Corporate Governance in Malaysia Essays

Corporate Governance in Malaysia Essays Corporate Governance in Malaysia Paper Corporate Governance in Malaysia Paper Corporate Governance is an idea wherein it has been presence for quite a long time; despite the fact that not in the specific structure that it has come to be seen today (Anandarajah, 2001). The term corporate administration was presented in Malaysia in 1997 during the Asian Financial Crisis. It additionally drew the public’s consideration on the shortcomings of the Malaysian corporate administration practice (Nor Azizah Zainal Abidin, 2007). Other than that, the defeat of Sime Bank, the Bumiputera Malaysian Finance (BMF) outrage, the abnormalities in Renong Berhad, the Perwaja disaster and the inside administration issue looked by Malaysian Airline System (MAS) constrained government to improve corporate administration guidelines (Norwani, Mohamad, Chek, 2011). The High Level Finance Committee Report 1999 on Corporate Governance in Malaysia characterized corporate administration as the â€Å"process and structure used to coordinate and deal with the business and issues of the organization towards improving business thriving and corporate responsibility with a definitive goal of acknowledging long haul investor esteem, while considering the enthusiasm of different partners. † (Malaysian Code on Corporate Governance, 2012). The code that administers the corporate administration in Malaysia is known as the Malaysia Code of Corporate Governance (MCCG). This code was as of late amended in March 2012 and it is known as the MCCG2012. Other than giving applicable data to financial specialists, this code likewise means to energize straightforwardness the board of organizations, to empower speculators to manage the bearing of the organization (Nor Azizah Zainal Abidin, 2007). The MCCG 2007 was modified with the expect to upgrade the directors’ obligation to the organizations. With the reconsidered MCCG 2012, there are as yet numerous issues emerging from corporate administration. Be that as it may, somewhat there are enhancements in some territory of the corporate administration. The changed MCCG 2012 contained a couple of upgrades in the suggestion. This Code currently builds up clear jobs and obligations where moral standard ought to be formalized through the set of accepted rules by the board to guarantee its consistence. Through the company’s set of accepted rules, it commands the board to figure arrangement of consistence and moral guidelines. In addition, it additionally incorporates guaranteeing that the company’s systems advance manageability. There are numerous enhancements made under support of freedom. 3. 1 order sheets to embrace a yearly autonomous executive appraisal. For a person to fill in as a free chief, 3. 2 order an aggregate term to nine years. Under 3. 3, defense and shareholder’s endorsement is required if the board holds as an autonomous chief. What's more, finally MCCG 2012 suggests that a larger part of free executives must be in the board and the board administrator isn't an autonomous chief. These were not in the MCCG 2007. The most significant improvement under the MCCG 2012 is to guarantee convenient and great revelation. Under this the board should make certain the suitable revelation methodology and approaches of the organization. Likewise, for compelling dispersal of data, board ought to urge the organization to use on data innovation. This is to advance better utilization of innovation. Moreover, with the current suggestion, MCCG 2012 additionally express that the board ought to likewise empower pool casting a ballot all together for reinforcing the relationship f the organization and investor. This forces obligation to advise the investors regarding their entitlement to request a survey vote by the regular gathering director. The worry here is whether the updated MCCG have improved the corporate administration of the organizations in Malaysia. This code calls for willful consistence, combined with the necessity in the posting rules of KLSE which make commands exposure of the degree of consistence with the best practice sets out in the Code, while taking into consideration some adaptability in its execution by organizations. The point here is to give important data and urge exposure to financial specialists who depended their assets to organizations, with the goal that they can screen the manner in which it is being run (Finance Committee on Corporate Governance, 1999). This Code has some way or another decreased the quantity of money related embarrassment however unquestionably not totally clean it up. There are numerous situations that organization falling because of monetary outrage as what was started by the BMF (Bank Bumiputera Finance) embarrassment. The law administering director’s obligation comprise of different types of law. These obligations have been watched likewise contain a majority of legitimate fields, for example, organization law and work law (Hee, 2003). Segment 132(1) of the Companies Act 1965 requires an executive to utilize sensible ingenuity and to act genuinely in the release of his obligations. The obligation to act to the greatest advantage of the organization in general additionally from custom-based law covers the aggregate enthusiasm of both existing and planned investors. It is proposed that the precedent-based law guardian obligation to keep away from irreconcilable circumstances ought to be classified to permit chiefs to be clear about their commitments in strife circumstances. KLSE posting Requirements specifies that open recorded organizations must got in any event two free executives. People who are explicitly avoided from being qualified to go about as free chiefs incorporate significant investors, proficient consultants or family members of an official executive or significant investor of the recorded organization (Hee, 2003). This gives a superior balance of forces among executives and autonomous chiefs. The evaluator really gives a keep an eye on the data part of the administration framework instead of having a direct corporate administration obligation. As generally perceived, the obligations of the review boards of trustees have been identified with interior review money related revealing and outside inspector. The significance of a review board of trustees in the system of corporate responsibility is the place review panels are relied upon to go about as the watchman of investors’ premiums and corporate responsibility recommended by the wide appropriation of review advisory group (Saidin, 2007). The fundamental obligations are to assess and shape a sentiment concerning whether the budget summaries have been drawn up as per the money related announcing principles of Malaysia and the Companies Act 1965; to get sensible affirmation that the fiscal reports are liberated from material misquotes; and to look at and structure a supposition whether the budget reports give a valid and reasonable perspective on the budgetary situation of the Company as of the monetary year end and of its monetary exhibition and incomes of the year end (Yycadvisors, 2012). The relevant issue in corporate administration is because of botch, director’s obligation not all around performed, manhandling the minority projection/investors and not having gatherings frequently to refresh what is happening. The executives or board should rehearse the normally acknowledged standards of corporate administration, for example, autonomy, responsibility, jobs and obligations, respectability and moral conduct, and straightforwardness. A company’s board ought to have various free chiefs. They ought to be individual with no association with the organization other than a seat in the board. Likewise, chose free chiefs should meet the â€Å"independence† test under the administrative principles and furthermore to present with autonomy of psyches. This procedure of choosing free chiefs is probably going to keep up their autonomous mindedness (Rahman Salim, 2010). To make a framework that considers chiefs responsible while agreeing legitimate regard to their power over company is a difficult thing for corporate administration. The market, investor casting a ballot, and common and criminal risk is the customary responsibility component. In principle, to make motivations for stopping self-managing and different types of unfortunate behavior and for mindful dynamic these components cooperate. Be that as it may, in actuality, these contain blemishes that permit people to periodically practice a nonsensical attentiveness when settling on choices that will influence numerous others. The effect can be troubling for speculators, workers, and the economy when the administration framework falls flat (Jones, 2010). Given the control of freely held organizations, the board ought to be responsible to its top managerial staff. The board, thusly, ought to be responsible to the investors and different partners. The guideline of responsibility can be improved by numerous ways, for example, upholding rules and laws, securing shareholders’ rights, forcing obligations on officials and guaranteeing the examination of the company’s fiscal summaries by free inspectors (Rahman Salim, 2010). To give leasers, investors and investors noteworthy confirmation that they will swear off extortion exercises, monetary straightforwardness would be a significant component. Convenient and precise revelation ought to be made with respect to all materials matter concerning the company is one approach to guarantee brilliant corporate administration. The deliberate things uncovered in the yearly reports, the hour of the data to be discharged and amount of data affected by the governing body. In revealing all the applicable data in the monetary detailing, the BOD will be straightforward when they are autonomous and inspect their duty to be responsible to the investors. To guarantee the nature of the monetary revealing procedure is one of the fundamental capacities corporate administration play. Monetary announcing ought to be set up with uprightness which depends on corporate administration. Reliance of the respectability of money related revealing is profoundly on the exhibition and direct of individual included. What lead the organization to revealing disappointment is the point at which the corporate administration bombs where the vast majority of

Analysis of VSauce Essay Example | Topics and Well Written Essays - 750 words

Investigation of VSauce - Essay Example Inventive re-building and a few formative stages empowers VSauce to consolidate broadened mechanics that have seen them move the concentration from educative and useful channels to progressively logical and comprehendible gaming channels and conventions that require the shared effect and sees and additionally specialized advancement from the clients and creators in the network. This gives the channels an upper hand contrasted with different locales in that the decent variety of the perspectives and generative angles from the coordinated efforts help the site being developed and structure of forefront highlights. Customization of recordings as far as quality and the topic, video, gaming, sports and the intuitive angles, offers opportunity of trade and move of information. This benefits consideration as it consolidates the decent variety old enough, social and social foundation, financial wellbeing and opportunity of decision from the assortment which is the useful point of view of sit es and their applications (Brown 8). Vsauce joins the training perspective in the arrangement of computerized, clear and sequential logical movies in the field of science giving the crowd/scholastic guest an assortment of recordings which complete the hypothetical bundle instructed in homeroom air. This viewpoint enhances its tasks to a greater extent a blog, substance and chronicle webpage offering accommodation to the assortment of clients/guests. Additionally the fuse obliges enhanced interests of a solitary guest by orchestrating and giving various arrangements in a single site not at all like different locales that will give explicit answer for a particular intrigue/issue. For example, presentation of VSauce2 that has five repeating sections to cover unordinary information and innovation, â€Å"MindBlow†, a portion that covers the developments that are helpful and their criticalness to the general public are hilarious as well as contacts the collective and the educative part of the creation part learnt in schools and ever. Additionally the â€Å"FAK† fragment for realities and information, which includes unimportant inquiries, goes about as a psychological formative program for all ages which gives the site credit in inventiveness viewpoints and synergistic ones as the channel’s work is from the clients. Imagination is clear in the manner VSauce joins the decent variety of masterful gifts from the clients and the network when all is said in done. The joining of various â€Å"phases† of VSauce with time has seen improvements in the users’ commitment in understanding the user’s abilities and in accordance with the development and advancement objective of the site and offering back to the general public. For example, the ‘BiDiPi’ portion that represents assemble it, drive it and play it, consolidates the gifts of the networks and the site client/fans and brings the serious part of the site to the clients which go about as a persuasive instrument.

