University-Carmona Campus through interview. From 5 sample population that the researchers were able to interview, such results only shows that people are aware in the tertiary level issue especially in teaching program. The first question at the interview guide was the reasons why did they choose Education program as their profession. From 5 interviewees 2 of them answered that that’s their parent’s choice. Also 2 of them proclaimed as their passion at the remaining one said that it’s their childhood dream. The result of first question shows that variation in reasons on choosing their program occurs. There are several aspects in choosing a program. It may be the behavior of a students or the behavior of the people around them. Another question although too broad to discuss â€Å"what are the factors to consider in choosing a program?† According to the observation of teachers/instructors there are too many factors they consider in entering the field of teaching. It can be the (1)parents choice, (2)job demand, (3)stability or security of the future job, (4) location of the school, (5)availability of the school, (6)scholarship offered, (7) line of interest, passion, personal choice or childhood dream (8) affordability or in financial matters, (9)relatives or friends influence. Another question answered by the interviewee, â€Å"What did you notice in the population of Bachelor of Secondary Education nowadays?† tested the attentiveness of the respondents. The result was interesting because majority showed that they see population of BSE students was said to be decreased. Only 1 of them, out of 5 answered that it increased. In order for the researcher to identify point of views of the sample population about the factors that affect the decreasing population of BSE students, they include it in their interview guide. The results of the question give ideas about the aspects which is much related in a given topic. The main factors given by the teacher/instructors were: (1) financial, (2) job demand, (3) unable to reach the standard, (4) majorship offered in the universities, (5) stressful, (6) issues or bad images of the teachers nowadays, (7) salary, and (8) chance to go abroad. The result of this question provides an appropriate answer about the certain topic. Although no longer the main component of this research, most of the target population that researchers able to interview has smaller number of colleagues whom they really want to be a teacher. According to Ms. Jeneth Menil (Engl and P.E. teacher in CvSU), and Ms. Tita Salamatin (English instructor in CvSU) approximately 10 % of her overall classmates in highschool really wants to be a teacher. And base on the observation Ms. Michelle Zuniga (ITEC teacher in CvSU) there are only 5 % wishes to be a teacher. Mrs Crisamie Mendieta (Physics teacher in CNHS) proclaimed that 2 out of 40 of her secondary classmates has a passion of teaching. While Mrs. Musa (English teacher in CNHS) notified that there are about 20 % of her highschool colleagues would like to be an educator. Fortunately, according to them, most of their highschool classmates including the teachers/instructors they interviewed whom wants to be a teacher pursued what they really want to be. Luckily, after several years of studying in teahing profession most of them succeed to be a teacher. But during their stage of studying in college, their college colleagues their population inside the campus as the Bachelor of Secondary Education students, their population said to be diminished as they reach their senior year. They give possible reason on why this condition occurs. The target interviewee told so that money is one of the greatest possible reasons for that. Some of their classmates choose the more convenient, time-saving courses such as vocational courses. Another reason was some of their colleagues realized that it is not their line of interest or their passion. According to Mrs. Mendieta others would like to take medicine/nursing for they think that it is in demand abroad. Lastly, the researcher confirmed that the population of Bachelor of Secondary Education decline after several years of establishing a teaching related field. They also give an idea about several factors on why this circumstance triggers. CONCLUSION The researchers prove that the population of students taking up of Bachelor of Secondary Education (BSE) is decreasing due to the different reasons. The researchers also conclude that there are several factors that really affect on students in order for them not to choose teaching programs. Those factors include: (1) financial, (2) job demand, (3) unable to reach the standard, (4) majorship offered in the universities, (5) stressful, (6) issues or bad images of the teachers nowadays, (7) salary, and (8) chance to go abroad. Each factor was perceived by the target population which consists of highschool teachers and university instructors. This research show that aside from giving readers an idea about the condition in terms of population of the tertiary level students specifically Bachelor of Secondary Education (BSE) program, it also provide awareness about the factors that affect in this phenomenon. Although not really a main part of the research, the researchers still provide information about the vast majority of teachers interviewed indicate that they are satisfied with their jobs, but there are problems. While teachers’ salaries have improved, many teachers believe that their pay is still inadequate. Local conditions have a major impact on teacher satisfaction. On the teacher’s wish list for job improvement are lighter workloads, more parental support, fewer discipline problems, and greater administration support. Students at tertiary level have a freedom to choose what program they were able take, but researchers tries to identify the major causes, effects, and explanation in the current trends in the society. They also supply needed information and data in order to understand what really the topic is. Recommendations, suggestions, clarifications and point of views by different kind of people combined in only one research paper and organize it according to purpose. This research aims to promote the Bachelor of Secondary Education program and it also intends to increase the number of enrollees to certain program.

