How Effective Are Various Methods in Reducing Recidivism Essay Example for Free

How Effective Are Various Methods in Reducing Recidivism Essay Jail, non-custodial sentences and recovery appear to be completely fizzled in decreasing recidivism; be that as it may, there is pretty much nothing and constrained proof to help non-custodial sentences, just as certain individuals might suspect if restoration could be actualized adequately, it would work. In spite of the fact that the upside of jail is keeping our general public from hazardous individuals, with regards to decreasing recidivism rate, the impact of jail is frustrating. People in general normally imagine that detainment is more secure for networks; nonetheless, it seems weak to deflect detainees from carrying out wrongdoing once more. In the article, â€Å"Study shows building jails didn't forestall rehash crimes†, Fox Butterfield (2002) refers to an enormous scope investigation of recidivism from the Bureau of Justice Statistics, which researched up to 272,111 previous detainees in 15 states during the initial three years subsequent to being discharged. It found that 67% of detainees overstepped the law again in three years directly after their discharge in 1994. It is astonished that it doesn't have any effect to recidivism rate which was concentrated in 1960’s, and it is even 5% higher than the investigation done in 1983. Moreover, it demonstrated that the more rearrest records a criminal has, the higher recidivism rate he has. The prisoners who have more than 15 earlier captures have 82. 1% of recidivism rate. All things considered, as per Emily Kingham’s article (2006), she accepts that jail powers guilty parties to lament and ponder their conduct; with respect to the explanation that lawbreakers can't dismiss the allurement of carrying out new wrongdoing is a direct result of lacking offered help. Regardless of this, a few specialists have conceded that jail doesn't work as far as decreasing recidivism rate (Considering the options 1978; Finckenauer 1988). Some restricted proof has demonstrated that non-custodial sentences may diminish recidivism; paying little heed to certain specialists being doubtful about their ideal accomplishments. From one viewpoint, elective sentences can assist government with setting aside cash and reduce over-squeezed number of lawbreakers in jail (Considering the choices 1978). Then again, Kingham(2006) calls attention to that elective sentences never really return detainees to their unique conditions, which bring about ignorance of their wrongdoings and the onsequences. One investigation showed that through one of elective sentences, serious probation, recidivism rate is under 20%; in any case, the proof perhaps feeble as the examination has not been totally incorporated (Considering the choices 1978). Besides, in the Minnesota, elective sentences have been effectively embraced to keep criminal rate not expanding, yet it may not be persuaded in light of the source not being affirmed (Considering the choice s 1978). While a few people contend restoration is likewise fizzled in lessening recidivism rate, a few creators counter that if government could bolster recovery, recidivism rate would diminish. As per the article, â€Å"Prison†, James O. Finckenauer (1988) refers to certain examinations, which shows that despite the fact that the administration has just given great restoration programs, they can't accomplish reformatory of detainees. Then again, this position is challenged by Joan Petersilis (refered to in Butterfield 2002), a teacher of criminology at the University of California at Irvine and a specialist on parole, who says that state governments spent such minimal expenditure on restoration programs that detainees don't get adequate assistance with tranquilize expansion, work ability and groundwork for another life, which may lead expanding recidivism rate. Butterfield (2002) further refers to the announcement by Mr. Travis, who additionally contends that crooks come back to wrongdoing.

