Impacts of Green Revolution on Environment

Impacts of Green Revolution on Environment Effects of green revolution on environment Green revolution refers mainly to dramatic increases in cereal grain yields in most of the developing countries. It can also be defined as the renovation of agricultural practices which began in Mexico in the 1940s. it started spreading to other parts of the globe in the 1950s and 1960s as a result of the success in producing more agricultural products and hence increasing the amount of calories produced per acre of agricultural land. Researchers in Mexico developed broadly adapted, short stemmed and disease resistant wheats that did extremely well in converting fertilizers and water into high yields. The seeds improved were instrumental in boosting Mexican wheat production and averted famine in India and Pakistan. The abandoning of the chemical farming to adapt the organic farming which is fossil fuel driven has resulted to amazing increases in productivity , restoration of depleted soils, returning vibrant health for the farmers which had been affected by the chemicals in the ferti lizers and pesticides and a greater diversity of crops both within and between species. Green revolution has led to a situation where the worlds population can harvest more than 90% of its food calories from a meager 15 species of crops. Green revolution had also positive economic results. Since crops under high yield varieties needed more water, more fertilizer, more pesticides, fungicides and other certain chemicals. This spurred the growth of the local manufacturing sector such industrial growth created new jobs and contributed to the countries gross domestic product. The increase in irrigation created need for new dams to harness water. The water stored was used to create hydroelectric power and this in turn boosted industrial growth, created new jobs and improved their standards of living. Green revolution had negative impacts. Despite the rapidly expanding global food supplies there is also a large population still starving. This technology was made available only to rich but the poor farmers were left out due to the expenditure incurred in adapting the new technology. The poor farmers cant afford to buy fertilizers and other input in volume, water is a limiting factor in the farming and irrigation is out of reach for the poor farmer since they cant afford. The use of chemical fertilizers depletes the soils natural fertility and pesticides generates resistant pests farmers need more fertilizers and pesticides to achieve the same results. Green evolution is not ecologically sustainable. Researches conducted showed that after achieving dramatic increases in the early stages of the technological transformations yields began falling in several green revolution areas. An example is in Philippines, Central Luzon where the rice yields grew steadily during the 1970s got to its peak in the early 1980s and the yields have been decreasing steadily since then. Due to green revolution we have lost many of our agricultural biodiversity .when the farmers opted to plant the new improved crop varieties and raise the new cross breeds of livestock many traditional local varieties became extinct. The widespread use of pesticides and other agro-chemicals has lead to severe environmental degradation and endangered public health. The worldwide use of chemicals fertilizers has degraded the soil which results to loss of humus; the soil becomes cracked sand the water retaining capacity decreases. Green revolution was an expensive technology a nd hence for them to adopt it they had to get credit facilities and some ended up into large debts. Large scale monoculture farming is the growing of one single crop type over a wide area. Monoculture can lead to wide spread of diseases and affects the soil fertility since the continuous depletion one a particular nutrients from the soil without change. In monoculture cycles of nutrients, water, energy and wastes have become open opposed to closed as in a natural ecosystem. Despite the substantial amounts of crop residues and manure produced in farms, it has become more and more difficult to recycle the nutrients in the agricultural system. Animal wastes cannot economically be recycled to the land in a nutrient recycling process because the production systems are remote geographically from the other cycles which can complete the cycle. Soil fertility is the key factor in the green evolution technology .the high yields achieved due to green evolution is geared by fertile soils which results due to use of chemicals .wide spread of green evolution and large scale monoculture has resul ted to soil infertility such that the soil cannot produce on its own. Large scale monoculture has lead to increased yields due to lack of competition from other plant species but as time goes by the soil fertility of land/soil reduces due over exhaustion. Large scale is monoculture has increased recently and is boosting the economy due to high yields but it is posing danger in the future due to increased soil infertility. Apart from green evolution and large scale monoculture there are other ways which can be used to ensure sustainable food to the worlds growing population. Sustainable agriculture can provide a solution to the problem of limited resources and the challenge to achieve global food security. There are three sides to sustainable agriculture. Sustainable agriculture has environmental, economic and social dimensions and all of these must be considered. Focusing ad upgrading the natural environment is fundamental and dealing with issues like climate change, water scarcity, soil degradation, energy and biodiversity. The social dimension of sustainable agriculture encompasses labor rights and health of communities inclusive of access and affordability of food, community health and labor rights. Sustainable agriculture on the economic side is productive, competitive and efficient. Sustainable agriculture practices and programs help businesses in ensuring a reliable supply of food and open new o pportunities. This essay described the impact of green revolution on the environment. Climate change effects for agriculture are serious in that crops are exposed to quite different conditions from those suit them and hence productivity is greatly affected. Maximize land use by doing land reclamation .the availability of fertile land will be essential for healthy crops and livestock and also promotes biodiversity, filtering and efficient use of water, avoiding nutrients run-off. Fertile land acts as a carbon sink minimizing the forces of climate change. Pest management is essential for preserving the abundance and diversity of native species and for ensuring the quality and agricultural yields sustainability. Biodiversity protection has main concerns in various agricultural practices and businesses are exploring ways to be productive as well as maintaining and upgrading biodiversity. The social aspect of ensuring sustainable agriculture is by ensuring that farmers receive returns which are fair, a nd that high quality labor conditions exist throughout the chain of supply. Access to education, training and health for laborers and their families can be facilitated by businesses. Ensuring sustainable agriculture can also be achieved by maintaining a food supply which is safe .by doing this a goal of the majority of various producers, distributors and processors is achieved. By ensuring animal welfare is maintained agricultural sustainability can be achieved. Livestock being the central element of farming they play a vital role in meeting both productivity and sustainability objectives.

