One Hundred Years Of Solitude :: essays research papers

One of the stated aims of Mrquez, as he said it, was to & group A8220tell a history erect wish well my grandmother would have done it. With the result in hand the conclusion must be that he has done it quite well. Mrquez has managed to capture the brilliant language of story telling as well as having the story travel both " forward and sideways". Togheter with the extensive use of magic reality and the life of creation portrayed in the village Im quite sure that it will take me many age before I even start forgetting the book. In the beginning of the book the reader is directly thrown into action with Colonel Aureliano facing the firing squad. With his thoughts we are taken several years back in time when Macao was a village of twenty adobe houses. This, the beginning of the town, could in a different light be seen as representing the begining of mankind , &8220clear water that ran along a bed of polished stones, which were white and enormous, like prehistoric egg s.. As the story goes on the town moves from lecture igorance &8220 the world was so recent that many things lacked names and developes until we are in the modern time with the banana company, telephones and the union until it, towards the end of the book due to unsounded rainfall, turns into an uncivilized town again before its destroyed in a heavy storm. The cycle of the town starts and ends on the same point just as the development of the family and all actions, they all turn in cycles just as rsula thanks to her old age found out. The way in which the story is written, with magic realism and the story evolving both forwards and sideways is one of the more unusual characteristics when, as a european, reading the book. The story gives the impression of moving sideways as the same incidents are retold from the view of different persons which means that events are put in a different order compared to other novels &8220Melquades had not put events in the order of mans convent ional time, but had concentrated a century of daily episodes in such a way that they coexisted in one instant. Magic realism, another specific South American characteristic, adds to the feeling of the narrator really just copying an old ad-lib story. &8220 the boy brought him a cup of thick and steaming chocolate, which he drank without pausing to breath.

The Victorian Age Essay -- History, French Revolution

The square-toed Age of LiteratureIt was the best of eons it was the worst of timesit was the spring of hope, it was the winter of despair (Dickens n. pag.). These words by Charles Dickens, maven of the most famous writers of the Victorian Period, were intended to show the connections between the French Revolution and the decline of Dickenss own time, the Victorian Era (well-nigh n.pag.). Dickens wanted to show how the trends of his time were following a tragic path that had already played out and not ended well in France. According to an article about this historical period, the Victorian Era was a time of change, a time of great upheaval, but also a time of great literature (Victorian n.pag.). The Victorian Period reflects the great changes in the social, political, and economical shifts of the time.To start with, some information is in order about the Victorian Period itself. Queen Victoria, Englands longest reigning monarch, sat on the throne from 1837 to 1901. The span of time is referred to as the Victorian Period (Abrams 1860). At the last of Queen Victoria, her subjects reacted in such a way that they rebelled against some(prenominal) of the ideas put forward during her reign. Even her own country recognized her life and rule as a distinct historical period separated from the rest (Abrams 1861). Also in the Victorian Period, other events were going on that changed the way many tribe thought about life. Among those changes were advances in scientific research, which created conflict with biblical beliefs. With Darwins contribution of The Origin of the Species in 1859, which set off a scientific revolution, many Victorians lost faith in the church. His theories stirred doubt about where humanity really started from, and the... ... the era brought with it a change to the people of England and the globe. Thanks to Englands ideas of their responsibly and rights to the rest of the world, civilization as we know it would never be the same. Just like this change impacted England, the effects of Queen Victorias control shaped the world as it is now. One cannot imagine much less chart how different things would be if it were not for Queen Victorias regulate on global economy, philosophy, biology, geology, psychology, religious beliefs, etc. Thanks to her and her support of reform from the Industrial Revolution, even the most simple of things that people take for granted now would not exist like being able to call it a day after eight hours of work, overtime pay, healthy and safe working conditions, and rights to entertain themselves against unfair practices both in the workplace and out of it.

Indra Noori Essay --

Indra Noori is an exceptional sales-driven and business mined woman who has moved up the ranks in management within PepsiCo. Prior to working to PepsiCo, Noori has a top executive management experience working for Motorola from 1986 to 2000 and Asea Brown Boveri in 1994 (Pepsico, 2014). Moreover, through with(predicate) her drawship, she has helped companies scram over 10 billion dollars in sales which has opened the doors for her to work in top executive management positions (Pepsico, 2014). In India, Noori began her career as a Product Manager holding positions in Johnson & Johnson and at Mettur Berdsell (Pepsico, 2014). Indra Noori is an example of a great leader of which through her leadership, she has successfully help companies she previously worked for generate millions of dollars in revenue and help with restructuring firms. Indra has an exceptional business educational background of which she has earned her Bachelors of Science, MBA, and Masters of Public Admin istration degrees (Pepsico, 2014). Indra Noori has been highly well known from many an(prenominal) companies all over the world. In an article named Leadership Lessons from PepsiCo CEO, Indra Noori, she stated 5 valuable leadership strategies. The five valuable leadership strategies that have inspired Indra Noori to release a great leader are 1. Balance the short term with long term, 2. Develop a deep understanding of public/private partnerships, 3. commemorate global, act global, 4. Keep an open mind to adapt to changes, and 5. Lead with your head and your heart (Snyder, 2013). These 5 concepts have helped Indra become a great successful leader and she has shared this mantra with many leaders speaking at various leadership conferences (Snyder, 2013). Balancing the short t... ... Works CitedPepsico. (2014). Retrieved January 11, 2014, from Our leadership http//www.pepsico.com/Company/LeadershipBurnison , G. (2011, April 29). Fastcompany.com. Retrieved January 11, 2014, from Leadership How pepsis Indra Nooyi learn to be a CEO http//www.fastcompany.com/1750645/how-pepsis-indra-nooyi-learned-be-ceoCollins, J. (2001). Good to great . New York Harper Business.Gaille, B. (2013, October 20). BrandonGaille.com. Retrieved January 11, 2014, from Pepsico CEO Indra Nooyis Leadership Style and Management Traits http//brandongaille.com/pepsico-ceo-indra-nooyis-leadership-style-and-management-traits/Snyder, S. (2013, May 7). Snyder leadership mathematical group . Retrieved January 11, 2014, from Leadership Lessons from PepsiCo CEO, Indra Nooyi http//www.snyderleadership.com/2013/05/07/leadership-lessons-from-pepsico-ceo-indra-nooyi/

Empty Shoes: The Realization of Teenage Driving Accidents Essay

It is 2 a.m. when Kevin picks up the phone. On the other end, a voice tells him of an accident involving his daughter, Hailey. He and his married woman jump out of crop love and rush to the scene. Once they arrive, the officer tells them the news. A week later a funeral is held in remembrance of a precocious 16-year-old who was taken too soon. Months pass plainly the pain still lingers in Kevins heart. He decides to speak out at Haileys high school and inform the students of the dangers of teenage driving. When he is do speaking, a teacher comes up to him and thanks him for what he has done. She too has lost a child to teenage driving and has found it hard to deal with, even up though it has been 5 years since the passing. Kevin then realizes there be other families who are grieving over the same situation. After he leaves the school, he calls his wife and tells her how they can help prevent teen deaths. They pack up their belongings and head out to inform various h igh schools of the increasing teen accident rates. During each presentation, Haileys shoes are brought out as a reminder of the results of her accident. When the presentation concludes, students are required to fill out a survey. As Kevin reads through them, satisfaction arises and he knows he and his wife have conquered what they set out to do. While driving is a privilege, teens often forget this and instead make senseless decisions, which ends up costing them their life or someone elses.When a teen is finally able to acquire a drivers license, they are overwhelmed. No more having to worry about their parents riding with them and critiquing their every move. But what actually happens when parents are taken out of the vehicle? According to the Iowa DOT, Take m... ...i, Wendy. Kyleighs Law Does it protect or further endanger teen drivers? 20 September 2010. Web. 6 December 2010.Clarridge, Christine. When a Teen-Age Driver Gambles and Loses. The Seattle Times (Seattle, WA). 7 whitethorn 2000 A1+. SIRS Researcher. Web. 7 December 2010.Increasing seat belt use among teens A summary of research, resources, and programs. April 2007. Web. 6 December 2010.Teen Crash Facts. Iowa Department of Transportation. 24 January 2008. Web. 4 December 2010.Teen Driving Statistics. Rocky Mountain Insurance Information Association. Web. 5 December 2010.Teens speak out about driving under the specify of texts. 12 March 2010. Web. 6 December 2010.Prevent Teen Deaths from Motor Vehicle Crashes. Iowa Health System. Web. 5 December 2010.

Womens Social Status in the World :: Gender Female Women Woman

IntroductionWomens circumstance is a complex issue and a hard-to-define subject. Around the world, womens situation in each society and cultivation varies in different ways. In some societies, womens lieu improved gradually, while in other, it declined or remained unchanged. What affects womens status in a society? In what kind(s) of society, /is womens status /is/ among the highest? And why? My research paper will focus on the relationship between womens status and the degree of stratification and wealth of a society.HypothesesMeasurement of womens statusFirst of all, I realized that there is no standard on how people define and judge womens status in a society. In my geological period of view, one of the judgements /that could be utilise for womens status is the opinion of people/, which includes two areas - society and family. That is, how the public views females and how parents treatment of the daughter compares to that of the son. (See radical III for related variables us ed.) This group of variables is going to be compared with other groups of variables in different areas to test my hypotheses. Besides, there are another two groups of variables related to womens status that are selected to be used in the paper. (See group V and group VI.)Factors that affect womens statusFirst, a womans ability to survive, that is, what I refer to as financial independence for women nowadays, would affect womens status in most societies. I believe it is more likely that people would have more respect /for/on/ productive persons than /for/independen/ce/ts/WHY? in most cultures. Therefore, I suppose womens contribution to be one of the factors affecting womens status. Variables related to this topic are collected in group IV.Second, /in a society in which castes and/or slaves exist, that is, /in/ a non-egalitarian society, women are more likely to have a lower social status. My point is, /in such(prenominal) a case/if/ the public believe/s that human beings are not equ al, and thus/,/ they classify people into different classes, socially or politically. hence speaking of genders, there must be a higher class as well. Would that be male or female? I suppose it to be male. The reason is that/,/ males are physically advantage/d/ous/ relative to females, and therefore, males are traditionally valued over females in many cultures. (Females could hardly talk intimately equal rights with males in jungles/but look at the Mbuti of the Iruri forest for example-- doesnt it depend on the society?