Hamlet vs Othello Free Essays

In two of Shakespeare’s most celebrated disasters, Hamlet and Othello, strength and impotency are tended to through characters activities and plans. To be strong is to use power, to be forceful, compelling, convincing, and fitting. One of every a high position, one whom many gazed upward to, would almost certainly hold attributes of strength. We will compose a custom exposition test on Hamlet versus Othello or then again any comparative theme just for you Request Now Contrastingly an inept character would be one of a lower position, and appropriately one of lesser position and impact. The first of these plays, Hamlet, discusses a youngster, Hamlet, looking for retribution on his uncle for the homicide of his dad and the taking of his father’s seat and spouse. The subsequent play, Othello, exhibits Iago, the adversary, to be in need of Othello or Cassio’s higher position and his assurance to acquire these through homicide, trickiness, or some other awful instrument. Youthful Hamlet from Shakespeare’s Hamlet, and Iago from Othello give explicit complexity in the power of their activities over the span of each play. Hamlet depicts a weak character through his absence of correspondence and activities, and Iago depicts an intense character through his beguiling correspondence and definitive activity. Be that as it may, they exhibit paying little heed to one’s impact or capacity to employ power, comparable thought processes will make equal inferences. Over the span of the play Hamlet, the crowd watches youthful Hamlet create from a character that has no impact on the remainder of his family to one who radically switches its make up. In the first place, he is contrasted with a withering lord of another realm, one â€Å"who [is] barren and bed-rid† by his uncle Claudius, and apparently has little impact on anybody around him. (I. ii. 9) The speaker attracts this correlation with place accentuation on the powerless idea of Hamlet. Inside the main demonstrations, his character isn't uncovered through his correspondence with others, however through his asides and talks. Upon an experience with the phantom of his late dad and the prologue to his crucial murder Claudius for vengeance; Hamlet talks in a monologue loaded with puzzlement over his resulting activities. He concludes that â€Å"break, [his] heart, for [he] must hold [his] tongue†, and along these lines not to talk with anybody in regards to the issue, yet scan out the right activities for himself (I. I. 159). Hamlet along these lines assigns his vengeance to be relational and feeble for the time as he decides his game-plan, rather than making a move and talking with others right away. As he battles inside himself over the moves he will make, questions emerge through seeing more feeling depicted in a play that occurs on the King’s Court than he feels inside him. Hamlet asks in an aside, â€Å"had [the player] the thought process and sign for energy/That I have? † (II. ii. 564-565). In spite of Hamlet’s positive reason for retribution, he battles with his powerlessness to make a move and reprimands himself for being not able to try and show the feeling a player appeared in a phony circumstance. Along these lines, impotency of Hamlet is extraordinarily stressed through his monologues and confirmation that â€Å"[he is] pigeon-livered, and needs gall† towards establishing vengeance for his dad upon his uncle (II. ii. 581). Besides, he talks about how â€Å"the child of a dear dad murder’d/Prompted to [his] retribution by paradise and hellfire,/Must, similar to a prostitute, unload [his] heart with words† as opposed to having the option to make any deciding move against Claudius (II. I. 587-590). Now, Hamlet’s impotency has arrived at its most elevated potential. His motivation has been clarified, and the general course that his moves should make was directed to him through the apparition; all that is left is for him to be definitive and make a move. Be that as it may, each move he makes is stale, and intended to decide his last proportion of activity rather complete it. Starting now and into the foreseeable future in any case, the activities of Hamlet and his arrangement with respect to vindicate gradually start to play out. Since his source of inspiration, he had been looking for an approach to demonstrate Claudius’ blame, and once this is finished Hamlet will â€Å"take the ghost’s word† and complete retribution upon Claudius. Lamentably, because of his hesitation over what way to take to decide the king’s blame, his last activities are made after Claudius knows about the threat Hamlet presents to him. Hence the main possibility Hamlet needs to finish his last activity is made as he is kicking the bucket from being harmed by the lord through a â€Å"potent poison [which] very o’er-crows [his] spirit† (V. ii. 357). Along these lines his surpassing barrenness all through the greater part of the play brought about his own homicide, due to Claudius’ revelation of Hamlet’s vindictive thought processes. In