Workplace Honesty: Learning and Unlearning

Honesty is a virtue that is of major importance especially in business, yet very much neglected in the context of today’s rat race. Employees play a big role in uplifting the culture of honesty in their workplaces, a culture that is nevertheless radiated to the clients or end-users of the company’s offerings. But what if the employees are having problems with their own attitudes toward honesty? What can a company do to help maintain a culture of trust and trust worthiness among the employees, the management, and the customers as a whole? Who wins when a company wins over the battle for an honest corporate culture?This was the problem of Gerald Sy. Managing a training institution, Sy discovered that his instructors were cheating him on their timekeeping, costing him big sums for a long time because he was paying the instructors in full despite rampant tardiness. Sy moved against the problem and devised a process of accounting the instructor’s timekeeping even if i t meant additional work for him and additional time needed on his timeframe to process the salaries.As if that was not enough, he also ruled an 11-tardiness per month standard wherein whoever fails to meet the regulation shall be dismissed. This showed that it was not the money that the company can save from deductions which was important. On the contrary, it was the standards of the company, and how the employees uphold it, and how the final service is perceived by the customers. Sy expects that the measure will work, and is ready to evaluate if it really did.Dishonesty in Many FormsThere are many forms of dishonesty in the workplace. Most are as petty as stealing a paper clip from one’s officemate (no one saw anyway) or breaking down the coffee machine and not admitting it (it could be broken before I used it, I would not really know). It was easy to be dishonest in the workplace because people often mind their own businesses while at the peak of work. No one will ever both er to watch after an officemate making coffee to see if he will break the machine at some chance.Steven Gaffney, the writer behind Honesty Works!, states that it is not only lies and dishonesty that costs companies most of its revenues. He insists that the mere fact that many employees cannot honestly communicate with each other has wasted time, money and effort of employees and businesses. (Newswise, 2005) When a worker avoids a confrontation about an operational flaw with a co-worker to avoid conflict, the flaw will stay unresolved and may even result in bigger loopholes.Small lies also often lead to bigger dishonesties that are harder to get away with. Personnel who steal equipment from their companies, or money, or even work hours are nothing new in many workplaces. They are so common, yet they still do not fail to surprise. Some get away, yet some are caught to pay the big price of cheating. The problem with honesty, or the lack thereof, is that it becomes vicious. The more a p erson commits a work of dishonesty and gets away with it, the harder it is to be honest. The bottom line is how to end the vicious cycle.Can Honesty be Taught?From a young age, almost every child is taught basic values that are essential for living. One of these values is honesty. It is easier for children to understand its value, and when they learn it they often grow with it. Michael Daigneault agrees. However, he states that factors affecting the workplace, such as workplace pressure and competition, will require a person to have bedrock values to maintain righteousness. Otherwise, he will be tempted to sway away from childhood-learned ethics. (HR Magazine, 1999)Rigterink and Louzecky (n.d.) also concludes that virtue can be taught but do not agree that it should be taught as other academic subjects are taught. Moderation, they said is an important key. Teaching honesty, the authors propose, should convert the subjects into thinkers, analyzing the absorption of the value and its advantages before really absorbing it.  Ã‚  Ã‚  Ã‚  Ã‚   They assert that doing so will instill the value into the subjects more than when it is taught outright.End of the GameIf honesty like other values can not be taught in its simplest sense, how then can companies promote honesty? First, we should consider how a virtue is instilled. Fact is, ethics is not automatically learned. You can tell a hardened criminal to change his ways and there are chances that he will, but given a chance to strike a crime again there is definitely a slim chance for him to decline the opportunity.Thus, virtues are imbibed through practice. As aforementioned, the more a person practices the act of honesty the stronger it stays within his values and the harder it is to break. On the same way, the more a person cheats the harder for that person to be honest and break from the bondage of lies.The management is the best venue for a company to start promoting honesty. A company needs to be led by honest b oard of directors, managers, supervisors, team leaders, however the heads are called. If the top of the pyramid is governed by upright people, it is easier for the leaders to impose rules on moral values to the base of the pyramid. Honesty in this level may be showed by transparent management of funds, upfront and realistic relations with the subordinates, and open communication lines.A boss of a company who is married and