Essay --

Some years ago everyone lived perfectly fine without a smart phone or tablet, but now people suddenly pauperism to have one Most people will have heard someone say this or something similar before. And it seems to be true at first sight, smart phones and tablet ar now more a normal good than a luxury good. The implication is that marketing artificially creates needs. In this essay we will discuss the question if marketing really does. We will discuss this question from the point of guess of a producer or product designer. It will appear there is another side to the story.But what exactly argon needs? Needs argon the basic human requirements for air, good, water, clothing and shelter. Humans also have strong needs for recreation, education, and entertainment. (Kotler & Keller, 2012) Since needs are basic human requirements, they are in the reputation of mankind. Therefore they cannot be created by marketers. But why do people think marketing does create needs? Because they confu se needs with wants. Needs are not specific objects. The specific objects are wants, and they can satisfy the need. (Kotler & Keller, 2012) The needs already exist, marketing develops products that fulfill those needs. (Meredith, 2008) But people may not be aware of their needs, and therefore think that marketing has created a new need, but what marketing has actually done, is uncovering the need, by providing a product that satisfied the need. The need already existed, and marketers found a product that responds to it. Identifying needs and providing a product that satisfies the needs is the main business of marketing, that is why marketing is used. Business is basically identifying and answer customers needs at a profit. (Meredith, When Leaders Dont Lead, ... ...d society do. So if you ever hear someone complain about needs that are created by marketers, those people just didnt know they had that need.Bibliography(n.d.).Kotler, P., & Keller, K. L. (2012). A framework form market ing management (5th ed.). Essex Pearson Education Limited.Meredith, B. (2002, February). Awesomely Disquieting. NZ Business, 16(1), 47.Meredith, B. (2005, December). When Leaders Dont Lead. NZ Business, 19(11), 70.Meredith, B. (2008, September). (How) marketing has changed. NZ Business, 22(8), 102.Pereira Heat, M. T., & Chatzidakis, A. (2012). Blame it on marketing consumers views on unsustainable competition. International Journal of Consumer Studies, 36, 661.Vidal Diaz, d. R. (1998). A single consumer or different types of consumers An analysis of social types according to their customer habits. Brithish Food Journal, 100(7), 326.

Enviromental Protection Act

Environmental Protection figure out 1986 Submitted byPrachi Soni Rashmi Singh Partho Pritam Sarkar Environmental laws ?Protect and improve the milieu and to safeguard the forests and wildlife of the country. Department of Environment was established in India in 1980. later became the Ministry of Environment and Forests in ? ? The ? ?This Environmental Protection Act 1986 ?The constitutional provisions argon backed by a number of laws acts, rules, and notifications. EPA (Environment Protection Act), 1986 came into force soon after the Bhopal Gas Tragedy. large number of laws came into existence as the problems began arising, for example, Handling and direction of Hazardous ? ? The ? ? Thereafter List of the environmental legislations ?General ? Forest ? Water ? oxygenise ? and wildlife General ?1986 Act ? 1986 The Environment (Protection) Rules ? 1989 The objective of Hazardous Waste (Management and Handling) Rules ? 1989 The Manufacture, Storage, and outcome of Hazardous Rule s ? 1989 The Manufacture, Use, Import, Export, and Storage of hazardous Micro-organisms/ Genetically The Environment (Protection) General ?1991 The Public Liability Insurance Act and Rules and Amendment, 1992 ? 1995 The theme Environmental Tribunal Act ? 1997 The National Environment Appellate Authority Act ? 1998 The Biomedical waste (Management and Handling) Rules ? 1999 The Environment (Siting for Industrial Projects) Rules, 1999 General ?2000 The Municipal Solid Wastes (Management and Handling) Rules, 2000 ? 2000 The Ozone Depleting Substances (Regulation and Control) ? 001 The Batteries (Management and Handling) Rules, 2001 ? 2002 The Noise Pollution (Regulation and Control) (Amendment) ? 2002 The Biological diversity Forest and wildlife ? ? 1927 ? ?1972 ? ?1980 The Indian Forest Act and Amendment, 1984 The Wildlife Protection Act, Rules 1973 and Amendment 1991 The Forest (Conservation) Act and Rules, 1981 Water ?1882 ? ?1897 ? ?1956 ? ?1970 The Easement Act The Indian Fisheries Act The River Boards Act The Merchant tape transport Act ? Water ?1974 The Water (Prevention and Control of Pollution) Act ? 1977 The Water (Prevention and Control of Pollution) Cess Act ? 1978 The Water (Prevention and Control of Pollution) Cess Rules ? 1991 The Coastal Regulation Zone Notification ? Air ?1948 The Factories Act and Amendment in 1987 ? 1981 The Air (Prevention and Control of Pollution) Act ? 1982 The Air (Prevention and Control of Pollution) Rules ? 1982 The Atomic Energy Act ? 1987 The Air (Prevention and Control of Pollution) Amendment Act ? 1988 The Motor Vehicles Act Thank You

