Sustainable information security policy in an organization

Sustainable information security policy in an organization Introduction The purpose of this research paper is to investigate how organizations design sustainable information security policies. Designing a sustainable information security policy is one of the most important issues facing organizations today. It should not only be the first step in an organizations information security policy program but a continuing process to ensure the policy should be maintained of high quality, it is clear, comprehensive and appropriate to the organizations specific business objectives, strategic goals and culture needs. This is a particularly salient issue in organizations that operate in numerous political, cultural, legal, geographic and economic environments and, by necessity, sometimes must have an information security policy that employees can follow and actually use. Information security represents a growing concern for organizations. As organizations are relying and becoming more dependent on information systems for staying competitive, gain strategic advantag e and operations, the issue of effective information security policy also becomes important and the necessary foundation for organizational information security. In an organization, some unique challenges can arise in designing an information security policy, such as policy differences arising through the various threats, risk acceptance and tolerance levels among business units; internal and external requirements at a country, local and national level; human factors; and cultural differences. In some cases, an organization may require a region-specific information security policy that may be more restrictive than a global information security policy. However, the reason why an information security policy has to be enforced on an organization is because the information security policy requires an effort from them. The literature review and an experimental study will be used to investigate, explore and understand different factors such as ease of use, designer perceptions of user shortcomings, attitude toward usage, peer influence, perceived behavioral control usage, perceived ease of use, quality of working life, work attitude and intentions as to how to design a sustainable information security policy in an organization. The research problem and goal. The research problem of this study is to investigate how to design a sustainable information security policy in an organization. Surprisingly, not too much is known about how to design security policies that pay attention to unique organizational security features, employees and business needs (Siponen and Iivari, 2006). In business, an information security policy is a document that states in writing how an organization should plan to protect its information systems and technology assets, provides guidance based on standards, regulations and rules of what to and what not to do. However the information security policy quality, flexibility and usability are limited. Therefore employees do not pay attention, understand, follow abide and break the information security policy. An information security policy that is viewed as design product and that is normative lists actions that the employees should follow or should not perform. The design of an information security policy does not necessarily make it possible to address all situations reasonably. However, to guide the design of the information security policy, the product and an application principle should state how it needs to be applied, and a design method should state how it needs to be crafted (Siponen and Iivari, 2006). Product design and development is a complex and lengthy process for organizations since it involves multiple participants from several organizational departments who are required to make decisions outside their area of expertise. To address the problem organizations often purchase ready made information security policies from various sources such as ISO, text books or adopt information security policies from government and other online sources. This leads to incomplete activities a nd flaws which lead to difficult to follow information security policy. Sound information security policy should protect the information and systems, as well as the individual employees and the organization as a whole from a wide variety of threats (Veiga, Martins and Eloff, 2007). It also should serve as a prominent statement to the outside world about the organizations commitment to information security. An information security policy is often considered to be a living document, meaning that the document is never finished but is continuously updated as technology, regulations and business requirements change. The information from systematic monitoring should serve as a critical input to evaluation, formulation, implementation and design of the information security policy. The information security policy should be seen not only as an artifact document of the organization to enforce best information security practices but also should identify details of what is acceptable or unacceptable and what is reasonable behavior from the employees in order to ensu re sound security of information. Information security policy should be sustainable. Information security covers people and process issues as well as technology. The design of information security policy in an organization should be integrated into a process that involves employee usability testing and input from various regions, regulations, industry standards and business units. An information security policy is the necessary foundation for a sound organizational information security. Information security policy should be able to enhance business operations by reducing risk, ensuring protection of organizational critical information assets and decreasing information systems security management costs as well as to improve information systems operations while also supporting the demands of internal and external compliance. Since many of these policies require human involvement, for example employee and customer actions, the goals should be measured and checked if they are met only if such human activities can be influenced and monitored and if positive outcomes have incentives while negative actions are sanctioned. The goal of this research study is to investigate how to design, create and maintain a sustainable information security policy using experimental methods and control focus groups in an organization. An effective information security policy should be based on a usability standard that can be achieved during the design techniques appropriate to implement sustainable information security policy. Importance of research problem The successful design of information security policy is critical in todays environment of rapid change and challenges in addressing information security policy compliance and effectiveness in organizations. The information security policy is the foundation on which a sound information security is built. As with any foundation, it must be well designed, and well constructed; it can then be trusted to support the organizations business objectives and goals effectively. It is essential that effective information security policy practices be in place in organizations to ensure the success of information security policy. Effective information security policy requires that users understand and follow the information security mission as described in the organizations information security policy. Flexibility and usability are essential elements of an information security policy life cycle, particularly of the design process of information security policy formulation and implementation. An information security policy needs to be sustainable and not rigid. While the importance of the information security policy in ensuring the security of information is acknowledged widely, to date, there has been little empirical analysis of its design, impact or effectiveness in this role. Designing sustainable information security policy is critical to protecting the organizations information systems and assets. The consequences of violating such as information security policy might be extensive and expensive. The organizations information security policy should be written with a clear