Shakespeare’s Othello, a totally different character and strategy for finishing an errand is seen inside Iago than has been found in Hamlet. His discourses comprise not of battling with himself, deciding the good and bad activities, however they show his very power in taking activities and controlling others. Rather than playing with his own feelings Iago utilizes a wide range of characters to finish his will all through Othello, even those as minor as Roderigo. Roderigo is seen all through his demise as exploited by Iago, and even talks about Iago as one â€Å"hast had my handbag/As if the strings were [his]† and had the option to move him into activities and words which he would not regularly have taken (I. I. 2-3). Iago doesn't invest energy mulling over and battling inside himself through the span of activities as Hamlet does, however stands up. Nonetheless, despite the fact that Iago speaks with others, similar to Hamlet he never uncovers his arrangement to people in general. He rather works stealthily through control and shrewd activities. As Iago invests his energy working through others and shrewdly taking basic activities, he talks saying â€Å"Aye, that’s the way. /Dull not gadget by chilliness and delay† (II. iii. 345-346). This very line, just as the case of Roderigo makes of Iago’s capacity to control and move individuals, exhibits the strength that Iago conveys. He can accept each open door present and use it to further his own potential benefit. So as to debilitate the situation of Othello, he who holds Iago’s needed position; Iago persuades Othello his better half has been unfaithful. He decides â€Å"if [he] gave [his] spouse a handkerchiefâ€â€Å" she ought to have the option to offer it to whomever she satisfies as a token of love (IV. I. 10). In this manner, if Desdemona, Othello’s spouse, no longer has the tissue it is a certain indication of her unfaithfulness because of the chance of her offering it to a darling. By some coincidence, Iago knew that Desdemona couldn't discover the cloth, and can utilize this to persuade Othello that Desdemona is double-crossing. As this piece of Iago’s plan unfurls, Cassio and Desdemonaâ€objects of Iago’s intentâ€are aimlessly brought into his control, yet Iago despite everything seems, by all accounts, to be guiltless. He utilizes each opportunity he is given, and assembles his arrangements to pick up status as each new open door emerges, rather than deciding a full strategy before continuing as Hamlet did. In any case, because of the quick move that Iago makes, he can't completely grasp the repercussions of them, as Hamlet had the option to do. At long last, this lack of regard prompted his destruction when he couldn't murder Cassio. Cassio’s passing would have implied all the untruths that Iago had been taking care of to Othello and his companions would have appeared to be truth, and he would have been raised to a higher status as he wished. Be that as it may, with Cassio still alive reality of what iago's identity is and his thought processes become obvious. He is viewed as a â€Å"inhuman dog† for the entirety of the control and conspiring that he had done (V. I. 61). Consequently he is sent to meet a similar destiny that he drove others to meet, and â€Å"the rebuke of this repulsive lowlife (Iago)† and possible demise, is left in the hands of a residual government official (V. ii. 366-367). In a similar way that Hamlet was fixed by his extraordinary impotency all through the play, Iago was likewise taken by the converse outrageous, power. Each character found an enormous range with apparently no center ground to follow up on, and were each given a comparative ramification for such boundaries. Over the span of every disaster, examinations and differentiating components can be drawn from both Hamlets’ Hamlet, and Othello’s Iago. Every ha an immediate objective as a primary concern, and however they are diverse in detail, they are comparable by they way they are to be realized. In spite of the fact that Hamlet and Iago have comparable objectives, their strategy for accomplishing each change significantly. Hamlet talks inside himself; he wishes to make certain of his activities and the repercussions of them before executing his arrangement. Along these lines he is viewed as a weak character, one without impact and who doesn't control his capacity so as to accomplish his objective of vengeance. Then again, Iago straightforwardly controls individuals through his utilization of words and his own activities. He is seen as an intense character for the manner in which he utilizes capacity to achieve his objective of a higher standing, and executes activities without appearing to think about the ramifications of every one of them. At long last be that as it may, both Hamlet and Iago wind up confronting unavoidable passing because of their activities. Each character was an outrageous of power, either high strength, or none by any means, and at last this prompted their defeat. The possibility of boundaries prompting one’s ruin can be seen in Hamlet and Othello, yet in numerous different cases also. Unresponsiveness versus energy is a case of two limits that whenever found in a marriage or even companionship, could prompt the finish of the relationship. Were there such energy mind