The Olympus Scandal

The Olympus S crowd outdal Hot Potatoes and Flying Funds Summary This paper describes the sequel of Olympus, a Nipponese manu itemurer of optic tallyment, at which in early 2012 a s stopdal was un regaleed which was soon dubbed to be one of the largest firing-concealment schemes of Japan. In the 1990s, Olympus incurred significant losses on financial investings made. These were subsequently hidden with the help of investment companies by shifting the investments around. In the 2000s, these losses were to be repaid by paying unconscionable merger and acquisition fees to these investment companies.After newly-appointed CEO Michael Woodford blew the whistle on these frauds, the companion got into trouble. Our inquiry into the even offingts leading to this stain, as well as an observation of the informal meet surroundings led to slightly interesting insights regarding possible improvements Olympus mogul implement. However, we in either case none that a collusion of bo ard members cannot be prevented by e really level of inwrought look, and a renewal of the entire board ability be appropriate in order to establish proper native control in spite of appearance the Olympus Corporation. Table of ContentsTable of Contents2 Chapter 13 1. 1Description of the organization of Olympus3 Organization3 Strategic Analysis3 concern Structure4 1. 2The Olympus Scandal5 Background6 Tobashi Schemes6 Whistleblower7 sanctioned Actions9 1. 3Analysis of the events9 Chapter 211 2. 1Evaluation of and recommendations for the control purlieu11 Organizational Structure11 card of Directors and Audit Committee12 focus Philosophy and Operating Style13 identification of Authority and Responsibility15 gracious Resource constitution and Practices16 Integrity and Ethical Values17 inscription and Compliance18 . 2Recommendations for control activities19 Chapter 320 3. 1Conclusion20 Literature Used21 accessory23 Chapter 1 1. 1Description of the organization of Olympus T he organization which we bothow for be discussing in this paper is Olympus, which is a Japanese corporation specialized in ocular and digital products. Most mickle will k without delay Olympus from the cameras they depict, precisely they produce a lot more(prenominal) different type of products. This chapter will cover the range of Olympus and a strategic analysis of the attach to. Organization Olympus was constituted in 1919 in Tokyo, Japan.At start-off they specialized in microscopes and thermometers, that in 1936 they introduced their very archetypal camera, the suppositious Pen. It is this product for which they ar well-know to the public. Nonetheless, it is not their primary product. Olympus is extremely specialized in microscopes and optics. Most of these be used in professional environments, like research centers and hospitals. This links similarly to an some other specialty product of Olympus, namely medical equipment. Olympus is an important manufacture r of endoscopic, ultrasound and disinfection equipment.These medical instruments are used worldwide (Olympus Corporation, 2012b). Olympus is even market leader in the endoscopy market, with a market function of most 70%. Of the net sales of Olympus, 42% are from the medical schemas segments. According to the one- family report, Olympus operates worldwide, with nigh 46% of the 2011 fiscal sales from Japan. Other primary(prenominal) areas are North the States (21,5%), Asia (not including Japan) with 11,5% and Europe with 18,2% (Olympus Corporation, 2011a). Strategic Analysis It is clear that Olympus is a multi- clientele entity which follows a related diversification strategy.They operate in several markets, namely medical, life science and industrial, imaging and information and communication. All these areas pick out a lot of research and development, unless thither sure are operational synergies amidst these markets. Logically, the lenses they use in cameras are also very effective for the medical equipment. In the Annual Report of 2011, Olympus states that the two businesses it wants to focus on most are the endoscopes and surgical and endotherapy devices. Olympus is already market leader in the first category, creating unique, lofty-resolution equipment.For the second category Olympus is cool off broadening its market share. An important step in this process was the acquisition of Gyrus, plc in 2005. Later on we will see that the acquisition of this U. S. endoscope caller-out has played a very important role in the fraudulent activities of Olympus. In 2011, Olympus had close to 34,391 employees. This number had been decreasing for a while, since in 2009 they had 36,503 employees. save not plainly the number of employees has decreased in the last hardly a(prenominal) years. Net sales declined in 2011 to ? 847,105 million (about $10,589 million).Operating income declined to ? 35,360 million, about $442 million (Olympus Corporation, 2011a). T he development of the results of Olympus in the past few years are shown in these three graphs on a lower floor pic Figure 1 Olympus Financial Results (Source Olympus Annual Report 2011) care Structure In the Annual Report of 2011, it is stated that Olympus values an appropriate incorporate system structure from a global stead. They adopted a corporate structure with an auditor system based in the Japanese Corporation Law.The corporate governance systems consists of a jump on of Directors of 15 members, which audits and supervises the performance of directors, and a Board of Auditors consisting of 4 members, which are independent from the Board of Directors and audit the performance of the directors. Two external auditors are members of the Board of Auditors, and also of the Special Committee, which gives advice to the Board of Directors. An interesting fact about the composition of the Board of Directors is that is has always fully consisted of Japanese directors, until April 2011, when the first non-Japanese director was appointed.Because in that location are a few important and recurring battalion in this scandal, it is important to know their names and position in the accompany. Tsuyoshi Kikukawa Chairman of the Board of Directors and CEO Michael Woodford president of the Board of Directors and COO Hisashi Mori Director, Executive Vice President Hideo Yamada Standing bodily Auditor This is how the positions of the main actors were halfway April 2011, right on ahead the suspicions of the fraud would rise (Olympus Corporation, 2011a). The charge structure of Olympus can be visualized as follows picFigure 2 Olympus Management Structure (Source Olympus Annual Report 2011) In the Corporate Governance Structure Chart above, some aspects of the Internal Control System can be found. We will discuss this explicitly in Chapter 4. But for now it is becoming to know that Olympus has a CSR Commission chaired by the president to set up and evaluate tar gets with regard to CSR activities. They also give up an internal employee code of behavior the questionable Olympus International Standards, and they established a Compliance De sectionalizationment which in case of compliance problems has to report the problems to the Board of Directors and the Board of Auditors.For the Risk concern system, the company has established a Risk Management Committee which helps to decide on bump management policies and the evaluation, verification and procedural standards to respond to much(prenominal) risks. In order to reduce the risk of takeovers, they perk up introduced a intend to prevent large-scale purchases of the companys shares. The anti-takeover measures are advised on and evaluated by the Special Committee, existing of the two outside auditors and one outside director (Olympus Corporation, 2011a). 1. 2The Olympus ScandalThe scandal surrounding Olympus became cognize on October 14th, 2011, when Micheal Woodford was fired as the CEO of Olympus. He had been the CEO of Olympus for only two weeks. He was the first non-Japanese person to blend a member of the Board. In a press statement, Olympus announced that they had fired Woodford because of differences in management style. But according to Woodford, that was not the actual reason. He stated that Olympus had fired him because he questioned some prior acquisitions. This was not something of the most recent years, in fact, the scandal even goes back to the nineties. BackgroundIt all started in the beginning of the nineties. A decade earlier, the dollar was almost worth ? 250 (Board of Governors of the Federal Reserve System, 2012). Due to this undervalued yen Olympus suffered from an enormous operating loss, as imported resources were incredibly expensive. To solve the problem of the extremely undervalued yen, a few countries decided devaluate, and after the implementation of the Plaza Accord in 1987, a dollar was worth about ? 121. The Japanese export market was still expanding, though one can wonder whether it even was a real market, it was actually more a bubble.In the closing four years of the 1980s the stock prices tripled. umpteen Japanese companies, like Olympus, used speculative investments to boost their income, which was very welcome because of the declining income from normal business due to declining exports. These risky investments worked until 1990, when the Japanese markets collapsed. In that year, Olympus decided to cover the loss of ? 100 billion ($730 million). The reason why such an enormous loss could be hidden was because of the accounting rules in Japan around that age. Investments could be carried at costs.Olympus simply did not write down on the investment, which was worth nothing anymore. They hoped that they could make up for the losses by doing more risky investments. But after a few years, instead of reservation up for it, the losses only got worse. And and so in 1997, the accounting rules changed. Investme nts had to be marked to market and Olympus now actively had to do something to solve the problem of the losses. And it is this very moment when the real fraudulent practices of Olympus started, to cover the losses of the last decade of the twentieth century.Tobashi Schemes It was much more difficult now to hide the losses for the public. Hideo Yamada, in that time a former full-time auditing officer at Olympus, was the chief of Olympus general affairs and financial department. He consulted, together with his subordinate Hisashi Mori, two officials of an consultancy firm. Together they decided to hide the losses with a Tobashi scheme. They transferred Olympus losses to some funds they had established right before March 1998 at the caiman Islands, named Quick Progress and Central Forest.These companies were not consolidated with the Olympus financial statements, so such assets transferred there would not show up on Olympus balance sheets. By moving the assets for only short amounts o f time, right before the financial year ended, they managed to keep these assets hidden for several years, including the losses they were incur on them. Additionally, rumors are that Olympus reported several non-existing foreign bank accounts in order to conceal its usage of fake transactions. Additionally, several of these loss-incurring investments were moved to Axes America and its Cayman Islands-based subsidiary AXAM Invest Ltd.Signs of the fraud came to light when Olympus wanted to pay back these losses to AXAM by hiring them as consultants for the takeover of Gyrus. For this takeover, AXAM was paid an exorbitant fee totaling $687 million. This consisted $67 million in cash and another $177 million in preferred shares, which Olympus repurchased two months later for $620 million. This repurchase of shares also increased the state of grace on Olympus balance sheet by $435 million (Woodford, 2011). Gyrus was not the only dubious acquisition of Olympus.Throughout the years they ha d acquired many companies, most of the time for a very high price or by paying exorbitant fees to consultants. Another example is the acquisition of Altis, Humalabo and News Chef. Between may 2006 and April 2008 Olympus acquired the majority domineering interest in these three companies. They paid approximately $773 million for the companies (? 73,419 million). The purchases were completed in April 2008. In the same fiscal year, ending in March 2009, the investment in these three companies was written down as follows picFigure 3 Altis, Humalabo and News Chef impairments (source Letter from Woodford to Olympus Board, 2011) So the total investment in Altis, Humalabo and News Chef was almost $800 million, but deep down a year is was written down with almost $600 million to only 25% of the original value. This is of course an extraordinary goodwill impairment for such a short amount of time (Woodford, 2011). Whistleblower In April 2011, Michael Woodford became the first ever non-Japa nese president and Chief Operating Officer (COO). October 1st 2011 he also became CEO of Olympus, replacing Kikukawa in that position.But within two weeks, October 14th, he was fired as CEO of the company. The Japanese Board stated that is was because of the differences in management style, that Woodford as an Englishman could not really understand the Japanese business culture. Woodford himself stated that the story told by the board was not true. According to him he was fired because of the fact that he investigated the M&A fees of several acquisitions, especially the acquisition of Gyrus (Voigt, K. , January 2012). Woodford started questioning some of the M&A fees paid after he read an expression in FACTA on July 30th about a dubious acquisition by Olympus, namelyGyrus. Upon this he contacted Kikukawa and Mori and demanded answers about the fees paid. He wrote several letters, explaining his concerns about the governance issues, but he never got any real answers. He threatened t o resign if he did not get an explanation about the M&A fees. miniscule later, he was named the new CEO of the company. Understanding quickly that this promotion was only done to silence him, he hired PwC to investigate the fees without informing the board about this probe. After the report of PwC was completed, Woodford sent the report to the Olympus Board and to Ernst&Young, auditors of Olympus.On an want board meeting on October 14th he was dismissed (Bacani, 2011). The directors of Olympus denied the accusations of Woodford for a few weeks, even blaming him for the decline of the stock price. On October 26 Kikukawa resigns as CEO and president, and he is replaced by Shuichi Takayama. In the week of 6 November 2011 president Takayama made public that he had been informed by the now-dismissed Mori about the cover-up schemes. He explained that he had known absolutely nothing about these schemes and that Kikukawa, Mori and Yamada were not responsible for the initial losses, but h ad only tried to hide the losses.Yamada, the auditor of Olympus, had resigned a week earlier. One week after Woodfords firing, on October 21st, the stock price of Olympus had fallen from $32 to $16. The chart below makes clear that the stock price would take down much further. In the week of 6 November, when Olympus admitted the fraud, the stock price declines to $6. 3 per share. The scandal caused the stock price to drop with almost 80% (Yahoo Finance, 2012). pic Figure 4 Olympus Stock Price (Source Yahoo Finance) Legal Actions Of course, these types of fraud with such an impact cannot go unpunished.In February 2012, seven men were arrested for the fraud, including Kikukawa, Mori and Yamada (CNN Voigt, February 2012). They were arrested on suspicion of filing false financial statements to cover up the enormous losses from the past in 2006 and 2007. Kikukawa is seen as the main suspect in this case. independently from these accusations, the company Olympus as an entity is also char ged for the falsification of the financial statements. Later on, four of the seven men were rearrested for falsification in other years, namely 2009, 2010 and 2011 (Hasegawa, 2012).Japanese lawyers have said that the executives can face up to ten years in prison or a fine of about $125,000. If found guilty, the firm faces a fine of almost $9 million. The trial of the Olympus officers has not started yet, so it cannot be said what the final view will be (Reuters, 2012). On April 20th 2012, investors okay of a complete new Board of Directors, hoping that the company now can start with rebuilding its image and shareholders trust, and that they can finally leave these rumorous years quarter (Olympus Corporation, 2012). 1. 