understanding of the expected outcome and the need to be flexible and usable. The information security policy should incorporate clear definitions and user responsibilities (Gaunt 1998). It should also aim to influence behavior and turn employees into participants in the organizations efforts to secure its information assets. Information security policy plays an important role in preventing, detecting and responding to security threats and breaches. Organizations should have security controls to protect their information. One of the most important controls, according to Hone and Eloff (2002), is the information security policy. The information security policy is likely to be ineffective if it is not written well, understood, followed and accepted by all employees. The results of this study will help practitioners understand how an organization can design sustainable information security policy to achieve effective information security. Research argument The information security of an organization might be left in a less effective state in situations where information security policy is not followed by employees. Employee perception, in some instances, is that following the rules in information security policy interferes and gets in the way of doing their day-to-day work and their ability to accomplish their job tasks. This is because they feel as though this approach is cumbersome and a waste of time. An employees failure to comply with the information security policy is a key concern of information security practitioners and organizations. According to Desman (2002) information security is not a technical issue, but rather a human issue, therefore the most significant threat to the security of information in an organization is its employees (Gaunt 1998). Information security policy should be fair, reasonable, understandable, flexible and usable. If an information security policy is not flexible and usable, employees will not follow it and it will break. According to Besnard and Arief (2004), the design of security products and information security policy should rely more on the rules of human-computer interaction. The employees, independent of their knowledge and intellect, should be able to read an organizations information security policy understand, follow, comply and adhere to it. One of the ways to implement good information security practices in an organization is to ensure that a detailed information security policy is in place. The content of the information security policy is particularly significant, as it should be monitored for any changes after it is adopted to attain relevance and an understanding of whether there were changes due to the policy or program. According to Gaunt (2000) user participation in the development of an organization information security is necessary if it is to achieve wide acceptance. Problem Relevance According to Hone and Eloff (2002) one of the most important information security controls in an organization is the information security policy. However, this important document it is not always easy to put together and develop. Some organizations derive their information policy from business goals, service level agreements, industry best practices, and International Standard Organization standards such as ISO 27000, or copy paste from other ready made policy templates found or procured from textbooks or online resources. Content in information security policies differ according to the type of organization: for example, corporations, academic institutions, government, and within departments such as information technology, human resources, legal, and finance to name a few. The degree of guidance varies from very specific references of what to do or not to do and sanctions of not following the rules. Sanctions affect employees actual compliance with information security policy. According to Bia and Kalika (2007), the decision to formulate an information security policy, for example, a policy of acceptable use, occurs when the organization has experienced problems, conflict, damage, or business loss because of improper use of information security rules. The application of a security policy is considered essential for managing the security of information systems. Implementing a successful information security policy in an organization, however, is not a straightforward task and depends on many factors (Karyda, Kiountouzis and Kokolakis, 2004). Sometimes, employees view the information security policy as an obstacle and a barrier to progress and, in an effort, to do their job more efficiently, employees might not follow the rules set in the information security policy document. Despite the fact that organizations have information security policy in place, more often than not, the application of information security policy fails to attain its goals. To ensure that information security policy is effective, information security professionals must first understand the social elements, including cultural and generational variances that affect employee behavior and perceptions about information security policy (Cisco, 2008). According to Baskerville and Siponen (2002), strict access controls imposed during fast growing organizational changes can become an obstacle by limiting access to information thereby threatening the organizations survival. This problem is one of limiting organizational emergence because of limited information access and presents conflicting and stringent demands for security policy making. Unexpected business opportunities may require actions that conflict with their information security policy. Some of the problems facing organizations are of employees not following the information security policy, which reflects the social nature of human beings. According to Kabay (2002), an information security policy challenges employees to change the way they think about their own responsibility for protecting the organizations valuable information. Attempting to impose information security policy on unwilling employees results in resistance both because stricter information security procedures make jobs more difficult and because people do not like to be told what to do. The process of design and development of information security policy plays an important role in the life cycle of an information security policy and affects how people feel about the information security policy and whether they see rules as a needless imposition of power or an expression of their own values. Unfortunately, an information security policy conflicts with most peoples view of reality: for example, an empl oyee showing sensitive information to someone who does not have the appropriate level of authorization to view such information because they both work on the same project team. However, if users fail to comply with the rules, an information security policy can help deter abuse (Straub and Nance 1990). Although having an information security policy in an organization is essential, it is not enough to ensure an employees compliance with it. Therefore, the aim of this paper is to understand what factors should be considered in the design of a sustainable information security policy in order to motivate employees to comply with the information security policy and understand how important it is. Definitions of Terms For the purposes of this paper: Information security policy: by definition, an information security policy refers to a clear, understandable comprehensive and well-defined plan, rules, and practices that regulate access to an organizations system and the information included in it. It is defined as the security policy in a document that states in writing how an organization plans to protect the companys physical and information technology assets. Information policy: is defined as the combination of laws, regulations, rules, and guidelines that steer the creation, management, and use of information that greatly shapes the roles of information in society. Information policy includes a range of issues related to freedom of information, privacy, secrecy, security, intellectual property, and information and communication technologies among other policy areas. Information system security: is defined as the state of being free from unacceptable risk. Thus, information security focuses on reducing the risk of computing and communication