Corporate Governance in Different Countries

Corporate Governance in Different Countries Corporate Governance and theories Development of Corporate Government is a global occurrence. Different countries have different Theories in relevance and also depend on the stage of economic condition the country is in, the corporate structure of the country and the ownership groups present. It is also important to understand that not only shareholders but other stake holders are also involved wit a company and therefore emphasis should be given to other interest groups as well like employees, suppliers, customers and local communities (Christine A Mallin 2007). Theories associated with development of corporate governance Agency theory In the theory, there are two parties – principals and agents. Owners are considered Principal and director – agents. According to the theory due to self interest agents may not be working towards principals interest. In such cases the result may not be as expected by the principals or owners. A good corporate control is thus required to reduce agency problems and to keep control over directors actions. Transaction cost economies As firms desire to grow overtime, they need capital to expand. Often a firm raises a capital by going public or including other shareholders into the firms. As the owners in the company increase it is possible that the separation of ownership and control (which mostly remains in the hands of directors) may create problems. Stakeholder theory As discussed earlier, a firm has a member of stakeholders and is not just accountable to shareholders. If there are other stakeholders that need to be given emphasis then the governance system is developed accordingly. Corporate governance has only recently gained more importance and although agency theory was the main theory that led to its development, stakeholder theory is gaining more importance as it evolves further. It has been observed that good corporate governance have helped business perform better and provided better access to finances. Corporate Governance in UK Cadbury and Greenbury reports had a major contribution in UKs Corporate Governance. Cadbury Report (1992) â€Å"The Report of the committee on the financial aspects of corporate governance†, also known the Cadbury report, was published in December 1992. After 1980s financial scandals, a committee was formed in may 1991 by the financial reporting councils the London stock exchange and the accountancy profession. The committee worked in the financial aspects of corporate Governance and produced a code of Best Practice, which all UK listed companies related to director remuneration, responsibilities and tenure. Some of the recommendations were as follows. The majority of non-executive directors should be independent of management and free from business or other relationship. Non-executive directors should be appointed for the specified terms. Executive remuneration should be subject to the recommendation of a remuneration committee made up entirely or mainly of non – executive directors. Greenbury Report (1995) The rise of remuneration of directors and absence of necessary incentives for directors to perform better works a rising concern for investors and the public at large especially for listed firms. The Greenbury committee was thus established to address the above-mentioned issue. The committee submitted its report in 1995 and much of its findings were incorporated into the code of Best Practice on Directors Remuneration. The report addressed for major issues â€Å"The role addressed for major issues in setting the remuneration package for the CEO and other director. Service contracts - performance†. Hampel Report (1998) After the Greenbury report in 1995, a committee was established in 1996 to review and revise the earlier recommendations of the Cadbury and Greenbury committees. The committee recognized that it was important to understand the situation of each company and the principle of corporate government should be more flexible to be applicable to all companies. While Cadbury and Greenbury reports addressed the abuse of the discretionary authority entrusted to management, Hampel viewed the same to maximize the shareholder value. Combined Code (1998) The combined code was formed from recommendations of Cadbury, Greenbury and Hampel reports put together. It outlined the best practices, which were not mandatory for companies to provide sufficient information to the shareholders about its practices. Higgs Report The report was dedicated towards determining the role, independence and recruitment of non-executive directors. Higgs identified non-executive directors role contributing to corporate strategy, setting remuneration of executive directors, monitoring the performance of executive management et. And recommended that one third board should comprise of non-executive directors. Corporate Governance in Germany In Germany, most of the firms are either public or private limited that have shareholders who control the firm and its policies. Like many other European countries, in Germany there are a number of shareholders in a firm. Both financial and non financial investors hold considerable shares in a firm and are the most influential people. It is therefore