Diamond Mining :: Mine Mining Techniques Diamonds

All over the world are different locations where you can find this precious jewel, Africa being the main location. How do we get diamonds out of the earth you ask? By MINING them!!! The definition of Mining is the act, process, or work of removing ores, coal, etc. from a mine, glacial deposit, etc. Physical Properties of a Diamond Hardness: Diamond is a perfect "10", defining the top of the hardness scale Clarity: Diamond is transparent over a larger range of wavelengths more than any other mineral Thermal Conductivity: Diamond conducts heat better than any other mineral Melting Point: 3820 degrees Kelvin (the highest) Lattice Density: Diamond atoms are packed closer together than are the atoms of any other substance. Where are diamonds from? Diamonds have been found in every single continent. Most of the diamonds today are mined in African countries. They were formed by molten lava millions of years ago. Before any diamonds are found you must look for its indicator minerals. Different indicator minerals are found as you go deeper into the soil. The indicator minerals of a diamond include garnet, chromite, ilmenite, clinopyroxene, olivine, and zircon. What is alluvial mining? Diamonds can be found in alluvial, or loose earthy material deposited by running water, formations. Alluvial mining is done by the open-pit method. The process involves removing the overlying barren ground, digging up the bearing ground, and then extracting the diamonds. In Sierra Leone the technology involves shovel and pan, with some hand sloshing to gravitate diamond to the bottom of the pan so that it can be sorted out. What is kimberlite mining? Diamonds can be found in volcanic pipes filled with a blue rock called kimberlite. when mining a kimberlite pipe the initially loose and eventually hard ore material is removed with large hydraulic shovels and ore trucks. Hard rock is drilled and blasted with explosives so the broken material can be removed. When deep the mining goes underground with vertical shafts descending to horizontal drifts, or passageways that enter the pipe. It requires 20 tons of kimberlite to yield a diamond on average. How can you take part in this career? Be a Mining Engineer! Mining engineers mostly work in the mining industry, planning, designing and operating surface and underground mining operations. These mines, which are located in all 50 states and every country of the world except Antarctica, produce the minerals needed to help clothe, feed, and house the world's population.

Independent learning Essay

STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 115 The Foundation Programme, I think, taught me how to work and be a person who is more reliant on myself. So if I don’t do the work and I don’t get the grades, I know it is on me. Varsity is where you have to be more responsible for all your actions. You have to be aware of whatever you are doing. You just can’t be negli- gent. (Chipo ? MSAFP) At university, you are just given assignments at the beginning of [the] semester and then you have to make sure that you do them well in time. There is no one to manage you and push you to do those assignments. In high school the teachers al-ways ask you about the assignments: â€Å"Did you do it? Why didn’t you do the as- signment well, and on time? † But here if you don’t do the assignment on time, they subtract marks and then you fail. (Lebogang ? MSAFP) Like them, Tony and Jaco also emphasised that a student must take responsibil- ity for their studies. For Tony, rather than parents, â€Å"you decide† and for Jaco, â€Å"everything is just up to you†. I think it is all about you taking responsibility for your own work. You ? nd in high school, if you’re with your parents, your parents are there to put pressure on you. You ? nd your parents saying, â€Å"No more TV. Go and study now. † But now, it’s you yourself. You decide your study times. You decide whether you’re going to do an assignment or not. You balance your social life and your school life. You balance it yourself. It’s not your parents who do that for you now. (Tony ? MSAFP) Basically time management is left to you for everything. You don’t have people telling you that this has to be done. Everything is just up to you. For me, it wasn’t a challenge because I had come from a working background. (Jaco ? MSAFP) Similarly, former DoTS students highlighted that taking responsibility to learn is essential for persisting with university study. Pip and Copernicus also empha- sised the importance of keeping up to date without the guidance of teachers and parents. For Pip, taking responsibility was â€Å"quite hard†, while for Copernicus, taking responsibility was â€Å"one of the biggest things†. I suppose just learning for ourselves and taking that much responsibility for our own learning, that was quite hard. (Pip ? DoTS) Compared to high school, everything’s your responsibility now. You have to make sure you do it. I think that was de? nitely one of the biggest things for me. If I was going to struggle with anything, it was being responsible. (Copernicus ?DoTS) Alicia, Kirsty, Tara and Max considered taking responsibility for their studies to be part of becoming independent. For Alicia, â€Å"you’ve got to keep on top of it† and for Kirsty â€Å"it’s all independent† and â€Å"there’s no one chasing you†. It’s very independent here. You’ve got to keep on top of it. There’s no one to tell you, â€Å"This is where you’ve got to be at. † (Alicia ? DoTS) It’s all up to you I suppose. It’s all independent. If you don’t do the readings, there’s no one chasing you to say you’ve got to do them. If you don’t have an as- signment in, there are not many excuses you can use to get an extension. (Kirsty ? DoTS) CH A P TE R 6 INDEPENDENT LEARNING 116 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 116 Like them, Tara and Max emphasised the importance of taking responsibility for their studies. For Tara, â€Å"it’s up to you†. For Max, university study involves â€Å"less guidance basically† and you â€Å"do it on your own†. Obviously it’s up to you to get the assignment in on time. To write it, you’re not really going to have a lot of help from other people like teachers. It was hard to be responsible for yourself, not having the teachers constantly having tabs on you and things like that, and not guiding you through. That took me a little while but I got used to it eventually. (Tara ? DoTS) First year wasn’t dissimilar to high school. It was with less guidance basically. So there was just the requirement for you to be more independent, to go out and do it on your own. (Max ? DoTS) For school leavers who were used to being reminded by teachers to complete their work, an adjustment to independent learning at university was a stark con- trast, but they emphasised the centrality of independent learning in university study. Rachel, Meg and Caitlyn each re? ected on the dif? culty of working inde- pendently. For Rachel, studying without a teacher supervising her was the hard- est. While for Meg, adjusting to not having anyone to remind her was the most dif? cult thing, Caitlyn observed â€Å"nobody is going to chase you†. Having to work by myself at home I’d say was the hardest, because the teachers weren’t sitting there saying, â€Å"Right, you’ve got 45 minutes to get this piece of work done. Go and do it. † (Rachel ? DoTS) The most dif? cult thing was probably not so much the fact that you are on your own, but the fact that people won’t remind you. You’ve got to make sure that you’ve got that assignment done. That’s all on you. I think the responsibility was pretty heavy because you’re so used to everybody else taking care of you. Now you’re a grown-up, you’re here and you’ve got to do it yourself. (Meg ? DoTS) Here you have to be independent. Nobody is going to chase you if you don’t hand in the assignment. Not that lecturers don’t care, but you’re just another name on the list. Their job is to teach and your job is to learn and if you’re not keeping up your end, I guess it’s just too bad. (Caitlyn ? DoTS) Besides taking responsibility for their own learning, former pathways students also struggled with self-motivation, self-discipline, and self-direction. Sammy, Marie and Tony all learned to direct themselves to study. For Sammy, â€Å"you have to learn to do things†. For Marie, â€Å"you don’t have anyone on your back telling you†. For Tony, not completing work is the student’s â€Å"loss†. Independence matters most. I would also say self-motivation. It taught me to study for myself because of the deadlines and the lecturers were pushing. You have to learn to do things for yourself because no one is going to do them for you. (Sammy ? MSAFP) I think a lot of