systems, especially in regard to the misuse, destruction, modification or inappropriate disclosure of information either by intent or accident. Product design and development: in this paper refers primarily to the design and development of new information security policy. Research questions and Hypothesis. The main research question for this study is formulated as: How to design sustainable information security policy in an organization? Hypothesis: H1: Is there a significant difference between flexibility and usability? H2: Is there a significant relationship between flexibility and usability? H3: If an information security policy is usable then is there a need for sanctions? H4: If an information security policy is flexible then is there a need for rewards? Reference Agarwal, R and Sambamurthy, V. (2002). Principles and models for organizing the IT function. MIS Quarterly Executive, 1(1), 1-16. Baskerville, R., and Siponen, M. (2002). An information security meta-policy for emergent organizations. Logistics Information Management, 15(5/6), 337-346. Besnard, D. and Arief, B. (2004). Computer security impaired by legal users. Computers Security, 23(3), 253-26. Bia, M., and Kalika, M. (2007). Adopting an ICT code of conduct: An empirical study of organizational factors. Journal of Enterprise Information Management, 20(4), 432-446. CISCO. Data leakage worldwide: The effectiveness of security policies, 2008, Retrieved March 29 2010 http://www.cisco.com/en/US/solutions/collateral/ns170/ns896/ns895/white_paper_c11-503131.pdf Da Veiga, A., Martins, N., and Eloff, JHP. (2007). Information security culture validation of an assessment instrument. Southern African Business Review, 11(1), 147-166. Desman, M.B. (2002). Building an information security awareness program. Boca Raton, FL, Auerbach Publications. Doherty, NF., and Fulford, H. (2006). Aligning the information security policy with the strategic information systems plan. Computers Security, 25(1), 55-63. Eloff, JHP., Labuschagne L, and Badenhorst KP. (1993) A comparative framework for risk analysis methods. Computers and Security, 12(6), 597-603. Gaunt, N. (1998). Installing an appropriate IS security policy in hospitals. International Journal of Medical Informatics, 49(1), 131-134. Gaunt N. (2000). Practical approaches to creating a security culture. International Journal of Medical Informatics, 60(2), 151-157. Hone, K., and Eloff, JHP. (2002). Information security policy what do international security standards say? Computers and Security, 21(5), 402-9. Kabay, M. (1994). Psychological factors in the implementation of information security policy. EDPACS, The EDP Audit, Control, and Security Newsletter, 11(10), 1-10. Karyda, M., Kiountouzis, E., Kokolakis, S. (2005). Information systems security policies: a contextual perspective, Computers and Security, 24(3), 246-260. Lapke M., and Dhillon, G. (2008). Power relationships in information systems security policy formulation and implementation. European Conference on Information Systems, 16, 1358-1369. Siponen, M., and Iivari, J. (2006). Six design theories for IS security policies and guidelines. Journal of the Association for Information System,s 7(7), 445-472. Thomson, K. L., von Solms, R., and Louw, L. (2006). Cultivating an organizational information security culture. Computer Fraud and Security, 10, 7-11. Straub, D.W., and Nance, W.D. (1990). Discovering and disciplining computer abuse in organizations: A field study. MIS Quarterly, 14(1), 45-60. Warman, AR. (1992). Organizational computer security policy: the reality. European Journal of Information Systems, 1(5), 305-10. Zhang, Y., Liu, X., and Wang, W. (2005). Policy lifecycle model for systems management. IT Professional, 7(2), 50-54.

Perceived Aspects Required in an Ideal System of Education

An ideal system of education requires distinct characteristics. Our education system today is not quite perfect. All education institutions share a common goal. The goal is for all the students to gain knowledge that they didn't have before in order to compete in the real world. Morowitz wrote that many people believe â€Å"education is a method of transferring knowledge from master to pupil. The majority of people believe this is â€Å"obtaining education. † There is more to the concept that â€Å"students are depositories† and the â€Å"teachers are the depositor. ( Paule Friere ) The success of the students are directly connected to the environment he is surrounded. A perfect education system has to start with a comfortable environment. The teacher also has to be knowledgeable and not believe in the myth that â€Å"teachers justifies their own existence through their students ignorance absolute. â€Å"(Paule Friere) A perfect institution of education should be able to accommodate cultural change, diversity, have a strict curriculum with alternative teaching strategies, and promotes interaction among their peers. In 1998, a television program called â€Å"60 Minutes†, aired a special investigation of the United States educational system when compared to the educational system of China and Germany. The results of this investigation surprised many citizens of the U. S. , including myself. According to 60 minutes, the United States system of education is failing tremendously when compared to other to Germany and China. They found a direct connection between the failure of U. S. students and the teaching methods the U. S. imposes on them. Also, the success of the student†s of China and Germany shared a similar philosophy. China and Germany greatly promotes â€Å"interaction† between the students at a very young age. In America, the students are more interested in individual success. American students learn to become a distinct â€Å"individual†. These students†s believe that this â€Å"individuality† is what defines them. Everyone is constantly competing against one another, trying to create an identity for themselves. A junior in high school may think that working at â€Å"Mcdonald†s† makes him a â€Å"MAN†; while in China and Germany, their students are probably training for a better job in the future. Very few American students are being introduced to â€Å"group work† and the concept of â€Å"interaction† among their classmates. They don†t realize the strong bonding that occurs when people share and discuss ideas because the United States doesn†t realize it either. Inversely, in Germany and China, the concept of group work is greatly stressed. They believe it leads to a much greater benefit. As 60 minutes investigated, they found out that students in Germany and China have higher test scores than American students, there are less crimes, and the percentage of unemployment is extremely small. These students learn at a very young age to get along with one another, to share ideas, and to resolve their conflicts in a non-violent fashion. The broader view of Germany and China is that interaction among students at an early age, promotes a more civil society in the picture. While America is more interested in individuality, China and Germany are investing in the future with the concept of â€Å"group work†. China and Germany†s outlook on the future with the promotion of â€Å"teamwork† is why their educational system is so successful when compared to America†s educational system. In a perfect educational system, interaction among students will greatly be encouraged. Teachers are a very important element in successfully transferring knowledge from the teacher to the pupil. In this institution, teachers are not allowed to believe that they are superior to the students. When this occurs, and the inequality sets in, the student will be hesitant to ask questions about subjects they don't understand. When a student does this, he is unintentionally hurting himself. He will not have gain and understand the true meaning of what is being taught by the teacher because he is more focused on the educational gap between the student and teacher. The student needs to able to question everything that is being taught. By using the Socratic method, students will understand topics rather than believing what other people are saying. There needs to be a respectful relationship between the student and teacher. The student respects the teacher and the teacher respects the student equally. This relationship between student and teacher is very important journey