3Analysis of the eventsAlready in 1986, the then-CEO said to press that in difficult times, companies will have to use financial engineering in order to make a network, referring to the use of Tobashi-schemes to hide incurred losses or even inflate profits. In the Japanese investment climate at the time, there was little regulation on this flying away of losses incurred on bad investments, and it was in fact even popular in the 80s, with certain production companies come to be nicknamed banks because their financial incomes exceeded their operational incomes (Dymski & Isenberg, 2002).This was made possible by the so-called zaitech (literally financial engineering) system which was caused by the extremely low interest rates and high accessibility of credit, which made it easy for companies to raise money to invest in speculative market activities. This led to an upward spiral of increasing stock prices, enabling companies to take in more capital, perform more risky investments, which again led to a increase in stock value enabling the companies to report more (speculative) profits, which closes the dance band by increasing the company value and enabling them to obtain more capital (Haramis, 2007).Another factor contributing in this was that a lot of these securities issued were convertible bonds. Japanese investors customarily did not take into account the possible dilution of shares caused by convertible bonds, and thus the emission of convertible bonds did not cause a decline in the price of shares (Smith, 1994). Even if the zaitech would lead to a loss, the system of Tobashi would make it possible for firms to hide the losses. With Tobashi, the investment houses could reimburse the losses to their clients in loan-like constructions which would eventually need to be repaid.These loans often involved moving the loss-giving assets into special purpose vehicles (SPVs). These SPVs had non-synchronous financial year-ends, allowing the losses to be kept off the books by moving around the assets. The cutaneous senses of being unable to lose was also reinforced by investors. This is described as follows the Banking Bureau instructed firms to postpone the introduction of lower cost accounting until April 1, 1988. Because of this, companies did not need to write down the loss and life-insurance companies did not have to sell stocks in mass quantities.In this way, the MOF succeeded in preventing share prices from declining. After that, stock prices surged remarkably. This was because these measures by the MOF to agree the markets made investors believe that the ministry would never let stock prices slump. (Kamikawa, February 2010) It was not until the end of 1989 that the Japanese government interceded in this bubble by raising the interest rates, which finally led to the collapse of the zaitech-bubble and eventually even the 1990s recession in Japan (Smith, 1994). Olympus par alikek in this as well in the 1999s by screen the ? 0bn ($241mln) losses incurred while investing in a venture capital fund in 1999 owned by investment house Nomura. One of the owners of Nomura was Nobumasa Yokoo. This loss never showed up in the financial statements, but was uncovered during investigation by external audit fi rm PwC, which was hired by whistle-blowing director Woodford. coincidently, Yokoo was also shareholder in 3 companies (News Chef, Altis and Humbalabo) which Olympus acquired in the 2007 2010 period for ? 73. 4bn. Only 6 months later, these were impaired by ? 55. bn (75%) because the business prospect diverged from the assumption at the time of investment. Investigation into these investments is yet to be launched officially, but suspicions are that this is also another attempt at repayment for a Tobashi scheme. Chapter 2 2. 1Evaluation/recommendations for the control environment The control environment is an essential part and basis for the internal control system within a company. A firm may have heighten control activities and monitoring procedures but without properly established control environment all the control component would be futile.In 1992 COSO released their Internal Control Integrated Framework, which states that control environment sets the tone of an organization , influencing the control consciousness of its people (COSO, 1992), provides foundation for other components of internal control. Control environment includes integrity and respectable values, commitment and competence of the companys military unit, Board of Directors and Audit Committee participation, management philosophy and operating style, organisational structure and charitable resource policies, assignment of authority and responsibility by management.In 2004 COSO published Enterprise Risk Management Integrated Framework, which expands on internal control and focuses more on enterprise risk management. Framework contains definition of internal environment, which encompasses the tone of an organization, and sets the basis for how risk is viewed and addresses by an entitys people (COSO, 2004). We will address the elements of the control environment and internal environment to the Olympus case under investigation using the seven principles for control environments as guidanc e (Streng, 2011).Alongside an evaluation addressing these elements, we will give our recommendations for improving them. Organizational Structure Evaluation The Olympus Corporate Strategic proposal slogan which is actively promoted within the company is Advancing to the Next Stage of Globalization (Olympus Corporation, 2010). Based on this slogan the company rejuvenated its management structure in April 2011 by introducing new management rules, restructuring information-related operations and administration, shifting focus to overseas operations and reviewing the cost structure.These changes can suggest the considerable flexibility of the organization in following the chosen strategy. The overall organization structure described in the part about The Board of Directors and Audit Committee seems quite elaborate for such kind of company as Olympus. Information about the key managers responsibility cannot be found in the public sources therefore we cannot evaluate how adequate they ar e and whether managers have a proper understanding of them.Nevertheless, this organizational structure which seems to be good established did not prevent the fraud, because of the involvement of almost all evanesce officials in it 19 people were sued in covering-up losses and some of them are still the part of the firms management (Buerk, 2012) Recommendations The basics of internal controls are all there in Olympus, with collusion being the main reason why the fraud could continue for so long without any detection. The new management rules which were implemented in 2011 were a good start, were it not for that the board did not follow the newly implemented rules themselves.Best would be to completely remove any ties among the internal auditors and the board, so that the internal auditors can audit the board more effectively and without interference by executives. In a construction like this, the internal audit department would only have their responsibility to the general meeting of shareholders, preventing possible future collusion. Board of Directors and Audit Committee Evaluation The corporate governance structure of Olympus consists of two organs.The first of these is the Board of directors, which meets frequently and is tasked with supervising and auditing the performance of executives and internal auditors. The second is the Board of auditors, tasked with the audit of the performance of the executives and advising the board of directors. The division between executive and non-executive directors is an important internal control procedure in enhancing the separation of duties for monitoring and decision-making, and should increase independence between the board and management.The general meeting of shareholders has the final decision on the appointing of directors, internal and external auditors and payment, ensuring a separation of duties. The remuneration of directors is based on their performance, which is measured by the balance score card (BSC) s ystem on the degree to which the goals are achieved in four dimensions (financial, customer service, business operation process, growth potential). Concerning the knowledge and expertise of directors, we can conclude that, based on the publicly available information, the directors of the company are highly qualified and experienced.Also this conclusion can be confirmed by the resumes of the directors, who have all been involved with the company for a significant number of years, often a majority of their lifetime. This can however also be a weakness, because they may miss a caller view on the company. The Olympus scandal showed existence of strong ties and cooperation between the Board of directors, banks, investment bankers and accounting firms in conducting fraud and their attempts to hide it (Yasu, 2012). Proper control environment should include directors who are independent from management, trade partners and other parties (Maitland, 2012).Recommendations In the case of Olympu s the chairman of the board of directors was the same man as the CEO. We think this is a part of getting a huge scandal like this one. The Board of directors should determine whether or not the CEO is independent in character and in judgment (Financial Reporting Council, 2010). But in Olympus, the chairman of the board would therefore be required to evaluate himself on his own independence, character and judgment. Seeing as this is unaccepted the UK CG code proscribes a segregation of duties between these two positions.Even though this would not directly apply to Olympus operating under Japanese law, it is very probable that the Japanese CG code also sports at least an advice for this. Thus we would recommend for Olympus to have two different independent people fulfilling these functions. Furthermore we think that the people within the board and people with other top functions were too long holding the same position at the company. This makes the board less independent and will mak e the chance of fraudulent actions higher, even when some executive people left they came back at the company in another function like Kikukawa did.Kikukawa was first the CEO and president of the board, and returned as an auditing officer after his dismissal. This led him to be able to review his own work as CEO. We recommend that Olympus reassigns its board members and that people within this board should not have other important functions for at least several years. The UKCG Code advises for board members not to stay on for overnight than 9 years (Financial Reporting Council, 2010). This makes it harder to perform fraudulent actions because people cant rely on the new people to participate in the fraud. This will also more often give shareholder control over the actions of the board.Additionally, they cannot get rusted into habits. However, as the entire board, including non-executives, and the internal auditors were involved in the fraud scheme, we have doubts whether any amount of internal control could have prevented this fraud. Management Philosophy and Operating Style Evaluation In this section we will pay attention to the management philosophy, including risk attitude and management approaches. The Olympus Corporate affable Responsibility (CSR) Report 2011 gives us insight into which management insights considers the most important for the company.It is stated that for the company the main focus is not on the profit but on the win-win relationships with stakeholders based on mutual trust. Management philosophy in the company is based on Social IN through which company incorporate social values into the companys activities. (Olympus Corporation, 2011b) The CSR Concept of the Olympus Group establishes the ways in which the company can make its contribution to society (through business and other voluntary activities) and states the companys duties responsibilities to society through compliance with laws, regulations and business ethics.Olympus not only states their views on how the business should be conducted but also communicates them but means of policies. For example, to act on behalf of the customer the company established Protection Policy with respect to human rights the Human Rights and Labor Policy was implemented. These policies and philosophies are incorporated in the daily business activities. All the means and processes mentioned above create an impression that the Olympus Company has a strong attitude towards corporate values and uses strictly stated procedures to bring them into everyday business life.Olympus established a system of perpetrations to employ more countrywide approach towards risks and to analyze, evaluate and manage them (see Figure 2 Olympus Risk Management System on the next page), such as a Risk Management Committee (to decide on the risk management policies and on proper responses for the risks faced by company, chaired by the president), a Risk Management Bureau (to sop up and evaluate informa tion regarding risks, to develop counter measures and ensure their effectiveness) and a Business Continuity Plan (to ensure devotion to its management policy in emergency cases, to be prepared to such cases).Recommendations However, despite all these internal controls, the fraud still managed to occur and persist through collusion of the board of directors. Not any amount of internal controls would be able to prevent such a fraud, as the board can always override these controls. This can especially be seen in Figure 6, where the president is depicted as the Risk Management Leader, all the while it was the president who was the center point of the fraud. However, one can terminus ad quem the options for fraud by non-executive management significantly.The processes and policies established by Olympus already give a good head start, but key to success of them is support by management. Not in word, but also in deed. Every in-house department and affiliate company should establish its ow n risk management structure and all the uncovered significant risks should be immediately reported to the president and Risk Management Committee. pic Figure 6 Olympus Risk Management System (Source Olympus CSR Report 2011) Assignment of Authority and Responsibility EvaluationThe company established a thorough corporate governance system with stringent monitoring, auditing, evaluating and reporting responsibilities. There are various committee structures ensuring compliance and effective internal controls in all the business activities and a lot of attention is paid to compliance with norms, laws and regulations. The Boards of directors plays an important role in establishing of company strategy, making decisions about main management issues and monitoring the fulfillment of decisions made and strategies established, while leaving the day-to-day management to the company managers.A special Committee, consisting of outside directors and auditors, takes informatory responsibility con cerning the most important deals. Public sources do not provide information about the employee job descriptions, therefore in it hard to evaluate thoroughly appropriateness of the responsibility assignment. The firm documents also do not contain the information regarding the number of people with respect to data processing and accounting functions, which also does not allow us to get a better grasp on the actual situation within the company. RecommendationsThe company already has developed a thorough corporate governance system with stringent responsibilities. There are still some recommendations like competency controls. This is a formal control since it verifies whether organizational activities are conducted in conformity with applicable procedures and requirements (Vaassen, Meuwissen, & Schelleman, 2009). So these controls can be used to prevent unauthorized employees gaining access to certain areas or assets they should not supposed to have access to. For these competency contr ols to work go downly strict procedures and requirements have to be well formulated and established.We therefore recommend Olympus to have strict procedures and have competence controls using these procedures. For responsibility we think it is important for Olympus to have clear function descriptions in which the responsibilities for that particular function are described. Human Resource Policy and Practices Evaluation The Olympus Corporate Social Responsibility Report 2011 states that human resource management systems are based on the belief that a companys performance consists not only of its business results but also of the growth gained by apiece individual employee.The company established a thorough Human Rights and Labor policy stressing the most important issues in this area and developed a CSR Educational Cube (see right) to raise awareness of compliance, CSR initiatives and enhance communication within the organization. The company introduced various initiatives concernin g HRM including internal job-seeking, individual career planning, skill development, newly appointed executives trainings, occupational safety programs, physical and mental health consultations, and a so-called Welfare Cafeteria Plan.All of these activities serve the goals of enhancing employees performance and their commitment to the company. Concerning the reward systems, there are established procedures for annual paid holidays and bonuses. Company CSR Report states that salaries and bonuses reflect each