The Road to Hell Essay Example | Topics and Well Written Essays - 750 words

The Road to Hell - Essay Example They credited his actions for dynamic liberal regionalization program that led to success of the timely regionalization policy due to the good relation with the government (Gareth 817). The government had close relationship with Barracannia that later made it to be independent that contributed to critical and challenging attitude towards the role of foreign interest. The story of Road to Hell tries to evaluate peoples views towards issues related to racism in modern days. Issues related to racism is not easy to be solved using legalistic approaches, therefore, it requires deeper research and understanding to give pure proves that the human discrimination in relation to sex, skin color, origin has brought some major issues within a community, organization and even the societies. The story tries to explain how people from different cultures and backgrounds do not always take issues of diversity into consideration. Majority estimates each other by their own scales and perceptions that always lead to conflicts due to misunderstanding. According to the story, Baker appears to be a racist. However, people need to be educated on human right to be sensitive enough to have the feeling and immediate support should be provided to the victims by listening their views carefully and respect them.The main cause of racial discrimination has led to cross cultural misinterpretation that occurs when a person gives meaning to observation and their relationship (Adler 8). Some group see themselves superior than others which makes them have power to carry out racist. According to Pierce on Critical Race Theory, he came up with â€Å"one must not look for the gross and obvious† say that tried to explain the accumulation of today’s racism (Web). With reference to this theory, Baker has been viewed as a racist because Rennalls was correct in his evaluation between them and the acceptance of Rennalls

WW II Responsible for Pearl Harbor Thesis Example | Topics and Well Written Essays - 1000 words

WW II Responsible for Pearl Harbor - Thesis Example Before and during WWII, the Hawaiian Islands and Oahu, in particular, used to be an object of strategic importance. The quality of the military defense provided served a reliable measure of the quality and efficiency of all military operations in the United States during the Second World War. â€Å"During the prewar years Oahu and the Panama Canal Zone were the two great outposts of continental defense, and, after Japan plunged the United States into a Pacific War, Oahu became an essential springboard for the offensive that was finally to crush the Japanese Empire.† (Conn, Engelman & Fairchild 150). The quality of the defense procedures in the Hawaiian Islands at the beginning of WWII became a good test to the saliency of the military decisions in the rest of the United States’ territory. Despite the fact that the military significance of the Hawaiian Islands was widely recognized and the Army claimed the Hawaii to be one of the world’s strongest fortresses (Conn, Engelman & Fairchild 150), the strength of the military defense provided left sufficient room for improvements. Failure to protect the Hawaiian Islands from the Japanese attack exposed the hidden facets of inappropriate military decisions made by American politicians and commanders. According to U.S. Congress, the Hawaiian commanders were primarily responsible for failure to protect the Hawaiian Islands in December, 1941. U.S. Congress found that the December, 1941 attack of Japan on the Hawaiian Islands was both an act of aggression and the result of the military misunderstanding among Hawaiian commanders (251). On the one hand, U.S. Congress found that Japan was primarily responsible for the attack and that the force of attack was too powerful and striking to predict and too unexpected than anyone could have thought (U.S. Congress 251). Consequentially, the U.S. military commanders could not employ

The Media and the Role They Play in Suicide Research Paper

The Media and the Role They Play in Suicide - Research Paper Example ion, arrest, punishment, embarrassment, and pity Case study 3: â€Å"Father of a gang-raped teenage girl commits suicide 'in shame'† A father to a 16-year-old girl committed suicide by taking poison after a gang of eight men raped his daughter Media shame led to Krishan’s completed suicide Change of writing styles With the discussions provided by Lester, it is agreeable that the media through publicized books fosters suicidal behaviors particularly to readers seeking information regarding suicide Classical writers applied writing styles such as: a. Romantics b. Boffo c. Irresistible Current writing styles such as: a. Spare b. Crafty c. Lyric Suicide related books have changed for the worse Statistics on suicide Data brought forward by National Violent Death Reporting System (NVDRS) document that people also commit suicide because of exposure to behaviours opined to suicide by media figures, family members, and peers Statistical figures showing the rate of suicide since year 1993 to 2010 After every 13.7 minutes, an individual dies through suicide in the US. Almost 1,000,000 individuals attempt to commit suicide every year. Ninety percent of those people who commit suicide have a treatable and diagnosable psychiatric disorder. Most people with mental illness do not commit suicide Medical costs amount to almost $100 million annually (2005). Conclusion The media, may it be publicized or viewed, play a crucial role in escalating the rate of completed, planned, attempted, and thought attempts especially among people undergoing certain challenges including diseases, depression, and disorders Recommendations People thinking of committing suicide should seek medical attention or counselling Researchers and doctors recommend specific forms of psychotherapy such as dialectical... This paper approves that The National Vital Statistics System of the United States reveals that, many people take their lives every year in this country. The research results point out that the risk of committing suicide is higher in some people than in others. According to the available data, the major causes of suicide in the US are depression, prior suicide attempt, suicide family history, and incarceration. Media plays a potential role in contributing to the suicidal behaviours of many Americans where firearms usage in movies and substance abuse take the largest percentage of deaths that occur due to suicide. This essay makes a conclusion that the media, may it be publicized or viewed, play a crucial role in escalating the rate of completed, planned, attempted, and thought attempts especially among people undergoing certain challenges including diseases, depression, and disorders. The market is flooding with movies where characters portrayed to have contracted killer diseases end up hanging themselves. This aspect affects people the third world countries, as their living costs are high. Television and the internet especially with the upsurge and accelerated use of social networks, live video coverage, and instant messaging are contributing to suicide behaviors every day. The discussed case studies show that the media facilitates death through suicide given that the antagonists of media’s role in suicide cases depicts that the involved people committed suicide due to the shame brought unto them by the media.