A Reflective Analysis on the Assessment and Management for ankle Essay - 1

A Reflective Analysis on the Assessment and Management for lower leg injury - Essay Example The point was not exclusively to see the patient getting the most reasonable treatment for his condition, yet additionally to consider such issues as how might he have been dealt with fairly contrastingly for an ideal result and in what capacity can comparable wounds be forestalled later on. While considering this patient’s case brilliantly the Gibbs model was picked (1988). This settled model was picked in light of the fact that it follows sensibly , and incorporates such things as assessment and investigation, and furthermore takes into account the way that the issue may repeat, as is regular in lower leg wounds. The specialist as they reflect, learn while doing. A patient in his mid 20s strolled in at the UCC with a contused left lower leg. He said that he procured the injury while playing soccer and the expanding and response present showed that he was in extraordinary agony. The patient reacted to inquiries so as to recognize the reason for the injury, and the following reason for activity. A lower leg injury happens when there is overstretching of tendons past their capacity, in this way causing a tearing (Stephens, Pait, and Sheehan, 2003). Adhering to the OTTAWA lower leg rules, not all lower leg springs require XRAY, particularly where there are no presumed cracks (McKeag and Moeller, 2007, p. 502). In any case, the clinician made an exclusion for this situation on the grounds that there was an expanding on the left lower leg and the condition would not permit palpation of the bone. It was felt that if the patient had not kept playing at the underlying stage when he previously harmed the lower leg then there would not have been such growing and the torment he was encountering. Lower leg sprain results from two circumstances; The reversal injury whereby the lower leg turns inside as the lower leg backwards and a physical issue because of outside pivot (Buttaro, Trybulski, and Bailey, 2013 p.887). So as to decide the degree of the injury, which is an order the injury in a specific evaluation, a wellbeing professional does further

Communications Theory Essays -- essays papers

Correspondences Theory Correspondences is that what ties the world. Despite the fact that it is anything but difficult to offer a straightforward response when asked what interchanges precisely is, it is hard to clarify it so it is seen obviously. There is a great deal you have to consider with it. There are various zones concerning interchanges and differing capacities around there. Through this exploration report we will have a brief look in the realm of interchanges and with it more information and comprehension about it. Corporate Communication Corporate correspondence exists of various fields, which together have the reason to make a picture and character of an organization and its item. Corporate correspondence is an administration instrument that consolidates all types of direct correspondence and apparatuses them for each other. Notoriety is significant. The primary objective of corporate correspondence is to improve the notoriety of an organization. A corporate notoriety is a subjective portrayal of a company’s capacity to meet the desires for its partners. An organization profits by a positive notoriety by turning into the principal selection of clients, speculators, providers and representatives. A corporate notoriety makes investor esteem, since it contributes all by itself to the company’s serious position. An organization profits by its notoriety, in light of the fact that:  · It improves incomes and productivity;  · It acts like an obstruction that hinders contention;  · It gives an organization an improved permit to work; and  · It raises a defensive shield against downturns and emergency. An organization which is had some expertise in corporate correspondence is for instance: The Corporate Communication Center. C.C.C. is a joint activity of the Erasmus University (Rotterdam, The Netherlands) and the business network. The middle attempts to co-ordinate all the correspondence exercises inside an organization and offers guidance on correspondence strategies and the association of specialized techniques. C.C.C. likewise offers preparing in corporate correspondence, official courses and in-organization courses. Organizations as Shell, Unilever, Compaq Computers and Ernst and Young have a decent notoriety. They are worldwide undertakings. They need a decent notoriety to be the main in their field. Particularly Shell, since its item (fuel, gas) is awful for nature. However, by presenting Shell â€Å"Pura†... ...alled Visual Communications Quarterly.It is co-supported by the