About the Charles-de-Gaulle Airport Terminal Collapse

About the Charles-de-Gaulle Airport Terminal Collapse A huge chunk of Terminal 2E at the Charles-de-Gaulle Airport came crashing down in the early morning of May 23, 2004. The shocking event killed several people at the busiest airport in France, about 15 miles northeast of Paris. When a structure fails on its own accord, the event may be more frightening than a terrorist attack. Why did this structure fail in less than a year after opening? The 450-meter long terminal building is an elliptical tube constructed of concrete rings. French architect Paul Andreu, who also designed the French terminal for the English Channel Tunnel, drew upon principles of tunnel construction for the airport terminal building. Many people praised the futuristic structure at Terminal 2, calling it both beautiful and practical. Since there were no internal roof supports, passengers could move easily through the terminal. Some engineers say that the terminals tunnel shape may have been a factor in the collapse. Buildings with no internal supports must rely entirely on the outer shell. However, investigators quickly pointed out that it is the role of engineers to assure the safety of an architects designs. Leslie Robertson, a chief engineer of the original twin towers at the World Trade Center, told the New York Times that when problems occur, its usually in the interface between architects, engineers, and contractors. Reasons for Collapse The collapse of a 110 foot section killed four people, injured three others, and left a 50 by 30 meter hole in the tubular design. Was the fatal collapse caused by design flaws or oversights in construction? The official investigation report clearly said both. A part of Terminal 2 failed for two reasons: Process Failure: A lack of detailed analysis and inadequate design checking allowed construction of a poorly engineered structure. Structural Engineering Failure: A number of design flaws were not caught during construction, including (1) a lack of redundant supports; (2) poorly placed reinforcing steel; (3) weak outer steel struts; (4) weak concrete support beams; and (5) low resistance to temperature. After the investigation and careful disassembling, the structure was rebuilt with a metal framework built upon the existing foundation. It reopened in the spring of 2008. Lessons Learned How does a collapsed building in one country affect construction in another country? Architects have become increasingly aware that complicated designs using space-age materials require the watchful oversight of many professionals. Architects, engineers, and contractors have to be working from the same game plan and not copies. In other words, writes New York Times reporter Christopher Hawthorne, it is in translating the design from one office to the next that mistakes are amplified and become deadly. The collapse of Terminal 2E was a wake-up call for many firms to use file-sharing software such as BIM. At the time of the disaster in France, a multi-billion dollar construction project was underway in northern Virginia - a new train line from Washington, D.C. to Dulles International Airport. The subway tunnel was designed similarly to Paul Andreus Paris airport. Could the D.C. Metro Silver Line be doomed to disaster? A study prepared for U.S. Senator John Warner of Virginia noted a major difference between the two structures: The subway station, simply put, is a circular tube with air flowing down the middle of it. This hollow tube can be contrasted to Terminal 2E, which was a circular tube with air flowing outside of it. The outer casing of Terminal 2E was subjected to great temperature changes causing the outer steel to expand and contract. The study concluded that a complete design analysis would have predicted all structural deficiencies within the Paris airport. In essence, the collapse of Charles-de-Gaulle Airport Terminal was preventable and unnecessary had oversight been in place. About Architect Paul Andreu French architect Paul Andreu was born July 10, 1938 in Bordeaux. Like many professionals of his generation, Andreu was educated as an engineer at the École Polytechnique and as an architect at the prestigious fine arts Lycà ©e Louis-le-Grand. He has made a career of airport design, beginning with the  Charles-de-Gaulle (CDG) in the 1970s. From 1974 and throughout the 1980s and 1990s, Andreus architecture firm was commissioned to build terminal after terminal for the growing air traffic hub. The extension of Terminal 2E opened in the spring of 2003. For nearly forty years Andreu held commissions from the Aà ©roports de Paris, the operator of Paris airports. He was the Chief Architect for the building of the Charles-de-Gaulle before retiring in 2003. Andreu has been cited as shaping the face of aviation internationally with his high-profile airports in Shanghai, Abu Dhabi, Cairo, Brunei,  Manila, and Jakarta. Since the tragic collapse, he has also been cited as an example of architectural hubris. But Paul Andreu designed buildings other than airports, including the  Guangzhou Gymnasium in China, the Osaka Maritime Museum in Japan, and the Oriental Art Center in Shanghai. His architectural masterpiece may be the titanium and glass National Centre for the Performing Arts in Beijing - still standing, since July 2007. Sources The Architectural Blame Game by Christopher Hawthorne, The New York Times, May 27, 2004 Paris Air Terminal Collapse Report by Christian Horn, Architecture Week, architectureweek.com/2005/0427/news_1-1.html Investigation of Tysons Central 7 Rail Station - Case Study: Terminal 2E Roof Collapse, Prepared for Senator John Warner by Chance Kutac and Zachary Webb, Technical Office of Senator John Warner, November 22, 2006, pp. 9, 15 [PDF at www.ce.utexas.edu/prof/hart/333t/documents/FinalReport2_07.pdf accessed May 24, 2004] propos and architecture, Paul Andreu website, paul-andreu.com/ [accessed November 13, 2017] Paris airport collapse blamed on design by John Lichfield, Independent, February 15, 2005, independent.co.uk/news/world/europe/paris-airport-collapse-blamed-on-design-483590.html Terminal to reopen at Charles de Gaulle Airport in Paris by Nicola Clark, The New York Times, March 28, 2008, nytimes.com/2008/03/28/world/europe/28iht-cdg.html Gordon, Alastair. Naked Airport: A Cultural History of the Worlds Most Revolutionary Structure. University of Chicago Press Pbk. Ed. / edition, University of Chicago Press, June 1, 2008.