Integraded pop culture autobiography Essay Example | Topics and Well Written Essays - 1500 words

Integraded pop culture autobiography - Essay Example Especially in these contemporary times, pop culture is perceived more of a commercial culture, for the commercial value it has. Storey is of the opinion that popular culture emerges from the urbanization of people. Popular culture is an amalgamation of complex forces that are interdependent on each other and impact upon society in every possible way. However, popular culture is never static, but keeps on changing from time to time depending upon the likes and dislikes, tastes and trends of people in the society. It is possible for certain traits in pop culture to be influenced by a sub- culture and be manifested in society if its values are accepted and adopted by them. In comparing popular culture from the 1920’s until now, we find a huge difference in people’s way of life, their music, dance, movies, fashion, sport, art, literature and other media. However, this type of culture is quite popular because it is appeals to a very wide spectrum of people. The different med ia such as television, newspapers, radio and magazines contribute towards popularizing certain aspects of culture mainly to do with entertainment. In this essay an attempt is being made at investigating and analyzing important aspects of popular culture in the 1920’s and today and trying to find out the similarities and differences by comparing the different periods. Music Music in the 1920’s was quite unlike the music that we hear today. The 1920’s is the period when Jazz was most popular. Some of the popular singers and composers of the ‘Jazz Age’ were Louis Armstrong, Duke Ellington and George Gershwin and the like who changed the face of music during the 1920’s. Gershwin composed some of America’s most popular music such as musical comedies, film scores, songs, opera and his concert composition called ‘Rhapsody and Blues’ (Classical piano and Jazz) during the 1920’s. Some of the famous cartoon characters introdu ced during the 1920’s were Mickey Mouse, (1928) Winnie the Pooh and Betty Boop. However, music in the 21st century has been revolutionized due to the changing times. Most of the modern generation is comfortable with Hip- hop, Rap, Alternate Rock and Rock music as they identify themselves with it and feel that they could express themselves in a way they want. However, Classical music of the ancient period is evergreen even today and has served to influence modern composers. Some compositions that have a world vision and carries a special message for guiding the world to peace and harmony are not only popular but but instill positive attitudes among the people. Marley’s music falls under this category and his song which had the line ‘One love, one heart, let’s get together and feel alright’ (Michael A Stusser, pg. 376) brought inspiration to the hearts of the freedom fighters during the struggle between Zimbabwe and Britain. The Jamaican Government re cognized his great contribution in the arts and awarded him the ‘Order of Merit in 1981. (Michael A Stusser, pg. 376) On the music front, my most favorite Classical composer is Beethoven, while my most admired artist of contemporary music is Eminem. Dance Dance took on a revolutionary turn during the 1920’s after experiencing the restriction and horrors of the war. People went all out to release their pent up emotions brought about by restriction in their

Reducing Violence in Society Essay Example for Free

Reducing Violence in Society Essay Finn’s that â€Å"we really understand the market only when we examine it within its [full] political, social, and cultural context† (p. 144). His use of the term the â€Å"moral ecology of markets† refers to his concept that markets involve complex interactions among a wide range of social factors that must be studied like an ecological system. Finn has identified four areas of morality:(1) government imposed constraints to markets that prevent market abuses, also they various opinions from left and right hinge on where fences should be built (2) the provision of essential goods and services to all persons, that means to redress distributional shortcomings of the market and balanced the demand and supply. (3) the morality of individuals and groups to restrain individual pursuit of self-interest by virtue. 4) the presence of civil society, in other worlds voluntary associations of individuals to achieve common goals. He suggests, is not between addressing these problems through totally free markets on the one hand, or some sort of centrally planned system on the other, since all real-world economic systems include some mix of markets and government involvement. Market systems provide some boundaries that limit or prohibit certain practices, and planned economies allow some decisions to be made by individuals. For all points of view from left to right, the assessment of justice will depend not only on the structure for markets themselves but also on the context of markets. Finn provides an economic defense of self-interest and market. Because he tried to believe that libertarians seek to defend markets without recourse to moral claims. However, they have failed eventually, because any defense of markets necessarily involves some moral claims, and indeed libertarians do accept some claims, though often implicitly. So that Finn proposes the â€Å"four problems of economic life†Ã¢â‚¬â€allocation, distribution, scale, and quality of relations—which all