individuals activities and contributions the bonus funds are linked to business results. Company also use a so-called Advanced Technician/Engineer incentive System to ensure improvements of the technical and practical skills of engineers and serve the innovation basis for the company activities (Olympus Corporation, 2011b).Recommendations Vaassen et al, 2009, p. 203, Describes that Human resource management processes generally consists of recruiting and selecting employees, educ ating and training employees, assigning tasks to employees, evaluating employee performance, employee remuneration and employee termination. Some of these aspects can be found at Olympus but not all yet. An recommendation on this part is that for each employee there is a personnel file available.This file will consist of data of the employee right before starting at the company such as address, number and contract information, but it is also important to keep this file updated with the employee performance, evaluation, payroll and career advancements. Also when the employee participates in education and training programs this needs to be included. This file needs to be available to managers because managers can use this file to assign tasks to their employees. Another recommendation to Olympus is to evaluate their employees on a regular basis.This evaluation needs to provide feedback to the employee about their job effectiveness and career guidance, because this will motivate the em ployees. This evaluation needs to be done by the functional manager together with the human resources manager. indeed finally it is important for Olympus to have procedures in place for terminating dysfunctional employees. When during the evaluations turns out that the employee is not performing as it should be, there needs to be a plan for improvement made by the superior of the employee and the human resource manager.This plan needs to be communicated to the employee. After this the two officers needs to monitor the employee to see if there is improvement. Integrity and Ethical Values Evaluation The Olympus scandal, and even more the scale of it, points out that respectable values are very important for companies. It is not enough to just have a code of conduct or an ethics committee. The company should also live to the ethical guidelines. And if even the directors do not pretend ethically, how could they expect the employees to behave ethically? In theory Olympus has done a go od job on the ethical part.They have got several codes on ethical behavior and moral values and there is a committee about this. But just the existence is not enough. It is clear that there was no correct tone at the top. It could be recommended to start at the top of the company, because once the directors show moral and ethical behavior and give guidance to what is right and wrong, the employees might act the same. Recommendations Part of the board of directors was replaced, but several key figures are still in place after the scandal, even though it is known that they were (or should have been) aware of the fraud going on right in front of them.We would therefore recommend that the remaining directors are also replaced, which would give a good signal to both shareholders and employees alike that its time for a fresh start. It is also important that the attitude to mistakes or misbehavior is reasonable. Of course, the effects of a mistake may be huge, but the reaction to it must be reasonable. Otherwise, people will try to hide their mistakes. Especially in a business culture like the one in Japan, this may be very hard to implement, because it is considered discrediting the company if one makes mistakes or causes significant losses.As such there must be clear and reasonable consequences to misbehavior or overriding established controls in order to diminish the amount of secrecy around losses, mistakes or ethical misbehavior. Furthermore, the code of conduct and the ethical and moral values should be known and implemented. Not only the employees, but especially the directors should be aware of it and behave as demanded, to set an example and prevent scandals like this. Commitment and Compliance Evaluation Overall Olympus developed a thorough approach for recruitment and promotion.They established company Human Rights and a Labor Policy and requires from all the employees high commitment to company values. To promote the company values, Olympus holds meeting s with their employees and gives trainings to the employees. This can be seen in the Corporate Social Responsibility Report of 2011 which contains methods for developing a culture based on putting the customer first. To achieve this Olympus has chosen to instill the attitude of thinking from the perspective of the customer in every employee by providing special courses at all the levels in the company including newcomers.So Olympus facilitates skill development (Olympus college, Advanced Engineer Incentive System) to equip their employees with the skills they need to work successfully. At the company group level a Safety & Health and a Ethical Conduct Promotion Committee was established to enhance safety & health and to reduce ethical problems for all the employees within the group. Recommendation Olympus already does a lot to promote their company values as described above. Also by meetings with the employees the commitment will be better.For commitment it is also important to have good guidance by superiors, therefore our recommendations on this part are similar to the ones of human resource policies. Something that can be added in this part is that the education programs employees can perform are specially for those employees, so the programs needs to fit with the employee and their career changes. This will make the employee more committed to the company. 2. 2Recommendations for control activitiesIn this paragraph we will assume that all the recommendations for the control environment has been interpreted into account and that Olympus has implemented those recommendations. Now we will look at recommendations for the control activities. We first need to know what control activities are. According to Streng, 2011, p. 49 Control activities are the formal policies and procedures that help an organization ensure that objectives are being achieved and are achievable. The scandal started with speculative investments which caused a loss of $730 million.Therefore Olympus should implement control activities to ensure that this cannot get hold again. First of all the company should not invest in investments that are riskier (too speculative) than they prefer. They have to decide for themselves what their risk appetite is and cut out the investments that are too risky. To make sure that such investments will be left out, Olympus needs a risk assessment report for the investment. This report needs to be canonical by the management which will make the investment, but also by the higher management of the company.This will make the chance of big losses smaller. thereby comes the fact that segregation of duties is important. The scandal was caused because higher management sanction or even initiated very risky investments, so there must be mortal independent to check on the investments. After having the investment approved the investment still needs to be monitored on a frequent basis. This is because there is still a chance of a loss or that th e it actually was a wrong investment. Results of the monitoring activities also need to be communicated to the higher management so that they can intervene if necessary.The decision to intervene needs to be made by someone that is independent of the investment department, so that this decision will not be influenced. Than the auditor needs to check if there are risk assessment reports for the investments which Olympus decided to invest in and also that the higher management approved of these investments. Further the auditor needs to check if monitoring is done frequently and have to look at the decisions made by higher management on the basis of the monitoring activities.So for instance if these decisions are made by a independent person. We also like to advise Olympus to have strict procedures for when to abandon an investment, so that it will not be possible that after a loss incurred the investment stays in the portfolio in the hope that this investment will become profitable in the future and actually becomes more loss making. Furthermore it is important that Olympus only has employees in the investment department that are capable of making the right decisions and have the right knowledge of how to monitor and when to intervene.In order to do so, Olympus must have strict recruiting policies and offer education and training to their personnel. Only then they can be sure, to a certain level, that their investors are capable of investing, know what they are doing and what risk they can take. With the continuous stream of new, complex financial products it is very important that the employees of Olympus are highly educated and have up to date knowledge. Apart from the investment department, every employee of Olympus should be aware of the Code of Ethics, including the management.Finally, it is important that there is an effectively working control IT system. A proper working system should be able to detect extraordinary high fees paid to e. g. consultants, ext reme impairments on recently acquired companies and the transfer of money or losses to recently set up funds in dubious places (one has to admit that funds on the Cayman Islands should have raised some questions immediately). Once a proper IT control system is implemented it should be very hard for the directors to act as nigh as they did during the scandal. Chapter 3 3. 1ConclusionThe Olympus scandal became one of the largest loss-concealment schemes in Japan, routed back in the 1990s. We conducted our research regarding this scandal starting from the companys history and organizational issues. Then we gave insight into the scandal itself, followed by the investigation and statements of recommendations for control environment and control activities. The control environment in the Olympus company was forming and developing throughout the years of the companys existence and various control activities were established. Nevertheless, it was not enough to prevent fraudulent actions.The refore based on our research the following procedures can be recommended regarding the control environment revision of the companys organizational structure to guarantee auditors independence, reassignment of all board members involved in the scandal, implementation of procedures to ensure real compliance with corporate policies at all levels, enhancement of HRM policies and practices to ensure high qualification and commitment of personnel. Moreover, strict procedures, control activities and regular monitoring over investments should be developed within the company, to evanesce chances of such fraudulent situation in the future.A good ethics lesson can be learnt from the Olympus case. Collusion within the companys top officers could hardly be prevented by internal control mechanisms. Therefore the Olympus scandal is a very representative example for the regulators to direct their efforts. Also it is a great confirmation of the fact that integrity and high ethical values should be followed and embodied by all the employees of the company, from the workers and engineers to the president and chairman. Literature Used Bacani, C. (2011, October 24). The Olympus Scandal When a Foreign CEO Rebels.Retrieved may 9, 2012, from CFOInnovationAsia http//www. cfoinnovation. com Board of Governors of the Federal Reserve System. (2012, whitethorn 1). Japan / U. S. Foreign Exchange Rate. Retrieved May 9, 2012, from Federal Reserve Bank of St. Louis http//research. stlouisfed. org Buerk, R. (2012, February 16). Former Olympus Chairman Arrested in Accounting Probe. Retrieved May 9, 2012, from BBC News http//www. bbc. co. uk COSO. (2004). Enterprise Risk Management Integrated Framework. New York AICPA. COSO. (1992). Internal Control Integrated Framework. New York AICPA. Dymski, G. , & Isenberg, D. 2002). Seeking Shelter on the Pacific back talk Financial Globalization, Social Change and the Housing Market. New York M. E. Sharpe. Financial Reporting Council. (2010). The UK C orporate Governance Code. London FRC Publications. Haramis, I. E. (2007). The Stock Market Guide to Profitable Investments. capital of Greece Scientific Publications Ltd. Hasegawa, K. (2012, March 7). Japans scandal-hit Olympus, ex-officials charged. Retrieved May 9, 2012, from Yahoo News Philippines http//ph. news. yahoo. com Kamikawa, R. (February 2010). A Political Analysis of the Economic Bubbles in Japan and the U.S. A Critical Examination of comparative Political Economy Models. Osaka University Law Review No. 57 , 19-38. Maitland, O. (2012). Global Governance Issues Introduction Statement. 6th European GRC Summit. Copenhagen. Olympus Corporation. (2012a, April 20). Notice Concerning the Results of the Extraordinary Meeting of Shareholders. Retrieved May 9, 2012, from Olympus Corporation http//www. olympus-global. com Olympus Corporation. (2011a, March 31). Olympus Annual Report 2011. Olympus Corporation. (2011b, November 7). Olympus Corporate Social Responsibility Report 20 11.Retrieved May 9, 2012, from Olympus Corporation http//www. olympus-global. com Olympus Corporation. (2012b). Olympus Global Homepage. Retrieved May 9, 2012, from http//www. olympus-global. com Olympus Corporation. (2010, May 12). Olympus Group 2010 Corporate Strategic Plan (2011-2015). Retrieved May 9, 2012, from Olympus Corporation http//www. olympus-global. com Reuters. (2012, March 7). Japan prosecutors charge key figures in Olympus scandal. Retrieved May 9, 2012, from Reuters http//www. reuters. com Smith, R. C. (1994). Comeback The Restoration of American Banking Power in the New World Economy.Harvard Harvard Business Press. Streng, R. -J. (2011). Corporate Governance, Internal Control and Risk Management. Moordrecht Bertius Publishers. Vaassen, E. , Meuwissen, R. , & Schelleman, C. (2009). Accounting Information Systems and Internal Control. San Francisco John Wiley & Sons. Voigt, K. (2012, January 6). Ex-Olympus chief gives up CEO bid. Retrieved May 9, 2012, from CNN http/ /edition. cnn. com Voigt, K. (2012, February 16). Ex-Olympus executives arrested in $1. 7B scandal. Retrieved May 9,2012, from CNN http//edition. cnn. com Woodford, M. C. (2011, October 11).Letter from M. C. Woodford to Olympus Board. Retrieved May 9, 2012, from Accountant. nl http//www. accountant. nl Yahoo Finance. (2012, May 8). Summary for Olympus Corporation. Retrieved May 9, 2012, from Yahoo Finance http//finance. yahoo. com Yasu, M. (2012, February 16). Olympus Ex-Chairman Kikukawa Arrested With Six Others After Payment Fraud. Retrieved May 9, 2012, from Bloomberg http//www. bloomberg. com Appendix Appendix IOlympus Timeline Appendix IIOlympus Corporate Governance Facts Main facts about the Boards of Directors (BD) 15 members (including 3 outside directors) Meets once per month to make decisions about the business strategy and other current management issues and to control over the fulfillment of decisions made and strategies established Outside directors taking part in the BD meetings as members of the Special Committee1 Executive Management Committee is formed at the company to facilitate President and COO decision making (meets 3 times per month) The term of office of directors has been set to 1 year to enhance their accountability (their performance is assessed annually) To enhance eligibility and expertise inside directors participate in seminars outside the company Main facts about the Board of Auditors 4 auditors (including 2 outside auditors) meets 1 time per month audit managements daily activities (for instance, director performance) participate in important company meetings (including BD meetings), they share their opinion concerning the questions under the discussion with executive officers, subsidiarys auditors, Internal Audit Department and accounting auditors The Board of Auditors shares its views with the President four times per year and with all other directors (excluding outside directors) and executive officers once a year. Outside auditors participate in the Board of Directors meetings as members of Special Committee.They give the company advices concerning the questions of large-scale acquisition of shares (over 20 %). Outside auditors have possibilities to visit the plants and research centers to deepen their knowledge about the company. 1 Japanese Corporate Law does not require companies with auditor have outside director within the Board of Directors. Olympus appointed Rikiya Fujita (doctor of medicine), Masanobu Chiba (career as a director of Nikkei Inc. and its group companies) and Junichi Hayashi (career as director of investment consulting company) Figure 5 Zaitech Bubble Figure 7 CSR Educational Cube (Source Olympus CSR Report 2011)