important to take into consideration these cross-holdings that investors have when analysing the corporate governance in Germany. According to Charkham (1994), banks have considerable investment in large firms and therefore play a central role in determining the corporate policies of the firm. Banks provide long term loans to the firms and develop long term relationship with the firms in the course of time. Due to these facts the corporate governance in Germany can also be called an ‘insider system (Charkahm, 1994). The German corporate governance has a dual board system comprising of a management board and a supervisory board. The management board handles the day to day activities of the firm and is responsible for management of the whole firm. The supervisory board on the other hand is responsible for appointing the directors in the management board, supervising them and deciding their remuneration. The supervisory board also advices the management board on various aspects of business. According to Charkham (1994), â€Å" if there were a spectrum with ‘confrontation at one end and ‘co-operation at the other, we would definitely place German attitudes and behaviour far closer to the co-operation end than, say, those of British or Americans.† (Charkham, 1994) What Charkham (1994) indicated was how close the shareholders in German firms are to its operations and the interests of different stakeholders are given equal emphasis. This is supported by the Works Constitution Act 1972, according to which work council has the right to deal with employee matters and conditions of work. This is done to improve trust of the employees in the organisation by keeping them informed about companys activities and allowing them to participate in the decisions of the company that may have effects on the workers. However the first corporate governance code, Cromme code, was first published in 2002 as discussed in the next section. Cromme Code (2002) A committee chaired by Dr Gerhard Cromme was assigned the task to submit a report on corporate governance. The committee submitted the Cromme Report, also know as the Cromme Code, which was published in 2002 and has a number of sections that provide guidelines about different aspects of corporate governance. Later in 2005 there some amendments made to the code. Some of the sections that Cromme Code covered are: General Meetings and shareholders According to this section of the code, it is required by the companies to submit annual reports and other financial statements in the general meeting. The meeting decides how the net income has to be disclosed and whether the decision made by the management and the supervisory boards are appropriate and approved. The code also requires the firms to publish these on their website, with any other agenda for public transparency. Co-operation between the Management Board and the Supervisory Board The management board being the set of directors who actually run the company operations, and the supervisory board being the one that advises and sets goals for the management board, it is important that the two boards co-operate with each other. The code therefore suggests that the management board should report its activities to the supervisory board so that the companys strategic approach is rightly followed. The management board can seek guidance of the supervisory board in case of any issue and should look to report these immediately. The supervisory board on the other hand should monitor the progress of the management board and check if the duties assigned to management board are being performed effectively and if there are any changes to be made into them. If there is any deviation from the Cromme Code then it is the duty of the management board and the supervisory board to mention them in the annual report explaining why such deviations had occurred. The company has to keep t hese details available for public viewing for atleast five years. Management Board The management board is set up by the supervisory board, and it is required as per the code to report these notes in the accounts. In case of any difference in the interest of the management board and the supervisory board, it should be immediately conveyed to the supervisory board. This is important so that management board can work independently and in the best interests of the company. The code also mentions that the remuneration of the management board should consist of both fixed salary and variable salary, as in many companies where variable salary is based on performance of the firm. Supervisory Board The supervisory board has the responsibility to determine the composition of the management board and monitoring of the management board. It is therefore important that the supervisory board has suitable knowledge, experience and ability to make good management board and set good targets. Not only this a good supervisory board can provide good guidance to the management board. The code suggests that the supervisory should be independent and not related to the management board so as to avoid any conflict of interests. The code also forbids the chairman of the management board to become the chairman of the supervisory board. The code also states that the management board directors cannot be in the