is caught by his employees cheating on his wife will definitely drive down the morale of his people. His employees will be tempted to resolve in idle talk about him and his affair and forget about work altogether since the boss is not acting very boss-like anyway. Given that that is in a personal level, consider a scenario were the act of a boss’s dishonesty is on a professional scale.For instance, a manager was audited and the auditors discover that he was paying ten people in the payroll whereas there are actually only five people in his department who is actually reporting for work. The event will definitely pull down the confidence and team spirit of the five people in his team. Moreover, the manager himself will lose the drive to work for shame and guilt. Ultimately, it is not the manager or the employees who are the only ones who will suffer. The company as a whole loses considerable work time and revenue, just because of a single act of dishonesty from just one person. It is therefore safe to conclude that honesty is an individual decision that has collective effects.It is also important that the company verbalize subscription to a value. If the management discovers major flaws on dishonesty, the management can choose to make honesty a core value in the company. They will then need to define honesty in the context of their workplace, and define it as specific as possible. Does it mean creatively communicating issues and problems? Does it include choosing not to engage in secrets that may hurt co-employees? How does it affect cl auses on confidentiality?When the management has defined the core value to subscribe to, it is important that they communicate this decision to every person in the company. A general assembly as well as departmental meetings will be a great help. In doing so, an open forum should be encouraged so that questions can be immediately answered and reactions can be resolved.For continuity, it is equally important that people are trained about—not taught on—moral values. From the moment that a person is oriented on the vision, mission, and goals of the company, to the time that he is undergoing annual trainings within the organization, the value system of the company should be stressed and internalized by them. First, it is a good way to make them feel that they belong to the organization. Secondly, it will help them find a basis for actions and decision making processes. Learning good values at work will also make them worthwhile people even if they are out of the workplace, which is important especially because employees represent their companies.The orientation is another good venue for value formation. Each newly hired employee should be made familiar with issues in the company and how the management is resolving them. Values should be highlighted. Thorough discussion on how the management is working against it shall be made and stress that honesty is a very important virtue for anyone wishing to join the company. This will imply the value of such virtue in the company without being popish.Annually, it will help if value system is integrated in annual improvement seminars for employees usually done after evaluation periods. The training should discuss the ethical standards that the company subscribes to, and how each employee is expected to follow through. Lapses shall also be discussed along with solutions that can be done to prevent the occurrence of such ethical issues from arising again.It is still easier said than done. However a company makes efforts on promoting honesty, it is still virtually impossible to create a cheat-free workplace. Even if a company is good, employees will have their own attitudes to live with—employees will always undergo circumstances where they will be pressed on engaging into an act of dishonesty. It is therefore important for a company to follow through and have an open eye to see to it that their core value is being followed and respected for its benefit and for the welfare of its employees and customers.Mission Accomplished?It is hard to be honest in the corporate environment. Oftentimes the ones who are honest are the ones who are left behind, or even smeared with nasty labels and judgments. However, it is important for companies to promote the value of honesty because it greatly affects the company, employees, as well as the customers.If a company succeeds in achieving an honest workplace, the employees can enjoy a harmonious working relationship with each other. This will make them more productive and beneficial for the company. The company, in return, will maximize its potentials and prevent loss of revenue. It may even gain more. An honest workplace also reflects honesty with its customers. As such, customers will feel comfortable in transacting with the company and can become long-term clients.The company should anticipate failure in promoting honesty, though, and should be prepared in making follow-up actions. When failure occurs, an evaluation should be done identifying the weak points of the plan. This will enable determination of follow-up plans and corrective actions to try. Research and study is essential, as well as patience and determination by the company and the proponents of the core value being promoted.ConclusionHonesty is a choice. If the company chooses to be honest, and it can convince its employees to choose to be honest, there is more chance for such culture to exist and benefit the people surrounding the business. While it can be taught, it is still up to every person in the company to use such knowledge. It is therefore important to make them think and realize the value of honesty to them, to their work, and to their clients. After all, it is the best policy.BibliographyHR Magazine. 1999. Teaching business character. Retrieved February 15, 2007Newswise. 2005. Honesty in the workplace sorely lacking. Retrieved February 14, 2007 from http://www.newswise.com/articles/view/516781/Roger, R. Louzecky, D. n.d. Can virtue be taught? If so, should it be thought? Retrieved February 13, 2007