people struggle with self-discipline, especially if you don’t have anyone on your back telling you, â€Å"Look, it’s 8 o’clock. You have to go to class. † (Marie ? MSAFP) If you don’t do it, it is your loss. (Tony ? MSAFP) INDEPENDENT LEARNING 117 6 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 117 In contrast, Jaco arrived as a very self-directed student who had no trouble keep- ing up to date. For Jaco, â€Å"if you start something, you ? nish it†. I’m one person to really work to my timetable. I don’t like to be late for anything. If anything needs to be done, it needs to be done the proper way. That’s some- thing I’ve grown up with from my parents. If you start something, you ? nish it, period, within the time frame. (Jaco ? MSAFP). Choosing to be a university student and making a conscious decision to learn are important for becoming a self-directed learner. Caitlyn, Denise and Sorcha pointed out that each student must make the choice to study for themselves. For Caitlyn, a student ? not the person’s mother ? must â€Å"make the decision to do it†. For Denise, a student must â€Å"want to do it†. For Sorcha, a student must become self-regulated and must â€Å"be interested in studying†. Being independent, having to do things for yourself, is hard. The work is chal- lenging, but I expected that. It’s not like when you’re in Year 12 and your mum wants you to ? nish and your school wants you to ? nish. My mum probably could- n’t have told you what I was doing at uni. There is no one to sort of push you along. You have to make the decision to do it yourself. (Caitlyn ? DoTS) Studying at school you’ve got no choice. You’ve got people on your back remind- ing you of what you have to do, when it has to be done, and how to do it, whereas at university you have to be motivated and want to do it. You have to be self-directed. (Denise ? DoTS) You have to be interested in studying, otherwise no amount of motivation or teacher-input can help. You’ve got to be a self-regulated learner. You can’t lean on your friends to take you through an exam. (Sorcha ? DoTS) Deciding to learn is not always an easy process for new students. Having com- menced the DoTS pathway three years after ? nishing high school, Nursing stu- dent Vaughan struggled to become a self-directed learner. A dif? cult thing was probably the self-directedness of uni. I’ve never been self-di- rected. I still struggle with it a little bit [in my third year]. (Vaughan ? DoTS) While Vaughan struggled with self-directedness throughout his degree, during the DoTS pathway, he sought professional advice to ? nd that he had to â€Å"get on with it† himself. I’d gone and seen the counsellors and they alerted me to the reality that no one is going to do it except me, so there are no quick ? xes there. We had a bit of a chat about things and you realise you have to get on with it. (Vaughan ? DoTS) Becoming a self-regulating learner involves taking individual responsibility for learning, for keeping up to date, and for becoming independent. These require- ments for university study appear to be well recognised by former pathways stu- dents even though many struggled, as do most new university students, with the initial transition. CH A P TE R 6 INDEPENDENT LEARNING 118. STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 118 PUTTING IN EFFORT Putting in effort to learn, to understand the materials and to complete the re- quired work are among the most demanding aspects of university study. In South Africa, Accounting lecturers at Stellenbosch University assumed high stu- dent failure rates were due to poor preparation on the part of the students. Their Accounting students agreed, with one third suggesting that their classmates did not put in suf? cient effort and half believing they themselves did not study hard enough. These students also suggested that attending class and putting in effort  were among the most important factors for persisting with university study (Steenkamp, Baard & Frick, 2009: 151? 152). Former MSAFP and DoTS pathways students attested to the importance of putting in effort. Pip, Lisa, Vaughan, Sorcha and Reap explained putting in effort in terms of understanding course materials. For Pip, it was important to â€Å"make an effort to understand†. For Lisa, it was important to â€Å"get the answers† and â€Å"know your stuff†. For Vaughan, it was important for a student to learn the course materials and â€Å"know† they â€Å"did it† by themselves. I always make an effort to understand. I de? nitely don’t do the amount of work outside my contact hours that I should, but I make an effort to understand it. When I do have contact hours, I’ll make an effort to understand it and, if I don’t, then I go out and read up on it. I think it makes a difference if you want to be here and you actually want to understand the work. I think that’s what makes a good uni student. (Pip ? DoTS) I know that I’ve got to get things done. If I don’t get them done, then I’m not going to get the answers. We have quizzes each week and you can’t answer the quizzes if you haven’t studied and you don’t know your stuff. (Lisa ?DoTS) I read my chapter and I don’t collaborate with other people. I just tend to do it by myself because I want to know that I did it by myself, not because someone else has written down all the answers for me. (Vaughan ? DoTS) Like them, Sorcha and Reap emphasised the importance of making an effort to learn. For Sorcha, â€Å"you can become smart† with hard work and effort. For Reap, â€Å"you can’t fake it†. You can be smart and not do the work and not be successful and not achieve your goals, whereas if you have the time, the passion and all that, you can become smart. (Sorcha ? DoTS) You can’t breeze through uni. You’ve got to be able to do the work. You can’t fake it. (Reap ? DoTS) A willingness to put in effort to learn involves having the right attitude toward study which includes commitment and dedication. Barbara and Kendall believed that without the right attitude it is dif? cult for new students to adapt to univer- sity and experience academic success. For Barbara, university â€Å"has to be your number-one priority† and for Kendall, a student should â€Å"work so hard for it†. I think you have to be committed. You have to be committed to go to uni. Just be- cause you’ve got the brain, you got the marks, you got accepted, you might as  INDEPENDENT LEARNING 119 6 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 119 well go and do it ? it’s not really the right attitude, because you’re a nuisance, mostly to the tutors and lecturers. You have to be committed. You have to be there because you want to be there. I think it has to be your number-one priority to a certain extent. Get your assignments done. Get your uni work done. Then play. (Barbara ? DoTS) I just think you have to be dedicated. You have to know what you want. You have to work for it. It’s not just going to fall in your lap. Once you get it, it’s the best. Like I’m not even ?nished my course yet, but I’ve just got a job as a Division Two nurse and I’m wrapped. You work so hard for it and when you get there, it’s the best. (Kendall ? DoTS) A willingness to put in effort coupled with an attitude of dedication and com- mitment are attributes of an independent learner. Becoming an independent learner involves a new approach to study. Former pathways students contrasted their expectations of university learning with their experiences of becoming independent learners. Anna and Simon re? ected on different ideas about students and study. For Anna, a student should be â€Å"smart†,  Ã¢â‚¬Å"independent† and have a â€Å"love of learning†. For Simon, study at university in- volves thinking, discussing, â€Å"collaborating your thoughts and learning new things† as well as reading, reasoning and writing. [st3:When I was in Year 12 I would say that you have to be smart to come here. But doing DoTS teaches you what you need to be. You have to have a love of learning. You have to be an independent learner. (Anna ? DoTS) I remember in high school that I didn’t know what studying was. Now, for me, studying means doing what I need to do. I think of doing the work that re- quires me to think and learn something outside a lecture. Thinking is part of studying and so is discussing. It’s a process. You’re collaborating your thoughts and learning new things. An assignment is a good example. Because you have to read extra material, you have to have an understanding, you have to do your rea- soning and you have to put your ideas down. (Simon ? DoTS) Like Simon, Tony recognised the differences of degree study. For Tony, study at university involves â€Å"work on your own† and â€Å"research on your own†. In MSAFP I was used to having, let’s say, three tutorials in a week and in those tu- torials I could work through that assignment with my lecturers and ?nd out what I have to do. But you ? nd in undergrad you only have one tutorial in a week and you have to do your work on your own, research on your own and everything. (Tony ? MSAFP) Becoming an independent learner involves students also recognising when they need help. Asking for help is an issue that new university students, and particu- larly pathways students, ? nd challenging. For example, in the UK, low SES stu- dents studying at Shef? eld Hallam University tended not to ask for help but rather accepted their dif? culties with university study as though they were a nor- mal part of life. In in-depth interviews, both mature-aged students and school leavers reported they rarely approached tutors and instead preferred to draw on informal supports and peer networks. One student reported being afraid the CH A P TE R 6 INDEPENDENT LEARNING 120 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 120 tutor would think she was a â€Å"slacker†, while others drew on a â€Å"strong sense of self-reliance† coupled with an â€Å"immense determination to succeed† (Clegg, Bradley & Smith, 2006: 107? 