supervisory board of more than 5 non group listed companies. The remuneration of the directors in the supervisory board can contain both fixed and performance related pay and needs to be disclosed n the annual report as well. The remuneration can be determined in the general meeting or in the articles of association. The Cromme Code has an important requirement that if supervisory board take part in less than half of the meetings in a fiscal year then it has to be mentioned in the supervisory board report. Transparency The code requires the management board to disclose any information or fact that might affect the company operations and not known to the public. This is so as to keep all shareholders equally informed about the companys facts. Disclosure should be made through media which is accessible in time to the public. Reporting and Audit of the Financial Resources In order to avoid any fabrication of the reports the code requires the supervisory board or the audit committee to obtain a statement from the auditor clarifying that there is no financial or any other relation between the firm and the auditor that can affect auditors independence. According to the amendments, from 2006 onwards, it is important for the companies to disclose all elements of the directors remuneration. However, if 75 percent of the shareholders feel that further disclosure is not required then the firm can chose to do so. It can be said that the corporate governance code in Germany has provided great emphasis on serving the interests of various stakeholders. Corporate Governance in India Government had set new reforms introduced in India after the economic downturn in 1990-91 to open up the economy to depend on market mechanisms instead of the government. With the new reforms the committee Securities and Exchange Board of India (SEBI), which became the regulator of the securities market aimed at transforming the public sector and the banking sector in line with international norms. As the disclosure requirements were introduced to safeguard the interests of shareholders these markets were altered. After the economic downturn in India during 1990 – 91, Indian government introduced new reforms to open the economy to rely more on the market mechanisms instead of the government. The new reforms were mainly aimed at making the public sector more efficient. There were also reforms in the banking sector to bring India in line with international norms, and in the securities market, with the new committee Securities and Exchange Board of India (SEBI) becoming the regulator of the securities market. The securities market was altered as disclosure requirements were introduced to safeguard shareholders interests. Kar (2001) mentions how â€Å" foreign portfolio investment was permitted in India since 1992 and foreign institutional investors also began to play an important role in the institutionalization of the market†. India has a range of business, including the public limited companies listed in the stock exchange, private companies and foreign companies. Main ownership of the companies is difficult to determine as there are very few studies in this area but we can say that after the economy opened up after 1990-91, institutional investors are gaining more shares of the market. The Confederation of Indian Industries published a ‘Desirable Code of Corporate Governance in 1998 and many companies took the recommendation of the committee on board. Still there are many companies that have poor governance practices which has led to the concerns about financial reporting practices, their accountability to losses being suffered by investors and the resultant loss of confidence that this caused. A recent example of Satyam Computers proves this that still there are companies, which are not following the Code of Corporate Governance. SEBI formally established the Committee on Corporate Governance in May 1999, chaired by Shri Kumar Mangalam Birla. The report of the Kumar Mangalam Birla Committee on Corporate Governance was published in 2000. The report emphasizes the importance of corporate governance for future growth of the economy and the capital market. Three key aspects underlying corporate governance are defined as accountability, transparency, and equality of treatment for all stakeholders in terms of information. The recommendations of the SEBI are split into mandatory requirements, which are essential for effective corporate governance, and non-mandatory requirements. Board of Directors Board in Indian companies should comprise of the Executive Directors and Non-Executive Directors and Independent Directors. The code recommends not less than 50 percent of the board should be comprised of the Non-Executive Directors, where there is a non-executive chairman, and at least one-third of the board should comprise independent directors, where there is an executive chairman, and finally at least half the board should be independent, the latter being mandatory. Nominee Directors The Indian system allows nominee directors appointed by the financial or investment institutions to protect their investment in the company. Such directors should have the same responsibility as other directors and be accountable to the shareholders. Chairman of the Board The roles