Should Salaries be Transparent in Your Company

Should Salaries be Transparent in Your Company When we talk about transparent salaries, we mean that salaries are common knowledge to everyone in a company or salaries are released publicly. Traditionally, how much an employee makes is meant to be kept in strict confidence for most private companies. However, some companies with salary transparency policies publish the salary data of its employees. This may be for compliance with tax reporting requirements (i.e., nonprofit organizations) or as a response to public companies’ shareholders who would like to know the earnings of their top executives.For some jobs in the public sector, salaries are determined strictly by their tenure and title. Thus, although a particular employee’s salary is not being published, the organization’s wage rates are still open to everyone. Moreover, salary transparency has become typical for high technology companies, particularly small startup companies that are trying to compete aggressively for talent in markets in Seattle, Silicon Valley, and New York City.Whatever the case may be, the trend towards transparency has been driven by a couple of variables, at least according to the Society for Human Resource Management. One is the rising availability of such data from sites like Salary.com, Glassdoor.com, as well as compensation benchmarking programs such as PayScale.com. Another is the ever more tightening labor market and the recognition of pay equality. The last is the effect of millenials, who are used to transparency and openness in social media. © Shutterstock | DooderThere are advantages and disadvantages to informing employees how much their fellow employees are making. At any rate, it is still a very tricky subject on whether a company should reveal how much their employees earn. This article will feature the advantages and disadvantages of companies making their salaries transparent. Moreover, it will discuss whether you as an employer should make salaries transparent in your company, given your circumstances.ADVANTAGES OF TRANSPARENT SALARIESAbility for Employee Negotiations. In knowing how much the range is for particular positions, employees and job candidates have the evidential support to negotiate for higher raises and higher starting salaries, respectively. This, of course, benefits the employee or would-be employee. In so doing, salary transparency can also help address any pay inequalities.Closes the Gender Gap. Based on a survey by Salary.com, 36% of men always negotiate their salaries when they receive a job offer, while only 26% of women do. This hesitance of women to request for more money is a main contributing variable to the existing gender gap. Furthermore, in a study conducted by the American Association of University Women, they found out that the full-time beginning salary of newly college graduates were 18% less for women, compared to their male counterparts.By being transparent with your salaries, it can aid in increasing your female applicants, since it lowers their uncertainty on working conditions and salaries for your company. Research shows that women are less likely to negotiate their pay compared to men. However, research has also shown that the transparency can aid in closing this negotiation gap in salaries among men and women. Encourages Trust. When a company is more transparent with something as sensitive as salaries, it shows that its employer and its management trust its employees sufficiently to allow them the information of other people’s salaries. This can l ead to more satisfaction in their jobs and hence, better productivity.Hires Applicants with Better Fit. Since applicants have more and understandable information about your company, this can better improve the job matching process. This means that even before they apply, they already know whether a job provides too low a salary range for their liking. In the long run, it would decrease unemployment periods.Holds Human Resources Accountable. By being transparent in your salaries, it would hold your human resources responsible and accountable for precisely gauging the salaries for the true value of a job. Think about it this way â€" in order to make someone accountable, you would need information. With the lack of information (or even valid data), actions made by individuals are difficult to ascertain and could be gravely misconstrued. The secrecy of information makes it challenging to hold organizations and individuals accountable for their actions and behavior. It also makes it prob lematic for those who are treated unjustly to establish a case for just treatment, in this case, in terms of salaries.Motivates Productivity. Transparent salaries can motivate employees who are paid higher to work even harder and in a productive manner. In a way, they are trying to demonstrate their higher value to their peers and management. According to research, employers that move from pay secrecy to pay transparency undergo big and permanent increases in their productivity levels. When pay information remains a secret, employees typically overestimate the salaries of others, leading to job dissatisfaction and lower productivity levels.[slideshare id=53170437doc=paytransparency-150924204252-lva1-app6891w=640h=330]Prequalifies Applicants. If a company does not disclose salary data, you as an employer and your human resources department could spend hours going through resumes and interviewing job candidates â€" only to find out eventually that your top choice is disinclined to wor k for the salary you are offering. In revealing your pay scale and its structure, you can avoid wasting time on applicants whom you cannot pay to their satisfaction. Moreover, you can draw in candidates of high value who would have assumed that the salary would be lower than what they had expected.DISADVANTAGES OF TRANSPARENT SALARIESApplicants Request for the Highest Salary Possible. Many employers choose not to post salary ranges or exact salaries on their job listings because they think that job candidates would be adamant that they receive the maximum amount indicated in the posting. This is even when they cannot meet the qualifications and competencies for that level of salary. The problem that employers have with transparent salaries is that it makes negotiation for them a bit more difficult.Employees Getting Upset. If you are a new business and if you published your salaries since your inception, that is good and well. However, if you already have existing employees and did n ot reveal the salaries previously or maybe did not consider the factors that composed their salary composition in detail â€" allowing access to payroll information to all may cause strain in the office. There would probably be a number of employees who would protest simply because they do not want people to know how much they are earning. In polite conversation, money is still a sensitive and private matter.In addition, misinterpreting salary information may create larger problems than those caused by not being transparent with salaries. Since employees do not know all of the facts that factored into a salary decision, employees can end up being upset and demoralized without reason, just because they failed to view the full picture or know the decision-making process behind the scenes.[slideshare id=59640768doc=1155salaryformula-abumpywaytotransparency-160316161742w=640h=330]Harder Determining Consistent Salary Formulas for Big Businesses. Transparency has proven that it can work fo r many startup companies. However, can this translate to bigger companies that have many kinds of roles? A policy of salary transparency can create huge hurdles in the instance of buyouts and mergers, case in point.Holding Difficult Conversations. There are some instances wherein management and human resources would have to hold difficult conversations with its employees concerning their salaries. If you have a company with hundreds of sales representatives with basically the same job title, description, and incentives, it is not so risky to be completely transparent with them. Actually, such data could be encouraging for them and can offer a roadmap on how to be successful in the business.It can be difficult to discuss, however, if you are dealing with different kinds of job families in a company. Moreover, what if you have someone who has particularly specialized skills that is truly unique, who needs a higher salary? This can begin to reveal significant differences in pay that ma y be difficult to explain to your regular employees.Case in point, what if you have an administrative assistant who has been with the company for more than 30 years who is making more money than your assistants are or even your employees who have several degrees? How can you explain this? If you choose to be completely transparent, you have to be ready to go through some difficult conversations. Employers have to have credible and new information, wherein they can share how they made job salary decisions for different instances.Increases Overall Salaries. You have to remember that once you publish your salary levels, this would increase overall salaries. Not only would new hires want to be offered the amount published on the job posting, but existing employees would want to have salary increases as well, depending on the current standards of their level. Thus, if your books are still somewhere between a loss and breaking even, you may have to rethink about being transparent with sal aries, as it would definitely increase your salaries across the board, affecting your costs.Infringes on Some Privacy Levels. By revealing salary information on existing and new job positions, it could infringe on some privacy levels of your employees. This is because of traditional thinking of salaries. There used to be the notion that releasing salary information could go against the privacy of an employee. However, if these are clearly stated in your policies, rules, and regulations and your employees agree to such, you can feel somewhat safe in this case. No Backing Out of Transparency Once Started. Transparency is not something you can turn on and then off again. Once you decide to be transparent with your salaries, you have to stick with it â€" there is no going back. Hence, what is important to take note of, is that besides making salaries transparent, you should also be clear on the technology and methodology you used to get to decisions on compensation.SHOULD YOU MAKE SALAR IES TRANSPARENT: VARIABLES TO CONSIDERThere is no clear right or wrong answer to making salary information transparent in a company. You should consider your company in order to determine whether it is suited for this kind of transparency.Communication of Rationale and StrategyIf you think your company will be able to communicate your rationale and strategy for salary transparency well, then consider making salaries transparent. Effective communication is important â€" otherwise, you run the risk of alienating your employees instead of making them feel in synchronicity with the company.Create a communications plan and equip your managers with the important information so that they can better handle challenging communications with employees on how their salaries were decided. Employees would feel the reassurance when they find some market data on compensation and are shown how each salary decision was devised.Company CultureDefinitely, the approach to being transparent about salaries is not the same for all companies. Companies that are smart should take a more introspective approach to salary transparency. Know your employee demographic first. Case in point â€" millenials may be alright with their salaries being made public because they are used to sharing personal information via social networks; however, baby boomers might react negatively as they see this as an invasion of privacy.Moreover, your choice in salary transparency depends on your culture. As soon as you have a viewpoint on your compensation, look at how you would communicate this message to your employees. Will they see the compensation as how the company values them or will they see it as the company not taking care of them? You should also factor in the size of your company. While you can accomplish these things when you are merely 35 persons, this could make no sense for a company with thousands of individuals. Outliers or Unique PositionsMake sure you know who your outliers are in your compan y. These are people who have unique backgrounds, professionally and/or academically. You have to be prepared to describe what it is about them and their positions that made them receive such high compensations.Of course, there should be reasons as to why they received higher salaries. It could be because of the different responsibilities they carry; the departments they are working for; the expertise they lend to a job; and their career paths. By being ready with your answers, you eliminate the possibility of employees getting upset. So determine whether you have one or two outliers or just too many. This could influence your decision on whether to open up your salary information to scrutiny.AT THE ENDAt the end of it all, keep in mind that if you would like to be transparent in your salaries, you can do it gradually. Some companies have simply disclosed pay grades or salary ranges for a couple of positions and at varying seniority levels. Sometimes they share past undisclosed detai ls, without providing particular salaries for specific employees. Thus, while this discloses some information, it still engages employees and encourages openness and trust but at the same time, you do not give up your negotiating and competitive advantages.Remember, when it comes to salary transparency, it does not mean you are completely good if you are transparent or completely bad if you are not transparent. While salary transparency can be wonderful for one organization, it could be disastrous for another. The important thing to note is what your whole company and employees can stand in terms of salary disclosure. Make sure you accommodate the needs of your employees but simultaneously keep your company’s mission and strategy also at the forefront.