Free Essays on Love Versus Money

Love versus money. People meet each other, fall in love with each other and than marry. This chain of events used to be true some time ago. Meanwhile nowadays other possible reason for marriage like money appears. So the dilemma of whether to marry for money or not appears in the life of almost every young person. For me it is absolutely clear that marriage for love is better. First reason for that is psychological and physical health. When people are in love they understand themselves convenient with each other. If person knows that someone cares about misses him/her even after several hours break it makes that person feel himself calm. So, such human being experiences fewer stresses what positively effects as psychological as physical health. Second reason for marriage for love is degradation of personality. It is clear that only people with bad financial situation marry for money. After such marriage is completed that person’s self-esteem probably might be decreasing every day. The attitude of friends and family members can also be changed. Humiliation from the partner is also usual in such cases. In sum all these factors can lead to the degradation of person who marries for money. That is why it is more advantageous to marry for love. The third argument for love marriage is the destiny of future children. It is proven that children’s characters are formed on observation of parents’ behavior. In the family where parents love each other and as a result behave themselves properly according to the commonly accepted standards children usually feel themselves convenient and grow into normally developed personalities. Kids who do not see the love between their parents think that it is normal way of behavior and their further attitude to the opposite sex is different. In conclusion I can say that marriage for love is much better than one for money because it leads physical and psychological health, does not lead to degradation of... Free Essays on Love Versus Money Free Essays on Love Versus Money Love versus money. People meet each other, fall in love with each other and than marry. This chain of events used to be true some time ago. Meanwhile nowadays other possible reason for marriage like money appears. So the dilemma of whether to marry for money or not appears in the life of almost every young person. For me it is absolutely clear that marriage for love is better. First reason for that is psychological and physical health. When people are in love they understand themselves convenient with each other. If person knows that someone cares about misses him/her even after several hours break it makes that person feel himself calm. So, such human being experiences fewer stresses what positively effects as psychological as physical health. Second reason for marriage for love is degradation of personality. It is clear that only people with bad financial situation marry for money. After such marriage is completed that person’s self-esteem probably might be decreasing every day. The attitude of friends and family members can also be changed. Humiliation from the partner is also usual in such cases. In sum all these factors can lead to the degradation of person who marries for money. That is why it is more advantageous to marry for love. The third argument for love marriage is the destiny of future children. It is proven that children’s characters are formed on observation of parents’ behavior. In the family where parents love each other and as a result behave themselves properly according to the commonly accepted standards children usually feel themselves convenient and grow into normally developed personalities. Kids who do not see the love between their parents think that it is normal way of behavior and their further attitude to the opposite sex is different. In conclusion I can say that marriage for love is much better than one for money because it leads physical and psychological health, does not lead to degradation of...