Historians and Their Duties Essay

Gorman timely presents the question â€Å"Do historians as historians have an ethical responsibility, and if so to whom? † in his essay Historians and their Duties especially in an era which has seen the use of history as a way to further political agenda, invent or distort historical fact to justify political undertakings. He rightfully disputes Richard Evans’ assertion of value-free reportage of history and the restrictive historian’s duty of presenting and interpreting knowledge. In saying that â€Å"Historians are simply not trained to make moral judgments†¦they have no expertise in these things,† Evans suggests they must evade the moral question, but this is impossible. Morality governs us all, including historians. I differ in Evans’ bloodless concept of historical duty, one I think he broke after being expert witness in Irving v. Penguin Books and Lipstadt (Fulford, 2001) where he became instrumental in the conviction of a historian for distorting historical interpretations about the Holocaust. I think history, to become a significant part in advancing knowledge and good in society, must refuse to be monastic or ornamental, but instead be engaging and useful to mankind. I find Butterfield’s thoughts on ethics provocative in the verbose Bentley essay Herbert Butterfield and the Ethics of Historiography. The most striking is his recommended passive attitude to international politics: â€Å"Whatever wicked things we may think are done†¦ †¦ we have no right to say a word†¦ until we have forgiven the sin and covered it up with love. It strikes as a worldview that is either naive or cruel because it seems to justify crimes against humanity. I find it hard to reconcile with his anti-Whiggish stance condemning the selective presentation of history from the viewpoint of the victor (Schweizer, 2007). Is he, in the process, recommending us to absolve Hitler or the U. S. which he disdained for dropping the A-bomb on Hiroshima? I believe he is, and historians, to his view, being limited in understanding, cannot truly uncover the hand of God or Providence, enough for them to deliberate moral judgments of history. Responses to Student Views Unlike the first student response, I support Butterfield’s criticism of selective or rejectionist approach to the interpretation of history with a bias to the â€Å"victor†. I share his view of world events as a historical process. This is something that historians must take careful consideration of when upholding â€Å"objectivity† and â€Å"truth† in the conduct of their profession. Historical events are not static, after all, but an accumulation of events, not people, of experiences, not single victories. Regarding his treatise on passivity and quietism, Butterfield no doubt shares the brand of Christian helplessness when it comes to appreciating world events. I agree with the second student response on his critique of Evans, who promotes value-free interpretation of history as a duty of the ideal historian. I believe that duties of historians extend far more than writing history, but of injecting analysis and viewpoints as well, as long as he does not distort or invent historical fact in doing so. On being â€Å"politically neutral†, I have to disagree. It is true that historians possess a great deal of influence in shaping public perception of how events should be interpreted. In analyzing historical facts, the historian must take a stand, and in this manner, he loses his neutrality. He cannot claim the correctness of two contradictory interpretations but must determine which interpretation finds basis in fact. Indeed, historians cannot exempt themselves from ethical responsibility just because they feel a presumptive need to produce a â€Å"dispassionate† account of history. I think Gorman wrote this essay assuming essay that historians today are a vast and eclectic mix with varying dispositions. He preempts those who have an overly â€Å"institutional† view of ethics in saying: â€Å"As business people or historians, we surely all share the same moral world. † I agree that historians have the ethical duty to pass moral judgment and those who find themselves incapable of deliberating such must undergo â€Å"moral education. †