of the chairman and the chief executive are different, the code identifies the roles as related and may be combined and performed by one person. Audit Committee The audit committee has many mandatory recommendations, like the committee should comprise at least three members, all of them being the non-executive directors. The audit committee is empowered to seek external advice as appropriate and to seek information from any employee. Remuneration Committee Remuneration committee is set up to decide on the remuneration of the executive directors. Committee should be comprised of at least three non-executive, chaired by an independent director. All the remuneration package of the directors must be disclosed in the annual report with details on all the elements including the fixed salary and performance based incentives. Another mandatory requirement is that the board of directors must decide on the remuneration package of the non-executive directors. Board Procedures Board Meetings should be held a minimum of 4 times in a year with a maximum of 4 months between two meetings and that a director must not be involved in more than 10 committees or act as a chairman in more than 5 committees. Management Management should ensure smooth day – to – day activities of the company. There should be disclosure of the companys performance, position and other things of interest to shareholders in the annual report. Shareholders Shareholders are allowed to be able to participate in the annual general meeting, therefore whenever there is a new appointment of a director it must be in the knowledge of the shareholders about the same. Manner of Implementation Companies must have a separate section on Corporate Governance in its annual report. Non-compliance of any recommendations should be highlighted and explained. The Indian code is rather complex as compared to UK and Germany as it has a number of mandatory and non-mandatory recommendations in its code. Although India has good recommendations on corporate governance code but still the acceptance of code in many companies is still lagging. Roles, Duties, Responsibilities and Liabilities of Directors Functions of Directors In 1844 an Act in Parliament described directors as ‘ the persons having direction, conduct, management or superintendence of a companys affairs. (Alfred Read) described director as a special kind of agent, whose function is to control the companys affairs. The directors in a company have certain responsibilities at law, which they must perform efficiently and effectively. In large organisations the major role of the board is to set the context of the strategy and not to formulate the strategy. To accomplish this, the board must keep on reviewing the corporate definition ‘what business are we in. This can be done by assessing and reviewing strategic proposals and changing them by giving comment and advice on the same, by encouraging managers to work on their strategic aims. The results of these sets the standards of the organisation as well as the standards others have to attain. Another challenge for the directors in an organisation is to balance the powers of managers w ith accountability to the shareholders. The board of directors act as the internal mechanism for control to overcome the principal agent problem. Directors also help in acquiring critical resources and responding to environmental forces and their impact on the organisation. These were however how the roles were perceived in the 1970s and after a number of highly publicised cases of corporate fraud and failure there has been a strong focus on policy issues. According to the Companies Act 2006, the duties of the directors have been identified seven-folds. These have been formulated to keep the acts of the directors in the interest of the company they serve and their shareholders. It is quite interesting how the roles and duties are slowly being more specifically defined and the need of the directors to comply with these by enforcing these into the Company Act. The Company Director His Functions, Powers and Duties by Alfred Read, Jordan Sons Limited, London, 1971 Safeguarding the Shareholders An important function of the board is to ensure that the interests of the members are properly safeguarded. If saving and investment are to play their proper part in the future, the investor must be assured of fair treatment and an adequate return, and it is for the directors to ensure that, so far as is consistent with the circumstances, he is not disappointed. Take Over Bids The function of the board in safeguarding the interests of shareholders is of particular importance in take-over situations. The general rule regarding the exercise of directors powers applies that the interests of their company must be their paramount consideration. It follows that the directors of a company, when advising their shareholders whether to accept or reject an offer for their shares, must disregard the effect he take-over will have on their own personal positions. Ensuring Progress Another function is that of ensuring that the operations of the company are kept under constant review so that changes which are necessary are made without delay when changes take place in public taste or in political and economic conditions. Checking