108, 111). Similarly, in a survey of 101 direct entry Business students in Scotland, the majority did not disclose personal issues that  might affect their study (Barron & D’Annunzio-Green, 2009: 20). Although students may be reluctant to consult tutors in person, they are also reluctant to seek help online. In Australia, at a new suburban campus of the Uni- versity of Queensland, students knuckled down to study independently and without assistance. More than 80% of the students rarely, if ever, asked for help, support, or assistance online (Ballantyne, Madden, & Todd, 2009: 306). New stu- dents may not feel comfortable to ask for help when they deal with new lectur- ers and tutors each semester. Both mature-aged students and school leavers at  the University of Wollongong felt that interaction with their lecturers, whether online or face to face, was important in feeling comfortable enough to ask for help (Lefoe, Gunn & Hedberg, 2002: 44). Other students, studying Psychology at Macquarie University, found they only received help from a tutor when they asked directly for assistance (Plum, 1999: 244? 245). While former DoTS students described independence at university as being â€Å"up to you†, they also pointed out that assistance is available when requested. Paige, Therese and Helen each stressed the importance of seeking assistance and asking for help. For Paige, it is important not to be scared to seek advice. For Therese, it is important to â€Å"ask them†. For Helen, it is important to â€Å"take the initiative† and â€Å"go and ask for help†. I think you have to make sure that you’re not scared about going to ask for help, because people are there to help you. (Paige ? DoTS) My brother did say to me once that the lecturers are there to help you. If you have a question, you must ask them. (Therese ? DoTS) I think you have to be more independent. You have to be willing to put in the work and you have to be willing to ask for help. Those who aren’t willing to ask  for help, they fall by the wayside. When you know you might be drowning, you’ve just got to get up and take the initiative. Like in a workplace, no one will come and ask you. You’ve got to go and ask for help yourself. (Helen ? DoTS) Furthermore, Helen outlined the strategies she used in asking for help when, as a pathway student, she was â€Å"afraid† or just â€Å"con? dent enough† to seek advice. I would just go and ask whoever I needed to ask. I’d knock on people’s door ? lecturers, tutors, anyone. If I was a bit afraid of asking, I’d actually ring and ask at the front of? ce, â€Å"Who do I speak to? † and they’d put you through. I was con? dent enough to do that, I think, from working in my gap year. If I hadn’t worked that year, I think I probably wouldn’t have been. (Helen ? DoTS) Putting in effort helps a student adjust to the new style of independent learning at university. Independent learning requires a student to become metacognitive about their learning and study habits, so they are aware of when to seek advice. Taking the initiative to ask for help is an attribute of a student who is taking con- trol of their learning and becoming independent. INDEPENDENT LEARNING 121 6 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 121 THE RIGHT ATTITUDE. Students cannot become independent learners unless they have the right attitude to study and a willingness to learn. Melinda, Lisa and Vaughan recognised the importance of a willingness to learn in university study and each drew on their vocational motivation to persist with university study. For Melinda, wanting to learn is â€Å"probably number one†. For Lisa, it is important to â€Å"want to learn†. For Vaughan, it is important to have a â€Å"desire to learn† to absorb information. Wanting to be a student and wanting to learn are probably number one. Wanting to actually do it, because you’ll never do it if you don’t want to. You have to want to learn. If you just want to be a nurse, you can be a nurse with just a pass. But to be a good nurse, you have to want to be a student. You have the chance to learn, so you can get High Distinctions, so that you can be a great nurse, not just a nurse. (Melinda ? DoTS) I want to learn. I never used to want to learn, but I do now. I actually want to learn about all the different things and how everything works in Nursing. (Lisa ? DoTS) I think it’s about willingness to learn too. There’s a mountain of information out there. If you’ve got no desire to learn, you’re not going to take any of it in, so  you’ve got to want to be there. (Vaughan ? DoTS) The right attitude helps a student actually complete the work. A student’s atti- tude to learning is important in accepting the responsibility of a university work- load. Whether a student’s most recent learning experiences were at a secondary school, a vocational college, or in the workplace, becoming an independent learner in a university environment necessitates a different attitude (Booth, 1997). Age may also in? uence a student’s attitude. In Australia, mature-aged students have been found to be more committed to study than school leavers. Compared  to school leavers in outer western Brisbane, twice as many studying parents (over the age of 25) never skipped classes and regularly used support services. Moreover, students more than one year out of school were more con? dent and decisive than school leavers and were seven times more likely to complete the weekly readings (22% versus 3%) (Ballantyne, Madden & Todd, 2009: 307? 308). While it may be the case that mature-age students have the right attitude to study, many school leavers in the MSAFP and DoTS pathway also demonstrate the right attitude. Having a willingness to change may best indicate a student’s capacity to ad-just to independent learning as well as to enable academic engagement and epis- temological access. In the UK, a University of Nottingham survey of History stu- dents found two-thirds of students expected to change over the period of their degree, suggesting that adjustment to university is an ongoing process and not just a dif? cult phase at the beginning of the ? rst year. These History students, who preferred discussion and debate over any other method of learning, ex- pected to develop open-mindedness, interpersonal communication skills, and in- dependence (Booth, 1997: 209, 214; see also Brownlee, Walker, Lennox, Exley &  CH A P TE R 6 INDEPENDENT LEARNING 122 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 122 Pearce, 2009). Their positive attitudes to learning enabled them to persist with study. Similarly, former MSAFP and DoTS pathway students highlighted the in? u- ence of a student’s attitude in persisting with university study. Persistence de- pends on motivation and engagement as well as commitment and a sense of re- sponsibility to learn. Sammy, Elaine and Lindy af? rmed a willingness to learn underpins success in university study. You have to want to do something to achieve success in it. (Sammy ?MSAFP) If you put your mind to it and tell yourself you can do it, you can be successful. That’s what I think. (Elaine ? MSAFP) I tell myself, â€Å"This is your future. The future is in your hands. † Nobody can write my exam for me. Nobody can study for me. It’s my future. It’s my life and the way I live it is my choice. I make myself study by looking at everyone else studying. When they’re all studying, I get motivated to study. (Lindy ? MSAFP) Like them, Meg, Paige and Therese each clearly articulated a willingness to learn and recognised that university study is serious