of obtaining knowledge. There should be no other kinds of relationship. The only acceptable form is through the connection that they both share as being teacher and being student. Next, the teacher need to responsible for the materials they are covering. They need to be fluent or else the student will have doubts about the material and ultimately the teacher. The more secure the teacher is with his material the more the student will trust the material and the teacher. If a teacher is not confident and prepared, there will be doubts that will be raised in the minds of the student. More importantly, the teacher will need to care about the student and guide them towards their goal. In â€Å"A Cub-Pilot†s Experience,† by Mark Twain, Mr. Bixby, the instructor is determined to teach Twain how to pilot a steamboat through the river. Bixby does not use force but instead lets Twain gradually realize that he is learning. All Bixby does is guide Twain but he lets Twain makes his own mistakes and learn from it. Like Bixby, all teachers need to know when to step aside so that the student can make progress and help the student up when he fails. The most beneficial qualities of an excellent teacher are the ability to care for the student and the encouragement teachers provide for the students. Teachers are just an extension of parents; caring and encouragement are two characteristics of parents. The next important element in a perfect educational institution, is the curriculum. There needs to be a flexible curriculum that accommodates all the different intellectual abilities of all the students. Not all the students will have the same learning capabilities. Some students may have a learning disability and others may be genuinely intelligent. The curriculum is strict but still is flexible enough to accommodate each individual student. The actual courses need to be comprehensive. The subjects being studied needs to be updated constantly by the teachers. A perfect institution will have all area of studies accessible to the students. Any particular major or subject will be left to the students to decide. When they do decide what they want to study, there will be the necessary courses to cover that major. In order for a student to pass a course, he needs to be able to teach the information he learned in that course. This teaching method is very important. If a student is able to teach something then that student truly understands it. This method of testing the knowledge of the student should be the final examination for every course. This method is more valid than the constant â€Å"question and answer† method being used today, which promotes temporarily memorization. The next ingredient in a perfect institution is the actual environment itself. Many people are influenced by their surrounding. An intellectual community needs to look like an intellectual community. It will be located in an area, which is safe. The students need to feel comfortable. A comfortable learning environment leads to the success of the students. There should be no distractions that will keep the student from learning. In addition, the institution needs to be culturally diverse. All different nationalities will be accepted. There will no forms of discrimination. An Asian person is equal in every respect to Caucasian. On the basis of acceptance to this institution, a student†s character and ambition are the most important qualities. Grades will not be extremely important as it is now. With all of these characteristics, the student†s should be able to concentrate on obtaining their education. Though the task of creating and maintaining a perfect institution is a difficult task, it can be created. People need to come together with this structure and guideline in mind. The educated ones need to continue to educate others. In Plato†s â€Å"Allegory of the Cave,† Plato wrote that people who see the light and understand the true meaning of something, do not want to associate themselves with the uneducated ones. This will not happen in a perfect institution. Plato also wrote, â€Å"A well governed city becomes a possibility only if you can discover a better way of life for your future rulers than holding office. † (page 83) This realization is extremely important to future students. Educated people need to think of the future and society as a whole. They need to help educate others, just as others, educated them. If all of these characteristics are met in an institution, then that institution can be labeled, â€Å"perfect. â€Å"

Industrial Relations And Human Resource Management Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5269 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Abstract The aim of this paper is to explore and review some of the scholars research work on corporate governance and how it impacted the labour management. The paper examined various literature reviews on shareholders model of corporate governance and further explained different types of governance practices in the world in relation to employee management. The interest of investors is to maximize profit and minimize cost while that of employee is for consistent and increase in wages and salary. Don’t waste time! Our writers will create an original "Industrial Relations And Human Resource Management Finance Essay" essay for you Create order There are diverse views and opinions on the impact of corporate governance on labour management; some have adverse while some are favourable. We concluded that, the effect on labour management varies with the strength of labour. Keywords: Corporate governance, shareholders and labour management Introduction Corporate governance has successfully attracted the interest of the public because of its obvious importance and relevance to the economy and society at large. Although, the concept of corporate governance is poorly defined because it covers a large number of different economic phenomenon. Corporate governance has long been a subject of considerable interest and controversy, but debates and theories on this topic have become much more prominent in advance economies over the years. As a result, different people have come up with different definitions that basically reflect their special interest in the field. Corporate governance is the relationship among stakeholders in the process of decision making and control over firm resources. The three critical stakeholders are capital, labour and management. There are basically two different models of the corporate governance: the shareholder model and the stakeholder model. Shareholder model of corporate governance can be described as the formal system of accountability of senior management to shareholders while the Stakeholder model of corporate governance can be used to describe the network of formal and informal relations involving the corporation. The role of labour in corporate governance has been less of a focus but recently there is a growing need of bringing both corporate governance and labour 2 relations systems together. This study focuses on labour management and how the shareholder model of corporate governance impacts labour management. Literature review Corporate governance has been argued to have started from the recognition of the centrality of corporate enterprises for allocating resources in the economy. Corporate governance play a vital role in shaping the outcome of the economy through decisions such as investment, employment and trade, the process through which corporate revenues/returns are allocated impacts the performance of the economy as a whole (OSullivan, 2003). Corporate governance boarders around institutions that influence business corporations distribute their revenues and returns (OSullivan, 2003). The positive effect of corporate governance on different stakeholders ultimately is a strengthened economy, and hence good corporate governance is a tool for socio-economic development. The parties involved in corporate governance include the regulatory body (e.g. the Chief Executive Officer, the board of directors, management, shareholders and Auditors). Other stakeholders who take part are suppliers, employees, credit ors, customers and the community at large. Corporate governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance, OECD Principles of Corporate Governance (1999). Goodijk (2007) highlighted several theories in his research on how corporate governance has been affected: The agency theory is based on the separation of ownership and control and identifies the agency relationship where one party, the owner, delegates work to another party, the agent/management. The companys management is considered to operate on behalf of the principles but the agency may not always act in the best interests of the principal. The company is therefore seen as nexus of contracts. 