Up on Progress A board must check up on results in order to ensure that the policy that has been laid down is being carried out and that the results expected from it have been obtained. Proper statements should be presented to the directors at regular intervals to keep them informed of what is happening. Powers of Directors The duty of the board is to see that the business is carried in accordance with the memorandum and articles of association. While some powers may be reserved for shareholders, some powers can only be exercised by the board of directors. Often the directors are given power to declare and pay interim dividends during the year if in their opinion the profits of the company justify them. It is also usual for the fixed dividends on preference shares to be authorized by the board. Other powers usually vested in the board are the allotment of shares, the making of calls, the forfeiture of shares for non-payment o calls, the appointment of the chairman and of agents, officers and servants of the company and all matters of policy and management which are of special importance. Also the directors may delegate any of their powers to committees consisting of such members of their body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the directors. Remuneration of Directors Salary has traditionally been described as a word that represents as monthly income of an individual. Directors Remuneration has been a major concern for investors for long. It is observed that directors remuneration has some or most elements of the following: Basic Salary Benefits in Kind Annual Bonus Share Options Pension Rights Basic Salary Basic Salary is a fixed part of the salary that directors get. The basic is generally in the range that similar jobs are offered. Individual experience, skills, and commitment also form an important factor of determining the basic salary. It is also important for the company to analyze skills, and job security related to the individual while setting the basic pay. Benefits in Kind Certain companies provide the directors with some benefits in kind. For example provision of goods, travel and luxury items are some kinds of benefits given to the directors of the company. It is however important that the remuneration committee keeps a close check on such benefits and reviews them periodically, annually provided to improve executive performance. Annual Bonuses Annual bonuses are given based on the performance of company or division. It is mostly a variable form of remuneration and is generally a percentage of basic pay. Annual bonuses can act as motivation for directors to improve their performance. It is therefore important that the remuneration committee sets the good performance targets for the directors. Long Term Incentive Schemes (Share Options) Executive share option is a long-term incentive scheme that has been used by companies for long. Share Options are provided at a lower price than that in the market or at some future date at current prices. This is a factor used to align directors and shareholders interests. The directors thus would want the share prices to go up so as to benefit from the returns from their holdings. However, the directors may sell off their shares and loose interest in share prices thereafter. In UK a provision in the code C6, limits directors to exercise their share options, for at least three years. This is done to keep directors interest in the share prices high for at least that period. A benefit for share options is that it is not taxed until the shares are sold and thus provide the directors a non-taxed form of investment for a specified period. Pension Rights â€Å"Pension Entitlements are a key element in the total Remuneration, with important longer term implications for the individual and the company† (Greenbury, 1995). The pension provision is carefully considered by the remuneration committees, and is measured in terms of the value of pension entitlements earned during the year. (As written in proposal needs more changes but not sure of the books from where it was written) Remuneration can be defined as the aim to reward people fairly, consistently and equitably in accordance to their value to the organization. The impact of executive remuneration on the efficiency of the company can be explained with many different theories. Other policies and theories on effective remuneration, like theory of Human Motivation, are based on the need for stability and sustained staff commitment. Also there are surveyed and comparable pay market for different grades and specialists. Remuneration also depends on the pay structure practice in comparable organizations. Members of board of directors who are not the employees or major shareholders are paid for their services as directors of the company. In the past directors compensation was relatively dependent on the number of hours they devoted to the company but according to the new federal law a new sense of public outrage has appeared and a new fear of shareholder litigation has caused directors to work even harder as before and hence many of the determinants have changed since then.

Economics Project Market Failure Essay