Identify three government market failures and describe their effects Essay

Identify three government market failures and describe their effects. As in past government failures in the world - Essay Example In the end, there is market failure because the market fails to regulate itself to achieve economic efficiency. Market failure results when the government interferes with the market, often for its own good and success, rather than that of the economy. On the contrary, market failure may also happen owing too government inadequacies if it fails to, or insufficiently, intervenes. ‘Passive government failure’ refers to a scenario when government intervention would cause a socially beneficial mix of output. The housing bubble, BP oil spill, and payment of welfare benefits are three past government failures in the world that have had drastic effects on the economy and society. The global financial crisis, typified by the housing bubble is a good example of market failure. The downturn born of the housing bubble was a significant market failure that resulted from underpricing of risk, which a form of market distortion (Bernstein 1). There was an incorrect valuation of opportunity costs and risks. Pricing is a primary building block of capitalism, which demands that correct and important information about a market are provided in a timely manner. People borrowed into high-priced mortgages because of the underpricing of credit. It was either a case of ignorance about the market, because the only way they would pay off the high-priced mortgages is if the prices of houses continued to increase. Unfortunately, the bubble did not continue to inflate, prices plummeted, and many citizens were unable to service their debts. According to Bernstein, the profit motive coerced the actions of the lenders, because it is highly unlikely that they did not foresee such a ma rket failure. It is the duty of government regulatory bodies to enforce regulatory functions to prevent the housing bubble. The Federal Reserve and a myriad of government agencies focused on the

Risk and Quality Management Essay Example | Topics and Well Written Essays - 3000 words

Risk and Quality Management - Essay Example ..†¦13 8.0 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦14 9.0 Introduction By definition and ISO 9000:2005 recognition, quality is the degree to which a set of variables has the ability to meet the required standards. Risk can be simply defined as the possibility of failure. The Risk management is the continuous process of identifying, prioritizing and eliminating potential sources of failure to reach preset objectives. Operational risks that risk managers seek to minimize eliminate or control is enterprise risk, project risks and process risks. (Perkins, 2011) Literature Review; project and quality management Project management processes and quality management processes are correlated. ... Quality management comes in to ensure that the project management process is successful. In quality management, the value of output against the set standard is key. Time taken to deliver the output is kept in mind when quality management is done. The two processes, therefore, marry and work as one in the realization on organizational goals. (Greenberg, 2012) Tools and strategies used In total quality management, some common tools are used. These tools are grouped into categories. The categories alongside their tools include the following basics. Quality tools such as histograms, Pareto charts, fish bone, flow chart, scatter diagrams, control charts and check points. These are used to explain the relationships between two decision variables. In project planning and implementation, they are used to determine which project to invest in. the determining factors are the cash inflows and outflows and the gestation periods of the project. (Wiley, 2006 p 72) The use of histograms diagrammati cally shows the comparison of cash flows and benefits of projects. In risk and quality management, they are useful since they allow the representation of large volumes of data. From a glance, one can tell the frequency and variation of the represented data. In this case, the project planners can tell the future trend of their venture. The data values that are to be measured is collected and tabularize. The minimum values per item, say, output per hour of product A to G is 100. Statistical values on each variable are made. These are the mean, standard deviation, minimum, maximum, skewness, kurtosis, class width and number of classes. These statistics are used to compare the

Problems in Education Research Paper Example | Topics and Well Written Essays - 3000 words

Problems in Education - Research Paper Example Statement of the Problem The problem in the United States is that students studying mathematics are far behind those of most other industrialized nations, there are only a few which are the same or worse off than the United States. Thus, the United States has to find a way to improve its overall scores. And back in 1998, the Clinton administration earmarked an additional $25 million over the 1998 U.S. budget to help schools integrate technology into the curriculum and for technology training for teachers. (Chaika, 2006) This allowed for the United States to start the process of possibly catching up to other world powers when it comes to the education of students in the core subjects. Purpose of the Study The purpose of the research for this study is to show that technology can positively affect the learning process of 8th graders in a Tennessee middle school. Furthermore, this study will show whether or not the use of whiteboards improved the scores of the students from the initial p re-test to the post test taken at the end of the observational study. Importance of the Study Since the Clinton administration set aside $25 million back in 1998 to help teachers and school districts across the United States to improve their scores through the use of today’s modern technology. Integrating the technology into the everyday routine for use by a teacher and a student was the Clinton administration’s key to their Education Reform in 1998. The importance of the study will show just how the technology affects the learning through student interaction and through testing of their skills before and after the use of whiteboards are implemented into the classroom. Definition of Terms whiteboard: technological board which can show... The problem statement for this study is that students in the United States studying mathematics are far behind those of most other industrialized nations, there are only a few which are the same or worse off than the United States. Thus, the United States has to find a way to improve its overall scores. And back in 1998, the Clinton administration earmarked an additional $25 million over the 1998 U.S. budget to help schools integrate technology into the curriculum and for technology training for teachers. This allowed for the United States to start the process of possibly catching up to other world powers when it comes to the education of students in the core subjects. Since the Clinton administration set aside $25 million back in 1998 to help teachers and school districts across the United States to improve their scores through the use of today’s modern technology. Integrating the technology into the everyday routine for use by a teacher and a student was the Clinton administ ration’s key to their Education Reform in 1998. The importance of the study will show just how the technology affects the learning through student interaction and through testing of their skills before and after the use of whiteboards are implemented into the classroom. There are multiple procedures used in this research study. This study takes a sample size of 130 students from one particular teacher’s Eighth Grade Mathematics classes within a Tennessee middle school as they use whiteboards for their studies and class interaction. The observational study will collect data from the initial pretest and the concluding posttest. Once the data is collected, it will be analyzed.