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Leadership and management - Essay Example For the purpose of analysis, the leadership and management style of TESCO Plc will be critically reviewed in the light of role of leadership in management, the difference between leadership and management, theories and practices of management related to TESCO Plc. TESCO Plc is a multinational superstore in food retailing industry operating in more than 12 countries across world. Strong leadership and management have driven the company to operate successfully in the UK as well as in Europe, Asia and North American Market since 1919 (TESCO Plc, 2014). The nature and style of leadership pursued by TESCO Plc will be discussed below. As a result of operating since 1919 in the UK market, TESCO Plc has encountered various transformational and structural changes from time to time. Such changes largely affects the organizational framework; therefore effective leadership is defined when the leads become successful in efficiently managing resistance to change among all the employees (Grieves, 2010). With the skill and knowledge gained from long experience of working in corporate environment, leaders always tend to formulate strategies and bring required changes in align with the economic condition and industry position. The leaders also identify the potential barriers which may arise in the time of incorporating change process and take initiatives to address such issues well in advance. Experts have recognized certain traits which are inevitable for a leader to manage and control organizational changes. Those traits are attributed in the tabular format. Role of leadership also changes in the various stages of change process. For instance, logical influence is required to be implemented on employees in the planning stage of change process whereas in the introduction and maintenance phase, supportive leadership style should be exercised for minimizing resistance to

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Online Writing Resources - Assignment Example Resumes should contain contact information, education, work experience, and objectives. Resumes and vitae should be tailored to suit the company and job position prompting the application. The resume may only exceed two pages if the level of experience surpasses entry level positions. Workplace writing is rhetorical and has a user-centered design. Therefore, be it reports, memos or business letters, the language should be persuasive and reader-centered. The reason for writing should be clear. Before writing, one should consider the reader. In order to write a rhetorical and reader-centered message, the writer has to do a background check on the end-user of that information. User-centered writing, considers the writer, the user, and the consequences of acting upon the message. The tone of writing depicts the writer’s attitude towards the user and the subject. Whether writing a memo, letter or report, the message should be structured with the reader in mind, to fulfill the objective. The writer should use non-discriminatory language in a clear, courteous and confident manner. The American culture requires the ESL to be familiar with the ‘local’ norms. The student should maintain clear forms of address (Mister, Sir, Professor, or Doctor) depending on a particular instructor’s preferences. Titles should only be used with last names (family names). One should always maintain lines of communication by keeping in touch and checking emails. It is also advisable to use official emails when communicating. If one is a student, using one’s university email address shows institutional affiliation when applying for an internship. Plain language is always preferable when writing or speaking. When communicating, it important to avoid lavishing praise or gifts. Keeping it simple is considered prudent. One should avoid being late and using cell phones during one-on-one conferences. People understand

Business Strategies Assignment Example | Topics and Well Written Essays - 1500 words