business. Meg and Paige high-lighted that the right attitude helps a student achieve success, while Therese stressed that skills development is made possible when a student has the right attitude. When I came here, I was 19 and I was ready to start being a grown-up. What I do now is going to play out my future. Every step I take is towards where I want to be. (Meg ? DoTS) I think I’m a lot more focused now. I know what I have to do and what needs to be done, that I can’t slack off and that I have to meet deadlines. I know that be- cause I’ve chosen to do this, I have to put in the effort. (Paige ? DoTS) You should actually want to be here and to take it seriously. You’re not here just to have fun. With skills, you can develop them over time. You can teach yourself how to study and what’s the best way to study, how to ? nd information that you need and that is relevant, then to be able to differentiate between what’s relevant and what’s not relevant. But that comes with time I think. (Therese ? DoTS) Other former pathways students expressed an awareness of their changing atti- tudes to study. Caitlyn recalled, with some humour, the dependent attitude she overcame during the ? rst semester of the DoTS pathway. I remember actually asking the lecturer if I could have my birthday off, and he said no! (Caitlyn ? DoTS) Chloe and Lisa re? ected on their changing attitudes toward their social lives as they became more serious about study. Chloe gave up excessive partying on weekends, while Lisa changed her â€Å"party life into uni life† I went out every weekend and got drunk. I’ve given that up now, because a hang- over lasts quite a few days with me. It really knocks me down. (Chloe ? DoTS) I just needed to change my party life into uni life. I liked to hang out with my friends more and go out on the weekends. But that’s changed now. (Lisa ? DoTS) INDEPENDENT LEARNING 123 6 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 123. Vicky, Lisa and Melinda reiterated that a student’s attitude is re? ected in their be- haviour and highlighted that choosing to attend classes re? ected a commitment to study and a sense of responsibility to learn. Turn up to- class. Don’t just say, â€Å"If I miss this lecture, it won’t matter,† because it will. The blackboard site doesn’t give you everything. (Vicky ? DoTS) I know there are compulsory classes, but you have a choice of what you want to learn and what you want to do. (Lisa ? DoTS) If you don’t want to go to lectures, don’t. If you don’t want to go to tutes, don’t. If you don’t want to do the readings, don’t. It’s your education that suffers from it and it’s your grades. I don’t want to say there are not people there to help you, but they’re only there if you ask for help. (Melinda ? DoTS) Former students of both the MSAFP and DoTS pathways point out that success- ful students are self-disciplined. Sammy, Chitalu and Chloe re? ected on how self- discipline helped them not only to keep up to date, but also to enjoy studying. I have a personal laptop and when I ? nd myself playing [games], then I think that tomorrow I have a tutorial and if I have studied enough for that. If I haven’t, I im-mediately switch off, so I start reading my lecture slides and trying to understand the questions that might be discussed in the tutorial. (Sammy ? MSAFP) It’s not really hard work when you are disciplined and you do what you’re sup- posed to do. But when you take it lightly and you just have fun, it really becomes hard work. (Chitalu ? MSAFP) I don’t really need to make myself do it because most essays I enjoy writing and enjoy learning. I guess I’m pretty disciplined. (Chloe ? DoTS) Yet, other former pathways students also pointed out the risks of procrastination and avoidance. Chipo, Tara and Lisa re?ected on wasting time and delaying, or avoiding, study commitments. For Chipo, postponing study is â€Å"time wasted†, while for Tara and for Lisa, it was easy to â€Å"put things off† or put â€Å"everything aside†. If you waste your time, time wasted is time that you can never get back. I had to learn these things as I went along because, you know, you postpone things. You say, â€Å"Oh no, I’ll do it later† and then next thing you discover you’ve got an assign- ment due tomorrow. (Chipo ? MSAFP) I tend to procrastinate a little bit and to put things off. (Tara ? DoTS) At the start, I was too busy stressing out and putting everything aside and not  even thinking about it. In the second half of my ? rst year, I got the hang of what uni is all about and what you’ve got to do to get by. (Lisa ? DoTS) Like them, Daniel, who returned to study from the workforce, tended to pro- crastinate. The solution was to have his life â€Å"timetabled†. I’m a terminal procrastinator. I always have been and stupidly enough I’ve been conditioned to actually continue to do so because I keep getting reasonable results in spite of procrastinating. I timetable a lot. I have my life timetabled so I start the semester saying, â€Å"Alright, I have this on this day and this on that day† and then. CH A P TE R 6 INDEPENDENT LEARNING 124 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 124 around work I schedule one day where I focus on each subject. On that day, whether it is travelling on the train or at home in the afternoon, I do all of the reading and work on assignments and stuff like that. I allocate the time to do the work. (Daniel ? DoTS) One aspect of independent learning that former pathways students found easy was being â€Å"in control† of their own study. In contrast to high school where stu- dents felt pushed, particularly by teachers and through competition with their  peers, at university students directed their own learning. Lindy found being in control â€Å"the easiest thing† about becoming an independent learner. The easiest thing was being in control. I didn’t have a very hard time getting used to being in control. (Lindy ? MSAFP) Like Lindy, Grace, Andrew, Julia and Max appreciated the autonomy of univer- sity study. Arts students Grace and Andrew both preferred studying at university over studying at high school. Grace felt she was â€Å"making up for† bad habits at high school, while Andrew felt as if he were ? nally â€Å"doing something†. In high school I hated studying, so I ? nd it really strange. I ? gure I’m making up for what I didn’t do in high school. (Grace ? DoTS) I did uni pretty well actually. I kind of preferred it to high school. Because, for one, I felt like I was doing something. With high school, it’s kind of like what you have to do. We were there because we had to be. At uni, it was where I wanted to be. (Andrew ? DoTS) Similarly, Julia and Max had no trouble taking control of their learning. Educa- tion student Julia viewed her learning as an opportunity, while Arts student Max found his own progress â€Å"inspiring†. I can’t believe people don’t hand work in because that’s just beyond me. I just  think why would you not even give yourself a chance? When I saw the mark for attendance, I thought I’m going to make sure I attend every class because that’s marks I can count on and I would never not hand anything in because every mark is another step closer. (Julia ? DoTS) It’s all on yourself. You’re responsible for failing. You’re responsible for doing your assignments. You’re responsible for passing. You’re responsible for your grades. There’s no one pushing you along. It’s inspiring to think that you’re con- trolling your own learning. (Max ? DoTS) Having the right attitude to study is important for success. Regarding themselves as serious, responsible and goal-oriented students, some former pathways stu- dents were openly critical of their peers who did not share the same â€Å"right atti- tude† to study. Andrew and Rachel were both critical of students who aim for a minimum pass, regarding them to be â€Å"unmotivated†. I come across a lot of unmotivated students who are like, â€Å"I’m just here to get a pass and get my degree and get out. † (Andrew ? DoTS) I actually ? nd a lot of people are only motivated to get that pass score. They are not that motivated to go the extra mile. (Rachel ? DoTS) INDEPENDENT LEARNING. 125 6 STUDENT VOICES BOOK_Layout 1 2011/10/07 11:57 AM Page 125 Like them, Jenna regarded some of the other students as having the wrong atti- tude for studying. Describing their attitudes as â€Å"very lazy† and â€Å"very blas †, Jenna contrasted her own willingness to learn and to put in effort with their lack of motivation and poor attitudes. There are de? nitely some students who are very lazy in their attitude. They don’t go to classes. They don’t do the reading. They have a very blase attitude and I ? nd that very frustrating because I’m here to learn and I put in the time and effort. (Jenna ? DoTS).