Steven Hawking s Theory Of The Soul - 1474 Words

Even Neil deGrasse Tyson said that he puts the odds at 50, 50 † probability that we are â€Å"on someone else’s hard drive.†(Scientific America online) Where is the â€Å"Form† in this scenario? Plato’s abstract ideas of the Form of the soul are said to be unchanging. Steven Hawking’s theory to explain quantum mechanics and its paradoxes, deduced that all information is lost as it enters a black hole. How do people come up with these concepts? But there is a theory from Leonard Susskind called the Hologram Theory which has been used to help explain what happens to matter as it goes through the black hole, where information is not lost because knowledge can be in two places at the same time. Could this mean that form is out there along with its copy? Earthly forms will not remain the same, Earth will dye, the Sun will collapse, our universe will be swallowed by another and eventually we will perish. No matter what world we live on not even an abstract idea can continue to exist. Or can it? If we stop thinking of that form does it become nullified and cease to exist? With the allegory of the cave Socrates is assuming that what we see in the light and what we see in the dark, like that of a color is changing when we walk out of the cave. However, now that scientists know it is not the color that changes, but the wavelength we see the color in our brains not from our eyes. The Form would not change colors in our eyes only the light would change. I can imagine that was not a concept inShow MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturersRead MoreMarketing Mistakes and Successes175322 Words   |  702 PagesUniversity of Minnesota and George Washington University. His MBA and Ph.D. are from the University of Minnesota, with a BBA from Drake University. Before coming into academia, he spent thirteen years in retailing with the predecessor of Kmart (S. S. Kresge), JCPenney, and Dayton-Hudson and its Target subsidiary. He held positions in store management, central buying, and merchandise management. His first textbook, Marketing: Management and Social Change, was published in 1972. It was ahead

The Impact Of Neoclassical Economics On The Economy Essay

Neoclassical Economics is an attempt to restore some of the principles that Adam Smith, a pioneer for capitalist markets, advocated for in his Classical Economic theory. Smith suggested that minimal intervention should be required regarding government policy as the laws of supply and demand will be self-correcting. John Maynard Keynes was an important figure that worked to apply fiscal policy that would remedy an economic depression. Keynes’s idea of fiscal policy is the means by which government adjusts its spending levels and tax rates to monitor and influence the economy. Further, Keynes is known as the father of â€Å"Mixed Economy†, in which both the private sector (households and privately owned businesses) and public sector (government) have an active and important role in the economy. He argued that in a capitalist economy, the government would have a direct response to where in a business cycle the economy was at any particular time—Borrow to spend in a Recession or Bust, and spend only to the level of revenue collected during a period of growth or Booms. Milton Friedman, an American economist, believed strongly in a neoclassical, one-directional approach to monetary policy, where the Federal Reserve should limit monetary policy to increasing M1 (primary money supply) at a consistent rate, slightly higher than the birth rate, in order to keep economic growth at effective levels. Moreover, he believed the federal government should tax minimally in order toShow MoreRelatedNeoclassical Economics Vs. Keynesian Economics1583 Words   |  7 Pagespost -Second World War growth period, which is called Golden Age of Capitalism, has a great influence in human economic history. 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Systematic Approach to Managing Ohs Free Essays

MODULE 1 SYTEMATIC APPROACH TO MANAGING OHS ASSESSMENT Module 1 PROJECT 1 Write a detailed report on the implementation of a systematic approach to managing OHS. Your report might be theoretical or based on your specific workplace. Ensure that you include the following: ?Requirements for record-keeping ?Sources of OHS information and data ?Consultative arrangements ?OHS action plans ?OHS specialists (internal or external) and technical advisors ? Other functional areas ?Proposed changes to the workplace Stakeholders Construction Australia is the company that I am employed by. We will write a custom essay sample on Systematic Approach to Managing Ohs or any similar topic only for you Order Now Our company offers services in refractory installation to all major industries. We are involved in the construction and maintenance of boilers, kilns, ovens, incinerators, etc. in power generation plants, heat treatment plants, chemical plants, steel mills, oil refineries and many more. We conduct high risk work such as demolition, confined space entry, working at heights, and work at extreme temperatures mainly in major hazard facilities. Due to the nature of our work it is vital that we have a system in place to manage Occupational Health and Safety (OHS). A systematic approach to managing OHS allows us to follow a structured framework that ensures primarily, we reduce the risks of injury or illness in the workplace or anyone affected by our activities and that we comply with all relevant laws and legislation. The main elements of an Occupational Health and safety management system (OHSMS) are: †¢Commitment and policy †¢Planning †¢Implementation †¢Measurement and evaluation Review and improvement These elements are incorporated into the system and involve consultation at all stages with stakeholders and key personnel of our organisation. The basis of this approach is a cycle of continuous improvement as illustrated below in fig. 1: When establishing a more systematic approach to managing safety, it is helpful to understand where your organisation is in terms of OHS maturity. Four levels of system maturity can be considered: †¢Immature (Troubled) †¢Reactive (Responsive) †¢Attentive (Managed) Mature (Value-Adding) Our company is at a mature level as we have established structures, systems and processes in place. We also have a shared belief that OHS is a critical aspect of personal and organisational performance and focus continually on improvement and ways to reduce risks. An effective OHSMS requires the participation of all parts of the organisation. To gain this commitment from people, senior management takes an active role in leadership, allocation of resources, consultative meetings and regular reviews of OHS. The first step in the systematic approach to OHS is to develop a comprehensive OHS policy that states the overall objectives and sets out the company’s commitment to health and safety. The policy should be sufficiently clear and be capable of being read by all relevant parties, internal and external. The policy should be endorsed by the most senior person, such as the CEO or managing director. Beroa’s OHS policy is attached to appendix A. Action plans are a vital part of the planning and implementation process. The organisation needs to determine the key regulatory requirements they must meet and also get an understanding of their major OHS risks and how they will be identified. Objectives, targets and key performance indicators (KPI’s) need to be set. These should incorporate both lead (e. g. number of safety audits conducted) and lag (e. g. number of lost time injuries) indicators. Lead indicators are commonly referred to as Positive Performance Indicators (PPI’s) that focus on assessing how successful an organisation is performing. Using a combination of both lead and lag indicators will provide the best outcomes. A plan is vital to ensure targets are reached in a systematic way and it should be linked to the organisation’s strategic plan. The plan should allocate resources and timelines and can be used to monitor development of the OHSMS. Appendix B is a Beroa action plan that we have in place. It outlines the systems that we use to ensure that we are compliant with legislation and we are fulfilling the objectives of our OHS policy. We use policies and procedures, inductions, meetings, toolbox meetings, consultation, pre-start checks and regular training and development to deliver all our processes. Our documented policies for hazard identification and hazard/risk assessment, make sure that we remain regulatory compliant through our business activities. Consultation with workplace personnel, OHS professionals, insurers and other relevant group is undertaken to ensure that we develop a safe workplace and mentality. We aim to translate legislation into a language that can be comprehended at all levels. This allows people to understand and participate with feeling unsure or confused. Beroa has an open door policy on all aspects especially OHS. Consultation is the best tool that we use in our workplace. The changing nature of our working conditions on a constant basis means that we need to know what is going on so we can make sure that we remain compliant and that our systems are working appropriately. Our consultation procedure (Appendix C) acts as an information highway between management and employees, so that if any changes are required they can be made, documented and then implemented into the system. We use the consultation processes with all stakeholders that are involved in our OHSMS, these include but are not limited to: †¢Management †¢Administration †¢Clients †¢Employees †¢Suppliers †¢Unions †¢Work cover and other relevant authorities †¢Insurers †¢Public †¢OHS and technical experts All information gathered from stakeholders is considered and used in the development of our systems, policies and procedures. The applied procedures that our company has in place allow us to constantly monitor and evaluate our performance. Daily toolbox discussions, training, weekly meetings, management meetings, safety audits and safety checklists (Appendix D) are some of the tools we use to monitor and evaluate. Major policies are reviewed every 2-3 years or as required. The nature of our work requires that we retain specific records for specified times in order to comply with legislation. These include: Confined space entry- we retain entry permits for 1 month, risk assessments/JSA for 5 years, training records for the term of employees employment plus 7 years and any notifiable incidents for 2 years after the incident occurs. Health monitoring records- these must be kept for 30 years after they are recorded and 40 years for asbestos related documents. These records must be kept confidential. Hazardous chemicals register- we keep registers of any chemicals that are stored. We list them and keep material safety data sheets, which are readily available to employees or anybody that could be affected by the chemical. We have two methods of record keeping, hard copy and electronic. All documents are kept on both. Within the electronic system we have a sub-system called Timberline. This system is passcode protected and has restricted access; all personal details and personal health records are kept in this system for confidentiality. Our OHS manager has access along with relevant management. Project files for each client are kept and updated after completion of each project. Documents included include attendance sheets, JSA’s, toolbox meetings, materials and equipment, inductions, training, client feedback, performance reports, safety audits and observations. Employee records such as inductions and qualifications are also kept and updated when needed. We also keep lists of OHS safety representatives and are readily accessible and up to date. OHS affects all aspects of an organisation. An effective OHS system allows other functional areas to thrive and exploit the benefits. The reduction and elimination of work place injuries will reduce the cost of workers comp premiums, limit sick days and reduce the money spent on rehabilitation, all this eases the strain of budgeting systems and also allows more resources for training and information of OHS. Public relations will find it easier representing our positive results in safety and compliance to existing and future clients, public and relevant authorities. It will also reduce the workload of administration allowing them time to work on other aspects of the business. Our OHS system allows our employees to take an active role in all aspects in relation to the system. This gives them a sense of ownership and the drive to make sure that we reach and outperform our goals and objectives. How to cite Systematic Approach to Managing Ohs, Papers