Viscom division (likewise a visual correspondence association) and the National Press Photographers. Reference index: Asset list: The Media Institute www.media.org/ The Communication Research Center www.jou.ufl.edu/commres/crc.htm Relationship for training in news-casting and Mass Communications www.facsnet.org.cgi-canister/New/facs/4149 Media History Monographs: quarterly online diary www.scripps.ohiou.edu/mediahistory CED: the Premier Magazine of Broadband Communication www.cedmagazine.com www.ivca.org www.viscom.apanet.org www.artic.edu www.herron.iupui.edu The Blake Agency http://www.blakeagency.com/ Anderson and partners http://www.prexperts.com/public_relations_dir45.htm The McRae Agency http://www.mcraeagency.com/ Who is in control? Corporate interchanges or corporate promoting? An European study among the top notoriety driving organizations Place for corporate interchanges, mem organization at the college of St. Gallen, Switzerland working paper, 1999 Markus Will, Malte Probst and Thomas Schmidt The reputational Landscape 1997 vol 1 C. van Riel and C. Fombrun

The Multicultural Education Essay -- essays papers

The Multicultural Education John Searle addresses the â€Å"major debate†¦ going on at present concerning†¦ an emergency in the instructing of the humanities.† [Searle, 106] He proceeds to guard the ordinance of works by dead white guys that has generally made up the educational plan of aesthetic sciences training. I can't help contradicting a significant number of his contentions, and accept that multiculturalism ought to be educated in the college, yet this is only a glimpse of something larger. Liberality will take significantly more than simply insignificant changes in educational plan. All together for works by various races and ladies to be judged and concentrated close by works by white men, they must be viewed as equivalent to works by white men. They must be read for their artistic substance, not for the announcement they make about women's liberation or race. We don’t simply need to assess them by similar guidelines, we have to change the measures. The measures set by the custo mary aesthetic sciences training have been set by white guys and are characteristically one-sided. New guidelines should be set that are as receptive as we need understudies to be. This is a pattern that should be begun path before school. A different educational program ought to be instructed all through a person’s training, since that is the thing that will deliver balanced, liberal people that will change the custom of persecution in the public arena. Searle says, â€Å"We ought not be humiliated by the way that a lopsidedly huge level of the major social accomplishments in our general public have been made by white males.† [Searle, 118] To this, I state yes we should! We ought to be humiliated that there are individuals who don’t see this â€Å"disproportionately huge percentage† isn't because of the mind-boggling knowledge of the white male, yet to hundreds of years of abuse. Our way of life hasn’t supported the scholarly endeavors of ladies or minorities, their thoughts and interests have been stifled, likely out of dread. We have a general public ruled by white guys, it shouldn’t be astonishing that writing is as well. We have to change the manner in which our general public view ladies and minorities. Attempting to do this by changing the educational plan of undergrads is silly. We have to begin from the earliest starting point, with the youngsters. Kids should be encouraged that they exist as a piece of the world, as opposed to similarly as a piece of America. On the off chance that experience is supported at a youthful age, it will supplant the â€Å"us† and â€Å"them† mentali... ...be extended to new thoughts and societies. College instruction ought to be an expansion of, not a trade for, evaluation and secondary school training. I feel that, all in all, we are making progress toward a more receptive society. Kids and youthful grown-ups are more tolerating than their folks and their grandparents, and I think on the off chance that we empower and welcome this pattern, it will proceed to their youngsters. In any case, it isn't the situation in all families, and regardless of whether it were, family is just one of the impacts in a child’s life. As they get more established, they are progressively affected by outside components, for example, school, the media and culture. We have to empower kids and open their brains with all the devices we have accessible to us as a general public. Kids are the ones that will make up the greater part of the compelling populace in twenty years. Expanding their viewpoints is widening the future’s skylines also. As we change the manner in which our general public perspectives ladies and minorities, as they are held onto as equivalents, we will begin to see abstract wo rks of a similar bore, if worse than the works included by the customary standard. At that point, we will be making a course for having a progressively various advanced degree.