Comparing Disclosure Based Regulation And Merit Based Regulation Finance Essay

Comparing Disclosure Based Regulation And Merit Based Regulation Finance Essay There are tw0 basic models of regulatory system which is the supervision framework for securities market which is a merit based regulation and disclosure based regulation. These regulation systems are important to provide adequate investor protection and regulate business practices or codes of conduct that reduces systemic risks. There are several countries which have adopted the disclosure based regulation which are Malaysia, Hong Kong and Singapore. The countries which are still following the merit based systems are China and Philippines but to certain extend.  [1]   MBR The recognition of the need for a securities regulator to ensure investor protection and market integrity is located in the Securities Commission Act 1993 (SCA), under which the Securities Commission (SC) is established. Section 15(1) of the SCA requires the SC to, which control all matters relating to securities and to take all reasonable measures to preserve the confidence of investors in the securities market by ensuring sufficient security for such investors. The principal thrust of the regulatory framework currently applied by the SC is merit-based. Section 32(4) of the Securities Commission Act 1993 (SCA), give power that all proposals that involve issues or offers of securities to the public be subjected to the SCs prior approval. The SC has the discretion to approve the proposals with such revisions and subject to such terms and conditions as it deems fit. The SC also has the power to reject corporate proposals if it is reasonably satisfied that these proposals are not in the best interest of the public company and/or the investing public  [2]  . Authorities regulate securities offering Under the MBR, The authorities regulate the securities offering by protecting and shielding the investor by ensuring that the offering of the securities of the companys is judged by the authorities to be fair, just and equitable. Under this approach, the regulators or the authorities would make an assessment regarding the companys viability, quality and capabilities of the companys management, its suitability for listing and taking regard of the public interest before approving any issuance proposal regarding the companys securities.  [3]  For example, section 34(4) of the SCA, issues or offers of securities is subjected to the approval from the SC. Issuers and advisers disclose to authorities Under the MBR model, the issuers and advisers disclosed all information regarding the companys business to the authorities or the market regulators. These are because under this type of model, the market regulator needs to approve first the securities before the investor can be allowed to invest in the companys. This is for the purpose to protect the investor. Authorities reviews investment merits of offering Regulators review each transaction according to its perceived merits. The evaluation is completed in two stages which is firstly, adequacy of disclosure is assessed then, and the merits of the transaction are subjected to value judgment. Merit-based regulation assumes that the market regulators are better informed than investors and can better decide the merits of transactions on their behalf.  [4]  These merit judgment is the indication whether the companys can provide safe securities in making business in order to protect the investment made by the investor. Advantages of MBR Model In merit based regulation, it is a paternalistic attempt to improve or to develop the fairness between the relationship between the sellers and buyers of the securities in the capital market. These models also act as a shield to protect the public investors from the risks involved in acting on impulse. This is because the authorities had made deep valuation and merits regarding the companys business in order to approve the securities issued by the companys. This model or regulatory system is particularly suitable to be adopted for Malaysias emerging capital market which has a large proportion of financially unsophisticated retail investors. This is also reduce or minimizing the possibility of promoters of public companies exploiting these less sophicated investors to use as to their own advantages. In the securities market, the Securities Commission is also able to ensure that mechanism in place is working well in order to prevent unscrupulous and unethical practices in the issue or offer of the securities by the companies. By ensuing that the mechanism place is working, the investor would have minimized the risk of losing their investment by the unscrupulous and unethical practices of some companys who would provide false or inadequate information regarding their business. But, the ultimate decision still lies within the investor. This is because the decision and the evaluation of the security offered lies with the investing public. The securities commission will not give a guarantee that the investment made by the investor would get a return or profit.  [5]   The SC has the power to check and ensure that the securities that are offered by the issuers are fairly and reasonably priced. Disadvantages of MBR Model This is regards to the public interest where the public investor would make their decision in investing their money in the companys based on the SC. The approach of MBR posed a problem of moral hazard. This is because when the market regulators or the SC gives their approval of the merits of a particular company, it exist danger that investors will perceive that the corporation will be a good investment as the SC had given their approval after making some merits regarding the business of the companys. This would lead to an impression whereby the investor did not need to individually evaluate the merits or risk of investing in that company. The investor would totally leave it to the market regulator to make the research. By using these models, the regulatory approach of MBR restricts entrepreneurs and investors choice in making decision in choosing the right company to invest by limiting the scope of investment that is offered to them. This is because only SC will give and provide the necessary approval in order to make the issued security to be approved. If the companys does not comply the guideline given and the SC does not approve the issue offered, thus limiting the option available to the investor in investing their money. This approach also denies certain ventures of access to public funds unless the issuer of securities agrees