An article which gives the importance about the non Financial reporting
By Patrick Crawford, corporate engagement, Climate Disclosure Standards Board (CDSB)
At the recent non-financial reporting conference in London, in association with ACCA and Deloitte, commentators including Richard Howitt MEP, noted that 80% of shareholder value is now from intangible rather than physical and financial assets.
Coincident with this conference, Eurosif and ACCA launched their investor survey on non-financial reporting. The key findings from 90 investors support the need for integrating non-financial and financial reporting:
- Non-financial reporting must be comparable across companies.
- Non-financial information should be better integrated with financial information
- Quantitative key performance indicators (KPIs) are essential and Qualitative policy statements are very important to assess financial materiality.
Rather than information that simply complies with reporting requirements, investors are seeking reports that communicate performance, including clear insights into issues that have a material impact on a company’s current and future performance. Communicating performance is of value to investor decision-making…
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Paper castles are always fun. Just think about building the same castle with money.Do you hesitate to build castles now? Money is all we want, everyone is running behind it, even I am on it; the race for survival. Everything is now available in the form of money, even education. Education; one of the best business in the present era. I would like to mention something about how education and money is related.
Does money really matters in education? Yes, for most of the parents education is like a long term investment where the return in expected to be reaped in future. Is that the real meaning for education? Education is pretty commercialized. There is an old practice in my home town, in order make more profit, adding water to the milk is common. Thus when these greedy people added water in the education to make more profit the value is lost, the quality is lost, the milk is not pure and never will and so the education. But still we can’t say that quality is missing, the market can give you anything if you are ready to pay more. Simple as it is.This affected the perception of the students as well, when we ask a student ‘why you are studying? He may say ‘to get a good job’. What is missing is “value based education”. Parents are giving wrong image of what education does, they want their child to be in a good job and them passing it directly to their child. Parents have a big role to play in the character formation of a child. Every parent should plant a tree, the tree of value in the heart of their child. When they grow the tree will also grow along with them. Education is provided with a basic instinct of overall development of each student, their behavior, character moulding etc.
We can’t live without money these days, even we think the other way we can’t. We are already trapped. You have to pay for everything because everything is business and everything has a money value. Thus we have to pay for food, water even oxygen and even blood, things changed, people also changed. I wish I had a time machine to travel to the past as well as to the future. The moment we realize ourselves, we’ll start thinking. This moment will come, the moment of “self-realization”. This part is the core part, where you look at yourself with a different eye. Then you look at the world in different manner, you start to think differently.
Think of a world without money, then answer the question. Is education really required when there is no need to earn money? Yes there is. Education and money is two different poles, we use education to make money which is fair enough. Never sell education, being human. There is a price tag for everyone in this world. We are trying to market ourselves to others. I have a good idea what the primary target would be. But the worst case scenario is when people use education to sell education. What is the real education is all about? We can add so many answers for this question. But all the answers will have their own pros and cons. The person who tasted the real essence of education only can give perfect answer to this question?
The following is one such answer and he is one such person.
The legend simply quoted the purpose of education; the purpose of education is to manifest the perfection which is already in the man. But 99% of the education institutions don’t follow this. For them Education is to manipulating human brains to make them earn more and the institute to earn more.
50 years before there were only few MCOM students in the madras university, and the standard of university was extremely good, and had huge value throughout the world. In the name of “education for all”, our nation comprises on quality. Earlier we are producing graduates like how Japan use to electronic products, may be less in number but outstanding in quantity, now its became like the production in china, Producing huge number of graduates with no value. People prefer china brand because of its low price, the same exactly happening for Indian graduates, companies preferring them just for low level of cost, and for some monotonous jobs.
Hard to find a solution for this problem, even if there are some solutions, the probability of getting implemented is very much limited.
In Recent years , Education is getting commercialized especially when compared to earlier days. No one going to start an education Institution for the welfare purpose, everyone is considering it as business opportunity. Though Private Institutions provides better quality in education than the Government institutions, but still quality of education in India is worst when compared to other countries. In today’s scenario, people flood their Investment in education institutions to earn more revenue, if this continues, how the education in India will be in future?
In future, Competition will be become even more higher between the education Institutions, then the quality of education will be in stake. Education Institutions in India are not updating their Syllabus according to the changes in the respective fields. Innovations are not given importance in the researches. Practical knowledge is very poor to the students. Value of education system is reduced because of commercialization.
Advanced learning like online teaching though help for better learning but it certainly reduced the scope of social interaction between student and teacher. Freshers are not obey the policies of the organisation and there is lake of discipline to enter a corporate world. All the recruiters are afraid to pick the students because of the fact that Students are not trained according to the market requirements.
New technologies also led to way for fake documents in education , Its not only the universities and politicians who are responsible for the poor Education System, even the attitude of students also Matters. Though Internet providing a huge opportunity to learn a lot, most of the Students spending their time on learning which are not relevant to the studies, new innovations made the students more lethargic in their habits, Even for small kind of calculation they depend on electronic devices. Projects of Engineering Students are not commercialized, despite the fact that India is a country which has large number of engineering institutions which produce maximum number of Engineers every year. It Shows that Projects of the students are doesn’t have the quality to get commercialized.
Most of the Education institutions are not providing importance to skilled students; all are running behind the money to make profit just to survive in the Industry. As a result the quality of Students passing out of those education Institutions is worst and they were not able to find a good job.
Students finding it to difficult to repay the loan which they got from Banks as education loans, it made the Banks to take a tough decision that there is no more education loan for Students, which will have a serious impact on the higher education of Poor students. Now It became of cycle effect in the Indian Education System.