Personal Identify and Self

In the novella The Death of Ivan Ilyich, Leo Tolstoy explores the experiences of a person who has to re-evaluate his entire life and his relations with other people.Advertising We will write a custom essay sample on Personal Identify and Self-Reflection in The Death of Ivan Ilyich specifically for you for only $16.05 $11/page Learn More The protagonist is confronted the fact of his inevitable death, and this awareness prompts him to reflect on his identity as well his value for others. To a great extent, the narrative helps the author to portray the self-discovery of the main character. In particular, Ivan Ilyich cherishes an illusion that he is a successful person who has achieved happiness; however, his terminal illness makes him see his shallowness and lack of empathy which is critical for the happiness of a human being. These are the main questions that should be examined in greater detail. They can be viewed as the central themes examined by Tolstoy in this literary work. It should be noted that at the beginning of the novella, Leo Tolstoy describes people’s reaction to the death of the protagonist. For instance, Ivan Ilyich’s colleagues, who purport to be his friends, think only about their promotion, especially the opportunity to occupy the post held by the protagonist (Tolstoy unpaged). They have no concern for the wellbeing of his relatives. Furthermore, his wife feels relief because she was too tired of Ivan Ilyich’s screams. This is one of the details can attract the attention of the reader.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More By examining the behavior of various characters, the author demonstrates that other people were not emotionally attached to the protagonist. This is one of the main arguments that can be made. Later, the author looks directly at the experiences of the main character. He p erceives himself as an â€Å"intelligent polished, lively and agreeable man† (Tolstoy unpaged). On the whole, he believes that his life has been quite successful. It seems to him that he has fulfilled his talents. According to the social standards of the nineteenth century, Ivan Ilyich could even be perceived as a role model for others. This is one of the main issues that can be identified. On the whole, Tolstoy shows that up to a certain moment, the main character remains fully satisfied with his himself. Nevertheless, his terminal illness forces him to reassess his worldview. To a great extent, the narrative shows that the protagonist led a very shallow life; in particular, he only â€Å"amused himself pleasantly and decorously† (Tolstoy unpaged). Moreover, the protagonist understands that he never paid attention to the inner qualities of other people. For example, his wife proves to be an ill-tempered person who does not care about the needs of other people. The mai n character is astounded by her callousness at the time when he urgently needs her compassion. Similarly, his so-called friends pay little attention to his misfortunes. Overall, these details show how Ivan Ilyich looks at his past behavior as well as values which turn out to be false. This is one of the main details that should be considered.Advertising We will write a custom essay sample on Personal Identify and Self-Reflection in The Death of Ivan Ilyich specifically for you for only $16.05 $11/page Learn More Moreover, in the course of the story, Ivan Ilyich comes to the conclusion that his life has been artificial because it lacked such an element as empathy for other people. In the past, he did not feel the need for empathy and this is why he underestimated its value. However, he can better appreciate this quality when he notices that people, who surround him, lack this ability to put themselves in the position of others. There are only two excepti ons; in particular, one should speak about his servant Gerasim and his son who try to help Ivan Ilyich. In contrast, other people perceive his suffering as an inconvenience. This is one of the details produces an indelible impression on the main character who is firmly convinced that his wellbeing is vital for other people. Leo Tolstoy shows how a single event can prompt a person to look more closely at one’s self-identity. Ivan Ilyich perceives himself as a successful individual who has achieved every possible goal. Nevertheless, he eventually discovers that he has been a shallow person who failed to bring any value into the lives of others. Moreover, many of his beliefs prove to be erroneous, especially the conviction that he was a successful person. This is one of the reasons why he is so afraid of his mortality. So, Ivan Ilyich’s self-reflection makes him look at many things from a different perspective. Overall, the narrative of this novella is a powerful tool for describing the inner world of the protagonist and his subsequent transformation. The non-linear plot of the story helps Tolstoy to depict the way in which people respond to the death of Ivan Ilyich.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Moreover, this approach is important for describing the way in which the main character looks at his self-identity, his achievements, and values. The protagonist is forced to change his worldviews and values because he is put in a situation when his principles do not work. He discovers that compassion is vital for the wellbeing of a person, and this is one of the things that he lacks. Works Cited Tolstoy, Leo. The Death of Ivan Ilyich. n. d. Web. This essay on Personal Identify and Self-Reflection in The Death of Ivan Ilyich was written and submitted by user L1v1a to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