Corporate Governance Disclosure - Free Essay Example

Sample details Pages: 25 Words: 7523 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Did you like this example? CORPORATE GOVERNANCE DISCLOSURES IN EMERGING CAPITAL MARKETS: THE CASE OF GHANA CHAPTER 1 1.1 INTRODUCTION Corporate governance has dominated the policy agenda in developed market economies since the mid 1990s. The spate of corporate failures and massive government bailouts that have characterised the current global recession has led to an upsurge in the call for tighter regulation of capital markets and more stringent corporate governance. What has become clear from the current global capital markets meltdown is that, as capital markets develop, so too does the complexity of transactions and organisational structures, and the span of inter-dependencies among the various players in the market which extend beyond the boundaries of nations and continents.. Don’t waste time! Our writers will create an original "Corporate Governance Disclosure" essay for you Create order It is imperative for the stability of the global economy that there is adequate and effective regulation of the various capital markets and that the managers of major companies be held accountable for complying with these regulations and adhering to the principles of good corporate governance. In order for corporate manager to be held accountable for their compliance with regulations and good governance, they must make relevant disclosures in their companies annual reports. Corporate Governance and Emerging Capital Markets The recent international financial scandals have generated increased interest in corporate governance as a means of mitigating financial problems in developing economies (Tsamenyi et al. 2007, Reed 2002, Ahunwan 2002). These problems include weak and illiquid stock markets, economic uncertainties, weak legal controls and investor protection, and frequent government intervention. Developing economies also suffer from poor corporate performance and high concentration of company ownership (Tsamenyi et al. 2007, Ahunwan 2002). They usually suffer from state ownership of companies, weak legal and judiciary systems, weak institutions, limited human resources capabilities, and closed/family companies (Mensah 2002, Young et al. 2008). Reed (2002) noted that, globalization, international trade, and international investment practices call for the development of corporate governance in developing nations. Corporate governance is mechanism for ensuring corporate management acts in the best interest of a companys stakeholders (John Senbet, 1998). If capital markets in developing economies such as Ghana are to become fully established and grow, effective corporate governance regulations need to be developed and implemented. Such regulatory structures should not only be adequate to protect the interests of shareholders but also to assist in boosting the confidence of prospective investors and other stakeholders in corporate activities (Cadbury, 1992). Emerging Capital Markets (ECMs) are an integral part of the global capital market. According to the International Finance Corporation (IFC, 1996), EMCs can be viewed as any market in a developing economy that has the potential for development (IFC, 1996). Such markets compete for investment funds with well developed capital markets and therefore need to put in place appropriate measures to attract business activities. The adoption of effective corporate governance is one such measure. Gompers et al. (2003) assert that, good corporate governance increases company valuations and boosts the bottom line. Along similar lines, Claessens et al. (2002) maintain that sound corporate governance frameworks benefit companies through increased access to financing, lower cost of capital, better performance and more favourable treatment of all stakeholders. Corporate transparency and full-disclosure of information are core attributes of the corporate governance mechanism (OECD, 1999) and are regarded as an extremely important factor in the quality of corporate governance. Further, Beeks and Brown (2006)contend that firms with more effective corporate governance make more informative disclosures. Although corporate governance systems differ across countries, with the development of Codes of Best Practice around the world, there is gradual convergence of corporate governance practices toward global standards (Hopt 1997). Ghana is an example of an emerging economy which is increasingly embracing the concept of good corporate governance and requiring companies to report on their corporate governance practices. Attempts being made in Ghana to promote effective corporate governance include the formation of the Institute of Directors in 2001 and the development of National Accounting Standards. Additionally, the Ghana Securities and Exchange Commission (GSEC) has developed a Corporate Governance Code of Best Practice against which companies can benchmark their practices. Other regulatory requirements which govern corporate conduct include provisions in the Companies Code 1963 (Act 179), the Securities Industry Law 1993 (PNDCL 333) and the Membership and Listing Regulations of the Ghana Stock Exchange. Notwithstanding all of the above measures which are designed to secure good corporate governance by public listed companies in Ghana, the general level of compliance with the requirements is, and has always been, low. A study by Tsamenyi et al. (2007), which investigated corporate governance disclosures by applying a disclosure index to the 2006 annual reports of 22 listed companies in Ghana, found that the extent and quality of corporate governance disclosures were minimal. Many studies have been examined on corporate governance disclosures based on the examination of the content and scope of annual reports information by establishing corporate disclosure indexes (see Meek et al. 1995, Coy and Dixon, 2003). This study is concerned with the information disclosed mostly in the annual reports. Information in the annual report consists of qualitative and quantitative data. The quantitative data is both financial and non-financial. Moreover, many annual reports contain illustrations, diagrams and graphical presentations. 1.2 RESEARCH AIM AND OBJECTIVES Following from the above discussion, the overall aim of this study is to make recommendations designed to improve the extent and quality of corporate governance disclosures by public listed companies in Ghana. In order to achieve this aim the research has the following objectives: to determine the current corporate governance disclosure requirements of listed companies in Ghana; to compare Ghanaian disclosure requirements with those applying to UK listed companies; to examine the corporate governance disclosures made by a Ghanaian listed companies in their 2008 annual reports; to identify the differences (if any) in the corporate governance disclosures made by the listed companies in Ghana studied and the corporate governance disclosure requirements; to ascertain the reasons for the failure by listed companies in Ghana to fully comply with the corporate governance disclosure requirements; to make recommendations on how the quantity and quality of corporate governance disclosures by listed companies in Ghana might be improved. 1.3 METHODOLOGY In order to achieve the research objectives the following methods have been used. Literature review: Relevant articles in academic and professional journals have been reviewed in order to establish the extent to which corporate governance disclosure requirements exist and are adhered to in various ECMs. Keywords such as corporate governance, disclosures, ECMs, and Ghana input into databases such as Emerald, JSTOR, SSRN, and Google to search for relevant articles. Document study:Statutory and regulatory documents have been examined to ascertain the existing corporate governance disclosure requirements in Ghana. In addition, the annual reports of a sample of 25 listed companies in Ghana for the year 2008 have been studied to determine the extent and quality of their corporate governance disclosures. Disclosure Index:A corporate governance disclosure index has been and applied to the 2008 annual reports of 25 listed companies in Ghana. The index is has been constructed to include the key corporate governance requirements that apply to listed companies in Ghana. Semi-structured interviews: Six semi-structured interviews were conducted in order to ascertain the reasons for differences in the corporate governance disclosures made by, and required of, listed companies in Ghana. The interviewees were two finance executives of listed companies, two senior audit partners from the Big Four auditing firms and one representative from each of the Ghana Stock Exchange and the GSEC. 1.4 IMPORTANCE AND LIMITATIONS OF THE STUDY Prior studies such as those of Tsamenyi, et al 2007 and ROSC 2005, which have examined aspects of corporate governance in ECMs and, in particular, Ghana have revealed that corporate governance as a policy and regulatory issue is gaining ground but the level of corporate governance disclosure is low. This study, by establishing the current extent (and quality) of corporate governance disclosures in Ghana, identifying deviations from the corporate governance disclosure requirements, and making recommendations on how corporate governance disclosure practices may be improved, will help to bring about improvements in the corporate governance disclosures by listed companies in Ghana However, the study has a number of limitations. These include the following: The study has focused only on a limited sample of 25 out of the 36 listed companies on the GSE. As a consequence the result may not be representative of all listed companies (or indeed, other companies) in Ghana. The study will be based on one years corporate governance disclosures and these may not be representative of corporate governance disclosures made in other years. Research which incorporates a longitudinal study may be necessary to demonstrate the development of corporate governance disclosures in Ghana. The semi-structured interviews were conducted with a small sample of interviewees and the opinions expressed may be influenced by their personal ideologies and the extent of their experience with listed companies in Ghana. 