Corporate Governance Disclosure - Free Essay Example

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. 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. B.2 Procedures There 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 remuneration 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.2 Internal Control The 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 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 responsibility for ensuring that a satisfactory dialogue with shareholders takes place. D.2 Constructive use of AGM The board should use the AGM as the primary means of meeting and interacting with shareholders The board should use the AGM to communicate with investors and to encourage their participation D.3 Shareholders rights There should be a dialogue with shareholders based on the mutual understanding of objectives Note: Same is used in the context not to mean same wording but in content CHAPTER 3 THEORETICAL FRAMEWORK 1. INTRODUCTION This chapter provides a definition of corporate governance and examines the importance of, and principles underpinning, corporate governance. It also reviews prior research examining corporate governance disclosures and, in particular, those studies which have investigated corporate governance disclosures in ECMs. 2. DEFINITIONS OF CORPORATE GOVERNANCE Ideas of corporate governance have developed and gained importance as companies have grown in size, and their power and influence in society has increased. At the same time, company managements have come to be regarded as accountable to the companys stakeholders rather than just its shareholders. The concept of the stakeholder was defined by Freeman (1984) as any group or individual who can affect or is affected by the achievement of the firms objectives (Freeman, 1984). The increasingly stakeholder-oriented view of corporate governance has resulted in defining corporate governance in broad terms. Solomon (2007) for example, defined corporate governance as a system of checks and balances, both internal and external to companies, which ensures that companies discharge their accountability to all their stakeholders and act in a socially responsible way in all areas of their business activity (Solomon, 2007, p. 14). According to The Committee of Financial Aspect of Corporate Governance (CFACC, 1992: Cadbury Report), corporate governance is concerned with balancing between economic and social goals and individual and communal goals. The governance framework encourages the efficient use of resources and requires accountability for the stewardship of those resources. The aim is to align, as nearly as possible, the interests of individuals, corporations and society. The incentive to corporations is to achieve their corporate aims and to attract investment. The incentive for States is to strengthen their economics and discourage fraud and mismanagement (Cadbury Report, 1992). Corporate governance embodies the ideas of specifying the companys strategy, objectives and controls the development of internal controls to make sure that the companys managers and employees work towards the achievement of these objectives. Thus, among other things, corporate governance is concerned with structures and processes for decision making, ensuring accountability, and controlling managerial and employees behaviour. It therefore, seeks to address issues facing the board of directors, such as the interaction with senior executives and the relationship of the company with its owners and others interested in the affairs of the company. 2.3 PRINCIPLES UNDERPINNING CORPORATE GOVERNANCE ACTIVITIES A number of principles underpin effective corporate governance namely, business probity, honesty, responsibility and fairness or equal opportunity (Nolan 1995). If corporate entities exhibit these qualities, this will improve relationships between companies, their stakeholders and the overall welfare of the economy. These principles are briefly discussed below. Business Probity:Business probity requires company management to be open and honest in the discharge of their responsibilities. According to Brain (2005), openness implies a willingness to provide information to individuals and groups about the companys activities. In this regard, it is important to recognize that shareholders, other investors and other stakeholders need information about a companys activities in order to evaluate its performance. Timely delivery of information will enable them achieve this purpose. Honesty:Good corporate governance requires company directors and managers to be honest in the discharge of their responsibilities. Honesty requires managers to deliver factual information. Brain (2005 p. 26) contends that, whiles honesty might seem an obvious quality for companies, in an age of spin and the manipulation of facts, honest information is perhaps by no means as prevalent as it should be. Responsibility:Corporate governance requires company managements to be responsible in the discharge of their duties. Amongst other things, stakeholders require confidence that a companys financial systems are secure and reliable, and managers are expected to work to meet this expectation. Responsibility in the context of corporate governance includes other issues such as transparency and accountability. Directors are accountable to their stakeholders and therefore have a duty to explain their action to the companys stakeholders so as to enhance the latters understands of the companys activities (Cadbury 1992). Fairness: The principle of fairness requires impartiality and a lack of bias in corporate activities. In the context of corporate governance, the quality of fairness is achieved when managers behave in a reasonable and unbiased manner, that includes making disclosure in a fair reasonable manner. In this sense, good governance results in all stakeholders receiving equal consideration. 