3 The theory of transaction cost economics is focused on the company as a governance structure and an undertaking transactions (cost reductions) internally. The stakeholder theory takes account of a wider group of constituents instead of focusing on shareholders. The management is challenged to make the balancing act, to meet the pluralistic claims of all the different stakeholders. Stewardship theory as explained by Rienk refers to directors who are regarded as stewards to the companys assets and act in the best interest of shareholders and taking into account the environmental dependencies and uncertainties. Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed (OSullivan, 2003). The principal stakeholders are the shareholders, the board of directors, executives, employees, customers, creditors, suppliers, and the community at large. The major importance of corporate governance is to ensure the accountability of certain individuals in an organisation through mechanisms that try to reduce or the principal agent problem. Goodijk (2007) explained in his research that corporate governance focuses on three main areas: The functioning and quality of the board The functioning and quality of supervision The accountability to shareholder and stakeholder Corporate governance is a question of performance accountability (Demb and Neubauer, 1992). To improve the transparency, involvement and accountability of corporate governance, the Europeans emphasis on putting relationships and involving stakeholders while the Anglo Saxon countries (USA and UK) focusing on the shareholder value maximization. Corporate governance is one key way of improving microeconomic efficiency and focuses on the relationships and interactions between capital, management and labour (Maher and Andersson, 1999; Aguilera and Jackson, 2003). Aguilera and Jackson found out that despite that corporate governance is 4 concerned with the structure of rights and responsibilities among the parties with a stake in the firm yet there is still diversity of practices around the world nearly defies a common definition. In the UK and US, corporate governance is characterized by dispersed ownership where markets for corporate control, legal regulation and contractual incentives and key governance mechanisms. In continental Europe and Japan, blockholders like banks and families retain greater capacity to exercise direct control and, thus operate in a context with fewer market-oriented rules for closure, weaker managerial incentives, and greater supply of debt. Corporate Governance Model There are many different models of corporate governance around the world. These differ according to the variety of capitalism in which they are embedded. OSullivan (2003) explained the liberal model that is common in Anglo-American countries tends to give priority to the interests of shareholders. The coordinated model that one finds in Continental Europe and Japan also recognizes the interests of workers, managers, suppliers, customers, and the community. Each model has its own distinct competitive advantage. The liberal model of corporate governance encourages radical innovation and cost competition, whereas the coordinated model of corporate governance facilitates incremental innovation and quality competition (OSullivan, 2003). However, there are important differences between the U.S. recent approach to governance issues and what has happened in the UK. Maher and Andersson (1999) found out that in the United States, a corporation is governed by a board of directors, which has the power to choose an executive officer, usually known as the chief executive officer. The CEO has broad power to manage the corporation on a daily basis, but needs to get board approval for certain major actions, such as hiring his/her immediate subordinates, raising money, acquiring another company, major capital expansions, or other expensive projects. Some of the other duties of the board may include policy setting, decision making, monitoring managements performance, or corporate control. The board of directors is nominally selected by and responsible to the shareholders, but the bylaws of many companies make it difficult for all but the largest shareholders to have any influence over the makeup of the board Maher and Andersson (1999). 5 Codes of Good Governance Since the establishment of UK Cadbury Code in 1992, each country worldwide has introduced and revised corporate governance codes. The European countries use the principle based codes and the US Sarbanes Oxley Act uses the rules-based legislation (Goodijk, 2007). Generally there are sets of best practice recommendations regarding the behaviour within and the structure of the board, the information disclosure, transparency and accountability, the selection and remuneration of directors and the relationship with shareholders and the stakeholders. There are diversities in the European codes, nevertheless, Europeans codes represent certain characteristics that are fundamental to good corporate governance such as: how to increase shareholders influence, how to improve the board performance, how to take into account the other stakeholder interest. One of the European corporate governance codes is the OECD principles (OECD Principles of Corporate Governance, 1999). The OECD recognizes that one size does not fit all: there is no single model of corporate governance that is applicable to all countries. The OECD principles pay special attention to the minority shareholders rights. The OECD principles include on the principle the stakeholders in corporate governance. The principles state that the corporate governance framework should recognize the rights of stakeholders established by law or through mutual agreements and encourage active co-operation between corporations and stakeholders in creating wealth, jobs and sustainability of financial sound enterprises. Goodijk (2007) explained the difference between the Anglo-Saxon and European approach to corporate governance. In the Anglo-Saxon approach, the view of the company is instrumental while European approach view is institutional. Market-oriented with independent shareholders versus network-orientation Dispersed share-ownership versus high ownership concentration The outsider or the insider system The leadership culture versus countervailing powers 6 The conflict versus consensus orientation Short-term versus long-term results/relationships Principle-based versus rules-based solutions Focus on direct employee participation or representative involvement Corporate governance in Continental Europe can be characterized by the following issues; principle-based codes, diversity and tailor made solutions, a broad stakeholder approach, a strong network orientation and an inside system model, with more focus on the balancing act, the labour relations and the employees participation and getting consensus (Goodijk, 2007). Recent literatures show that there is an increasing trend towards more convergence on corporate governance issues: Increased basic shareholder rights Shareholders making more use of their right to vote More independence of outside directors within the board Having key board committees Paying attention to both share and stakeholders. Shareholders model: There is no single model of corporate governance. Governance practices vary not only across countries but also across firms and industry sectors. However, one of the most striking differences between countries corporate governance systems is in the ownership and control of firms that exist across countries. Systems of corporate governance can be distinguished according to the degree of ownership and control and the identity of controlling shareholders. Olivier (2000) explained that shareholders are the first stakeholder and they are individuals who own stock / shares in a company with the aim of making profit. If the company does