Will India Shine in the Education in 2020? It’s the question which should rise in the minds of each and every citizen of India.
Globalization has made tremendous impact on each and every individual as well as economy as a whole. Yes, the reason we are wearing NIKE shoes or travelling in a BMW, all counts. We are not the same any more everything changes including people.
This is not just an article for reader’s sake; this is a matter of life and death, about agony, about survival. Cartoon Courtesy: The Hindu
Our focus is on Vidarbha region in the state of Maharashtra. The region is famous for cotton cultivation, and famous for farmer suicide as well, statistics show that vidarbha region records a farmer suicide every seven hours. Situation was bad when government shifted their budgetary fund from priority to non priority areas as a part of their non-liberal policy, due to indebt and finally the climate which plays a major role in farming.
One fine morning BT seeds were introduced to farmers of vidarbha. BT (Bacillus Thuringiensis) a genetically modified seed was created by a company named MONSANTO. U.S- based multinational agricultural biotechnology corporation. Promotions were great increase in productivity, resistance to pests, diseases and other stressful conditions like drought, salinity or water loggings were some of their offers. Even the Maharashtra government campaigned for its promotion including television commercials. The usage of BT seeds was on a rise, everyone changed from organic seeds to BT seeds.
Over a period of time the reality hit the farmer with a brick on their face. What happened is, farmers get to know that BT cotton makes the soil infertile over a period of repeated use. Unlike organic seeds, BT seeds cannot be re-used and since no other crop can be grown on the same field again, the nutrient quality of the soil dips. And the worst is when everyone is dependent on BT seeds the company’ evil mind started to work, they rises the price of seeds making the life of farmer more miserable. Statistics shows that a kilogram of local seeds for Rs.7-10 in 1991, the same farmer bought Monsanto hybrid seeds for Rs.350 for a bag of 350gms in 2003 and for Rs.900 in 2004. Farmers started to take loans and started
to fall in the traps of private money lenders which finally leads to suicide. After doing all this what happens is that the price of cotton started to fall.
When one part of population enjoys the benefits of globalization the other part suffers. What happen is the rich people become richer and richer where as the poor become poorer and poorer. Suppose you are the CEO of an Indian company; as a part of globalization you can find several opportunities within and abroad borders. Thus giving you a chance of expanding the business.
In case of lower section which includes farmers and other small scale retailers the situation is getting worse. The latest news ‘FDI in retail’ is of course not favorable for small scale retailers. The big MNC’s will be able to sell out goods at a relatively lesser price than retailers do, if retailers reduce the price accordingly they may have to face huge loss. Thus they will lose the customers to big MNC’s. The basic thing which is to be done is to protect the farmers. Once an agrarian economy is becoming a consumer economy. Things are changing, everyone is following the western culture, and everyone needs branded products.
At present India is becoming the best market for foreign brands, mainly luxury cars, textiles, electronic goods etc; this happens mainly due to the demonstration effect. Consumers taste and preference changed. It is turning out to be a greedy corporate rat race. Simply ‘survival of the fittest’.
“Management is art of getting things done by others”, a definition from a western management guru, but is it what the management is all about, definitely not. Most of the Management students are reading and following various Management concepts which are prescribed by Western Authors. But there are so many Indian Management Gurus who are lived during our ancient times, and they are experts in the field of management.
Swami Vivekananda is one such Indian Management Guru, who explained about various aspects of Management in their quotes.
“I have gone through Swami Vivekananda’s works very thoroughly, and after having gone through them, the love that I had for my country became a thousand-fold. . . . His writings need no introduction from anybody. They make their own irresistible appeal.”
– Mahatma Gandhi
“There was fire in his heart- the fire of a great personality coming out in eloquent and ennobling language – it was no empty talk that he was indulging in. He was putting his heart and soul into the words he uttered
Swami Vivekananda influenced powerfully the minds of many in India and two or three generations of young men and women have no doubt been influenced by him. If you read Swami Vivekananda’s writings and speeches, the curious thing you will find is that they are not old [but remain ever fresh]”.
Let see the some of his quotes in which he discussed important things, which are concerned with Managers and Management.
1. “It is easy to play a role of masters, but the challenge lies in becoming a servant”
Majority of the Management students prefers to work as a manager rather than working as a servant, but the real management can be learned only when they ready to take up a job of a servant. As mentioned in the quote, it is easy to play the role of a master, but it is difficult to play the role of a servant. A good servant today can be a better Manager tomorrow.
2. “We should be open to learn whatever good things we come across anywhere”
Learning is one of the important management qualities that each manager should possess; continuous learning will help the managers to be updated in their respective fields. Managers needs to be open while learning important things, it doesn’t matter even it is from their sub ordinates/servants.
3. “Always be positive and never criticize others, what maximum we should we do is to share our knowledge with others to share the blessings of truth.”
Managers needs to be more positive in their approach, if a manager is more positive, it will influence the entire team which revolves around the manager. Instead of criticizing others, managers should give recommendations and suggestions to all, and manager needs to share the knowledge with all irrespective of the his/her position.
4. “It is very easy to point out others Faults, What matters most is finding out their Merits”
As a manager one can easily find the fault of others, but it doesn’t help in motivating others in a positive way. But what matters most is finding the merits of each and every person, if one can find out the merits of a person, and can appreciate those merits, it will help him/her to perform better.
The above four quotes are just an example how we can learn the real management concepts from Swami Vivekananda. Still there is a lot to learn from his quotes.