to modify their offering according to the pre-requisite set by the SC. The issue that always arises is that the SC and the issuers of securities tend to have conflicting views as to how and the extent to which a proposed venture or transaction will be beneficial to investor in general. The SC is also known to be more conservative in its judgment and normally will not approve highly risky securities to be offered to the public. The merit based regulation also provided that by giving much protection to the investor, this will take the bargaining power from the securities offeror or issuers and the power will be switch to the investor instead. The protection is significant because the issuers of the securities need to raise funds at a substantial discount from the actual price of their securities. From this Market philosophy, this over-protection of the investing public had compelled issuers to raise funds at a substantial discount from the actual value of their securities or add to the perception of initial investors that they would be guaranteed a premium when the corporate body is launched onto the marketplace. Basic principle of DBR The basic principle of DBR is the need for the issuers and intermediaries offering securities to provide investors with sufficient, accurate and timely disclosure of all relevant information regarding the companys business, prospects, finances and the terms of the securities in order to allow investors to better evaluate the risks and merits of their investment.  [6]  This is to allow the investor to make they own informed investment decisions. Usually is done through the use of prospectus which focuses whether the companies comply with the standard of disclosure required. For example, in Malaysia, the companies that is listed in Bursa Malaysia, one of the listing requirements of the standard disclosure is to have at least two annual reports that can be inspect by the investors in order to make their decision to invest. The investor are expected to carry out their own due diligence or with the assistance of expert or professional such as lawyers and accountant because the investo r hold a higher level of responsibilities in evaluating the risk or particular offering based on the disclosed information before investing.  [7]   Authorities regulate disclosure of information in securities offering Under DBR, the regulation of the disclosure or the standard of the disclosure in securities offering is on the authorities where the authorities will provide the guidelines for the company in disclosing the relevant information pertaining the companys business, finances, prospects and terms of securities. The burden is put on the issuers of the securities and advisers and not on the authorities. Issuers and adviser disclosed to investor Under the model Of DBR, the issuers of the securities will provide sufficient information according to the Securities Commission Guidelines regarding the disclosure of information regarding their business. The advisers which are normally experts or professionals such as accountants, lawyers and other technical experts need to have play their role in the preparation of prospectus for the investing public. These are because each of these adviser or experts can be held liable for a defective prospectus under the DBR. The due diligence process is for the purposes of preparing good and complete prospectus and involves performing reasonable investigate work in order to determine that the prospectus does not contain any material omission or false information. Financial advisers and experts in particular are expected to have a very high standard of reasonable care. An adviser has an obligation to make a reasonable investigation not just for the purpose of its own due diligence defence but al so as a duty to the investing public who will be relying on the opinion and recommendations of the advisers. In order to minimize their potential risk, the expert of professionals must make due diligence enquiries.  [8]   Investors determine investment merits of offering In the DBR System, the investor cannot expect that the securities regulator to protect them forever. In order to invest, the investor cannot invest blindly. The investor must make their own research and collect data and information regarding the companys business. Investors have to evaluate and assess the merits of any security being issued or offered before making any investment decision It would become more apparent that investors would have to change their laid-back attitude. They can no longer take for granted that securities being issued or offered have already passed the regulators investment merit review. Instead, the information necessary for the investors themselves to evaluate the investment merit of a security will be available. Investors must also take a more active interest in the companies they invest in emphasis should always be placed on fundamentals and long-term performance rather than short-term profit. Investors should be concerned about ensuring that their rights and interests as shareholders are protected, and that greater transparency and accountability are shown by the directors or principal officers of the companies concerned. Ultimately the effectiveness of the disclosure regime to be adopted in Malaysia will depend on investors themselves. They must also rise to the occasion by paying closer attention to the affairs of the corporations in wh ich they invest. Under a disclosure-based regulation, investment analysts and financial journalists would have access to more relevant information to enable them to make more detailed analysis, research and assessment of each security issue or offering and can conclude at a better finding and recommendation. This is of particular importance in Malaysia in view of the large proportion of retail investors, some of whom lack the technical expertise and or the time needed to evaluate the web of information disclosed by issuers of securities. These investors may need to rely on the analysis disseminated by the investment analysts and financial journalists to make better informed investment decisions.  [9]   Advantages of DBR There are several advantages of the DBR regulatory model system. Basically, this would result in a more transparent and informed market whereby companies have to improve their quality of disclosure to facilitate potential decision making by potential investors. By upgrading the quality, the investors have more choice and more information pertaining the business and the finances of the companies before making any investment in the companies. Investor must know and get the information given by the issuer of securities to because the investor will hold the burden of all the responsibility towards their investment decision. One of the major advantages of DBR, the companies can raise more funds at a lower or cheaper cost. This is because it is based on the assumption that the higher level of transparency will lead to a greater evaluation risk by underwriters which would then contribute to a lesser cost in raising the fund which give the issuers companies the power to price it assets at a higher premium rates.  [10]   Another advantage under the DBR is where the role of the regulator is to ensure that the structure of the market is consistent and efficient for the market In order for the investor to make a decision. The regulators will ensure that the information given by the companies are disclosed so that the investor will become the judge in making judgment of the merits of alternative investment, so that the regulator would only emphasis on disclosure and eradication of fraud.  [11]   According to analysis, by shifting towards the disclosure based regulation, the benefit that the securities market will enjoy is that the increased of efficiency of the Malaysian capital market by removing the barriers to competitiveness which is present in the old merit regulatory system.  [12]   A higher standard of disclosure by the companies is ensuring by the regulatory bodies. This is because the companies are expected to follow the guidelines of disclosure of the information according to the SC. This would give more chance to the investor in making their own research of the accountability of the companies before making any investment. The Ground for the shift of regulatory model from MBR to DBR The Securities Commission continues to play an important role in providing direction on broad policy matters and in enforcing the securities laws and regulations. Its role is to ensure that the incentives and structure of the market are consistent with efficiency, fairness and stability. The table below shows the ground for the shift to DBR regulatory system. Three Tenets of DBR Disclosure The responsibility of directors of public companies is to ensure that all material information required by the public to make investment decisions is provided accurately, in full and on a timely basis. In disclosing such information, the question that is need to be asked is whether Has any important piece of information been omitted? Is any part of the information misleading? Is the information complete and accurate? Investors rely on available information when deciding where and when they should invest their money. There is a need for information when new securities are offered in the primary market. There is also a need for information when dealing in securities already traded in the secondary market. Disclosure of information therefore benefits investors by facilitating them to make investment decisions. Companies intending to offer securities to the public are required to fully disclose information about the affairs of the companies and the securities which are being offered, in the offering documents or prospectuses. For a public listed company, disclosure obligations are stipulated in the Listing Rules of the stock exchanges. Due Diligence In preparing the information to be disclosed to the public, directors of public companies must undertake a due diligence exercise to verify and ensure that the information to be released is accurate and timely. Due diligence is a process by which inquiries are conducted to ensure that information to be disclosed is true, sufficient and timely. Due care must also be given to ensure that there is no omission of material information. Material information is information which would reasonably be expected by rational investors to facilitate their investment decisions. Information that can affect the trading activities and prices of the companys securities must be released immediately. The onus then lies with the investor to consider and weigh the information provided before making decisions. Following amendments to the Securities Commission Act 1993 (SCA) in 1995, which placed a higher standard of responsibility on promoters, directors, and advisers in respect of disclosures, the Securities Commission released a publication on Due Diligence Practices in August 1996. The publication is intended to explain the importance of due diligence, especially given the criminal liabilities imposed on persons responsible for submission of proposals to the Securities Commission under section 32 of the SCA. In March 1999, another publication on Due Diligence Guidelines on Submission of Proposals to the Securities Commission was published. It was jointly issued by the Association of Merchant Banks in Malaysia, Federation of Public Listed Companies, MIA, MACPA and MAICSA. The publication, in detailing the due diligence process, the question whether 1) Who will be held responsible for conducting the due diligence? 2) Who should be included in a Due Diligence Working Group(DDWG)? 3) What should the terms of reference and role of the DDWG be? 4) What is the methodology used in conducting the due diligence exercise? The publication also includes a due diligence checklist for an initial public offering and sets out clearly the roles and responsibilities of the various parties involved in the exercise. Corporate Governance The timely, accurate and transparent disclosure of material information is an integral component of ensuring good corporate governance. Boards of directors of companies need to be open about the businesses they direct and this includes transparency in corporate activities and transactions. This is essential so that shareholders can exercise their rights constructively. However, they can only do so if they are provided the relevant information. Apart from compliance with laws and regulations that constitutes one aspect of ensuring that directors perform their fiduciary duties properly, there are also codes of best practices which the directors are expected to observe. Among the codes to be observed are The Malaysian Code on Corporate Governance, issued by the Finance Committee on Corporate Governance and The Company Directors Code of Ethics issued by the Registry of Companies.  [13]   Time Frame for Shift to DBR The shift to DBR takes effect over a period of five years under three phases, beginning in 1996, with full DBR expected to be achieved by the year 2001. An outline of the time frame and focus of the shift is set out below: Table 2: Time Frame for Shift from MBR to DBR