Ans. A market failure takes place when – Free markets allocate resources inefficiently. The production in an economy is not Pareto optimal as shown on the PPF graph. At A the production is inefficient and at X it is impossible with the current resources. Market failures can take place in all these situations – 1. There is a lack of merit goods such as food in the economy which leads to market failure. 1. There is overprovision of demerit goods which could harm society. For example – drugs, cigarettes etc. 1. There is a lack of public goods as private firms are not ready to produce them as they are not profitable. 1. There is a huge income gap. The rich are too wealthy and the poor are very poor. 1. There is environmental degradation or any negative externality which causes a market failure. 1. There are too many monopolies formed all of which exploit consumers by charging unrealistic prices. 1 of 6 Economics Project – Market Failure Research Question 2 – How does the government deal with market failures? Ans. The government can take the following steps – 1. Taxation – Income tax, sales tax and other ad valorem taxes help generate government revenue to provide merit and public goods. Taxes can be imposed on the production of demerit good to reduce production. Taxes can also be imposed on firms which pollute the environment causing negative externalities. 1. Subsidies – Payments from the government to firms are given to encourage the production of merit and at times public goods. For example – food for everyone, public transport, post service etc. 1. Legislation and Regulation – If taxes and subsidies fail to work then the government can use the law and imply regulations. The government could limit or ban the production of demerit goods such as cigarettes as well as heavily penalise firms which do not comply with the eco – friendly standards set by the government. 1. Tradable Permits – These are used to control the total greenhouse emissions of an economy. The government calculates how much CO2 can be emitted and divides this among all the firms. Some firms might not want high permits and might sell some of theirs. Others might buy from them as they are unable to cut down on their greenhouse gas emissions. 2 of 6 Economics Project – Market Failure Research Question 3 / 4 – How effective is the use of taxation and subsidies? What are the opportunity costs? Ans. The efficacy is as follows – Uses of taxes – 1. Raises revenue for the government which is spent on providing public goods such as defence and merit goods such as food for the poor. It can also be used to offset the interest on national debt. 1. Environmental taxes help reduce pollution and other negative externalities. Landfill taxes, plastic bag taxes etc. are new taxes which reduce social costs. Demerit taxes help to reduce the production of demerit goods which are harmful for society such as cigarettes. Causes for inefficacy of taxes and opportunity costs – 1. Most demerit goods have an inelastic demand. Thus, the producers can pass on most of the burden of the tax on the consumers by hiking the prices. However, as the demand is inelastic it does not react much to the rise in price and thus the quantity consumed remains the same thus defeating the main purpose of taxation. 3 of 6 1. The government does not have proper information when setting the level of environmental taxes as social costs cannot be easily equated to monetary values. Also, firms may commit fraud by reducing pollution when checks take place and polluting the environment liberally at other times. 1. High taxes on companies may cause higher unemployment. As the profit margins of private firms decreases they would tend to cut down on costs and thus might make some of their labour force redundant. Uses of subsidies – 1. To reduce inflation as this causes prices to rise. Due to inflation many low – income households are unable to purchase basic necessities such as food and clothing. The subsidies help bring the prices of these goods down. 1. Encourages provision and consumption of merit goods which lead to positive externalities or social benefits. It ensures that there is no under provision and under consumption of merit goods. Food for everyone can be merit good. 1. Maintain or increase the revenue of producers during tough times such as a recession or economic downturn. Subsidies help producers raise their profit margins and would therefore save them from getting bankrupt during a recession. 4 of 6 Causes for inefficacy of subsidies and opportunity costs – 1. Subsidies tend to distort the market prices as at times only certain industries and firms are given subsidies. This can lead to misallocation of resources and can end up in a market failure itself. 1. Subsidies provide arbitrary assistance. If a certain firm is favoured by the government it will be given more subsidies. Furthermore, fraud can take place as subsidies can be allocated unwisely. 1. The financial cost of the subsidies can at times be too high. This leads us to think whether that much government revenue could be put to another use such as defence or street – lighting. This is a major opportunity cost of giving subsidies. 1. The ones who pay for the subsidy, consumers (taxpayers) might not always benefit from the subsidies and thus the ones who pay are not always the ones who benefit thus making subsidy payments unfair.