History Sba

Acknowledgement First I would like to thank god for giving me the strength and ability to complete this project. I would also like to extend my heartfelt gratitude to the following persons who have made the completion of this assignment possible. My Teacher, Mr. Harvey, for giving me this project as I have learnt many things about The Trans-Atlantic Slave Trade, the effects it had on Africa and African arrival into the new world. My Bother, who helped me with the collection of data and My family and friends for the constant reminders and encouragement to remain committed to the task at hand. Table of ContentsTopics Page # Introduction iv The Negative And Postive Effects of The Trans-Atlantic Slave Trade: 1 Negative Social Effects 2-3 Negative Economical Effects 4-5 Negative Political Effects 6-7Positive Effects 8 Conclusion 9 Bibliography 10 Appendices 11 Candidate’s Name: Toniqui Adams Candidate’s #: Centre #: School’s Name: Meadowbrook HighIntroduction Th is project will be about the Effects the Atlantic slave trade, also known as the Transatlantic slave trade had on Africa, this was the trade of African people supplied to the colonies of the New World that occurred in and around the Atlantic Ocean. It lasted from the 16th century to the 19th century. Most slaves were shipped from West Africa and Central Africa and taken to the New World . Generally slaves were obtained through coastal trading with Africans, though some were captured by European slave traders through raids and kidnapping and this led to the great period ofAfrican hardship, turmoil and the coming of Africans to the New World now known as North, Central and South America and the West Indies. The main aim of this project is to show whether the Trans-Atlantic Slave Trade had more negative effects than positive effects on Africa. Negative Social Effects The trans-Atlantic had a lot of negative social effects as it led to the removal of millions of young men and women led to depopulation that stifled African creativity and production. It led to general feeling of insecurity in African societies as Africans ere afraid of being captured and then enslaved, which caused persons to abandon their homes and relocate to be secure from the threat of slave raids and some areas however encountered overpopulation as people sought safety and protection from the trade, in remote areas where the soil was not so good and they were unable to grow enough crops to feed themselves. Africa became a continent of violence, war, fear and famine. The men who remained or was left behind in Africa began to take on second and third wives, mostly to produce more children, a ready source for the slave market.As greed and insatiability for money grew, raising children became a business many women often had their children kidnapped and enslaved. Africa also lost more men than women in the slave trade and this caused the balance of society to be distorted. This eventually generated crucial environmental effects. The trade contributed to the diminishing of brotherhood and community spirit in African societies as Africans began to capture other Africans for money and European wealth, communities fell apart because of slave raids which destroyed villages and left some Africans dead and others homeless.It also led to the degrading of certain religious cultures, as they were warped to complete the needs of the slave trade. Kings, chiefs and rich merchants exploited the common people by bartering them to African traders and Europeans for guns, cloth and metal wears. (Appendix 1) According to J. D Fage â€Å"King Tegbesu of Dahomey made ? 250,00 a year by selling slaves in 1750, this was even more than an English duke’s income. † Families were also disrupted, they were left with orphans, families with single parents and in some cases some families did not survive slave raids. In addition they did not have the ccustomed support system as to help in provi ding security, health and community spirit. It also led to some Africans losing their culture and some lost their identity as they were brought to the New World (Appendix 2) and was exposed in learning the cultures of the Americas and the language and names used in the Americas this led to persons cutting their ties with their culture in Africa. The Slave Trade led to the Africans having low self-esteem because they were effectively turned into a commodity to facilitate the trade, that impacted the self image of the Africans despite heir enormous amount of talent, and resources that the continent and its people are endowed with. So most Africans today, see themselves as inferior to Europeans. Negative Economical Effects on Africa The Trans-Atlantic slave trade had crucial negative economical effects on Africa. It