economic systems must address. The economic problems are interrelated, and attempts to solve on can have a beneficial or detrimental effects on the others. Begins with the â€Å"construction of fences† that defines the bounds of allowable market fences. They allow the established fences people are free to pursue their own interests. Simultaneously, USA people agree that current market fences are morally sufficient to prevent abuses. Since Finn argues that do acting on self-interest within the game is allowed. The executives should be responsible to shareholders and employees. It is not just corporation get profits as a main purpose, but also managers should consider others. For example a company had shortage, executives does not lay off its workers during a downturn in demand but rather reduces the wages and salaries of company employees, because everybody has right to pursue their self-interest. Employees also need to pay for their family or terrible life. Also, each person have desire to pursue self-interest in social and allow do acting within rules what they made, like the â€Å"construction of fences†, the multi-national corporation should obligate to treat all teams be fair. Finn’s arguments are not convincing. I do not think Finn’s account of self-interest promote mutual understanding. First, Finn’s account of self-interest fails to recognize that in most market exchanges neither the buyer nor the seller takes explicit account of his or her self-interest, nor the interest of others, but each simply â€Å"goes about his or her business. For example if I back to home and by the way go to supermarket to buy fruits and milk, I make calculations nor do I consider tradeoffs. I simply select the items, pay my bill, and head for home. I pursue my self-interest because I base my decision on factors such as convenience, bargains, but how often do â€Å"abuses† arise on account of self-interested behavior ? Second, Finn’s account of self-interest is that he seems to equate self-interested behavior with market behavior. A government officer might seek to enlarge his budget, or the number of workers reporting to him, so as to increase his salary.

For those not familiar with this storyline Essay Example for Free

For those not familiar with this storyline Essay For those not familiar with this storyline, Romeo + Juliet is just your average boy-meets-girl, boy-and-girl-fall-hopelessly-in-love, boy-kills-girls-cousin, girl-feigns-death, boy-and-girl-commit-suicide plot. Not one to watch with a box of chocolates and a boyfriend bonfire, but a box of tissues may well be needed. Director Baz Lehrmann chooses to set this epic in Mexico, a perfect modern backdrop for the violent gangland culture Shakespeares script conveys in a modern context. The two families-the Capulets and the Montegues- are beautifully contrasted; the lighthearted Montegues in open Hawaiian shirts, against the tight black clad Capulet boys sporting many gold accessories. These two groups of arch nemeses are, however, united by their mutual habit of openly wearing guns with such flair and style they could easily pass as a fashion accessory, rather than an accessory to murder. In the prologue the role traditionally played by the chorus is adopted by a real life U. S anchorwoman. The prologue is so turned into a news bulletin. You are literally drawn in to the film as the shot slowly zooms in on the television showing the newsreader, before the shot hurtles down a metropolitan street, dragging the audience, with trailing stomachs, behind it. Lehrmann captivates his audience from the outset with a visually stunning repeat of his prologue, utilising imagery from the whole film and conveying the entire storyline in under a minute. Contrary to what you may think, this in fact draws the viewer into the film. The imagery used in the prologue directly links to and supports the words in the scripted opening, and translates them into the modern context. Two houses, both alike in dignity is represented by two giant skyscrapers either side of a road, one bearing a huge sign saying Capulet, the other Montague. As Romeo, Dicaprio shows the full depth of his acting ability. From lovelorn-Did my heart love til now? to murderous Either thou or I or both must go with him and back down again through all the levels of shock, anxiety, and of course suicidal. Clare Danes gives a beautiful portrayal of young innocent Juliet. Her facial expressions are convincing and manage to wordlessly express every feeling perfectly. Her lines are also delivered with huge compassion and emotion. Danes along with Dicaprio shows a huge variety in her performance, keeping a wide audience interested in a script labelled by many as boring. This is not the first time modern directors have messed around with the star crossd lovers. Most notably Bernsteins all singing all dancing West Side Story, but also China Girls and-more loosely- Romeo Must Die. However, this is the first modern adaptation to stick with Shakespeares script. Lehrmann has obviously had to make cuts in the text for the sake of the length of the film, but the dialogue he leaves in is fantastically effective. This spunked up version a timeless classic engrosses a viewer of any age from the outset, and keeps its grip almost complete through to hugely moving finale. Even staunch traditionalists must see that dragging this dusty play kicking and screaming in to a twentieth century riddled with guns, drugs, and rock n roll has revived it in a way no amount of Lawrence Olivier ever could.