Biography of Robert Cavelier de la Salle, Explorer

Robert Cavelier de la Salle (November 22, 1643–March 19, 1687) was a French explorer credited with claiming Louisiana and the Mississippi River Basin for France. In addition, he explored much of the Midwest region of what would become the United States as well as portions of Eastern Canada and the Great Lakes. On his last voyage, his attempt to set up a French colony at the mouth of the Mississippi River met with disaster. Fast Facts: Robert Cavelier de la Salle Known For: Claiming the Louisiana Territory for FranceAlso Known As: Renà ©-Robert Cavelier, sieur de La SalleBorn: Nov. 22, 1643  in Rouen, FranceParents: Jean Cavelier, Catherine GeesetDied: March 19, 1687 near  the Brazos River  in what is now Texas Early Life Robert Cavelier de la Salle was on November 22, 1643, in Rouen, Normandy, France, into a wealthy merchant family. His father was Jean Cavelier, and his mother was Catherine Geeset. He attended Jesuit schools as a child and adolescent and decided to give up his inheritance and take the vows of the Jesuit Order in 1660 to start the process of becoming a Roman Catholic priest. By age 22, however, La Salle found himself attracted to adventure. He followed his brother Jean, a Jesuit priest, to Montreal, Canada (then called New France), and resigned from the Jesuit order in 1967. Upon his arrival as a colonist, La Salle was granted 400 acres of land on the Island of Montreal. He named his land Lachine, reportedly because it means China in French; La Salle spent much of his life trying to find a route through the New World to China. Exploration Begins La Salle issued land grants of Lachine, set up a village, and set out to learn the languages of the native people living in the area. He quickly acquired the language of the Iroquois, who told him of the Ohio River, which they said flowed into the Mississippi. La Salle believed that the Mississippi flowed into the Gulf of California and from there, he thought, he would be able to find a western route to China. After receiving permission from the governor of New France, La Salle sold his interests in Lachine and began planning an expedition. La Salles first expedition began in 1669. During this venture, he met Louis Joliet and Jacques Marquette, two white explorers, in Hamilton, Ontario. La Salles expedition continued from there and eventually reached the Ohio River, which he followed as far as Louisville, Kentucky before he had to return to Montreal after several of his men deserted. Two years later, Joliet and Marquette succeeded where La Salle had failed when they navigated the upper Mississippi River. Upon his return to Canada, La Salle oversaw the building of Fort Frontenac,  on the eastern coast of Lake Ontario in present-day Kingston, Ontario, which was intended as a station for the areas growing fur trade. The fort, completed in 1673, was named after Louis de Baude Frontenac, the governor-general of New France. In 1674, La Salle returned to France to gain royal support for his land claims at Fort Frontenac. He was granted support and a fur trade allowance, permission to establish additional forts in the frontier, and a title of nobility. With his newfound success, La Salle returned to Canada and rebuilt Fort Frontenac in stone. Second Expedition On Aug. 7, 1679, La Salle and Italian explorer Henri de Tonti set sail on Le Griffon, a ship he had built that became the first full-size sailing ship to travel the Great Lakes. The expedition was to begin at Fort Conti at the mouth of the Niagara River and Lake Ontario. Before the voyage, La Salles crew brought in supplies from Fort Frontenac, avoiding Niagara Falls by using a portage around the falls established by Native Americans and carrying their supplies into Fort Conti. La Salle and Tonti then sailed Le Griffon up Lake Erie and into Lake Huron to Michilimackinac, near the present-day Straits of Mackinac in Michigan, before reaching the site of todays Green Bay, Wisconsin. La Salle then continued down the shore of Lake Michigan. In January 1680, he built Fort Miami at the mouth of the Miami River, now the St. Joseph River, in todays St. Joseph, Michigan. La Salle and his crew spent much of 1680 at Fort Miami. In December, they followed the river to South Bend, Indiana, where it joins the Kankakee River, then along this river to the Illinois River, establishing Fort Crevecoeur near what is today Peoria, Illinois. La Salle left Tonti in charge of the fort and returned to Fort Frontenac for supplies. While he was gone, Fort Crevecoeur was destroyed by mutinying soldiers. Louisiana Expedition After assembling a new crew including 18 Native Americans and reuniting with Tonti, La Salle began the expedition he is most known for. In 1682, he and his crew sailed down the Mississippi River. He named the Mississippi Basin La Louisiane in honor of King Louis XIV. On April 9, 1682, La Salle placed an engraved plate and a cross at the mouth of the Mississippi River, officially claiming the Louisiana Territory for France. In 1683 La Salle established Fort St. Louis at Starved Rock in Illinois