well, they stand to make money based on how many shares they invested. However, if the company does badly, then the shareholder stands to lose his/her investment. The shareholder model explains the purpose of the corporation is to promote shareholder 7 value and to serve a wider range of interests. Shareholder model of corporate governance is known as the formal system of accountability of senior management to other shareholders. Shareholders model has a narrow view of relating investor with business manager on like the stakeholder model that takes a broader view of the firm. Olivier (2000) explained that shareholders are the first stakeholder and they are individuals who own stock / shares in a company with the aim of making profit. If the company does well, they stand to make money based on how many shares they invested. However, if the company does badly, then the shareholder stands to lose his/her investment. The shareholder model explains the purpose of the corporation is to promote shareholder value and to serve a wider range of interests According to the shareholder model, the main objectives of any firm is to maximize shareholder wealth through effective and efficient allocation of resources in a productive and dynamic ways, this is to say, that the objective of the firm is to maximize profits (Maher and Anderson, 1999). Shareholders cannot achieve these objectives in isolation without the full involvement of business manager. Therefore, managers and directors have an implicit obligation to ensure that firms are run in the interests of shareholders. This is an underline problem of corporate governance which the principal-agent relationship arise from the separation of beneficial ownership and executive decision-making. The bane of this problem is the conflict of interest between the shareholders and managers. Investors are interested in maximizing shareholder value; managers may have other objectives such as maximizing their salaries. According to Maher and Anderson (1999), the interests and objectives of the princi pal (the investors) and the agent (the managers) differ when there is a separation of ownership and control. Since the managers are not the owners of the firm they do not bear the full costs, or reap the full benefits, of their actions. Corporate Governance and Labour Management It should be recalled that there is an interaction between capital, management and labour (Aguilera and Jackson, 2003). The omission of labour in most literatures of corporate governance mirrors weak employee involvement in the United States relative to that in economies such as Germany or Japan where the participation of labour is politically important and most times a basis of competitive advantage (Blair Roe, 1999; Parkinson Kelly 2001; Aguilera Jackson, 2003). The role of employees in corporate governance is assumed to relate to their ability to 8 influence corporate decision making and control firms resources. There are some rules which limit managerial authority: shop floor-level job control, collective bargaining, and labour law (Marsden, 1999; Tilly Tilly, 1998; Aguilera Jackson, 2003). Aguilera and Jackson (2003) came up with a model that focuses on two vital dimensions that defines the relationship of an employee to making corporate decisions, these dimensions are: à ¢Ã¢â€š ¬Ã‚ ¢ Employees strategies of internal participation versus external control this dimension explain how employees describe their interests in relation to corporate decision making. The external control refers to situations where management has the right to decision making. This is where the employees seek to control the firms decision externally by assuming threats such as strikes. The representation of an employee is independent of management and preserved in strict separation from cooperative institutions that engage labour in the decision making of the firm. Employees also can participate in the firms decision making internally through internal channels of decision making to co-determine management actions (Streeck, 2001). This participation of employees does not stop the authority of managers but aims at democratizing decisions. Internal participation tends to have strong integrative functions, encouraging consensus and cooperation in the implementation of decisions. Portable versus firm-specific skills when the employee skills are portable across the firms or when investments are low, employees may favour exit over voice in response to grievances. On the contrary, when employee skills are firm-specific, their greater dependence on the firm makes the option to exit more difficult (Williamson, Watcher, Harris, 1975). When employees invest in firm-specific skills thus create incentives to exercise voice in how those skills are formed and deployed. Employees may have interest in the safeguarding the organization and their job security. Therefore, similar to the liquidity or commitment of capital, skills influence the degree to which employees have a stake in the firm (Aguilera Jackson, 2003). Aguilera and Jackson (2003) explained that the extent of which the internal participation/external control and portable/firm-specific skills within the firm is shaped by three sets of institutions. These are: the firm-level representation rights given to workers, the organisation of unions and the institutions of skills formation. 9 1. Firm-level representation rights it is said that labour struggled to gain collective rights to representation of firm decisions. The recognition of the right to organise is the most fundamental of these, giving employees individual rights to voluntarily elect their own representation and compelling management to bargain over a prescribed range of issues. Nevertheless, representation rights differ greatly in their strength and scope which ranges from rights to information, consultation and codetermination. Such rights also vary according to the type of decision at hand and the source enacting the rights. The representation rights influence labours relation to corporate governance. An institutional setting with weak representation rights does not provide channels to represent employees within firms decision making. Institutional setting characterized by strong representation rights such as Germany, provide formal internal channels to give labour a voice in the firms decision making by providing legal rights to information, consultation and codetermination in key decisions. Employee ownership is an additional means of establishing representation rights, but through the alternate channel of property rights (Aguilera and Jackson, 2003). The organisation of unions research explains that union organisation will shape the relation of labour to the firm. The interest of employees is defined in relation to their individual and collective identities, as well as according to how their interests are organised and institutionalized. Union organisation is seen is three models: class, occupation and enterprise (Dore, 1973;). Regarding the corporate governance, these models influence employee orientations toward internal participation in corporate decisions and external control. The class based unions such as political and industrial unions tend to favour strategies of external control. The industrial unions are skeptical in participating in institutions that blur the boundaries of management and labour. They tend to favour centralized collective bargaining that restricts the discretion of individual firms through external control (Aguilera and Jackson, 2003). Unions that are craft based with particular sets of qualifications tend to support external strategies of control because their interest in linked to uniform compensation of their particular skill/professional 10 qualifications across enterprises. In an organisation, craft unions may break away from representation with the firm and follow their members collective interest irrespective of the fate of the individual firm. In contrast, enterprise-based unions recruit members among employees within a particular firm and support internal participation. Basically, it union is aimed at the preservation of long-term employment contracts and the regulation of internal promotion prospects. Countries with predominantly class-based and craft-based unionism, labour tends to pursue strategies of external control while countries