Corporate Governance Disclosures in Emerging Capital Markets

Corporate Governance Disclosures in Emerging Capital Markets THE CASE OF GHANA CHAPTER 1 1.1 INTRODUCTION Corporate governance has dominated the policy agenda in developed market economies since the mid 1990s. The spate of corporate failures and massive government bailouts that have characterised the current global recession has led to an upsurge in the call for tighter regulation of capital markets and more stringent corporate governance. What has become clear from the current global capital markets meltdown is that, as capital markets develop, so too does the complexity of transactions and organisational structures, and the span of inter-dependencies among the various players in the market which extend beyond the boundaries of nations and continents. It is imperative for the stability of the global economy that there is adequate and effective regulation of the various capital markets and that the managers of major companies be held accountable for complying with these regulations and adhering to the principles of good corporate governance. In order for corporate manager to be held accountable for their compliance with regulations and good governance, they must make relevant disclosures in their companies annual reports. Corporate Governance and Emerging Capital Markets The recent international financial scandals have generated increased interest in corporate governance as a means of mitigating financial problems in developing economies (Tsamenyi et al. 2007, Reed 2002, Ahunwan 2002). These problems include weak and illiquid stock markets, economic uncertainties, weak legal controls and investor protection, and frequent government intervention. Developing economies also suffer from poor corporate performance and high concentration of company ownership (Tsamenyi et al. 2007, Ahunwan 2002). They usually suffer from state ownership of companies, weak legal and judiciary systems, weak institutions, limited human resources capabilities, and closed/family companies (Mensah 2002, Young et al. 2008). Reed (2002) noted that, globalization, international trade, and international investment practices call for the development of corporate governance in developing nations. Corporate governance is mechanism for ensuring corporate management acts in the best interest of a companys stakeholders (John Senbet, 1998). If capital markets in developing economies such as Ghana are to become fully established and grow, effective corporate governance regulations need to be developed and implemented. Such regulatory structures should not only be adequate to protect the interests of shareholders but also to assist in boosting the confidence of prospective investors and other stakeholders in corporate activities (Cadbury, 1992). Emerging Capital Markets (ECMs) are an integral part of the global capital market. According to the International Finance Corporation (IFC, 1996), EMCs can be viewed as any market in a developing economy that has the potential for development (IFC, 1996). Such markets compete for investment funds with well developed capital markets and therefore need to put in place appropriate measures to attract business activities. The adoption of effective corporate governance is one such measure. Gompers et al. (2003) assert that, good corporate governance increases company valuations and boosts the bottom line. Along similar lines, Claessens et al. (2002) maintain that sound corporate governance frameworks benefit companies through increased access to financing, lower cost of capital, better performance and more favourable treatment of all stakeholders. Corporate transparency and full-disclosure of information are core attributes of the corporate governance mechanism (OECD, 1999) and are regarded as an extremely important factor in the quality of corporate governance. Further, Beeks and Brown (2006)contend that firms with more effective corporate governance make more informative disclosures. Although corporate governance systems differ across countries, with the development of Codes of Best Practice around the world, there is gradual convergence of corporate governance practices toward global standards (Hopt 1997). Ghana is an example of an emerging economy which is increasingly embracing the concept of good corporate governance and requiring companies to report on their corporate governance practices. Attempts being made in Ghana to promote effective corporate governance include the formation of the Institute of Directors in 2001 and the development of National Accounting Standards. Additionally, the Ghana Securities and Exchange Commission (GSEC) has developed a Corporate Governance Code of Best Practice against which companies can benchmark their practices. Other regulatory requirements which govern corporate conduct include provisions in the Companies Code 1963 (Act 179), the Securities Industry Law 1993 (PNDCL 333) and the Membership and Listing Regulations of the Ghana Stock Exchange. Notwithstanding all of the above measures which are designed to secure good corporate governance by public listed companies in Ghana, the general level of compliance with the requirements is, and has always been, low. A study by Tsamenyi et al. (2007), which investigated corporate governance disclosures by applying a disclosure index to the 2006 annual reports of 22 listed companies in Ghana, found that the extent and quality of corporate governance disclosures were minimal. Many studies have been examined on corporate governance disclosures based on the examination of the content and scope of annual reports information by establishing corporate disclosure indexes (see Meek et al. 1995, Coy and Dixon, 2003). This study is concerned with the information disclosed mostly in the annual reports. Information in the annual report consists of qualitative and quantitative data. The quantitative data is both financial and non-financial. Moreover, many annual reports contain illustrations, diagrams and graphical presentations. 