1.5 ORGANISATION OF THIS RESEARCH REPORT This research report has six (6) chapters as follows, Chapter 1: Introduction: In this chapter the background to the study is explained, and its aims and objectives are specified. The research methods used for the study are outlined and consideration is also given to the contributions and limitations of the research project. Chapter 2: corporate governance requirements in Ghana: This chapter provides background information on the corporate environment in Ghana and sets out the corporate governance requirements. Chapter 3: Literature review: This chapter provides a definition of corporate governance and examines the importance of, and the principles underpinning, corporate governance. It also reviews prior research which has examined corporate governance disclosures and more particularly, those which have investigated corporate governance disclosure in ECMs. Chapter 4: Methodology.This chapter explain the development and application of the of disclosure index used to examine the quantity and quality of corporate governance disclosures in the 2008 annual reports of a sample of listed companies in Ghana. It also describes the methodology adopted for the semi-structured interviews conducted with six interviewees from selected institutions in Ghana. In addition it explains the means by which the data have been analysed and reported. Chapter 5: Research findings. The results of the analysis of selected companies annual reports and the semi-structured interviews are reported and examined in the light of the exact literature. Chapter 6: Conclusions and Recommendations.This chapter provides a brief summary of the research project and its findings. Conclusions are drawn from the research findings and recommendations made on ways in which corporate governance disclosures by listed companies in Ghana might be improved. CHAPTER 2 CORPORATE GOVERNANCE REQUIREMENTS IN GHANA 2.1 INTRODUCTION This chapter provides background information on Ghana, its political and economic environment and its corporate profile. It also explains the legal and regulatory framework and the corporate governance requirements which apply to listed companies in Ghana. 2.2 COUNTRY PROFILE Ghana is a Sub-Saharan African country with a total land area of about 238,538 square kilometres/92,100 square miles and a population in 2007, of 23.5 million (Bureau of African Affairs, 2008). Ghanas population is concentrated along the coast in the principal cities (Bureau of African Affairs, 2008). Ethnically, Ghana is divided into smaller groups, each of which has a different language or dialect, however, the official language is English, which is a legacy of British colonial rule (Sarpong, 1999). 2.3 POLITICAL AND ECONOMIC ENVIRONMENT IN GHANA For more than century, Ghana was under British colonial rule. She attained independence on 6th March 1957 and became a republic in July 1960. After independence, Ghana alternated between civilian and military rule. After a series of coup detats (Sarpong, 1999), in January 1993, the country returned to democratic rule under the National Democratic Congress (NDC). After 8 years (in 2001) power switched to the New Patriotic Party (NPP) but in January 2009, following the election, the NPP handed over power to the NDC. The economy of Ghana is dominated by agriculture, mining and forestry agriculture. Agriculture accounts for about 37.5% of GDP (GOG, 2008), and the largest foreign exchange earners for the country are cocoa, gold and coffee (BBC, 2009). In 2007, the countrys GDP was $15.2 billion. As at the first quarter of March 2009, the inflation rate of Ghana was 20.53 % (GOG, 2009). Ghana is a member of United Nations (UN), the British commonwealth, African Union (AU), International Monetary Fund, African Development Bank (ADB), the World Bank Group and the Economic Community of West African States (ECOWAS). 2.4 GHANA STOCK EXCHANGE AND LISTED COMPANIES OWNERSHIP STRUCTURE The Ghana Stock Exchange (GSE) was incorporated in July 1989. It was recognised as an authorized Stock Exchange under the Stock Exchange Act of 1971 (Act 384) in October 1990, and trading on the floor of the Exchange commenced in November the same year. In April 1994, it became a public company limited by guarantee (GSE 2009). The exchange is regulated by the GSE Membership Regulations L.I. 1510, Listing Regulations L.I 1509 and Trading and Settlement Regulations, and is organized as a body corporate under the supervision of the Securities Exchange Commission that falls under the Ministry of Finance. The Exchange is governed by a council which includes representation from licensed dealing members, listed companies, banks, insurance companies, and the general public. The functions of the Council include preventing fraud and malpractice, maintaining good order among members, regulating stock market business and granting listings. The GSE currently has 36 listed companies with a market capitalization as at 31 March 2009, of GH18,041.20m, equivalent to US$13,073.33m (GSE 2009). The manufacturing and banking sectors currently dominate the Exchange, while other listed companies fall into the insurance, mining, transport, food, publication, pharmaceuticals and petroleum sectors. Most of the listed companies on the GSE are Ghanaian (three being listed family-controlled companies) but there are five multinationals. Until 2006, individual foreign investors, who were first allowed to participate on the Exchange in 1993, were not permitted, without approval, to hold more than 10% of a listed companys shares and the total foreign investments in any company could not exceed 74% of the companys shares. These limits were removed by the Foreign Exchange Act of 2006 (Act 723) and non-resident investors can now invest in the market without limit or prior exchange control approval. Dividend income is taxed at 8%, while Capital gains on listed securities are exempt from tax until November 2010 (GES 2009). 2.5 CORPORATE GOVERNANCE REQUIREMENTS IN GHANA Over the recent years, notions of corporate governance has been gaining roots in Ghana in response to initiatives by some stakeholders such as the Ghana Institute of Directors (IoD-Ghana), Private Enterprise Foundation (PEF), State Enterprises Commission, the Institute of Economic Affairs, and the Ghana Centre for Democratic Development (Ocran 2001; Mensah et. al 2002). The IoD-Ghana strives to improve corporate governance practices and strengthen companies boards of directors. It has, for example, hosted international and national conferences, run competitions to increase awareness of corporate governance issues and developed manuals and procedures to help implement good corporate governance practices (Mensah et. al 2002). Notwithstanding the above developments, formal corporate governance structures and institutions are not widespread although a number of laws provide for governance structures for companies in Ghana. These laws include: The Ghana Companies Code 1963 (Act 179), The Securities Industry Law, 1993 (PNDCL 333) as amended by the Securities Industry (Amendment) Act 2000, (Act 590), and the Listing Regulations of the Ghana Stock Exchange, 1990 (L.I. 1509) (K-Coleman and Biekpe 2008) 2.5 .1 LEGAL REQUIREMENTS The Companies Code 1963 (Act 179), which is based substantially on the UKs Companies Act 1948, provides for governance mechanisms of all companies incorporated in Ghana (NEPAD 2005). It provides governance of ministration such as requirements to have directors, appointment and removal of directors, remuneration of directors, directors reports, and audited financial statements. It also provides for various mechanisms for shareholders to enforce their rights, such as rights to annual general meeting, equal treatments of shareholders. The Securities Industry Law 1993 (PNDCL 333), as amended by the Securities Industry (Amendment) Act 2000 (Act 590) and Exchange Commission Regulations (2003), provides for, among other things, the governance mechanism of all stock exchanges, investment advisors, securities dealers, issues concerning accounts and audits and collective investment schemes licensed under the Securities and Exchange Commission (SEC 2003). The Securities and Exchange Commission, overseeing the disclosure of material information to the investing public by companies, including securities listed on the Ghana Stock Exchange. Regulatory Frameworks for Boards of Directors The Companies Code describes directors as person who is appointed to direct and administer the business of the company, and stipulates that each company must appoint a minimum of two directors for a company. However, the Code allows companies to fix the maximum number of directors in their Regulations. Section 181 of the Companies Code provides that directors are to be appointed through the individual votes of shareholders at a general meeting of the company. However, this frequently means that the directors are approved by the controlling shareholders. There is no requirement under the Companies Code for the appointment of independent directors but this is required under the Securities and Exchange Commissions Code of Best Practices on Corporate Governance (SEC Code) for the GSE. In the exercise of their duties, the directors are required to act at all times in what they believe to be the best interests of the company as a whole so as to preserve its assets, further its business, promote the purposes for which it was formed, and to do so in such manner as a faithful, diligent, careful, and ordinarily skilled director would act in the circumstances. The Code makes provision for the appointment of executive directors by allowing directors to hold any other office or place of profit in the company, other than office of auditor. The directors remuneration is to be reasonably related to the value of services provided and is to and shall be determined from time to time by ordinary resolutions of the company The Companies Code enjoins directors to, at least once annually (at intervals of not more than 15 months), to prepare and send to each shareholder the directors report, which show the state of the companys affairs with any change during the financial year in the nature of the business of the company. The report is approved by the board of directors and signed on behave of the two directors. Regulatory Framework for Shareholder Rights The Companies Code 1963, the Securities Industry Law 1993 and the Regulations of the Ghana Stock Exchange provide the primary regulatory framework for the establishment and operations of companies that issue publicly traded securities. The Companies Code gives shareholders opportunities to participate and vote in general shareholder meetings or exercising rights through proxy for the appointment or removal of directors, access to timely and transparent company information concerning the date, location and agenda of general meetings and the right to petition against unfair prejudice. The Securities Industry Law and the GSE Listing Regulations ensure that the market for corporate control of listed companies functions in an efficient and transparent manner. It provides for example the organizing of shareholders meetings, proxy solicitation and voting by shareholders, disclosure of equity ownership, and allowable actions that shareholders may undertake against directors, including law suits, the removal of directors, and penalties for breaches of their fiduciary duty. Regulatory Framework for Accountability and Audit Under the Companies Code a companys, directors are responsible for keeping proper books of account and for the preparation of financial statements which provides a true and fair view of the company. Auditors are to be appointed by an ordinary resolution of shareholders, except that the directors may appoint the first auditor of the company and fill any casual vacancy in the office of an auditor. Auditors are expected to employ diligence, objectivity and independence in the discharge of their duties and functions. To ensure the auditors independence, the Code prohibits an officer of the company or any associated companies, partners of, or employees of an officer of the company from holding office as auditor. However, the Code permits auditors, in addition to their statutory duties to shareholders as auditors, to provide other services to the company such as, advising on accounting, costing taxation, rising of finance and other matters. This provides a ground for a conflict of interest which may impair the auditors independent. An auditor may be removed from office by an ordinary resolution of shareholders at an annual general meeting after 35 days notice and is allowed to speak to this at this meeting in response to his intended removal. No provisions exist under the Companies Code limiting the term of office of auditors. The GSE Listing Regulations recognize the need for audit sub-committee which should be composed of non-executive directors. The GSE Listing Regulations also prescribe the audit committees duties such as; making recommendations to the board concerning the appointment and remuneration of external auditors; reviewing the auditors evaluation of the system of internal control and accounting. The Companies Code, the Securities Industry Law and the GSE Listing Regulations requires all companies to provide shareholders with audited financial statements prepared in accordance with the Ghana National Accounting Standards issued by the Institute of Chartered Accountants (Ghana) at close of their financial year to its shareholders. 