15 Quotes That Will Help You Identify Flattery and Praise

15 Quotes That Will Help You Identify Flattery and Praise Praise has a therapeutic effect on the receiver. It helps to restore a persons self-esteem. It gives hope. Praise is not flattery. There is a distinct difference between the two. Learn to Differentiate Between Praise and Flattery There is a popular Aesops tale about the foolish crow and the wily fox. A hungry crow finds a piece of cheese and sits on a branch of a tree to enjoy his meal. A fox who was equally hungry sees the crow with the piece of cheese. Since he badly wants the food, he decides to trick the crow with flattering words. He lavishes praise on the crow by calling him a beautiful bird. He says that he would like to hear the crows sweet voice, and asks the crow to sing. The foolish crow believes that the praise is genuine, and opens his mouth to sing. Only to realize that he had been fooled by the wily fox when the cheese was hungrily devoured by the fox. The difference lies in the intent of the words. You can praise someone for their actions, or the lack of it, while flattery can be vague, undefined, and even false. Here are some ways to spot the difference between praise and flattery. Praise Is Specific to an Action; Flattery Is Adulation Without a Cause Praise is an actionable device to encourage a positive outcome. For instance, a teacher could praise her student by saying, John, your handwriting has improved since last week. Good job! Now, such words of praise can help John to improve his handwriting further. He knows what his teacher likes, and he can work on his handwriting to produce better results. However, if the teacher says, John, youre good in class. I think youre the best! these words are unspecific, vague, and offer no direction for improvement to the receiver. John will, of course, feel good about the kind words from his teacher, but he wouldnt know how to be better in his class. Praise Intends to Encourage; Flattery Intends to Deceive Flattery is buttering up. With flattering words, someone hopes to get their job done without any concern for the person who receives the flattery. Flattery is based on an ulterior motive, that only benefits the flatterer. On the other hand, praise benefits the receiver, by encouraging the receiver to see the positive side of life. Praise helps others to recognize their talents, raise their self-esteem, restore hope, and give direction. Praise helps both the giver and the receiver.   Those Who Praise Are Immensely Self-Confident; Those Who Flatter Dont Have Confidence Since flattery is manipulative, flatterers are usually spineless, weak, and of poor character. They feed on others ego and hope to get scraps of goodies from egocentric megalomaniacs. Those who flatter dont have leadership qualities. They lack the personality to inspire and instill confidence. On the other hand, praise givers are usually self-confident and assume leadership positions. They are able to infuse positive energy in their team, and they know how to channel the energy of each member of the team through praise and encouragement. By giving praise, they can not just help others grow, but they also enjoy self-growth. Praise and appreciation go hand in hand. And so does flattery and adulation. Praise Fosters Trust; Flattery Fosters Mistrust Would you trust a person who tells you how wonderful you are, how kind you are, or how great you are? Or would you trust a person who tells you that you are a good co-worker, but you need to improve your social skills? It is tough to spot flattery if the flatterer is cunning enough to veil his words to sound like appreciation. A devious person could make flattery look like genuine praise. In the words of  Walter Raleigh:   But it is hard to know them from friends, they are so obsequious and full of protestations; for a wolf resembles a dog, so doth a flatterer a friend. You have to be careful when you receive compliments that amount to nothing. Flattery according to the Bible, is a form of hatred. Flattery can be used to manipulate, cheat, deceive, and hurt others. Beware of Flattery Because Flatterers Can Hurt You Words that are sweetened with honeyed words can fool the gullible. Dont let others sway you by their sweet words that mean nothing. If you meet someone who praises you without reason or charms you with honeyed words of appreciation, it is time to cock your ears and listen beyond the words. Ask yourself:   Is he or she trying to woo me? What are his/her intentions?  Are these words true or false?Can there be an ulterior motive behind these flattering words? Accept Praise With a Pinch of Salt Let praise or flattery not go into your head. While it is good to hear praise, accept it with a pinch of salt. Perhaps, the person who praised you is usually generous. Or perhaps, the person praising you wants something out of you. Flattery can be exhausting, even if they are generous. It is like eating too much sweet and feeling sick after a while. Praise, on the other hand, is measured, specific, and direct. Know Who Your Real Friends and Well Wishers Are Sometimes, those who criticize you more often than praise you have the best interest in their heart. They may be stingy when it comes to praise, but their words of appreciation are more genuine than compliments you gather from a stranger. Learn to spot your true friends, from those who are friends in good times. Shower praises and compliments wherever necessary, but not because you want to gain a fat favor. Be genuine and specific while praising someone, if you want to be accepted as a well-wisher. If someone flatters you, and you are unable to tell whether it is flattery or praise, double-check with a true friend, who can help you see the difference. A good friend will puncture your inflated ego, and bring you back to ground reality if the need arises. Here are 15 quotes that talk about praise and flattery. Follow the advice given in these 15 inspirational quotes on praise and flattery, and you will be able to tell the difference between praise and flattery every time. Minna Antrim: Between flattery and admiration there often flows a river of contempt.Baruch Spinoza: None are more taken in by flattery than the proud, who wish to be the first and are not.Samuel Johnson: Just praise is only a debt, but flattery is a present.Anne Bradstreet: Sweet words are like honey, a little may refresh, but too much gluts the stomach.Italian Proverb: He that flatters you more than you desire either has deceived you or wishes to deceive.Xenophon: The sweetest of all sounds is praise.Miguel de Cervantes: It is one thing to praise discipline, and another to submit to it.Marilyn Monroe: It is wonderful to have someone praise you, to be desired.John Wooden: You cant let praise or criticism get to you. Its a weakness to get caught up in either one.Leo Tolstoy: In the best, the friendliest and simplest relations flattery or praise is necessary, just as grease is necessary to keep wheels turning.Croft M. Pentz: Praise, like sunlight, helps all things to grow. Zig Ziglar: If youre sincere, praise is effective. If youre insincere, its manipulative.Norman Vincent Peale: The trouble with most of us is that we would rather be ruined by praise than saved by criticism.Orison Swett Marden: There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.Charles Fillmore: We increase whatever we praise. The whole creation responds to praise and is glad.

Courses Recommended for Medical School Applicants

Courses Recommended for Medical School Applicants Perhaps it goes without saying that getting into medical school is challenging. With about 90,000 applicants each year and an acceptance rate of 44%, you cannot afford to slack on any entry requirements. It becomes even more challenging  gaining admission to medical school  when you are applying to the top 100 schools in the U.S., whose acceptance rate is a mere 6.9 percent in 2015.   One very simple prerequisite for entry to med school is completing all the required courses necessary to apply. These courses are nonnegotiable because they are required by the Association of American Medical Schools (AAMC), the organization that accredits medical schools. Make sure you have all of the following courses completed (or in the process of being completed) when you apply to medical school. Required Courses Since the medical field is heavy in sciences that concern the body and its environment, one would be right to assume a full year (two semesters) of biology and physics are needed to meet the AAMC prerequisites for applicants. Some schools may also require a semester of genetics and to ensure the applicant receives a well-rounded education and has the skills necessary to communicate well, a full year of English is also required.   Additionally, the AAMC requires applicants to complete one year each of organic and inorganic chemistry. These specific fields of study improve applicants understanding of the fundamentals of science as it relates to the medical field, be it for the chemicals needed in aesthetic treatment or for the chemical components of living matter.   Although thats all of the required courses specific to applying to medical schools, you also have to abide by your colleges curriculum  guidelines in order to earn your degree. Be sure to consult your counselor about which courses are required for your degree and how best to integrate the required courses into your schedule.   Recommended Courses You should also discuss courses that your counselor recommends that will give you a competitive advantage in your admission to medical school. Although these courses are not required, they could greatly help simplify your graduate-level studies. Taking Calculus- which many schools do require- could, for instance, lend to simplifying later chemistry equations youll need to use to pass advanced classes.   Many of the recommended courses also help prepare the potential med school student for being a doctor. Molecular biology, neuroscience, and upper-level psychology are often recommended to help the hopeful doctorate better understand more advanced lessons detailing the body and the brain. Statistics or epidemiology and ethics will help the doctor to understand the variety of patients and potential outcomes he or she may face in his or her career. These recommended courses illustrate the basic educational themes that med schools look for in applicants: the capacity and interest for understanding science, logical thinking,  good communication skills, and high ethical standards.  Ã‚  You don’t need to be a premed major  to complete these courses and meet the prerequisites for medical school, but make no mistake that a premed major certainly helps.

Professional athletes and celebrities as role models Essay

Professional athletes and celebrities as role models - Essay Example 1). As contended by Shaw, Whitehead and Giles, â€Å"celebrities are meaningful figures in the lives of young people in particular, and elicit a much more complex set of responses than simple imitation (577). In this regard, one is firmly convinced that people are able to discern who among the professional athletes and celebrities could be good models and who are anti-role models whose influence could lead those emulating them into significantly disastrous consequences; as such, not all professional athletes and celebrities are good role models who must be imitated and revered. In a study conducted by Read, the author focused on â€Å"ways in which the gendered social construction of the ‘popular girl’ infuses girls’ ideas as to their role models: those representing who they would like to be when they ‘grow up’† (Read 1). Apparently, Read discovered that â€Å"young boys were not likely to consider either their male or female teachers to be r ole models – favouring instead sports or TV stars or male relatives and friends of their family† (Read 5). ... The reasons for selecting these personalities as role models vary. For girls, the reasons range from appearance, accomplishments, and personality (Read). â€Å"Many of the girls who cited aspects of appearance as reasons for choosing particular role models chose celebrities, especially pop singers, as their role models, often (but not always) choosing singers of the same ethnicity as themselves† (Read 7). Likewise, it was contended that the disparities between selecting professional athletes for boys and celebrities for girls stem from this theoretical framework: â€Å"boys have traditionally displayed an active posture and girls, a passive one †¦ girls’ behaviour has historically included a focus on relational and intimacy work, nurturance and emotional supportiveness, and a concern with developing feminine allure† (Adler, Kless, and Adler 170). Regrettably, at very young ages, the development of role models was recognizably premised on external appearances and the image that is projected on the outer facade. There could be danger of emulating celebrities with hidden vices and unconventional behavior. In an article written by Shaw, Whitehead and Giles, the authors explored the contention that â€Å"negative roles models, celebrated in the press, lead to the heightened risk that young people will themselves engage in health risk behaviours such as drug use† (Shaw, Whitehead and Giles 575). Their study focused specifically on Amy Winehouse, a talented singer-songwriter with publicly known image of drug abuse (Shaw, Whitehead and Giles). The authors cited a study written by Boon and Lomore study which disclosed that â€Å"the majority of participants claimed that their idols had a

Crtical response to Duane's Caught Inside Essay

Crtical response to Duane's Caught Inside - Essay Example In this way, bits and pieces of the aforementioned points are revealed in an almost imperceptible way so that the reader gains a more full and complete understanding of the lifestyle and world-view of the individuals involved in the actions of this book. As a means of understanding this unique approach, this author will focus upon Chapter 13 of Duane’s book and enumerate on some of the pertinent themes, sub-themes, and topics that are discussed as a means to outline and understand the level of approach and detail that the author gives to the reader. The material within this particular chapter is organized and presented by means of a journey. As the story teller meets with a friend and ventures to the house of a third party, a general discussion on the life of a surfer, what is important, what matters, traveling, relationships, danger, and the ever present worries over where the funding for the next adventure will come from are all discussed. In this way, the storyteller finds himself perennially comparing his own financial and personal situation to that of those that the story introduces. This is carried out by means of actual physical comparisons to the type and quality of the vehicles that are driven, and the niceties that present themselves within the house of the individual who is being visited. However, all of this description, discussion, and analysis serves as but a type of lead up to the action that is going to take place as the three men join together and embark on a rapid trip to the ocean side to engage in an afternoon full of surfing. The almost religious overtones, the writer describes the awe inspiring spiritual elements that surfing provides to the practitioner (Lanagan 283). Whereas doing this without the background story would not engage the reader and would prove to be nothing more than a very long winded soliloquy of the benefits of a particular type of lifestyle, by interweaving the information regarding this type of lifestyle and rel ying on other means of conveyance (rather than the speaker himself), the author is able to present a clear and well explicated set of reasons for why the particular lifestyle advocated and described is perhaps far superior to almost any other model that is currently in existence. Although this particular life is not for everyone, as the author notes, the benefits that it offers those who engage with it can never truly be understood or explained. Using the wife of the gentleman that is visited as an example, the author works to show the means by which even those that do not understand the lifestyle can at least appreciate the significance that it engenders within the lives of those that they love and respect. The approach that the author takes towards revealing the subject matter and discussing it within this particular chapter is necessarily experiential. Although no model of research can attempt to capture the attention of an individual in the same way that a firsthand account of a dventure and excitement can, the author works to bring out the experiential factors that have encouraged countless others in the past to pursue their dreams at the expense of some semblance of