1.2 RESEARCH AIM AND OBJECTIVES Following from the above discussion, the overall aim of this study is to make recommendations designed to improve the extent and quality of corporate governance disclosures by public listed companies in Ghana. In order to achieve this aim the research has the following objectives: to determine the current corporate governance disclosure requirements of listed companies in Ghana; to compare Ghanaian disclosure requirements with those applying to UK listed companies; to examine the corporate governance disclosures made by a Ghanaian listed companies in their 2008 annual reports; to identify the differences (if any) in the corporate governance disclosures made by the listed companies in Ghana studied and the corporate governance disclosure requirements; to ascertain the reasons for the failure by listed companies in Ghana to fully comply with the corporate governance disclosure requirements; to make recommendations on how the quantity and quality of corporate governance disclosures by listed companies in Ghana might be improved. 1.3 METHODOLOGY In order to achieve the research objectives the following methods have been used. Literature review: Relevant articles in academic and professional journals have been reviewed in order to establish the extent to which corporate governance disclosure requirements exist and are adhered to in various ECMs. Keywords such as corporate governance, disclosures, ECMs, and Ghana input into databases such as Emerald, JSTOR, SSRN, and Google to search for relevant articles. Document study:Statutory and regulatory documents have been examined to ascertain the existing corporate governance disclosure requirements in Ghana. In addition, the annual reports of a sample of 25 listed companies in Ghana for the year 2008 have been studied to determine the extent and quality of their corporate governance disclosures. Disclosure Index:A corporate governance disclosure index has been and applied to the 2008 annual reports of 25 listed companies in Ghana. The index is has been constructed to include the key corporate governance requirements that apply to listed companies in Ghana. Semi-structured interviews: Six semi-structured interviews were conducted in order to ascertain the reasons for differences in the corporate governance disclosures made by, and required of, listed companies in Ghana. The interviewees were two finance executives of listed companies, two senior audit partners from the Big Four auditing firms and one representative from each of the Ghana Stock Exchange and the GSEC. 1.4 IMPORTANCE AND LIMITATIONS OF THE STUDY Prior studies such as those of Tsamenyi, et al 2007 and ROSC 2005, which have examined aspects of corporate governance in ECMs and, in particular, Ghana have revealed that corporate governance as a policy and regulatory issue is gaining ground but the level of corporate governance disclosure is low. This study, by establishing the current extent (and quality) of corporate governance disclosures in Ghana, identifying deviations from the corporate governance disclosure requirements, and making recommendations on how corporate governance disclosure practices may be improved, will help to bring about improvements in the corporate governance disclosures by listed companies in Ghana However, the study has a number of limitations. These include the following: The study has focused only on a limited sample of 25 out of the 36 listed companies on the GSE. As a consequence the result may not be representative of all listed companies (or indeed, other companies) in Ghana. The study will be based on one years corporate governance disclosures and these may not be representative of corporate governance disclosures made in other years. Research which incorporates a longitudinal study may be necessary to demonstrate the development of corporate governance disclosures in Ghana. The semi-structured interviews were conducted with a small sample of interviewees and the opinions expressed may be influenced by their personal ideologies and the extent of their experience with listed companies in Ghana. 1.5 ORGANISATION OF THIS RESEARCH REPORT This research report has six (6) chapters as follows, Chapter 1: Introduction: In this chapter the background to the study is explained, and its aims and objectives are specified. The research methods used for the study are outlined and consideration is also given to the contributions and limitations of the research project. Chapter 2: corporate governance requirements in Ghana: This chapter provides background information on the corporate environment in Ghana and sets out the corporate governance requirements. Chapter 3: Literature review: This chapter provides a definition of corporate governance and examines the importance of, and the principles underpinning, corporate governance. It also reviews prior research which has examined corporate governance disclosures and more particularly, those which have investigated corporate governance disclosure in ECMs. Chapter 4: Methodology.This chapter explain the development and application of the of disclosure index used to examine the quantity and quality of corporate governance disclosures in the 2008 annual reports of a sample of listed companies in Ghana. It also describes the methodology adopted for the semi-structured interviews conducted with six interviewees from selected institutions in Ghana. In addition it explains the means by which the data have been analysed and reported. Chapter 5: Research findings. The results of the analysis of selected companies annual reports and the semi-structured interviews are reported and examined in the light of the exact literature. Chapter 6: Conclusions and Recommendations.This chapter provides a brief summary of the research project and its findings. Conclusions are drawn from the research findings and recommendations made on ways in which corporate governance disclosures by listed companies in Ghana might be improved. CHAPTER 2 CORPORATE GOVERNANCE REQUIREMENTS IN GHANA 2.1 INTRODUCTION This chapter provides background information on Ghana, its political and economic environment and its corporate profile. It also explains the legal and regulatory framework and the corporate governance requirements which apply to listed companies in Ghana. 