Business Strategies - Assignment Example The target market of a company is women aged from 25 to 54 who have children and a sufficient income to spend on their products. The company strategic approach is built around the convenience and price suitable for its customers. Under this strategy, company has built its stores in a boxlike structure where shoppers can use carts to browse throughout the stores. Strategic management strategy of Kohl’s Corporation plays a vital role in maintaining the company’s profitability even in adverse situations. The customer’s taste and preferences are changing regularly, which can directly affect the business. To avoid certain situation, it is necessary to review the external trends of the market regularly in order to take strategic actions on time. For this purpose, the strategic manager needs to review the internal and external environment of the company. It involves the process of job scanning, addressing external environment and trends, and identification of opportunit ies and threats. External trends for Kohl’s Corporation The manager at Kohl’s Corporation has to face various external trends that mainly concern external business environment. The profitability of the company is based upon these internal and external factors existing in the business environment. ... Economic factors. In the past few years, there has been a decline in general economic condition of the country that leads to reduce the customer demand for merchandise. It also leads to reduce the sales and gross profit margins of the company. According to the case, the company’s present economic condition is quite well, and it is able to compete with its competitors, but for future prospective, company must keep track of functional and technological changes in the retail industry so that managers can take decisions on time (Jeffs, 44). Technological trends. At present, there are various technological trends entering the retail and departmental store industry that can affect the consumer taste and preferences such as shopping malls, where various brands can open their store under one roof. According to Kohl’s business strategy, they operate their stores in three settings: the stand alone buildings, the big box mall and the lifestyle center. These three kinds of stores a re able to create an environment that is convenient, friendly and exciting for their customers. It gives a unique feature to its business strategy. Governmental factors. What concerns the political situation, governmental policies and political system of the country are extremely uncontrollable, and it can adversely affect the consumer confidence. The outbreak or escalation of war, the occurrence of terrorist’s acts and the other hostilities of the political system can lead to a decrease in spending by consumers. Socio-cultural factors. Socio-cultural factors include the knowledge, art, beliefs, morals, laws and customs of the society. The choices and purchasing habits of the customers are largely influenced by the socio-cultural factors, and it changes over time. Kohl’s Corporation

Petrol market Essay Example | Topics and Well Written Essays - 1500 words

Petrol market - Essay Example 105). The amounts of external costs incorporate the direct physical, psychological, as well as emotional damage to others. Along with this, treatment costs are sometimes borne by the third parties (who are directly affected by the Alcohol consumption) by means of private or public insurance. It has been estimated by researchers that the total amounts of costs associated with the alcohol consumption resulting from welfare as well as health services, and also from insurance, enforcement, as well as penal costs and also from loss of costs of production accumulate to the total social cost by the amount of 1–3% of GDP in different European countries, including Poland. These amounts of loss of GDP by creation of negative effects of car accidents on the generation of greater amount of social costs are creating negative externalities to the people of the country (Bielinska-Kwapisz and Mielecka-Kubien, 2010, p. 1). As an outcome of the higher level of road accidents people are getting scared of traveling by road and thus they are expected to demand lesser amount of petrol. This reduces the demand for oil given the price of the petrol. Hence, the demand curve for petrol will shift down from AD1 to AD2 (Figure 1). Thus the equilibrium market price of petrol will fall and the producers will end up producing lesser amounts of output, selling at lower level of price and thus making lesser amount of profit. This also hampers the consumers by reduction in the amount of sales tax generated from the sales of petrol. This reduction in tax earning of the government reduces the amount of government spending on the development of road infrastructures and creates the negative externality to the consumers (Veal, 2002, p. 190). The externality is considered to be negative due to the fact that greater levels of accidents by some of the consumers to lack of proper road protections and infrastructures, which are to be implemented by the government, consumers are getting worse off. And also this fact is regarded as externality because of the fact that the generation of greater amount of negative effects upon the utility level of the consumers has not entirely been reasoned with the inefficient behavior of the people, in general. Rather these negative effects are largely generated by the lack of efficient government intervention into the process of development of higher degree of secured and well-protected road infrastructure Batta, 2008, p. 81). However this negative externality is also related to the misbehavior of the consumers of alcohol also. Greater accidents are made by the drunken car drivers for which the innocent people are paying the price in terms of their lives. This fact is also regarded as the negative externality to a large number of people (Bielinska-Kwapisz and Mielecka-Kubien, 2010, p. 5). Figure 1: Negative externality in the Petrol market Answer 2: Figure 2: Tax on petrol and reduction in negative externality The level of negative externali ty can easily be removed with the help of greater level of tax imposed on the petrol consumption. This higher level of tax on the purchase and use of petrol will increase the amount of tax revenues earned by the government of the country under consideration. This higher volume of tax revenues will thus give the government of the country to make higher amount of public expenditure on the developmen