Refinery And Petrochemical Integrated Development

Refinery And Petrochemical Integrated Development Refinery and Petrochemical Integrated Development is considered as the largest petrochemical complex project currently in the region of South East Asia. RAPID project is located in Pengerang, South Eastern of Johor state. As the main investor, PETRONAS proposed RM60 billion investment for RAPID project. The major production of RAPID is the crude oil refinery with refining capacity of 300,000 BSPD. The crude oil refinery will act as the spine of the project that will supply sufficient feedstock to the petrochemical complex. With conservative estimate, petrochemical complexes will produce an annual combined production of approximately 3 million tonnes of ethylene, propylene, C4 and C5 olefins. The beneficial condition had attracted few company to partner with PETRONAS in the RAPID project. At present, there are five(5) company which had signed an agreement with PETRONAS to jointly own, develop, construct and operate production facilities for a host of specialty chemical products within Petronas proposed RAPID project in Pengerang, Johor. Those five(5) company are ITOCHU Corporation of Japan PTT Global Chemical Public Company Limited, DIALOG, Italy-based Versalis SpA, and Evonik Industries AG. Initially, another German world leading chemical company, BASF, had signed the Head of Agreement (HoA) with PETRONAS. However, in 21 January 2013, PETRONAS announced that the Head of Agreement (HoA) between two parties for a jointly specialty chemicals venture within PETRONAS RAPID project in Pengerang, Johor, has been terminated by mutual agreement. Unfortunately, following negotiations, PETRONAS and BASF concluded that it would be in their mutual interest to terminate the HoA as both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture. After the news of termination of HoA between PETRONAS and BASF was released, another company had signed a Letter of Intent (LOI) with PETRONAS almost at the same time. Evonik Indutstries AG is fully interested to jointly embark on the development of production facilities of specialty chemicals within PETRONAS RAPID project in Pengerang, Johor. Although there are only six(6) company which have signed agreement to be part into PETRONAS RAPID project, it is widely believed that more potential company are yet to join the PETRONAS RAPID project. Therefore, in this chapter, it mostly covers the background and licensors issue of those six(6) company. At the mean time, this chapter will also cover the difference of the development of production facilities of specialty chemicals among the company in different location. Besides that, it will make the comparison of two company in different petrochemical complex based on several aspects. Moreover, this chapter will include the proposed potential company that are feasibility for PETRONAS RAPID project. In addition, this chapter will also analyze the role playing and licensors issue of the latent company within PETRONAS RAPID project. 4.2 Role Playing and Licensor of Company in PETRONAS RAPID project 4.2.1 PETRONAS PETRONAS is considered as the major investor for RAPID project and will own, construct and operate the oil refinery plant and also naphtha cracker plant. PETRONAS, for being one of the leading oil and gas industrial company in the world, has full of experience in constructing and operating the oil refinery plant and also naphtha cracker plant. PETRONAS no doubt has the profession and technology to handle oil refinery plant which refining a capacity of 300,000 BSPD crude oil. PETRONAS has taken the license technology from the previous licensor, Exxon Mobil Research and Engineering (EMRE). Those 300,000 BSPD of crude oil will be refined and converted into different petroleum products, distributed and supplied to entire petrochemical plants within RAPID project. Currently, RAPID project comprised construction work of few petrochemical plants such as hydrogen peroxide plant with a production capacity of 250,000 MTPA, a 220,000 MTPA isononanol plant, an 110,000 MTPA 1-butene plant and a 1,300MW gas-fired power plant. These are only part of the petrochemical plants within RAPID project. There are few investors have not made decision on the construction of petrochemical plants. The decision will be made later the third quarter of this year. On that time, we will know entire plan of RAPID project. However, we can define their move for RAPID project based on the profile of the company such as ITOCHU Corporation of Japan and PTT Global Chemical Public Company Limited. 4.2.2 ITOCHU Corporation of Japan PTT Global Chemical Public Company Limited Both ITOCHU Corporation of Japan and PTT Global Chemical Public Company Limited are the world leading chemical company in oil and gas industry. The Energy Chemical company under ITOCHU Corporation consists of two divisions: the Energy Division and Chemical Division. The Energy Division facilitates the development and trade of bioethanol, focusing on developments in crude oil, natural gas, and other resources, and the supply chain where trade centres around the world originally operate. On the other side, the Chemical Division handles basic chemicals, synthetic resin, synthetic fibre raw materials, electronic materials, secondary battery-related materials and pharmaceutical products, among others. The company creates synergies in both of these globally operating divisions and have created an optimal value chain in petroleum, gas, and chemicals, in an effort to enrich the lives of people in the world. Another party, PTT Global Chemical Public Company Limited is the amalgamation of PTT Chemical Public Company Limited and PTT Aromatics and Refining Public Company Limited to be the chemical flagship of PTT Group. The integration results in reaching a total Olefins and Aromatics production capacity of 8.2 million tons per year and petroleum production capacity of 280,000 barrels per day, making it Thailands largest and Asias leading integrated petrochemical and refining company. PTT Global Chemical Public Company Limited is strengthened with its diversity of product in both Olefins and Aromatics line, which improves its competitive advantage as well as the ability to reduce risk inherent in the petrochemical industry. On 18th May 2012, ITOCHU Corporation of Japan and PTT Global Chemical Public Company Limited (PTTCG) have signed the Head of Agreement (HoA) with PETRONAS for the development of PETRONAS RAPID project in Pengerang, Johor. Mr. Sirisaengtaksin, Chief Executive Officer of PTTGC, said Through this new collaboration, we hope to strengthen our ties and business synergies within the Southeast Asia Region and to also meet the demands of a rapidly growing ASEAN regions population and AEC market growth We hope also to further strengthen our alliance and look forward to a long and sustainable relationship with PETRONAS and ITOCHU far into the future through our collaboration in high value added chemicals to serve the automotive, construction and electronic industries. As mentioned previously, the proposed refinery will have a capacity of 300,000 barrels per standard day and will supply naphtha and liquid petroleum gas (LPG) feedstock for the RAPID petrochemical complex, as well as produce gasoline and diesel that meet European specifications. With such a large amount of crude oil supply, ITOCHU and PTT are able to produce various merchant grades petrochemicals products. In prior, we discuss about the development of ITOCHU Corporation in PETRONAS RAPID project. In fact, ITOCHU Corporation signed a separate Heads of Agreement with PETRONAS and PTT Global Chemical, an integrated refinery, petrochemical, and aromatic player, towards the development of the new project for a few petrochemical downstream projects within the Project RAPID. It is widely believed that the production facilities should be close to the chemical industrial area covered by ITOCHU previously. Therefore, we bravely concluded that ITOCHU Chemical Division will own, develop, constru ct and operate a petrochemical downstream project in PETRONAS RAPID project in Pengerang, Johor. Generally, ITOCHU trades an extensive lineup of products, including basic chemicals, plastics, electronic materials, and pharmaceutical raw materials. ITOCHU has the higher opportunity to operate synthetic fibre production plant. The licensor of synthetic fibre production plant could be UOP Technology. UOP Technology provide the license of technology for ITOCHU and allow ITOCHU to use the particular technology to operate the synthetic fibre production plant. ITOCHU will demand the feedstock of synthetic fibre from PETRONAS oil refinery as there is sufficient capacity of up to 300,00 BSPD refining crude oil supply. Similarity, as the collaboration partner, PTT Global Chemical Public Company Limited (PTTGC), collaborate with ITOCHU Corporation and PETRONAS, to own, develop, construct, and operate at least two petrochemical plants in RAPID project. The petrochemical plants are not specified yet until now. However, based on the speech of Mr. Sirisaengtaksin, Chief Executive Officer of PTTGC, it is widely believed that the production of specialty chemical is mostly high value added chemical to serve the automotive, construction, and electronic industries. The future plan announced by PTTGC mentions that there is $11 billion capex by year 2020. PETRONAS RAPID project is also included and considered as one of the significant project in the future plan. The final decision will be on the middle of this year. Nevertheless, we strongly believed PTTGC, associated with ITOCHU Corporation to operate olefins downstream production plant and aromatic plant. Generally, ethylene and propylene can produce polyeth ylene, polypropylene, HDPE, LDPE, and LLDPE. The capacity of these products is considered large in amount as there is sufficient olefins supply. Besides that, aromatic products such as benzene, toluene and mixed-xylene are also produced through the petrochemical plant as well to supply them as raw materials to generate the downstream industries such as polystyrene. Alongside the massive production of olefins, aromatics, and by-product produced, PETRONAS RAPID is expected to fulfil the requirement and massive demand of feedstock from South East Asia country and Asia country especially China. PETRONAS RAPID is expected to step out to become the major and leading raw material supplier within the region in South East Asia and even the entire Asia region. PTTGC operates the aromatics