2.5.2 LISTING REQUIREMENTS AND GOVERNANCE GUIDANCE BY CODE OF BEST PRACTICES In December 2003, the Ghana Securities and Exchange Commission (SEC) issued corporate governance principles for listed companies entitledCode of Best Practices on Corporate Governance. This code is based on the OECD Principles of Corporate Governance (SEC 2003). Consistent with the United Kingdom, the code is not mandatory. While these provisions are not binding, the SEC encourages compliance with the Code and requires listed companies to include a statement in their annual report disclosing the extent of compliance with these guidelines. The Code set out principles for the equitable treatment of all shareholders, disclosure and transparency and responsibility of the board of directors. As require by best practice. There should be formal and transparent procedures for appointments to the board. Also there should be separation between the roles of CEO and Board Chairman responsibilities unless there are specific reasons militating against such separation. In the case where two offices are combined the Code required companies to explain to shareholders and the board must enact procedures that ensure the independence of the board as a whole and their respective responsibilities should be defined. There should be a balance of executive and nonexecutive directors with the complement of independent non-executive directors being at least a third of the total membership of the board and in any event, not less than two. 2.6 ANALYSIS OF CORPORATE GOVERNANCE DISCLOSURES IN GHANA IN COMPARISON WITH THE UNITED KINGDOM The provisions of the code are set in Table 1. Further, so that the provisions applying in Ghana may be evaluated in the light of well established Code of Corporate Governance, the provisions of the UKs Combine Code of Governance (Financial Reporting Council, 2008) are also presented. GHANA UK A. Directors A.1 The Board Every company should be headed by an effective board, which is collectively responsible for the success of the company A.2 Chairman and Chief Executive There should ideally be a separation between the role of Board Chairman and CEO unless there are specific reasons which militate against such separation. There should be a separation between the roles of CEO and Board Chairman A.3 Board Balance and Independence The board should include a balance of executive and non-executive directors with the complement of independent non-executive directors being at least one third of the total membership of the board and in any event not less than two. The board should include a balance of executive and non-executive directors (and in particular independent non-executive directors) such that no individual or small group of individuals can dominate the boards decision taking A.4 Appointments of Board Appointments to the board should be formal and transparent selection process should be based on merit. There is no nomination committee There should be a formal, rigorous and transparent procedure for the appointment of new directors to the board. There should be a nomination committee which should lead the process for board appointments and make recommendations to the board A.5 Information and Personal Development The board should have unrestricted access to all company information, records and documents. All directors enjoy the right to retain outside professional experts for counsel The board should be supplied in a timely manner with information in a form and of a quality appropriate to enable it to discharge its duties. All directors should receive induction on joining the board and should regularly update and refresh their skills and knowledge A.6 Performance Evaluation The board should annual review their own performance and that of the various committees The board should undertake a formal and rigorous annual evaluation of its own performance and that of its committees and individual directors. A.7 Re- Election All directors should submit themselves for re-election at regular intervals and at least once in every three years of its committees and individual directors. A.7 Re- Election All directors should submit themselves for re-election at regular intervals and at least once in every three years All directors should be submitted for re-election at regular intervals, subject to continued satisfactory performance B. Directors Remuneration B.1 Directors Remuneration The levels of remuneration in corporate bodies should be competitive, should focus on retaining management and be linked to corporate and individual performance. Every corporate body should establish a remuneration committee. The remuneration committee should comprise of a majority of non-executive directors. Does not give number of directors Levels of remuneration should be sufficient to attract, retain and motivate directors of the quality required to run the company successfully, but a company should avoid paying more than is necessary for this purpose. A significant proportion of executive directors remuneration should be structured so as to link rewards to corporate and individual performance. The board should establish a remuneration committee of at least three independent non executive directors. B.2 Procedures There should be a formal and transparent procedure for developing policy on executive remuneration. Members of the committee should exclude themselves from deliberations concerning their own remuneration. There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing the remuneration packages of individual directors. No director should be involved in deciding his or her own remuneration C. Accountability and Audit C.1 Financial Reporting The board is responsible for ensuring that a balanced and understandable assessment is given of the financial and operating results of the corporate body in the financial statements. The board should present a balanced and understandable assessment of the companys position and prospects C.2 Internal Control The board is responsible for ensuring that appropriate systems of internal control are in place for monitoring risk, adherence to financial governance measures and compliance with the law. The board should maintain a sound system of internal control to safeguard shareholders investment and the companys assets C.3 Audit Committee and Auditors The board should establish an audit committee. The audit committee should comprise at least three directors, the majority of whom should be non-executive The board should establish an audit committee of at least three independent non-executive directors D. Relationship with shareholders D.1 Dialogue with institutional shareholders There should be a dialogue with shareholders based on the mutual understanding of objectives. The board as a whole has responsibility for ensuring that a satisfactory dialogue with shareholders takes place. D.2 Constructive use of AGM The board should use the AGM as the primary means of meeting and interacting with shareholders The board should use the AGM to communicate with investors and to encourage their participation D.3 Shareholders rights There should be a dialogue with shareholders based on the mutual understanding of objectives Note: Same is used in the context not to mean same wording but in content CHAPTER 3 THEORETICAL FRAMEWORK 1. INTRODUCTION This chapter provides a definition of corporate governance and examines the importance of, and principles underpinning, corporate governance. It also reviews prior research examining corporate governance disclosures and, in particular, those studies which have investigated corporate governance disclosures in ECMs. 2. DEFINITIONS OF CORPORATE GOVERNANCE Ideas of corporate governance have developed and gained importance as companies have grown in size, and their power and influence in society has increased. At the same time, company managements have come to be regarded as accountable to the companys stakeholders rather than just its shareholders. The concept of the stakeholder was defined by Freeman (1984) as any group or individual who can affect or is affected by the achievement of the firms objectives (Freeman, 1984). The increasingly stakeholder-oriented view of corporate governance has resulted in defining corporate governance in broad terms. Solomon (2007) for example, defined corporate governance as a system of checks and balances, both internal and external to companies, which ensures that companies discharge their accountability to all their stakeholders and act in a socially responsible way in all areas of their business activity (Solomon, 2007, p. 14). According to The Committee of Financial Aspect of Corporate Governance (CFACC, 1992: Cadbury Report), corporate governance is concerned with balancing between economic and social goals and individual and communal goals. The governance framework encourages the efficient use of resources and requires accountability for the stewardship of those resources. The aim is to align, as nearly as possible, the interests of individuals, corporations and society. The incentive to corporations is to achieve their corporate aims and to attract investment. The incentive for States is to strengthen their economics and discourage fraud and mismanagement (Cadbury Report, 1992). Corporate governance embodies the ideas of specifying the companys strategy, objectives and controls the development of internal controls to make sure that the companys managers and employees work towards the achievement of these objectives. Thus, among other things, corporate governance is concerned with structures and processes for decision making, ensuring accountability, and controlling managerial and employees behaviour. It therefore, seeks to address issues facing the board of directors, such as the interaction with senior executives and the relationship of the company with its owners and others interested in the affairs of the company. 