2.4 IMPORTANCE OF EFFECTIVE CORPORATE GOVERNACE AND DISCLOSURE Good corporate governance underpins market confidence, and corporate integrity and efficiency, and hence promotes economic growth and financial stability (OECD, 2005). The Committee on Corporate Governance (1998: Hampel Report) noted that good governance ensures that constituencies (stakeholders) with a relevant interest in the companys business are fully taken into account. In addition, good governance can make a significant contribution to the prevention of malpractice and fraud, although it cannot prevent them absolutely. Bosch (2002) also noted that, good governance increases the creation of wealth by improving the performance of honestly managed and financially sound companies. Other commentators, such as Gregory and Simms (1999), assert that effective corporate governance promotes the efficient use of resources both within the firm and the larger economy. They explain that, with effective corporate governance systems, debt and equity capital should flow to those corporations capable of investing it in the most efficient manner for the production of goods and services most in demand and with the highest rate of return. In this regard, effective governance helps to protect scarce resources and helps ensure that societal needs are met. According to the OECD (1999) good corporate governance ensures that timely and accurate disclosure is made of all material matters regarding a company, including its financial and non- financial position, performance, ownership, and governance mechanisms. Disclosure also helps to improve public understanding of the structure and activities of the enterprise, its policies and performance with respect to environmental and ethical standards, and the companys relationship with the communities in which it operates. Further, according to Verrecchia, (2001), adequate disclosure enhances stock market liquidity, thereby reducing the cost of equity capital either through reduced transaction costs or increased demand for a firms securities. Along similar lines, Ashbaugh-Skaife et al. (2006) assert that adequate disclosure of financial information and information about a companys compliance with corporate governance requirements and/ or guidance is critical to reducing the information asymetry between the company and its capital suppliers. They conjecture that, companies with more timely and informative disclosures are perceived to have a lesser likelihood of withholding value-relevant unfavourable information and, as a result, are expected to be charged a lower risk premium by creditors. As a result of a reduced cost of capital, such companies enjoy high valuation (Coles et al. 2001). 2.5 ATTRIBUTES OF HIGH QUALITY CORPORATE GOVERNANCE DISCLOSURES Corporate disclosure of relevant and reliable information is critical for the functioning of an efficient capital market. Companies provide disclosure through regulated financial reports, including their annual audited financial statements, directors, management discussion and analysis, and other regulatory filings (Healyand Palepu, 2001). Disclosure concerns issues of transparency in the activities for which companies are accountable, the results of their activities (Leuz and Verrecchia, 2000). Another important aspect that should be mentioned concerning high quality corporate governance disclosures is that we are talking about both qualitative and quantitative and we want it to be complete and also useful. The conceptual framework of the International Accounting Standards Board (IASB) provides guidance regarding generally accepted notions for assessing high quality disclosure. The IASB framework identifies four qualitative characteristics of information that make information useful to users in making economic decisions, namely, understandability, relevance, reliability and comparability (IASB, 1989). These attributes are briefly discussed below Understandability:An essential quality of information provided in accountability reports it that is readily understandable by users. For this purpose, users are assumed reasonable knowledge of business, economic activities and accounting and a willingness to study the information with reasonable diligence. (IASB, 1989) This means that the manner of presentation has to be in keeping with the knowledge and experience of users, and should include the following: a good design, systematic classification of topics, and an explanation of unknown terms in the text to enhance understandability. Relevance: Information should be relevant to the needs of users in forming an opinion or decision. Information has the quality of relevance when it may influence the economic decisions of users by helping them to evaluate past, present and future events or to confirm or correct past assessments. The relevance of information is affected by its nature and materiality (IASB, 1989). Information is material if its omission or misstatement could influence users decisions. Materiality depends on the size of the item or error judged in the particular circumstances of its omission or misstatement (IAS 1). Management is responsible for making appropriate decisions with respect to the application of the materiality principle and its effects on the content of its corporate disclosures. Comparability:Information should be presented in a consistent manner over time and be comparable with related information and with similar information for other entities in order to enable users to evaluate a companys progress aid and its performance related to those of other similar companies. Users should be able to compare the companys performance indicators over time and with other similar businesses to enable them to identify and analyse the outcome of any changes. Any reason for a change should be explained by means of notes, and where it is not practical to adjust comparatives, the reason for that should also be explained Reliability:Information has the quality of reliability when it is free from material error and bias, and when it gives a true, complete and balanced view