plant and produces and distributes primary aromatics, namely benzene, paraxylene, orthoxylene, toluene, mixed xylenes, and cyclohexane (intermediate product) as feedstock for intermediate and downstream industries. PTTGC runs two aromatics plants, it boast the technology of UOP, a world-renowned licensor known for constant upgrading. Both facilities allow feedstock and product exchange to optimize paraxylene and benzene production. PTTGC plans to produce a total of more than 2.05 million tons of aromatics with an 88% utilization rate and continuous process efficiency improvement which over the past few years record. Alongside the experience of operating the aromatic plant, PTTGC knows the efficiency improvement move and straightly apply into PETRONS RAPID project. The successive moves such as replacement of heat exchanger of the distillation tower to produce 25,000 tons per year of additional paraxylene and installation of pipeline system to the refinery to produce reformate to add value to excess sour naphtha from aromatics plant. PTTGC may apply the technologies into the aromatics plant in RAPID project and produces greater amount and quality of products. PTTGC may rise RAPID project become the leading petrochemical complex in Asia region. On the other sides, PTTGC Group obtains olefins (a collective name for ethylene and propylene) from PETRONAS naphtha cracker plant for intermediate and downstream petrochemical plants in the industrial estate, for HDPE, LDPE, and LLDPE plants within the Group, and for the ethylene oxide/ethylene glycol (EO/EG) plant, wholly owned by PTTGC. The Group produces and sells olefins by-products, namely mixed C4, pyrolysis gasoline, tail gas, cracker bottom, and hydrogen, to domestic and foreign customers. To supplement value to these, PTTGC will operate the butene-1 and butadiene project from mixed C4 with a combined capacity of about 100,000 tons per year. Today, the plants basic engineering design has been completed, with a start-up date in about the second quarter of 2014. In addition, it is widely believed that PTTGC will owns, constructs and operates a 1,300MW gas-fired power plant within RAPID project. The gas-fired power plant supply power throughout the entire RAPID project. The feedstock used to generate the power plant is natural gas that obtained from the crude oil. In order to achieve green environment, the feedstock also can be obtained from the recycled natural gas from other petrochemical plant. This action has not only achieve green environment yet it helps to cut the cost of production. 4.2.3 Italy-based Versalis SpA Italy-based Versalis SpA is the third petrochemical company to join PETRONAS RAPID project in Pengerang, Johor. On 17th July 2012, PETRONAS and Itay-based Versalis SpA have signed for Head of Agreement (HoA) to jointly own, develop, construct, and operate elastomer plant within PETRONAS RAPID project in Pengerang, Johor. Based on the report statement, under the terms of the HoA, the proposed joint venture will produce and market synthetic rubbers by using Versalis technology license and technology know-how. Versalis (formerly known as Polimeri Europa) is a petrochemical company and flagship company of Eni SpA, an Italian multinational oil and gas company. It handles the production and marketing of a wide portfolio of petrochemical products, using a range of proprietary technologies and state-of-the-art production systems and a wide-reaching and efficient distribution network. Versalis provides its own technology of license and proves that Versalis has much confidence to the application of technology for the elastomer plant. For your information, the patent and proprietary technology portfolio ranges from basic products to polymers phenol and derivatives, polyethylene, styrenics and elastomers, but also catalysts, and special chemical products. Versalis contributes a lot of efforts to develop its own proprietary technology by using the direct experience earned at its research and development centre, its production plants, and also considering the feedbacks of the market towards its products. Throughout this approach, Versalis manages to optimize and strengthen the designing of the single devices and plants, of their performances, of the performances of the proprietary catalysts, of the characteristics of the products getting outstanding results in all the technologies of the companys business areas. And this is the reason that Versalis intends to use its o wn technology license. The elastomer technology used for the elastomer plant within PETRONAS RAPID project are: (1) emulsion polymerized styrene-butadiene rubber (e-SBR), (2) solution polymerized styrene-butadiene rubber (s-SBR), (3) SBS copolymers technology (SBS), (4) NBR butadiene-acrylonitrile rubbers technology (NBR), and (5) High Cis Polibutabiene rubber technology (HCBR NEOCIS). These technology are mostly believed to be brought and applied into the elastomer plant with PETRONAS RAPID project in Pengerang Johor. The brief introduction of each technology is needed for more understanding. Emulsion polymerized styrene-butadiene rubber is one of the most common used polymers in worldwide, used in a large variety of applications which significantly provide good quality of our life. The Versalis proprietary technology achieves wide-range of products which covers all e-SBR field of application like tires, footwears, light coloured and etc. Besides that, High Solids SBR Latices, whose main applications are in moulded foam, gel and non-gel carpet foam and stiffness enhancer Latices, are also leading product based on Versalis proprietary technology. Other the other hand, solution polymerized styrene-butadiene rubber is the most suitable feedstock for highly specified tyre components used in the fabrication of high performance tyres, where the lowest fuel consumption and the highest durability are required. In order to maintain the quality of polymerized styrene-butadiene rubber, s-SBR proprietary technology has been developed as an alternative to emulsion technology to produce new product grades and also to significantly reduce some environmental impact of the emulsion technology. Following by Versalis SBS technology, it is flexible in catering the different product grades required by the SBS market to meet new application requirements. Hence, the competitive production of the most common SBS grades and the additional SBS grades for special applications are allowed by Versalis SBS technology. Besides that, NBR butadiene-acrylonitrile rubbers are copolymers of butadiene (BD) and acrylonitrile (AN) produced by initiation redox catalyst systems to an emulsion polymerisation reaction . The high resistance to oils over a wide temperature range is certainly one of most important feature of Nitrile Rubber. Furthermore, goods NBR-based are normally high strength and resistance to abrasion properties. Originally, Versalis used cold radicalic polymerization technology for NBR production and was then continuously improved and modified its own NBR butadiene-acrylonitrile rubbers production technology based on market requests and feedbacks to meet the safety regulation requirement. At last, High Cis Polibutabiene rubber technology was first developed in the 80s, with the aim to produce rubber grades with specific properties in tyre sector as well as in other industrial applications. Typical High Cis Polibutabiene rubber plant consists of one reaction section, one finishing line and one packaging line. Based on the technology development and experience taken in operation of elastomer plant, it is widely believed that Versalis will focus on the partnership alongside with excellent proven elastomer operation records and wealth of experience and expertise that would significantly contribute towards strengthening PETRONAS and Malaysias position as a key downstream petrochemical player in the South East Asia region or the entire Asia region. 4.2.4 Evonik Industries AG PETRONAS is pleased to announce that a Letter of Intent (LOI) was signed with Evonik Industries AG to jointly engage on the development of production facilities of chemical specialty within PETRONAS RAPID project in Pengerang , Johor. On 13 January 2013, Evonik Industries AG officially signed the Letter of Intent (LOI) with PETRONAS and became the latest petrochemical company investing in RAPID project followed by ITOCHU Corporation, PTT Global Chemical Public Company Limited, and Italy-based Versalis SpA. Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Evoniks corporate strategy manages to maintain profitable growth and a sustained increase in the value of the company. Basically, its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Under the LOI, Evonik Industries AG planned to form a partnership with PETRONAS to jointly own, develop, construct and operate facilities for the production of hydrogen peroxide, C4 co-monomer and oxo-products within RAPID project.. The proposed plants within RAPID project are expected to produce a capacity of 250,000 metric tons of hydrogen peroxide, 220,000 metric tons of isononanol (INA) and 110,000 metric tons of 1-butene annually. Furthermore, the hydrogen peroxide will be used to produce propylene oxide by the licensed, eco-friendly hydrogen peroxide to propylene oxide (HPPO) process. The licensed technology, HPPO process, was jointly developed by Evonik and ThyssenKrupp Uhde. Evonik is one of the worlds largest producers of hydrogen peroxide and C4 based products with production facilities in Europe, North America, South America, New Zealand, Asia, South Africa and Indonesia. The worldwide capacity of hydrogen peroxide production is in excess of 600.000 tons per year. With more than 100 years of experience in peroxygen chemistry, Evonik is believed able to provide high quality products backed up by professional technical, engineering and sales support within PETRONAS RAPID project. The hydrogen peroxide plant is expected to boast an annual production capacity of 250,000 metric tons thus increasing the current overall hydrogen peroxide in worldwide. The group believes it is going to become the largest manufacturer of hydrogen peroxide. Today, hydrogen peroxide is widely used for various chemical industries. Therefore, it is a wise approach to operate hydrogen peroxide production plant within RAPID project. Generally, hydrogen peroxide (H2O2) is an environmentally friendly chemical used for oxidation reactions, bleaching process in pulp, paper, and textile industries, various waste water and air treatment, and for