How to Stop Bullying Essay

On April 16th 2009, eleven year old Jaheem Herrera woke up acting strangely and did not want to go to school, however he packed his bag and went to Dunaire Elementary in DeKalb County, Georgia. When he came back from school that day, he was much happier and gave his mother his report card full of As and Bs. She gave him a spunky five and he went upstairs while his mother fixed dinner. A little while later his younger sister called him down to eat, but Jaheem didnt answer. So, his mother and younger sister went upstairs to check on him and found him hanging by his belt in the closet. (CNN 1) intimidate is a awful crime that has always affected many young people and we need to kick downstairs a way to stop it. There are four kinds of intimidate and they are physical, verbal, covert, and cyber. Physical intimidate includes kicking, tripping, pushing, hitting and damaging property.Verbal deterrence includes insults, teasing, name calling, intimidation, and homophobic or racist rem arks. Covert bullying is harder to recognize because it is through behind the bullying victims back, this kind of bullying can include spreading rumors, playing cruel jokes to embarrass and humiliate, mimicking unkindly, encouraging other to socially exclude someone, or damaging someones social reputation or social acceptance. The last type of bullying is cyber bullying this kind is done in the digital world and it can include harassment via a mobile phone, intentionally excluding someone from social networking spaces, or setting up an insulting personal website. (NCAB) In order to stop bullying at school, school districts nowa days have to find a way to budget their notes to afford bullying programs.The money they use is tax dollars and those tax dollars get spent just trying to make sure that people are treated with respect. Something we all should do freely, without the cunning of consequences. (Burns) Another thing is that teachers usually get paid by their students attendanc e and everyday 160,000 students stay home from school due to bullying. (Burns) Bullying doesnt just happen at school because according to the National Institute of Occupational Safety Health, there is a loss of employment amounting to $19 billion and a drop in productivity of $3 billion due to workplace bullying. (Burns) Also, since 1999, the Office of Violence against women has spent around $98 gazillion in assistance to address campus intimate violence. (Burns)I believe that verbal bullying has the most affects on the bullying victim because they will never embarrass what the bully said and how it made them feel and thats what causes them to go as far as committing suicide. From a survey taken in March 2011, 20 percent of high school students say that they have seriously considered committing suicide within the last 12 months. (Burns) An example of this statistic actually coming true is Jaheem Herrera. Jaheem Herreras mom, Masika Bermudez, believes that bullies at Jaheems school pushed him over the edge.They would call him words such as gay, ugly, and the virgin just because he was from the Virgin Islands. (CNN 1) Jaheem finally got tired of it and now his mother will never get to see her son grow up. Jaheems school has an anti bullying program that was considered exemplary and includes programs to raise sentience and a specially trained liaison. Students are even asked to sign a no bullying pledge. (CNN 1) Masika Bermudez and other parents say that they have complained about bullying as well. Another statistic says that sixty-five percent of teens are bullied each year and most believe adults cant help them.Another example of verbal bullying is 11 year old Carl Walker Hoover, who committed suicide by hanging himself on the stairwell banister on April 6th 2009, just 10 days before Jaheem Herrera. When Carl Walker came home from school that day he told his mom, Sirdeaner Walker Hoover, his backpack had hit the TV stand and that the TV stand hit a girl. The girl got really upset and threatened to beat him. (CNN 2) However, thats not the only thing that happened, since fifth grade Carl had been having problems with other students. For example, they would call him gay and hed be verbally teased every day. It got to a pass where Carl was so afraid of being bullied, he ate lunch with a counsel counselor. Carls story is also an example of sexual bullying which is really a form of sexual harassment.An example of cyber bullying is Ryan Halligan who committed suicide in 2003 also because of sexual harassment. Ryan started to get teased in fifth grade and his dads response was Its just words. You need to just slew him (CNN 2) However, the maltreatment lock away continued up until seventh gradewhen Ryan came home to tell his parents that he was becoming friends with one of his bullies. Soon later, the bully backstabbed him and spread a rumor around school that Ryan was gay and because of that, kids who didnt normally pick on Ryan got in on the bullying. Ryan started to receive rude, wicked, and homophobic emails but he still didnt tell his parents about them. One day Ryan went to go talk to a girl whom he had been chatting online with for a long time and the girl told Ryan that he was a loser and didnt want anything to do with him and then laughed in his face. This is another thing that pushed Ryan over the edge. Cyber bullying is far more dangerous than what we had to look at with a generation ago. The level of pain that can be brought about by this behavior is unbelievable. (CNN 2)In 2009, a survey took down what percentage of high school students have been bullied on school property by race/ ethnicity within 2008. Twenty percent of all children say they have been bullied and this survey shows precisely that. (Burns) Out of all the students at this high school, 19.9 percent report that they have been bullied. The top three races that were bullied were Caucasian at 21.6 percent, American Indian/ Alaska Native at 33.8 percent, and non Hispanic multiple race at 23.9 percent. (CDC)Bullying is a horrible crime that has always affected many young people and we need to find a way to stop it. These stories about Jaheem, Carl, and Ryan being bullied are just a few of the hundreds of thousands of bullying problems that kids, students, and even adults have to deal with everyday. To help this problem, I believe that at every school in America it should be necessary to have an anti bullying program because according to a statistic, in a school where there are bullying programs, bullying is reduced by 50 percent. If every school in America has one, then thats cutting the bullying problem in half.Works CitedJames Burns. (28 March 2011) April 5, 2012. Proactive Behavioral Management website. James Burns provided many statistics about bullying in school, in a workplace. He alsoprovided how much money is spent and lost in a workplace because of sexual harassment and sexual violence. CNN 1.(23 April 2009) April , 2012 My bullied sons last day on Earth. CNN U.S. Website . This article provided for me a story about a little boy who was bullied at school to the point of committing suicide. It provides me a lot of quotes and the pain a family feels when a person is bullied. CNN 2. (May 26, 2009) April 5, 2012 When sexual bullying turns deadly. CNN Living Website. . This article provided me with two stories about two boys named Carl and Ryan who were also bullied at school and they also both committed suicide. This article also provides for me statistics about sexual bullying. MCHB Maternal & Child Health Bureau. (March 2011) April 5, 2012 Bullying. Child Health USA 2011 website . This website provided me with a graph that shows high school students who were bullied on school property in the past year, by Race/Ethnicity in 2009. NCAB. April 5, 2012 Whos Bullying and Whos universe Bullied?. National Centre against Bullying. Website .