and left Tonti in charge while he returned to France to resupply. In 1684, La Salle set sail from Europe to establish a French colony on the Gulf of Mexico at the mouth of the Mississippi River. Disaster The expedition started with four ships and 300 colonists, but in an extraordinary run of bad luck during the journey, three of the ships were lost to pirates and shipwreck. The remaining colonists and crew landed in Matagorda Bay, in present-day Texas. Due to navigational errors, La Salle had overshot his planned landing spot, Apalachee Bay near the northwestern bend of Florida, by hundreds of miles. Death They established a settlement near what became Victoria, Texas, and La Salle began searching overland for the Mississippi River. In the meantime, the last remaining ship, La Belle, ran aground and sank in the bay. On his fourth attempt to locate the Mississippi, 36 of his crew mutinied and on March 19, 1687, he was killed. After his death, the settlement lasted only until 1688, when local Native Americans killed the remaining adults and took the children captive. Legacy In 1995, La Salles last ship, La Belle, was found at the bottom of Matagorda Bay on the Texas coast. Archaeologists began a decades-long process of excavating, recovering, and conserving the ships hull and more than 1.6 million well-preserved artifacts, including crates and barrels of  items intended to support a new colony and supply a military expedition into Mexico: tools, cooking pots, trade goods, and weapons. They provide remarkable insights into the strategies and supplies that were used to establish colonies in 17th century North America.   The preserved hull of La Belle and many recovered artifacts are displayed in the Bullock Texas State History Museum in Austin. Among La Salles other important contributions was his exploration of the Great Lakes region and the Mississippi Basin. His claiming of Louisiana for France contributed to distinctive physical layouts of cities in the far-ranging territory and to the culture of its residents. Sources Renà ©-Robert Cavelier, sieur de La Salle: French Explorer. Encyclopaedia Britannica.Rene-Robert Cavelier, sieur de La Salle. 64parishes.org.Renà ©-Robert Cavelier, Sieur de La Salle  Biography.  Biography.com.La Belle: The Ship That Changed History. ThehistoryofTexas.com.

Essay on my interest in psychology - 1198 Words

my interest in psychology nbsp; I have always been intrigued by the mental processes of humans and animals. As a young child and into adolescence, as a student and teacher and as a caregiver, I have always been interested in psychology in one form or another. This essay will reflect not only the development of my interest in psychology, but the development of myself as a person. nbsp; I was born into a family with Native American heritage that practiced a strict protestant religion. As a child, I would often wonder why peoples attitudes, behaviors and beliefs could be so different from one another. I wondered why some people believed in things with great zeal, yet other people believed the contrary just as vehemently.†¦show more content†¦I then went back to school with more determination and plunged myself into more psychology classes. nbsp; In these classes, I found myself naturally drawn to the topics of research methods and statistics. These two academic areas in particular provided an environment in which I was able to develop and excercise my naturally analytical way of thinking. I then geared my undergraduate education towards learning to perform research in psychology by taking more research and science based psychology classes. Additionally, I sought out and obtained research assistantships with professors of cognition, physiological and clinical psychology. Specifically, I have been a primary research assistant for an investigation of the effect of irony on recall and recognition, an investigation of the performance of children with and without Attention Deficit Hyperactivity Disorder (ADHD) on a computer anticipation task, and an investigation of the effect of Polychlorinated Biphenyls on ADHD-like behavior in laboratory rats. I have also assisted in literature reviews in the area of receptive language and Auti sm, as well as a review on sleep and genetics. In addition, I have been a participant recruiter for a research project on familial inheritance of depression and REM sleep abnormalities. For complete information, please see my attached curriculum vitae. nbsp; While taking research-based courses, I found that I had another natural inclination:Show MoreRelatedMy Research Interests in Psychology823 Words   |  4 PagesThe connotation of psychology has evolved historically. However, within some cultures the word psychology and its subsidiary mental health, carry the dark undercurrent of the historical practices of trephining and exorcism. Such perception attributes to the stigma of mental health and its perceived embodiment of an unhinged individual. This particular mindset propels me to research the contributing elements involved in this dilemma. 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