various disinfection applications. Nevertheless, Evonik has decided to implement the HPPO process with its own technology licensing which is developed by Evonik and ThyssenKrupp Uhde within RAPID project. The innovative HPPO process allows the oxidant to be used to produce propylene oxide. The HPPO process benefits that it requires significantly less investment and allows a high degree of production efficiency. It is also an extremely eco-friendly process. Besides that, oxo-products production plant such as isononanol (INA) production plant will be implemented within RAPID project by Evonik. Basically, isononanol (INA) is the most important raw material used for manufacturing large-volume of plasticizers. Plasticizers are chemical compounds that are used to make PVC materials to be flexible. The plastics become softer and more elastic and pliable for certain desired use. Plasticizers change the physical properties of the plastics without chemically react with the materials. As expected, Evonik plans to produce 220,000 metric tons of isononanol (INA) annually through the plant within RAPID project. This amount of capacity are believed sufficiently for demands throughout the South East Asia region. Most of the isononanol produced renders in the manufacture of DINP (di isononyl phthalate). The technology licensor for the isononanol (INA) production plant will be ThyssenKrupp Uhde. Uhde offers its first-class proprietary technology for the isononanol production plant within RAPID project. Similarly, the proprietary technology is developed based on research and production plants for many years. With this type of approach, the proprietary technology benefits that allows a high degree of efficiency with less investment requirement. In addition, Evonik has confirmed to operate a capacity of 110,000 metric tons annually 1-butene production plant within RAPID project. Evonik uses its own proprietary technology to operate the 1-butene production plant. Basically, 1-butene is used mainly as a co-monomer for polyethylene (LLDPE, HDPE) or co-monomer for ethylene/propylene copolymers. The advantage of 1-butene is mainly to improve for the tear strength of the polymer. Moreover, it is also used as intermediate for the production of various products such as antioxidants, plasticizers, herbicides, corrosion inhibitors or additives to lubricating and hydraulic oils. Evonik Industries AG are focusing on RAPID project seriously as they implement three main petrochemical production plant within PETRONAS RAPID project in Pengerang, Johor. As the Member of the Executive Board of Evonik, Dr. Dahai Yu said, The entire project is set to mark another milestone in our growth strategy in the Asian market. This is why were seeking for a strong long-term strategic partner like PETRONAS. The partnership is expected to strengthen the PETRONAS position as the key downstream petrochemical player as well as to position Malaysia as the number one oil and gas hub in the Asia Pacific region by 2017. Throughout the collaboration, Evonik Industries AG further consolidates its position as one of the world largest producers of hydrogen peroxide and C4-based products. 4.3 The Comparison of RAPID Project and Kerteh and Gebeng Integrated Petrochemical Complex 4.3.1 Construction and Operation Area Kerteh and Gebeng Integrated Petrochemical Complex is playing the significant role in the development of Malaysian petrochemical complexes of the east coast industrial corridor. Although isolated from the nations mainstream economic activities and politically distinctive, these former fishing villages have been transformed into Malaysias petrochemical industrial hub within a thirty years period. Similarly, RAPID project also transforms the fishing villages in Pengerang, Johor into another larger petrochemical industrial hub comparing to the one in east coast industrial corridor (ECIC). Currently, Kerteh and Gebeng Integrated Petrochemical Complex have become the leading role to multi-national petroleum, gas and chemical giants and are widely believed to have received highest concentration of foreign direct investment (FDI) in Malaysia. However, Upon target commissioning date in 2016, RAPID will become the largest petrochemical industrial hub within Asia Pacific Region. Kerteh and Gebeng are two different locations but planned to become industrial townships within the east coast industrial corridor (ECIC) of Peninsula Malaysia. The two town are connected by a dedicated railway. In contrast, RAPID project is planned to constructed at only one town area without any connections from other places. The figure 5.3 and figure 5.4 illustrate the Integrated Petrochemical Complex at Gebeng and location plan of RAPID project. Currently KPIC covers over 2,800 acres of land, and is planned to expand to cover about 13,200 acres by the year 2010. In present, GPIC covers about 8900 acres and it is expected to expand to about 23,700 acres by the year 2008. Initially, as statement from DEIA report, RAPID project is planned to cover 6,242 acres of land in Pengerang. The land covered will be further under expansion to be larger than the combination of IPC in Kerteh and Gebeng and in Melaka on the commissioning date by 2016. Verbund site 4.3.2 Capacity of Crude Oil Refinery In past, KIPC was only used as a crude oil channel, and as a liquefied petroleum gas (LPG) refinery. KIPC channels a capacity of 400,000 BSPD crude oil and 2,200 million cubic feet of LPG. Furthermore, KIPC also received some 250 million of LPG from Indonesia. Comparing to RAPID whereby RAPID is expected to have a refining capacity of 300,00 BSPD of crude oil. Upon target commissioning date in 2016, the countrys total refining capacity is to be increased to 935,300 barrels daily (bpd) from the current 635,300 bpd produced by the PETRONAS refineries in Kertih and Melaka. The refinery production of crude oil in RAPID project is illustrated in figure 4.5. For petrochemical related products, the current production capacity from the PETRONAS complexes in Gebeng and Kerteh is around 2.6 million KMTPA and upon RAPID operation, there will be an increase in production capacity to 6.5 million (KMTPA). It proves that the production capacity of RAPID project is expected to be much greater than GIPC and KIPC. Both Kerteh and Gebeng Integrated Petrochemical Complex and RAPID project have received high concentration of foreign direct investment (FDI) in Malaysia. Kerteh and Gebeng Integrated Petrochemical Complex have attracted foreign company to join partnership to own, develop, construct and operate petrochemical plants. In GIPC, the PETRONAS and its joint-venture plants, the Gebeng IPC is also host to a number of multinational chemical companies, such as Amoco Chemicals, which owns and operates a purified terephthalic acid plant, and Eastman Chemicals, which owns and operates a copolyester plastic resin plant. Figure 4.4 illustrates the major petrochemical plant and its production capacity. The MTBE plant produces a capacity of 300,000 pta of MTBE and 80,000 pta of propylene. Besides that, propane dehydrogenation plant produces another capacity of 300,000 pta of propylene. The propylene production plant also add on produces 80,000 pta of propylene. In addition, the BPC Acrylics Complex produces four(4) various of chemical products which are 160,000 tpa Crude Acrylic Acid, 20,000 tpa Glacial Acrylic Acid, 100,000 tpa Butyl-Acrylate, 60,000 tpa 2-Ethyl Hexyl Acrylate. Furthermore, BPC Oxo-Alcohols and Syngas produces five(5) petrochemical products like 80,000 tpa 2-Ethyhexanol, 40,000 tpa Phthalic Anhydride, 100,000 tpa Plasticizers, 160,000 tpa Butanols, 170,000 tpa Syngas. For BPC Butanediol Complex, a capacity of 100,000 tpa Butanediol is produced through the complex. PETRONAS Integrated Petrochemical Complex (IPC) located within the PETRONAS Petroleum Industry Complex (PPIC) in Kertih, Terengganu is an important link in our gas value chain. Receiving gas feedstock from the fields offshore Terengganu, the Kertih IPC principally consists of ethylene-based petrochemical plants. The plants located within this IPC include two ethylene crackers, a polyethylene plant, an ethylene oxide/ethylene glycol plant, a multi-unit derivatives plant, vinyl chloride monomer/PVC plants, ammonia/synthesis gas plants, an acetic acid plant, an aromatics complex and a low-density polyethylene plant. These plants are owned and operated mainly on a joint venture basis with various foreign partners with the advanced technology and experience, financial strength and market access to add value to the business. Figure 4.4 illustrates the major petrochemical plant and its production capacity. The ethylene plant produces a capacity of 400,000 pta of ethylene. Besides that, poly ethylene plant produces capacity of 200,000 pta of polyethylene and 55,000 pta of pipe compounding. The vinyl chloride monomer production plant also produces 400,000 pta of vinyl chloride monomer. In addition, the Polyvinyl Chloride (PVC) plant produces a capacity of 160,000 tpa PVC, Furthermore, Amonia and Syngas plant produces 450,000 tpa ammonia and 325,000 tpa Syngas. For acetic acid plant, a capacity of 400,000 tpa acetic acid is produced through the plant. The aromatics plant produces capacity production of 500,000 tpa Paraxylene and 188,000 tpa Benzene. Olefins (Second Cracker ) mainly produces 600,000 tpa Ethylene and 95,000 tpa Propylene for downstream production. Ethylene Oxide and Ethylene Glycol production plant produce capacity of 140,000 tpa Ethylene Oxide and 385,000 tpa Ethylene Glycols respectively. Ethylene Derivatives production plant produces five(5) petrochemical products such as 30,000 tpa Ethoxylates, 75,000 tpa Ethanolamines, 60,000 tpa Glycol Ethers, 140,000 tpa Butanol and 50,000 tpa Butyl Acetate to contributes for downstream production uses. The Low Density Polyethylen production plant produces a capacity of 255,000 tpa LDPE. For RAPID project, the capacity of production plants is clearly figured out in previous chapter. Therefore, for the information regarding the capacity of production within RAPID project, you are advised to refer the previous chapter. 4.4 The Comparison of RAPID Project and Titan Petrochemical Complex in Pasir Gudang 4.4.1 Location and Construction and Operation Area Titan petrochemical complex is owned and operated by Titan Chemical Group currently with the name of Lotte Chemical Titan Holdings Sdn. Bhd. Titan petrochemical complex constructed its first facility in Malaysia, a RM300 million polypropylene plant in year 1989. With