Music Business Merchandising and Law

Discuss how the Music Business is a system comprised of principle subsystems. on that point argon several key comp wholenessnts to the conquest of an workman in the practice of medicine business. These components support one a nonher, and enable each to complete tasks that ar designed to further the marketability of an workman or group.One such(prenominal) component, or subsystem, is the agent. The agent acts as the legal representative of an creative person. This person, or company, manages all of the legal issues associated with an artists image and c arer.Agents, typically, are the face of the artist to the business public. These agents meet with promoters, and venue owners to secure the performance rights, and facilitate touring. They in any case ask as mediators between the artist and publishing companies to consider that all legal issues are addressed, and that the transfer of the artists created materials are handled in the proper manner.Another aspect of the agents r esponsibility is to conserve and negotiate contracts for the artist, with their respective parent companies. This is to fit that the artist receives all the proper representation that is required to manipulate that the contracts that the artists are bound by are fair, and ethical.The adjoining subsystem is the parent company itself. Often referred to simply as the label, record companies are the binding source of power within the practice of medicine business. The label is the try which holds the contracts, oversees promotion, ensures dissemination, and holds the records on taxes, royalties, and payments to the artist and all his/her employees.Record companies range in size, depending on the scope of their enterprise. Small or independent companies typically handle and short keep down of clients, and are able reach a limited area for the release. The vastr companies are multinational conglomerations that hold interests in hundreds of artist. These companies are able to reac h markets the world over. They also, typically, oversee a wide range of euphony business genres.The next scatter of the equation is the distributor. It is the job and obligation of the record distributor to procure the likeness rights of an artist, produce large quantities of the product, and ensure that the product is available for the public demand. solely as the record company, record distributors range in size and scope. With the small companies comer a localized market, and the larger, international companies, reaching e very(prenominal) market available, the distributors serve the record companies directly. Though they are the great unwasheding in the product of an artist, they rarely green goddess directly with them.It has only been in recent years that the Music Business has had the ability to find and foster increasing numbers of qualified leaders.The medicinal drug business, though in existence for centuries, has only in the past few decades created an environment t hat fosters a profitable medium. The earliest professional musicians were limited to audiences of royal family, and noble elites for they alone possess the wealth enough to pay for such extravagances.This early form of the music business was also limited by the desire of the leading nobles or royalty in the scope of content and style. The musicians, such as Mozart, in his day, were allowed to create only what was pleasing to the royal court and profited very little from it.However, in the twentieth century, artists began to see a freedom that had eluded them in the past. With the increasingly large audience base in the unite States, artists from multiple genres were able to procure livable struggle in town halls and theaters.Following World War I, there was a large outcry for artistic expression in the arts in the United States and a boom of employment followed. The era of the Big Band, saw music leaders, such as Duke Ellington, tour the entire country playing their own music and earning their own wages.This boom in musical freedom peaked in the 1950s with the rise of Rock and Roll and such artists as Elvis Presley, Jerry lee side Lewis and Roy Orbison. The late fifties, though socially repressed, saw the first millionaires rise from the music industry and along with them, the rise of the industry itself.The era of Sun Records, in Memphis Tennessee, showed the music world that vast amounts of income that could be generated with a properly maintained and wholesome organized corporate entity. The number of record companies appendd drastically, and by the early 1960s there were dozens of large scale companies operating the in United States.The next big step came in the form of British artists. The arrival of The Beatles, the involute Stones, and other English groups into the United States, opened the door for the first multinational company holdings. The rights of these groups to perform and take their records within the United States meant that Ame ri tail end companies had to hold part of their ownership. Soon this would lead to the expansion of Ameri dirty dog companies to other countries, to acquire the artists directly, and increase the profitability by eliminating the shared contracts.Today, we see companies such as Sony, Viacom and Time Warner, as companies that are reaching every part of the globe, and dealing with not only music, but all ranges of entertainment arenas. These world wide conglomerations hold interest in hundreds and thousands of entertainers each, and command vast amounts of yearly income from the music business alone.Discuss the emphasis placed on the fact that Performing Arts Professionals rely heavily on a full staffed support system to gain and sustain success.The amount of legal issues that govern an artist today is nearly as expansive as the United States tax code which is also one of the many things that must be dealt with. The time that is necessary to maintain accurate records, deal with all o f the promoters, distributors, lawyers, and agents would be im doable for a single person, or even a small group of people, to undertake.Nationally marketed artists have dealings with thousands of people that are related to the marketing and distribution of their product. This is why the music industry has created several specific positions that are intended to deal directly with each facet of an artists career. in that location are tour managers who deal directly with local promoters and venue owners to schedule events and solidify contractual necessities. There are also public relations agents who deal with the entertainment press and ensure that all the necessary information about an artist is available for public knowledge or in some cases, unavailable.There are also entertainment lawyers whose job it is to ensure that all of the issues that involve the artist are dealt with accordingly. These issues may include copyrights, ownership of the material, and/or the transfer of the se from one party to another.Another very important part of an artists career management team would be the accountant. As we have seen with artists such as Willie Nelson and others, improperly managed income can result in terrible personal and economic costs to the artist. The amount of time that is necessary for this task to be maintained successfully, in the cases of especially large acts, is hundreds of hours per week of course impossible for the artist to worry about and still maintain a career in music.Finally, there are the people whose job it is to ensure that every recorded track is perfect, and marketable the producer. Todays recording technology is vastly more complex and sensitive than was seen even twenty years ago. The expertise that is necessary to operate and adjust the sound boards for a recording artist takes years of training within itself. al some of these producers, such as Bob Rock and Jermaine Dupri, have as much recognition as the artists that they support. They are also some of the highest paid professionals within the music business as they often hold a large percentage of the finished products copyright and therefore, profits.What are the FOUR FACTORS which represent the inbred core foundation contributing to the success of those who win in the Music Business?The first factor is marketability. This is the ability of an artist to create a physical structure of work that is acceptable to the largest possible audience. The more people who would listen to an artists chosen style, the easier it is to sell and profit from that style.The term Pop Music is the very definition of this. With artists today such as Jessica Simpson and Kelly Clarkson, who produce mainstream music that pushes few boundaries, the ability for the record companies to market these artists is greatly increased.Next would be the playability of an artist. This is the ability for an artist to be broadcasted on radio stations and television networks. It is important t hat an artist be able to be broadcasted on national radio stations to ensure that the artist is heard by the largest possible number of people thereby increasing the possible number of record purchasers. There are acceptations to this rule, however. Groups such as Korn and Pantera have each had number one records in the United States with little or no airplay. This leads to the next factor touring.Touring is the best tool that an artist can utilize to see that their work is seen by the public. Tours are usually very profitable ventures, the most often the source of greatest amounts of income for the artist or group. Tours also enable the buying public to see, first hand, the musical ability and entertainment value of an artist.Some artists, such as the Grateful Dead and Phish, never had large numbers of record sales, however their non-stop touring schedules ensured them a strong fan following and large profitability. Both bands also used a tactic that brought them much success a s artists, but not as enterprises, the use of bootlegged recordings. They allowed audience members to record their performances and sell them on their own, without fear of reprisal. This created a strong fan solidarity, but most certainly contributed to their low actual album sales.Finally, there is the factor of performance, itself. No artist or group could maintain a career without an enjoyable and socialize performance. The necessity for performance is at the root of an artists success. Combining talent, creation and execution in the proper construct will make for a successful artist. As seen with groups such as The Door, who were arguably the most intellectual group of the 1960s, saw their popularity plummet as the drug and alcohol induced antics of presence man, Jim Morrison, became belligerent and sometimes, combative to the audience.The Business of Music This encapsulates the sum total of all issues that are involved in the recording, marketing, and obtaining of profit from music. The enterprise of music involves thousands of titles and positions that work to ensure the profit of an artist or group. Though, sometimes seen as the driving force behind musical trends, the business of music is intended to see that all possible musical causes are profitable and lucrative.The New Professionals This is a description of groups of people who have left their original positions such as lawyers, doctors, or CEOs etc. to give out involved with the music business. These people are shown an opportunity to capitalize on an artist or venture relating to the industry and have the resources to embrace it.Though not always long term, these professionals see the allure of the music business in much the same way as the artist. The desire for fame and fortune inspire these professionals to endeavor to make their fortunes in this business. Often taking to the production chair, or the marketing position, these people attempt to create a sustainable income promoting, produ cing, or investing an artist or group.Versatility This is the ability of company to encompass multiple genres within their network. This ability allows for a single company to reach a diverse audience and increase the sales numbers of the company itself. Also, this enables a company to reach an audience with a diverse selection of musical tastes. For example, should a prospective record buyer feel that the standards of a company are high they may pursue an artist from the same company, but outside of their normal listening area.This also allows for a single company to manage markets in multiple countries. Sony, for example, is a company bases in Japan, with holdings in many countries, in including the United States. Their diverse distribution enables Sony to sell to countries with different languages, genres, and preferred media.Job Floating This is a term used to describe an artist who has yet to sign to a set contract, but has a marketable body of work. Much like Free Agency in pr ofessional sports, Job Floating is the passing of an artist from one agent or producer to another, in hopes that this artist would either sign to the company, or record their project with a reputable producer.This allows a record company to obtain distribution rights to an artists work without that artist signing a committing contract with that company. This option increases the ability for a company to reach the independent markets, as well as the mainstream.Education Education in the music business is the acquisition of knowledge that better prepares the individual for all of the possible eventualities that arise within the industry. Just as with any other business venture, preparedness is essential to success.An individual receives this education from any one of dozens of colleges or technical schools that offer such courses. These schools, such as Art Instruction Schools, International, offer in-depth courses that revolve around the information needed to succeed.Commercial side of Music Industry This is the area of the music business that is solely interested in the profit of a musical venture. These projects are often called jingles and used in advertisements and television commercials.The artists that are employed in these ventures often differ from the mainstream artists, in that they do not attempt to create an artistic expression, but rather a short, and very memorable tune that can be easily identified with a certain product.These ventures are also not intended for wide consumption. They are intended for short lived, commercial endeavors that try to increase the sales of a product or service, outside of the music industry.BibliographyReam, Rundi. The Songwriters Guild of America. SGA.COM. 2004. Online access 29 March 2008. universal resource locator http//www.songwritersguild.com/index.htmlInternational Alliance for Women in Music. IAWM.COM. 2006. Online Access 29 March 2008. URL http//www.iawm.org/Whitsett, Tim. The Dictionary of Music Business T erms. Mixbooks. New York. 1998.