2.2 COUNTRY PROFILE Ghana is a Sub-Saharan African country with a total land area of about 238,538 square kilometres/92,100 square miles and a population in 2007, of 23.5 million (Bureau of African Affairs, 2008). Ghanas population is concentrated along the coast in the principal cities (Bureau of African Affairs, 2008). Ethnically, Ghana is divided into smaller groups, each of which has a different language or dialect, however, the official language is English, which is a legacy of British colonial rule (Sarpong, 1999). 2.3 POLITICAL AND ECONOMIC ENVIRONMENT IN GHANA For more than century, Ghana was under British colonial rule. She attained independence on 6th March 1957 and became a republic in July 1960. After independence, Ghana alternated between civilian and military rule. After a series of coup detats (Sarpong, 1999), in January 1993, the country returned to democratic rule under the National Democratic Congress (NDC). After 8 years (in 2001) power switched to the New Patriotic Party (NPP) but in January 2009, following the election, the NPP handed over power to the NDC. The economy of Ghana is dominated by agriculture, mining and forestry agriculture. Agriculture accounts for about 37.5% of GDP (GOG, 2008), and the largest foreign exchange earners for the country are cocoa, gold and coffee (BBC, 2009). In 2007, the countrys GDP was $15.2 billion. As at the first quarter of March 2009, the inflation rate of Ghana was 20.53 % (GOG, 2009). Ghana is a member of United Nations (UN), the British commonwealth, African Union (AU), International Monetary Fund, African Development Bank (ADB), the World Bank Group and the Economic Community of West African States (ECOWAS). 2.4 GHANA STOCK EXCHANGE AND LISTED COMPANIES OWNERSHIP STRUCTURE The Ghana Stock Exchange (GSE) was incorporated in July 1989. It was recognised as an authorized Stock Exchange under the Stock Exchange Act of 1971 (Act 384) in October 1990, and trading on the floor of the Exchange commenced in November the same year. In April 1994, it became a public company limited by guarantee (GSE 2009). The exchange is regulated by the GSE Membership Regulations L.I. 1510, Listing Regulations L.I 1509 and Trading and Settlement Regulations, and is organized as a body corporate under the supervision of the Securities Exchange Commission that falls under the Ministry of Finance. The Exchange is governed by a council which includes representation from licensed dealing members, listed companies, banks, insurance companies, and the general public. The functions of the Council include preventing fraud and malpractice, maintaining good order among members, regulating stock market business and granting listings. The GSE currently has 36 listed companies with a market capitalization as at 31 March 2009, of GH18,041.20m, equivalent to US$13,073.33m (GSE 2009). The manufacturing and banking sectors currently dominate the Exchange, while other listed companies fall into the insurance, mining, transport, food, publication, pharmaceuticals and petroleum sectors. Most of the listed companies on the GSE are Ghanaian (three being listed family-controlled companies) but there are five multinationals. Until 2006, individual foreign investors, who were first allowed to participate on the Exchange in 1993, were not permitted, without approval, to hold more than 10% of a listed companys shares and the total foreign investments in any company could not exceed 74% of the companys shares. These limits were removed by the Foreign Exchange Act of 2006 (Act 723) and non-resident investors can now invest in the market without limit or prior exchange control approval. Dividend income is taxed at 8%, while Capital gains on listed securities are exempt from tax until November 2010 (GES 2009). 2.5 CORPORATE GOVERNANCE REQUIREMENTS IN GHANA Over the recent years, notions of corporate governance has been gaining roots in Ghana in response to initiatives by some stakeholders such as the Ghana Institute of Directors (IoD-Ghana), Private Enterprise Foundation (PEF), State Enterprises Commission, the Institute of Economic Affairs, and the Ghana Centre for Democratic Development (Ocran 2001; Mensah et. al 2002). The IoD-Ghana strives to improve corporate governance practices and strengthen companies boards of directors. It has, for example, hosted international and national conferences, run competitions to increase awareness of corporate governance issues and developed manuals and procedures to help implement good corporate governance practices (Mensah et. al 2002). Notwithstanding the above developments, formal corporate governance structures and institutions are not widespread although a number of laws provide for governance structures for companies in Ghana. These laws include: The Ghana Companies Code 1963 (Act 179), The Securities Industry Law, 1993 (PNDCL 333) as amended by the Securities Industry (Amendment) Act 2000, (Act 590), and the Listing Regulations of the Ghana Stock Exchange, 1990 (L.I. 1509) (K-Coleman and Biekpe 2008) 2.5 .1 LEGAL REQUIREMENTS The Companies Code 1963 (Act 179), which is based substantially on the UKs Companies Act 1948, provides for governance mechanisms of all companies incorporated in Ghana (NEPAD 2005). It provides governance of ministration such as requirements to have directors, appointment and removal of directors, remuneration of directors, directors reports, and audited financial statements. It also provides for various mechanisms for shareholders to enforce their rights, such as rights to annual general meeting, equal treatments of shareholders. The Securities Industry Law 1993 (PNDCL 333), as amended by the Securities Industry (Amendment) Act 2000 (Act 590) and Exchange Commission Regulations (2003), provides for, among other things, the governance mechanism of all stock exchanges, investment advisors, securities dealers, issues concerning accounts and audits and collective investment schemes licensed under