caused a downfall of Africa’s economy as it stifled technological advancement, and created a class of elite rulers and traders. It led to many of Africa’s coa stal areas being dependent on slavery and human merchandise as many of Africa’s coastal areas had been exchanging humans for merchandise for centuries.Their economies were geared to slave exporting, and they were dependent on the commodities they obtained for slaves. Ceasing the slave trade caused economic hardship, especially for groups who had no products to substitute for slave exports. It also led to a decline in agriculture, owing to the devastation of land during slave raids and wars, the capture of farmers, and the abandonment, by farmers, of in favour of slavery. The mining industry was also ruined and the economy dominated by slaving and imported manufactured goods from Europe. Imports like firearms which helped ncreased inter-tribal wars, led to Africa giving away a lot of their wealth buying British-made firearms (of very poor quality) and industrial-grade alcohol. The trade robbed Africa of skilled craftsmen and helped to ruin the livelihood of those craftsmen who remained, for example cloth, iron, pots and hoes, were imported goods made in European factories, which were cheaper than the locally produced ones, and were bought with slaves. The Trade Brought underdevelopment to Africa as they were trading all their wealth and skilled persons to the Europeans for simple European goods and not luxury goods.Hugh Thomas stated that â€Å"The shortage of blacks threatened the total ruin of the kingdom , for the black slave is the basis of the hacienda and the source of wealth which the realm produced. † The continent’s human resources were kidnapped, kept in dehumanizing Barracoons (appendix 3) and sold out to eager and willing buyers and were shipped in more barbaric and appalling conditions (Appendix 4) on the slave ships to the New World where most of them died or laboured perpetually to build the New World without due compensation and thus Africa was raped of future leaders, prospective uilders and this led to Africa setting back a lot of progress made by many African Societies. The trade led to an influx of interior European goods and this undermined local industries, especially salt-making, the manufacturers of cotton goods and metal- ware. It about a sense of insecurity that discouraged economic enterprises and it also led to some traditional art being inferior to those previously produced and thus Africa lost out on the creative art works because its standards became very low. Africa’s wealth began to drift and went to European countries and thus Africa became nderdeveloped and began to suffer an economical crisis. Negative Political Effects The Trans-Atlantic Slave Trade had major negative political effects on Africa. It led to a rise of professional armies as big the influence the European imported guns had on Africa. This however, many wars and conflicts among Africans because the demand for slaves usually went hand in hand with the demand for guns. The slave trade caused political instability, weakened states, promoted political fragmentation and resulted in a deterioration of domestic legal institutions.In many cases the village chiefs had a say in the negative effects on Africa as most of them were corrupted and greedy for European wealth. The village leaders made laws and if disobeyed Africans would be punished by being sold into slavery to the Europeans. The political system was undermined and in addition the legal system was also undermined. This was because the feeling of Superiority the village chief felt with guns. This led to military skills in some areas becoming more important than the traditional political systems. States such as Benin , Oyo and Dahomey acquired the trength to expand and impose their authority upon their neighbours from the economic prosperity derived from the slave trade. The influence of the trade tended strongly towards the corruption of the judicial process, with law breakers being often sentenced to slavery for minor offences and the inn ocent declared guilty in order to augment the supply of slaves. Aggressive tribalism increased, and in some cases whole tribes and nations were virtually destroyed as a result. Slave trading built up the power of chiefs where it was already present, from a broadly representative character into an autocratic one.It also caused an emergency of a number of large and powerful kingdoms that relied on a militaristic culture of constant warfare to generate the great numbers of human captives required for the trade with the Europeans. Some kingdoms began to expand rapidly as a result of this commerce trading slaves for firearms. These kingdoms with their formidable army, aided by advanced iron technology, captured immense numbers of slaves that were profitably sold to traders. The aggressive pursuit of slaves through warfare and raiding led to the ascent of these kingdoms being a major slave exporter.Positive Effects In spite of being overwhelmingly detrimental to Africa the slave trade did have some positive effects. Social Effects It brought about into being a class of merchants and businessmen who were able to meet and deal with their counterparts on equal terms, and the entrepreneurial spirit of West Africans stimulated as a result. Economic Effects Agriculture production in the coastal areas