Maju Jaya Supermarket (MJ Supermarket) Essay

Maju Jaya Supermarket (MJ Supermarket) advertises in the themes that in that location is a vacancy for the post of manager. The advertisement stated thatthose who are interested can come anytime to MJ Supermarket for an consultation from eleventh April 2014 until 21st April 2014. Ahmad who was very interested with the post came to MJ Supermarket on 20th April 2014 and was informed by the owner that the post was already filled. Ahmad was very angry as he has already tendered his resignation to his former company. On the day that Ahmad came to the MJ Supermarket, he saw Mr Chan, his neighbour, entering the MJ Supermarket and selected some canned food, shampoo, eggs and vegetables. He put every the items into his trolley. However, while he was still spirit for other items, Mr Chan received a call from his son asking him to pick him up from the train station. Mr Chan left the items in the trolley and went out from the MJ Supermarket. Advise Ahmad and Mr Chan whether there is any con tr playact between them and the MJ Supermarket. (20 MARKS)ANSWER to Part A (Ahmad Case)IntroductionThe description given under(a) the portion 2(h) of the Contracts answer 1950 is that a produce is an agreement enforceable by law (The Commissioner of right Revision, 2006). Therefore in the Ahmads case, one of the parties (Ahamd or MJ Supermarket) has to bring on an unfold that is duly accepted by the other.IssueFirst issue that we need address in this case is to appear whether the advertisement stating the interview deadlines contains an offer. If it does, can Ahmads willingness to attend the interview be considered as an acceptance of the offer? In case the advertisement is not considered as an offer, or if it is just an invitation to treat, then there is no contract between them. Second issue raised by the question is whether Ahmads presence in the MJ Supermarket to attend the interview on time, afterwards his resignation from his previous job, is an offer. In that case, does MJ Supermarket can reject Ahmads offer? Based on the limited information given in the Ahmads case, the issues were analysed to see whether there is a contract between both parties?The LawAccording to Section 2(a) of the Contracts Act 1950, an offer exists when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make a proposal (Rahman , 2011). As given in the Carlill v. Carbolic Smoke Ball Co Ltd (1893) 1 QB 256 case, a proposal or an offer can also be made to the general public to be accepted by any person who knows about it and willing to perform the requirements of the proposer. On the other hand, an invitation to treat can be defined as large(p) information or requests to others to make offers.Application of the Law to the Facts of the ProblemThe advertisement by the MJ Supermarket understandably states that those who are interested can come anytim e to MJ Supermarket for an interview from 11th April 2014 until 21st April 2014. This raise the question whether the advertisement is intended to bound in contract with the participants who come for the interview. In case of COELHO v. THE PUBLIC SERVICES COMMISSION1964 M.L.J.12, the applicant, a health Inspector under the Town Board, Tanjong Malim, applied for the post of Assistant Passport Officer in the Federation of Malaya Government Oversea Missions advertised in the Malay Mail dated 19 February 1957. Consequently, the applicant was informed that he was accepted and, after undergoing training, he was posted to the immigration Office, Kuala Lumpur, where he remained until December 1958 when he was transferred to the Immigration Office at Johor Bahru (Rahman , 2011).The High Court ruled that the newspaper advertisement was an invitation for qualified persons to apply and the applications were treated as offers. Same can be expressed to the case of Ahmad that the newspaper adver tisement by the MJ Supermarket is an invitation to those who are interested to participate in the interview. In the case of Gibson v Manchester CC 1979 1 All ER 972, HL local council write to tenants inviting them to apply to purchase their homes. One such tenant P did apply, and a price was agreed. Following a change of companionship control, the new council DD refused to go ahead with the sale. The House of Lords said there was no binding contract P had made an offer which DD had not yet accepted. Phrases in the correspondence such as may be prepared to sell and please cease the enclosed application form were indicative of an invitation to treat (ThomsonReuters, 2004). as well to this case, the advertisement by the MJ supermarket stated that those who are interested can come any time to the interview is crucial to consider that the advertisement was a mensuration in the negotiation for a contract.ConclusionConsidering the court ruling on both Coelhos case and Gibsons case, the advertisement made in the newspaper was an invitation to treat. However, the presence of Ahmad to participate in the interview is considered as an offer. The MJ Supermarket rejected this offer. Therefore the advice to Ahmad is that there is no contract between himself and the MJ Supermarket.ANSWER to Part B (Ahmad Case)On the day that Ahmad came to the MJ Supermarket, he saw Mr Chan, his neighbour, entering the MJ Supermarket and selected some canned food, shampoo, eggs and vegetables. He put all the items into his trolley. However, while he was still looking for other items, Mr Chan received a call from his son asking him to pick him up from the train station. Mr Chan left the items in the trolley and went out from the MJ Supermarket.IntroductionThe definition given under the Section 2(h) of the Contracts Act 1950 is that a contract is an agreement enforceable by law (The Commissioner of Law Revision, 2006). In the case of Chan, there should be an offer made by Chan and this offer should be accepted by the MJ Supermarket to make a contract.IssueThe issue raised in the question is whether the Mr Chans action of taking goods from super market racks and put it into the basket contains an offer or an acceptance of an offer. Does he or MJ Supermarket fulfil the requirements of a contract?The LawAccording to Section 2(a) of the Contracts Act 1950, an offer exists when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make a proposal. An invitation to treat can bedefined as giving information or requests to others to make offers. In the Contracts Act 1950, Section 4(1) states that the communication of a proposal is complete when the proposal comes to the knowledge of the person to whom it is made. To fulfil the pre-conditions of a contract, the proposal should be clearly communicated to the acceptor. Under Section 5(1) of the Contracts A ct 1950, a proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards.Application of the Law to the Facts of the ProblemMr Chan took goods by himself suggests that there is a demonstration of goods in the MJ Supermarket and allows customers to voluntarily pick goods they like and purchase from the counter. In the case of fisher cat v Bell 1960 3 All ER 731, DC it was a statutory offence under the Restriction of Offensive Weapons Act 1959 to offer for sale any of various items, including flick-knives. A Bristol keep goingkeeper R displayed such a knife in his window, with a ticket reading cartridge ejector knife 4s. 4 shillings = 20p, and was prosecuted for an offence under the Act. The Divisional Court took a literal interpretation of the statute and said he had committed no offence the display was an invitation to treat, not an offer to sell (Rahman , 2011). In relation to the Mr Chans scenario, this c ase can be used to justify an argument of changing mind at any point of purchase before a contract is made. Therefore Mr Chans decision to leave the goods without buying is acceptable based on Fishers case.In the case of Pharmaceutical Society v Boots 1953 1 All ER 482, CA certain products that were to be sold only under the supervision of a registered pharmacist were displayed on shelves in a self-service shop. The Pharmaceutical Society of Great Britain (who are responsible for enforcing this legislation) brought a prosecution against the shop for allowing customers to buy these products by helping themselves, but the Court of Appeal (upholding Lord Goddard CJ) said they had no case. The customer having selected the goods made an offer to purchase when he took them to the bills desk, and there was a registered pharmacist supervising that point at which the sale took place (Rahman , 2011). Mr Chan does not take the goodsto the sales counter. In the case it is also mentioned that h e was still looking for goods to purchase. However, he revoked from the process of making an offer to the sales staff when he got a phone call. As mentioned in the Boots case, the action by Mr Chan indicates that he did not properly complete an offer to purchase. In other words, he was involved in an invitation to treat from the MJ Supermarket.ConclusionTo complete a contract between Mr Chan and MJ Supermarket, there is should clear communication of an offer and acceptance between both parties. Based on the discussed cases above, the display of goods are considered as an invitation to treat. Mr Chan does not complete an offer to purchase the goods as he quit his process of purchasing in the middle before taking goods to the sales counter. Futhermore, the MJ Supermarket does not have knowledge of a possible offer from Mr Chan.