the Securities and Exchange Commission (SEC 2003). The Securities and Exchange Commission, overseeing the disclosure of material information to the investing public by companies, including securities listed on the Ghana Stock Exchange. Regulatory Frameworks for Boards of Directors The Companies Code describes directors as person who is appointed to direct and administer the business of the company, and stipulates that each company must appoint a minimum of two directors for a company. However, the Code allows companies to fix the maximum number of directors in their Regulations. Section 181 of the Companies Code provides that directors are to be appointed through the individual votes of shareholders at a general meeting of the company. However, this frequently means that the directors are approved by the controlling shareholders. There is no requirement under the Companies Code for the appointment of independent directors but this is required under the Securities and Exchange Commissions Code of Best Practices on Corporate Governance (SEC Code) for the GSE. In the exercise of their duties, the directors are required to act at all times in what they believe to be the best interests of the company as a whole so as to preserve its assets, further its business, promote the purposes for which it was formed, and to do so in such manner as a faithful, diligent, careful, and ordinarily skilled director would act in the circumstances. The Code makes provision for the appointment of executive directors by allowing directors to hold any other office or place of profit in the company, other than office of auditor. The directors remuneration is to be reasonably related to the value of services provided and is to and shall be determined from time to time by ordinary resolutions of the company The Companies Code enjoins directors to, at least once annually (at intervals of not more than 15 months), to prepare and send to each shareholder the directors report, which show the state of the companys affairs with any change during the financial year in the nature of the business of the company. The report is approved by the board of directors and signed on behave of the two directors. Regulatory Framework for Shareholder Rights The Companies Code 1963, the Securities Industry Law 1993 and the Regulations of the Ghana Stock Exchange provide the primary regulatory framework for the establishment and operations of companies that issue publicly traded securities. The Companies Code gives shareholders opportunities to participate and vote in general shareholder meetings or exercising rights through proxy for the appointment or removal of directors, access to timely and transparent company information concerning the date, location and agenda of general meetings and the right to petition against unfair prejudice. The Securities Industry Law and the GSE Listing Regulations ensure that the market for corporate control of listed companies functions in an efficient and transparent manner. It provides for example the organizing of shareholders meetings, proxy solicitation and voting by shareholders, disclosure of equity ownership, and allowable actions that shareholders may undertake against directors, including law suits, the removal of directors, and penalties for breaches of their fiduciary duty. Regulatory Framework for Accountability and Audit Under the Companies Code a companys, directors are responsible for keeping proper books of account and for the preparation of financial statements which provides a true and fair view of the company. Auditors are to be appointed by an ordinary resolution of shareholders, except that the directors may appoint the first auditor of the company and fill any casual vacancy in the office of an auditor. Auditors are expected to employ diligence, objectivity and independence in the discharge of their duties and functions. To ensure the auditors independence, the Code prohibits an officer of the company or any associated companies, partners of, or employees of an officer of the company from holding office as auditor. However, the Code permits auditors, in addition to their statutory duties to shareholders as auditors, to provide other services to the company such as, advising on accounting, costing taxation, rising of finance and other matters. This provides a ground for a conflict of interest which may impair the auditors independent. An auditor may be removed from office by an ordinary resolution of shareholders at an annual general meeting after 35 days notice and is allowed to speak to this at this meeting in response to his intended removal. No provisions exist under the Companies Code limiting the term of office of auditors. The GSE Listing Regulations recognize the need for audit sub-committee which should be composed of non-executive directors. The GSE Listing Regulations also prescribe the audit committees duties such as; making recommendations to the board concerning the appointment and remuneration of external auditors; reviewing the auditors evaluation of the system of internal control and accounting. The Companies Code, the Securities Industry Law and the GSE Listing Regulations requires all companies to provide shareholders with audited financial statements prepared in accordance with the Ghana National Accounting Standards issued by the Institute of Chartered Accountants (Ghana) at close of their financial year to its shareholders. 