with predominantly enterprise-based forms of unionism, labour tend to pursue strategies of internal participation (Aguilera and Jackson, 2003). Skill formation this affect corporate governance because of the portability or firm-specific nature of skill investments influences the relation of employees to the firm. In the United States, on-the-job training and markets is used to generate employee skills (Brown et al., 1997). Skill formation outside the firm makes the firm less dependent on employees and hence, employees will have less capacity to influence firm decisions through internal channels. In the high skilled segment of the U.S. economy, firms draw on the portable skills of professional employees whose skills were acquired outside the firm. In countries like Germany and Japan, high skilled production workers are greatly generated. In Japan, training is a part of a firm investment in firm-specific skills which reward employees with elaborate internal promotion systems (Culpepper Finegold, 1999; Thelen Kume, 2002). In Germany, training system is rooted in corporatists arrangements among employer associations, industr ial unions and the State. Firm participates in occupational training in order to create widely certified skills that are portable across the firm. However, skill formation outside the firm will make the firm less dependent on employees and hence, employees will have less capacity to influence firm decision through internal participation (Aguilera and Jackson, 2003). 11 Impact of shareholders model of Corporate Governance on labour management Gospel and Pendleton (2003) discuss different sources of corporate governance influence on labour management. These sources are types of finance, objectives of finance providers and the intervention rights and practices associated with different forms of finance (Gospel and Pendleton, 2003: 558). Corporate governance is closely related to finance. It was further highlighted that there are different sources of finance: internal funds, debt and equity. Howard and Andrew (2005) stated that firms most times rely on internally generated funds; but from time to time firms have had to raise capital from external source. Debt is considered a constraint but were large and long-term, debt may draw lenders into a close relationship with the management (Stiglitz, 1985). Share equity can also be considered as a limitation-when the shareholders are many and small, investors may compensate for weakness in their relationship with mangers by exerting pressure through market trading (Howard and Andrew , 2005). The shareholder model of corporate governance is said to have adverse effects on labour management In Anglo-American economies, labour is weak and labour suffers from moves to reduce workforces. The attempt of firm to enhance shareholder value has led to the damaging impacts on labour. This is because the capacity of firms to achieve real increases in return is highly limited (Gospel and Pendleton, 2003). Time-frame is another way in which labour management suffers pressure. The time frame of managerial decisions depends on the different types of shareholder model. The required payback period for employees investments is longer in internal systems than outside systems. The nature of business strategies, the importance ascribed to financial factors in decision making, the approach to securing managerial and employee commitment and the degree of co-operation with other firms all these have a way of influencing the decisions of management positively or negatively (Gospel and Pendleton, 2003). They contribute to the variations in decision making of corporate governance. According to Maher and Andersson (1999) the shareholder model corporate governance is primarily concerned with finding ways to align the interests of managers with those of investors, with ensuring the flow of external funds to firms and that financiers get a return on their investment. An effective corporate governance framework can minimise the agency costs and hold-up problems associated with the separation of ownership and control. 12 Maher and Andersson (1999) highlighted three types of mechanisms that can be used to align the interests and objectives of managers with those of shareholders: Managers are to carry out efficient management by directly aligning managers interests with those of shareholders e.g. Executive compensation plans, stock options, direct monitoring by boards, etc. Another method involves the strengthening of shareholders rights so shareholders have both a greater incentive and ability to monitor management. This approach enhances the rights of investors through legal protection from expropriation by managers e.g. Protection and enforcement of shareholder rights, prohibitions against insider-dealing, etc. To use indirect means of corporate control such as that provided by capital markets, managerial labour markets, and markets for corporate control e.g. take-overs. Maher and Andersson (1999) further explained that the ownership concentration is so prevalent as the dominant organisational firm, this is because it is one way of resolving the monitoring problem. According to the principle-agent model, due to the divergence of interests and objectives of managers and shareholders, one would expect the separation of ownership and control to have damaging effects on the performance of firms. Therefore, one way of overcoming this problem is through direct shareholder monitoring via concentrated ownership. The difficulty with dispersed ownership is that the incentives to monitor management are weak. Shareholders have an incentive to free-ride in the hope that other shareholders will do the monitoring. This is because the benefits from monitoring are shared with all shareholders, whereas, the full costs of monitoring are incurred by those who monitor (Maher and Andersson, 1999). These free-rider problems do not arise with concentrated ownership, since t he majority shareholder captures most of the benefits associated with his monitoring efforts. Therefore, for the closely held corporation the problem of corporate governance is not mainly about general shareholder protection or monitoring issues. The problem is said to be more one of cross shareholdings, holding companies and pyramids, or other mechanisms that dominant shareholders use to exercise control, often at the expense of minority investors (Maher and Andersson, 1999). The protection of minority shareholders becomes more critical in this case. Maher and Andersson (1999) claim that one of the issues that arise in this context is how do policy makers develop reforms that do not disenfranchise majority shareholders while at the same time protect the interests of minority shareholders. 13 Another analysis of the shareholder approach by Maher and Andersson (1999) is that the analytical focus on how to solve the corporate governance problem is too narrow. The shareholder approach to corporate governance is primarily concerned with aligning the interests of managers and shareholders and with ensuring the flow of external capital firms. Nevertheless, shareholders are not the only ones who make investments in the corporation. The competitiveness and ultimate success of a corporation is the result of teamwork that embodies contributions from a range of different resource providers including investors, employees, creditors, suppliers, distributors, and customers. Corporate governance and economic performance will be affected by the relationships among these various stakeholders in the firm. According to Howard and Andrew (2005), there have been debates about corporate governance whether or not the nature of corporate governance exists exclusively or even primarily to promote the interest of shareholders, whether the maximization of returns for shareholders leads to losses for other stakeholders, and whether recent trends have increasingly creates unfair remuneration for senior executives. As a result, debates of corporate governance have taken place in business and political circles in many countries including United States, United Kingdom, France, Germany, Italy, Netherlands and Japan over the past ten years, and most have embarked on programmes to reform aspects of corporate governance (Howard and Andrew, 2005). In time past, there have been various debates about changes in employment and industrial systems. In countries such as the United States and United Kingdom, there has been a clear increase in job insecurity, goring pay inequality, and erosion of benefits such as final salary pensions (Gospel and Pendleton, 2003). This has attributed to a decline in employee say at work and claim of managerial rights. Howard and Andrew explained further that in Germany, there have been which debates centres around whether a system of employee voice through works councils at the workplace and collective bargaining at the industry level can continue to exist in a context where financial pressures on firms have intensified and where some argued a need for major changes in corporate governance. In Japan also, the system of lifetime employment is said to be under great risk, pay is being driven by market forces, and effective employee voice mechanisms are weakening (Howard and Andrew, 2005). In his framework, theories have concluded that the financing and governance of the firm and the management of labour interrelated (Gospel and Pendleton, 2003). 