Educational psychology Essay Example for Free

Educational psychology Essay One of the world’s issues of today is on context of education. Many education conventions have been organized to discuss on matters relevant on the development of educational goals and programs. Education should be considered as one factor in the development of man as the most significant since it brings all breakthroughs in all walks of life. From the time of primitive education to the medieval period, education has been playing a great role in the lives of every citizen and the state in general. The very first task of educational contenders was and is to set educational development goals. The challenge of all educational institutions today is to produce a curriculum that will earn high productivity as in lifelong education. The institution should be more focused on creating opportunities where learners can exercise their abilities and potentials. There must be that sense of self-education in order for them to perform better jobs in the real world because their education is gained not only by mere transfer of learning but through applying their skills into the real life setting. Today, people are conscious of searching for breakthroughs be it scientific, cultural, or educational, in order to improve the quality of life. This is one goal in education that must be taken in to account from time to time because it is through this that improvements and developments take place. Along with these breakthroughs, rapid changes in the society’s way of life bring a lot of conflicts in the human life. By conflict, man faces several challenges that will test his true capacity and knowledge in resolving his own issues. That is, by inculcating in the learners the culture of being sensitive to the needs of the people and the nation brings a lot of pressure in our educational today. People are not trained to satisfy themselves but to see to it that the whole nation can benefit what one person is enjoying out of something. However, in the advent of various educational programs and projects, long term education program is still best to be implemented. This is in response to different curriculum reforms to attain quality delivery of instruction. The national government through the education department, has been looking for ways and means in order to help sustain these long term programs in order to provide a standard and suitable curriculum for every Filipino and attain progress in the academe. Moreover, the Department of Education has laid the three millennium development goals to help attain the Education for All by the year 2015. These goals include accessibility, quality, and sustainability. These goals will help improve the number of Filipino children to be in school and complete their education as prescribed by them of their age and as mandated by the constitution of which education is a right. These millennium development goals of the Education for All (EFA) enable schoolchildren to harness their faculties in improving their way of life and participate in the development process in educational reform and societal progress. According to the UNESCO Institute for Information Technologies in Education, Russian Federation, education will become a social institute providing people with various educational opportunities. With this end in view school and university curricula should be diversified to enable everyone to make up their own educational trajectory in compliance with their aptitudes, thus creating the basis to implement the principle Education for all. Thus, in the Philippines various projects have been undertaken in order to qualify the implementation the Education for All. These projects include MADRASAH (for Moslem schoolchildren), Education for Indigenous Peoples, inclusion of values education in the curriculum, strengthening the higher order thinking skills type of questions in every learning area, the implementation of National Achievement Test (a standardized test), the participatory school improvement planning, the integration of information and communications technology in education (ICT4E), the decentralization of management including the downloading of maintenance and other operating expenses (MOOE) to specific schools, and the conduct of various trainings and national competency examinations. These are some of the approaches in order to carry out the implementation of Education for All. Nevertheless, Article XIV of the 1987 Philippine Constitution cited that the Department of Education as the only agency in the Philippine government, responsible for education and manpower development. It further stated that the state shall protect and promote the right of every citizen to quality education at all levels and shall take appropriate steps to make education accessible to all. This is still in line with the context that education is a right and is for all. Whether a schoolchild is in the formal or non-formal education, what matters most is his assumption of his respective role in the society, the virtues he shall live with, and the use of his capabilities in attaining the long term goal in education that contributes to the total progress and development of the nation. At the end of the day we do realize that the search for an adequately structured educational system, is to secure our lives from the many challenges of the outside world at all sorts. Hence, education in the new society shall be within the context of national development and value formation in order to help build a nation other than ourselves. oo0oo

Analysis of Tescos Corporate Governance and Responsibility

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