2.5.2 LISTING REQUIREMENTS AND GOVERNANCE GUIDANCE BY CODE OF BEST PRACTICES In December 2003, the Ghana Securities and Exchange Commission (SEC) issued corporate governance principles for listed companies entitledCode of Best Practices on Corporate Governance. This code is based on the OECD Principles of Corporate Governance (SEC 2003). Consistent with the United Kingdom, the code is not mandatory. While these provisions are not binding, the SEC encourages compliance with the Code and requires listed companies to include a statement in their annual report disclosing the extent of compliance with these guidelines. The Code set out principles for the equitable treatment of all shareholders, disclosure and transparency and responsibility of the board of directors. As require by best practice. There should be formal and transparent procedures for appointments to the board. Also there should be separation between the roles of CEO and Board Chairman responsibilities unless there are specific reasons militating against such separation. In the case where two offices are combined the Code required companies to explain to shareholders and the board must enact procedures that ensure the independence of the board as a whole and their respective responsibilities should be defined. There should be a balance of executive and nonexecutive directors with the complement of independent non-executive directors being at least a third of the total membership of the board and in any event, not less than two. 2.6 ANALYSIS OF CORPORATE GOVERNANCE DISCLOSURES IN GHANA IN COMPARISON WITH THE UNITED KINGDOM The provisions of the code are set in Table 1. Further, so that the provisions applying in Ghana may be evaluated in the light of well established Code of Corporate Governance, the provisions of the UKs Combine Code of Governance (Financial Reporting Council, 2008) are also presented. B.2 ProceduresThere should be a formal and transparent procedure for developing policy on executive remuneration. Members of the committee should exclude themselves from deliberations concerning their own remuneration.There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing the remuneration packages of individual directors. No director should be involved in deciding his or her own remunerationC.2 Internal ControlThe board is responsible for ensuring that appropriate systems of internal control are in place for monitoring risk, adherence to financial governance measures and compliance with the law.The board should maintain a sound system of internal control to safeguard shareholders investment and the companys assets GHANA UK A. Directors A.1 The Board Every company should be headed by an effective board, which is collectively responsible for the success of the company A.2 Chairman and Chief Executive There should ideally be a separation between the role of Board Chairman and CEO unless there are specific reasons which militate against such separation. There should be a separation between the roles of CEO and Board Chairman A.3 Board Balance and Independence The board should include a balance of executive and non-executive directors with the complement of independent non-executive directors being at least one third of the total membership of the board and in any event not less than two. The board should include a balance of executive and non-executive directors (and in particular independent non-executive directors) such that no individual or small group of individuals can dominate the boards decision taking A.4 Appointments of Board Appointments to the board should be formal and transparent selection process should be based on merit. There is no nomination committee There should be a formal, rigorous and transparent procedure for the appointment of new directors to the board. There should be a nomination committee which should lead the process for board appointments and make recommendations to the board A.5 Information and Personal Development The board should have unrestricted access to all company information, records and documents. All directors enjoy the right to retain outside professional experts for counsel The board should be supplied in a timely manner with information in a form and of a quality appropriate to enable it to discharge its duties. All directors should receive induction on joining the board and should regularly update and refresh their skills and knowledge A.6 Performance Evaluation The board should annual review their own performance and that of the various committees The board should undertake a formal and rigorous annual evaluation of its own performance and that of its committees and individual directors. A.7 Re- Election All directors should submit themselves for re-election at regular intervals and at least once in every three years of its committees and individual directors. A.7 Re- Election All directors should submit themselves for re-election at regular intervals and at least once in every three years All directors should be submitted for re-election at regular intervals, subject to continued satisfactory performance B. Directors Remuneration B.1 Directors Remuneration The levels of remuneration in corporate bodies should be competitive, should focus on retaining management and be linked to corporate and individual performance. Every corporate body should establish a remuneration committee. The remuneration committee should comprise of a majority of non-executive directors. Does not give number of directors Levels of remuneration should be sufficient to attract, retain and motivate directors of the quality required to run the company successfully, but a company should avoid paying more than is necessary for this purpose. A significant proportion of executive directors remuneration should be structured so as to link rewards to corporate and individual performance. The board should establish a remuneration committee of at least three independent non executive directors. C. Accountability and Audit C.1 Financial Reporting The board is responsible for ensuring that a balanced and understandable assessment is given of the financial and operating results of the corporate body in the financial statements. The board should present a balanced and understandable assessment of the companys position and prospects C.3 Audit Committee and Auditors The board should establish an audit committee. The audit committee should comprise at least three directors, the majority of whom should be non-executive The board should establish an audit committee of at least three independent non-executive directors D. Relationship with shareholders D.1 Dialogue with institutional shareholders There should be a dialogue with shareholders based on the mutual understanding of objectives. The board as a whole has res