of the actual situation underlying reality. The key aspects of reliability are faithful representation, priority of substance over form, neutrality, prudence and completeness (FASB, 1989). The information should faithful represent the actual situation in the business, complete within the boundaries of what is relevant, well-balanced in terms of reporting both positive and negative events, presented in the right context, and free of material misstatement. CORPORATE GOVERNANCE DISCLOSURES IN EMCs, PRIOR STUDIES Considerable empirical research has been conducted into corporate governance disclosures in corporate annual reports. These studies have in general, used a disclosure index or score to evaluate corporate disclosures in annual reports (Patel, and Bwakira 2002, Botosan 1997). However, the research to date has been focused primarily on mature capital markets (Meek Gray, 1989; Gray et al., 1995) and emerging markets such as Zimbabwe and Tanzania (Mangena Tauringana 2007 and Abayo et al., 1990)). Very few studies have investigated corporate disclosure in Ghana (Tsamenyi et al., 2007). Dahawy (2008) studied corporate governance disclosure in Egypt. The study evaluated the corporate governance disclosures by of 30 companies listed on the Cairo Alexandria Stock Exchange (CASE) by comparing them to the United Nations corporate governance disclosure checklist. This checklist consists of fifty-three disclosures to measure the level disclosure. Dahawy found that the level of disclosure in Egypt is low; on average the companies studied disclosed information about 22% of the 53 disclosure items in the UN checklist. Hossain and Khan (2006) surveyed 100 companies listed on Chittagong Stock Exchange in Bangladesh to ascertain whether there are significant relationship between corporate governance disclosures and corporate attributes such as multinational affiliation, and the auditor been affiliated to the Big Four audit firm. They found that those companies having with a multinational affiliation tend to disclosure more information than local companies. Likewise, companies which are audited by a Big Four audit firm disclose more information than companies audited by a local audit firm. This support Firth (1979) research which found out that, larger companies are more inclined to disclose more information because they are prone to greater public scrutiny. 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Anthony Kyereboah-Coleman and Nicholas Biekpe THE RELATIONSHIP BETWEEN BOARD SIZE, BOARD COMPOSITION, CEO DUALITY AND FIRM PERFORMANCE: EXPERIENCE FROM GHANA Abstract (2008) Brenda Porter, David Hatherly and Jon Simon ( 2008) Principles OF External Auditing, John Wiley Sons Publication, 3rd Edition International Accounting Standards Board The Framework for the Preparation and Presentation of Financial Statements, Materiality Bogdan, Victoria, Popa, Adina S., Pop, Cosmina Madalina and Farcane, Nicoleta,Voluntary Disclosure and Ownership Structure: An Exploratory Study of Romanian Listed Companies(February 17, 2009). Available at SSRN: https://ssrn.com/abstract=13452 Securities Industry Law, 1992 (PNDCL 333) Source: Official Gazette of the Republic of Ghana, 19th November 1993. 10. Stock Exchange (Ghana Stock Exchange) Listing Regulations, 1990 (LI 1509) Source: Official Gazette of the Republic of Ghana, 11th January 1991.

Essay Topic Choices

Essay Topic ChoicesLiterary essays are a very important part of a writer's education. Good essays are the first thing that any reader sees when they turn on a novel or story. Good essays show what goes into the creation of a work of art, and the information provided in the essay is a necessary tool for the modern reader. It is also important for writers to understand why their work is popular with readers, so that they may craft more effective essays.There are a number of different types of literary essays. They can be classified as fiction, non-fiction, character studies, and experimental. No matter which type you choose, a good essay is important to any work of literature. Most writers choose to submit fiction essays because they are thought to be easier to complete. Fiction essays can easily go over five hundred and twenty pages long.Non-fiction essays, on the other hand, are considered shorter than fiction because they do not contain the same amount of information. There are many different types of non-fiction essays, such as memoirs, historical studies, cultural studies, and sociological studies. Literary essays, on the other hand, tend to run longer.One reason why some writers choose fiction over non-fiction is because of how simple writing literary essays is. It is easier to cover in less than a hundred and twenty pages. Of course, writers do not always have access to the time they need to write essays.Another reason why many writers choose fiction over non-fiction is because of the writer's ability to use the time to prepare their essay before writing it. Many writers like to write a book or novel the week before they submit it to the editor. This allows them to gain as much experience as possible and get all of their writing out of their system for the time being. Novels are often released months before they are due to appear in the paper.Writing literary essays requires a great deal of creativity and commitment to their craft. Writing a good essay can be quite difficult, but for the right kind of writer, the process can be fun and rewarding. A writer who is creative and original, however, is likely to find that a large number of readers enjoy their work. Good essays give the reader a chance to see a side of the author that they would not normally see if they only read the text on the page.Finding the right kind of essay for their writing style is one of the first steps towards successfully completing a good essay. When deciding which kinds of essays to write, writers should consider literary essay topics to start. It will make reading a literary work a more enjoyable experience.