received a boost, brought about by the demand for provisions for both the slave ships and the prisons in which the slaves were kept before being shipped. The crops grown included maize and cassava, Appendix 5) both of these had been introduced from the Americas by the slave trade, and both became staple crops of Africa. Political Effects. There were political benefits to Africa from the slave trade because some members of the African elite benefited from the trade. Some of them were directly involved in the trade and gained a lot of firearms and European wealth and thus making them wealthy in their villages . Conclusion The immense misery and suffering prod-Atlantic slave tra de cannot be measured. It was the greatest and most inhumane trade of this type the world has ver known, far worse than that of the Arab slave trade, or that carried on across the Sahara. It can be said that a few positive effects that Africa gained was only beneficial for slave traders, Europeans and village chiefs and was nothing compared to the turmoil and suffering that was bestowed on Africa. The rights that were deprived from the Africans, millions of lives were lost, families were torn apart and Africa was destroyed in all aspects. It breathed such new life into African slavery that by the beginning of the twentieth century there were still several million slaves to be found in Africa.The shortage of man power had a great economic impact and this helped to destroy Africa’s valuable economy. Africa was so ruined that the few positive effects could not heal Africa’s slavery scars and it is perhaps not too difficult to see a connection between Africa then and the u nder-development of present day Africa. Bibliography Claypole, W. and John Robottom, Caribbean Story, Book one: Longman Publishers, 1990 Hamilton-Willie, D. Lest You forget, Caribbean Economy and Slavery: Jamaica Publishing House Ltd, 2001. Greenwood, R. and Hamber, S, Amerindians to Africans: Macmillan Publishers Ltd, 2003J. D Fage , The History Of West Africa: Cambridge University Press Publishers, 1969. Hugh Thomas, The Slave Trade, The Story Of The Trans Atlantic Slave Trade, 1440-1870: Simon & Schuster Publishers Ltd, 1997. Websites: Africanhistory. about. com Antislavery. org Appendix 1 Osnaburg Cloth and Guns traded for slaves. Appendix 2 Slaves Conformed on the plantations wearing Osnaburg Clothes. Appendix 3 Slave Barracoon Appendix 4 Slaves chained aboard the ship in barbaric conditions. Appendix 5 Crops Gown on the coast to provide food for the slave ships (Cassava and Maize).

corporate governance - 1590 Words

Table of Contents ç› ®Ã¥ ½â€¢ Executive Summary: Corporate governance is an essential part of modern company operations and management , it relates to business ethics, code of conduct and system to manage a company. However, there are many corporate scandals due to the failure of corporate governance. This report analyzes the corporate governance from multiple aspects. It is through the understanding the relationship between corporate governance and business ethics, evaluating the ASX principles as a guidelines to corporate governance and analyzing the National Australia Bank’s corporate governance. ASX principles referring to problems such as business ethics, code of conduct, diversity and risk management are explained with analyzing†¦show more content†¦The ASX gives some detailed suggestions for the rules, such as board and senior executives should make a commitment to the code of conduct, and explain how the company copes with practical and possible conflict of interest. These suggestions allow corporation execu tives know more detailed information about how to make a promote ethical and responsible decision(ASX2010, pp22-25). 3.2 Principle 4—Oversight corporation operation with an audit committee Corporations should set up an effective audit committee to oversight the company operation. If company lack of an effective governance mechanism will lead to manager’s corruption. There is a conflict interests and a lack of surveillance of management by the audit committee contributed to the Enron collapse in 2001(Li,2010,p37). ASX gives some recommendations about how to make up an effective audit committee. An effective audit committee should be constituted all of non-executive directors ,a majority of them are independent directors, and there are at least there members. These ways can effectively improve the quality of financial report, establish an honest atmosphere, and improve the confidence of public to financial report’s truth and objectivity. An effective audit committee also should have a formal charter to more competently perform the audit committee’s duties(ASX,2010,pp26-28). These recommendations make corporate governance under oversight to take a mor e ethical operation. 3.3 Principle 7—RiskShow MoreRelatedCorporate Governance976 Words   |  4 PagesCorporate Governance Corporate Governance is the relationship between the shareholders, directors, and management of a company, as defined by the corporate character, bylaws, formal policies and rule laws. The corporate governance system was designed to help oversee the decisions and best interest of the shareholders. The system should works accordingly: The shareholders elect directors, who in turn hire management to make the daily executive decisions on the owner s behalf. 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