2.3 PRINCIPLES UNDERPINNING CORPORATE GOVERNANCE ACTIVITIES A number of principles underpin effective corporate governance namely, business probity, honesty, responsibility and fairness or equal opportunity (Nolan 1995). If corporate entities exhibit these qualities, this will improve relationships between companies, their stakeholders and the overall welfare of the economy. These principles are briefly discussed below. Business Probity:Business probity requires company management to be open and honest in the discharge of their responsibilities. According to Brain (2005), openness implies a willingness to provide information to individuals and groups about the companys activities. In this regard, it is important to recognize that shareholders, other investors and other stakeholders need information about a companys activities in order to evaluate its performance. Timely delivery of information will enable them achieve this purpose. Honesty:Good corporate governance requires company directors and managers to be honest in the discharge of their responsibilities. Honesty requires managers to deliver factual information. Brain (2005 p. 26) contends that, whiles honesty might seem an obvious quality for companies, in an age of spin and the manipulation of facts, honest information is perhaps by no means as prevalent as it should be. Responsibility:Corporate governance requires company managements to be responsible in the discharge of their duties. Amongst other things, stakeholders require confidence that a companys financial systems are secure and reliable, and managers are expected to work to meet this expectation. Responsibility in the context of corporate governance includes other issues such as transparency and accountability. Directors are accountable to their stakeholders and therefore have a duty to explain their action to the companys stakeholders so as to enhance the latters understands of the companys activities (Cadbury 1992). Fairness: The principle of fairness requires impartiality and a lack of bias in corporate activities. In the context of corporate governance, the quality of fairness is achieved when managers behave in a reasonable and unbiased manner, that includes making disclosure in a fair reasonable manner. In this sense, good governance results in all stakeholders receiving equal consideration. 2.4 IMPORTANCE OF EFFECTIVE CORPORATE GOVERNACE AND DISCLOSURE Good corporate governance underpins market confidence, and corporate integrity and efficiency, and hence promotes economic growth and financial stability (OECD, 2005). The Committee on Corporate Governance (1998: Hampel Report) noted that good governance ensures that constituencies (stakeholders) with a relevant interest in the companys business are fully taken into account. In addition, good governance can make a significant contribution to the prevention of malpractice and fraud, although it cannot prevent them absolutely. Bosch (2002) also noted that, good governance increases the creation of wealth by improving the performance of honestly managed and financially sound companies. Other commentators, such as Gregory and Simms (1999), assert that effective corporate governance promotes the efficient use of resources both within the firm and the larger economy. They explain that, with effective corporate governance systems, debt and equity capital should flow to those corporations capable of investing it in the most efficient manner for the production of goods and services most in demand and with the highest rate of return. In this regard, effective governance helps to protect scarce resources and helps ensure that societal needs are met. According to the OECD (1999) good corporate governance ensures that timely and accurate disclosure is made of all material matters regarding a company, including its financial and non- financial position, performance, ownership, and governance mechanisms. Disclosure also helps to improve public understanding of the structure and activities of the enterprise, its policies and performance with respect to environmental and ethical standards, and the companys relationship with the communities in which it operates. Further, according to Verrecchia, (2001), adequate disclosure enhances stock market liquidity, thereby reducing the cost of equity capital either through reduced transaction costs or increased demand for a firms securities. Along similar lines, Ashbaugh-Skaife et al. (2006) assert that adequate disclosure of financial information and information about a companys compliance with corporate governance requirements and/ or guidance is critical to reducing the information asymetry between the company and its capital suppliers. They conjecture that, companies with more timely and informative disclosures are perceived to have a lesser likelihood of withholding value-relevant unfavourable information and, as a result, are expected to be charged a lower risk premium by creditors. As a result of a reduced cost of capital, such companies enjoy high valuation (Coles et al. 2001). 2.5 ATTRIBUTES OF HIGH QUALITY CORPORATE GOVERNANCE DISCLOSURES Corporate disclosure of relevant and reliable information is critical for the functioning of an efficient capital market. Companies provide disclosure through regulated financial reports, including their annual audited financial statements, directors, management discussion and analysis, and other regulatory filings (Healyand Palepu, 2001). Disclosure concerns issues of transparency in the activities for which companies are accountable, the results of their activities (Leuz and Verrecchia, 2000). Another important aspect that should be mentioned concerning high quality corporate governance disclosures is that we are talking about both qualitative and quantitative and we want it to be complete and also useful. The conceptual framework of the International Accounting Standards Board (IASB) provides guidance regarding generally accepted notions for assessing high quality disclosure. The IASB framework identifies four qualitative characteristics of information that make information useful to users in making economic decisions, namely, understandability, relevance, reliability and comparability (IASB, 1989). These attributes are briefly discussed below Understandability:An essential quality of information provided in accountability reports it that is readily understandable by users. For this purpose, users are assumed reasonable knowledge of business, economic activities and accounting and a willingness to study the information with reasonable diligence. (IASB, 1989) This means that the manner of presentation has to be in keeping with the knowledge and experience of users, and should include the following: a good design, systematic classification of topics, and an explanation of unknown terms in the text to enhance understandability. Relevance: Information should be relevant to the needs of users in forming an opinion or decision. Information has the quality of relevance when it may influence the economic decisions of users by helping them to evaluate past, present and future events or to confirm or correct past assessments. The relevance of information is affected by its nature and materiality (IASB, 1989). Information is material if its omission or misstatement could influence users decisions. Materiality depends on the size of the item or error judged in the particular circumstances of its omission or misstatement (IAS 1). Management is responsible for making appropriate decisions with respect to the application of the materiality principle and its effects on the content of its corporate disclosures. Comparability:Information should be presented in a consistent manner over time and be comparable with related information and with similar information for other entities in order to enable users to evaluate a companys progress aid and its performance related to those of other similar companies. Users should be able to compare the companys performance indicators over time and with other similar businesses to enable them to identify and analyse the outcome of any changes. Any reason for a change should be explained by means of notes, and where it is not practical to adjust comparatives, the reason for that should also be explained Reliability:Information has the quality of reliability when it is free from material error and bias, and when it gives a true, complete and balanced view of the actual situation underlying reality. The key aspects of reliability are faithful representation, priority of substance over form, neutrality, prudence and completeness (FASB, 1989). The information should faithful represent the actual situation in the business, complete within the boundaries of what is relevant, well-balanced in terms of reporting both positive and negative events, presented in the right context, and free of material misstatement. CORPORATE GOVERNANCE DISCLOSURES IN EMCs, PRIOR STUDIES Considerable empirical research has been conducted into corporate governance disclosures in corporate annual reports. These studies have in general, used a disclosure index or score to evaluate corporate disclosures in annual reports (Patel, and Bwakira 2002, Botosan 1997). However, the research to date has been focused primarily on mature capital markets (Meek Gray, 1989; Gray et al., 1995) and emerging markets such as Zimbabwe and Tanzania (Mangena Tauringana 2007 and Abayo et al., 1990)). Very few studies have investigated corporate disclosure in Ghana (Tsamenyi et al., 2007). Dahawy (2008) studied corporate governance disclosure in Egypt. The study evaluated the corporate governance disclosures by of 30 companies listed on the Cairo Alexandria Stock Exchange (CASE) by comparing them to the United Nations corporate governance disclosure checklist. This checklist consists of fifty-three disclosures to measure the level disclosure. Dahawy found that the level of disclosure in Egypt is low; on average the companies studied disclosed information about 22% of the 53 disclosure items in the UN checklist. Hossain and Khan (2006) surveyed 100 companies listed on Chittagong Stock Exchange in Bangladesh to ascertain whether there are significant relationship between corporate governance disclosures and corporate attributes such as multinational affiliation, and the auditor been affiliated to the Big Four audit firm. They found that those companies having with a multinational affiliation tend to disclosure more information than local companies. Likewise, companies which are audited by a Big Four audit firm disclose more information than companies audited by a local audit firm. This support Firth (1979) research which found out that, larger companies are more inclined to disclose more information because they are prone to greater public scrutiny. 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