Living in a Multicultural Society Essay example -- social issues, mult

The class activity was simple: draw a self-portrait. As Ms. Caldera began to look through her students' work, one stood out to her. The drawing was of a young fair-skinned, blond-hair, and blue-eyed girl. Normally this would not be a problem, but in this case it was. The girl who had drawn herself was actually quite the opposite: rich dark skin, brown hair, and brown eyes (Caldera). Considering that the United States is such a large melting pot of cultures, it is normal for children to have difficulty balancing between two cultures. Culture, is really important for a child's development because it ultimately influences their morals and values. Although it is difficult for children to balance the traditions and such of two cultures, they are recompensed with a greater knowledge about the world, and understanding of people. Culture is very important when it comes to shaping a person's beliefs and what they stand for, it will basically determine many of their decisions. In specific, children form their behaviors based on their culture, which leads to different customs and beliefs because of the variety of cultures. Different cultures express different character traits in a person; this can lead to the development and prevalence of a child (Culture). Although the United States consists of a shared core culture, it also consists of many other minor cultures; because of this there are many different characteristics, values, and norms that might be interpreted differently by other cultures. Consequently, this can cause cultural misunderstandings, conflict, and discrimination which also leads to an imbalance for children because they do not know what is acceptable in certain cultures. Banks acknowledges that â€Å"Multicultural educ... ... Banks, James and Cherry Banks. Multicultural Education. John Wiley and Sons Inc, 2004. Print Caldera, Araceli. Personal Interview. English Language Program Facilitator. 14 June 2015. â€Å"Constructing Race.† Signs of Life in the USA. 2009 ed. Print. â€Å"Culture.† Encyclopedia on Early Childhood Development. 2012 ed. Web. 10 June 2015. Davidman, Leonard and Patricia T. Davidman. Teaching with a Multicultural Perspective. New York: Longman, 1997. Print. Grosjean, Francois. â€Å"Advantages of Being Bicultural.† Psychology Today. 19 Apr. 2013. Print. McCarthy, Steve. â€Å"Understanding Bilingualism: What it Means to Be Bicultural.† Childreaserch.net. 2 Jan. 2010. Web. 8 June 2015. Parrish, Patrick, and Jennifer A. Linder-VanBerschot. â€Å"Addressing the Challenges of MulticulturalInstruction.† Cultural Dimensions of Learning 11.2 (2010): 10 pgs. Web. 8 June 2015.