14 Howard and Andrew (2005) states that the management of labour covers a set of major decisions and resulting outcomes. These decisions cover three main areas: work relations, employment relations and industrial relations. Employment relations deal with the arrangements governing such aspects of employment as recruitment, training, job tenure and reward systems. Work relations concern the way work is organized and the deployment of workers around technologies and production processes. Industrial relations is defined to cover the voice aspirations of employees and resulting institutional arrangements, such as joint consultation, work councils, and collective bargaining (Howard and Andrew, 2005). The following further explains the implication of shareholder model on labour: Labour interest: Labour will only protect their interest which is wages certainty and job security. Labour will support any investment decision that will sufficiently maintain current and future cash flow to prevent the wage cut and any staff redundancy. Howard and Andrew (2005) argue that Labour is primarily concerned with maintaining current and future cash flows sufficient to prevent wage or benefits cuts The new ideas and initiative might not be embraced, since every employee are risk averted and they might not have the spirit of entrepreneur like an investor . Any investment that looks uncertain or highly risky might be voted out by an employee. The possibility of embracing low risk investment that will translate into low growth and development so far is secured will be gladly supported by labour. In Germany, the representation of both financiers and labour management provides more balance between the two interests. Long-term employment relationship: The shareholders model of corporate governance has an impact on labour relationship with the organisation, because of the sense of recognition and the perception of the corporation as social institute especially in US up until the 1970s. In Olivier (2000) study, he argued that the participation of employees in corporate governance systems can be found in many countries and corporations throughout the world. Examples include: Right to consultation. This is where employees must be consulted on certain management decisions. This right increases transparency of management decisions and allows employee opinion to improve the asymmetry of information between management and the market 15 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Duties of board members to consider stakeholder interests. This right reinforces accountability by protecting stakeholders Right to nominate / vote for supervisory board members. In many cases employee participation on the board is mandated. This right creates a check and balance system between management and the supervisory board, which in turn creates the perception of greater fairness Compensation/privatization programs that make employees shareholders, thereby empowering employees to elect the supervisory board, which, in turn holds management responsible There are some problems of corporate governance which some countries encounter; these include: a dearth of relevant corporate information, including information on directors supervisory boards of directors struggling to exercise proper oversight over management a lack of independent auditing systems management voting shares on behalf of shareholders annual meetings held without sufficient notification time In order to solve some of these problems of corporate governance Olivier Frmond (2000) came up with a reform process and emphasised on its importance. The reform process needs a champion that is, stakeholder group that is deeply interested in the long term health of the company and has the right to speak out to management on improving the corporation. The reform process also needs to provide incentives for change. Improvements in corporate governance standards could benefit employee shareholders in improving long term prospective health of company, safeguarding jobs and they stand to gain as shareholders if the corporation increases in value. The reform process must also be governed by clear rules, these rules must be enforced. 16 Conclusion Studies have shown the different theories of corporate governances in the Anglo Saxon and European countries (USA and UK). Corporate governance is ensuring all stakeholders are represented and employee is a stakeholder so are suppliers, consumers, communities. All these entities dont have to be on the board but all decisions must favour all the stakeholders. The conflict of interest between the investor and employee is are inevitable point in our discussion. The shareholder model of corporate governance is said to have both favourable and adverse effect on labour management. The major importance of corporate governance is to ensure the accountability of certain individuals in an organisation. The shareholders model strikes the balance between the business owner, management and employee but give more protection to labour. The aim of this study has been to explain the importance of corporate governance and how he shareholder value impacts labour management. An aspect of this analysis explains on how the firm and its management emphasizes on management powers and decision-making and its impact on labour. It has also been noted that employee shareholders could seek representation on the supervisory board and can play an active role in strengthening corporate governance systems. Empowering employees as shareholders will also help to ensure that the basic principles of corporate governance are promoted. The effect of corporate governance varies with the strength of labour. Labors real power and resources is determined by how much influence he has or corporate governance has over him. 17

Essay on The Government Should NOT Censor Pornography

Pornography is an issue that has and will continue to cause much debate. While there are many people who see pornography as degrading, sinful, and disgusting, there is also a large number of people who see it as a turn on, a form of sexual expression, and entertainment. Webster’s Dictionary defined pornography as merely â€Å"the depiction of erotic behavior (as in pictures or writing) intended to cause sexual excitement.† Yet there is still the everlasting question which is â€Å"does pornography serve a real purpose, and if so what purpose it that?† continues. I happen to acknowledge pornography with only a few minor glitches. I don’t believe in censoring pornography, yet analyzing pornography that is already censored.†¦show more content†¦The message this is sending out is that women enjoy having sex with a man until the man is finished, and then there is no need to continue till the woman is also sexually indebted. The issue of censorship and pornography is split into two parts. 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Nordin Scott Rogers Katie Conley LeeAnn Pickrell Athena Honore Karen Weinstein Emily Wolman Marian Selig James Minkin Carie Abrew, Tabi Cagan, George T. Charbak Kathleen Fay Edwards, Melinda Moore Lytle, Michael Mueller, Lyssa Wald Mickey Galicia Dodie Shoemaker Eliot Bergman This book was composed with Corel VENTURAâ„ ¢ Publisher. Information has been obtained by McGraw-Hill/Osborne from sources