Effects of Changing Accounting Standards on Commercial Bank

Effects of Changing Accounting Standards on Commercial Bank Proposed Research Topic: IAS 39 and IFRS 9: the effects of changing accounting standards for financial instruments on the financial assets management of a commercial bank in Chong Qing Background: In 2008, a catastrophic financial crisis ignited by the bankruptcy of Lehman Brothers Holdings soon had a full scale break-out and dragged the world from prosperous growth to excruciating abyss of stagnation, even recession. People in business and academic community took a great number of serious discussions striving to find the causes of the financial crisis. It is widely agreed that the lack of transparency in banks and investment houses which increased their risks is one of the major driving forces of the crisis(Compton, 2012). It is argued by Rohde(2011) that the abuse of financial instruments is to blame for the lack of transparency. Accountancy, as a practical subject meant to make organizations more transparent via clear and correct financial reports therefore is closely linked to the solution to the financial crisis. One year after the crisis, world leaders declared that improvements in financial report were needed at the G20 summits.à ¯Ã‚ ¼Ã‹â€ Chan, 2010) In 2009, in response to the demand for improved financial reports, the new IFRS 9 was published as the replacement for IAS 39 to serve the purpose of regulating accountancy for financial instruments(IFRS, 2009; Chan, 2010). Some noticeable changes were made by IASBà ¯Ã‚ ¼Ã‹â€ international accounting standards boardà ¯Ã‚ ¼Ã¢â‚¬ ° to the new standards, particularly the classification of financial assets. IAS classify financial assets into 4 measurement groups, which is considered by Chan(2010) as one of the its drawbacks resulting in unnecessary complexity and internal inconsistency. However, according to IFRS 9, the number of categories is largely simplified and is cut down from 4 to 2: amortize cost and fair value. Currently, business organizations can choose which standards they would like to apply because the mandatory effective date of IFRS was canceled already(IFRS, 2009). What effects could the differences between the 2 standards exert on banks’a management of financia l assets remains unknown. It has not been sufficiently studied in accounting literature yet. Although some studies are made with regard to IAS or IFRS as a whole, none of them are specifically on IFRS 9, let alone its effects on financial assets management. A study as this one is hence needed to fill in this gap. One of the main features of international accounting standards regardless of IAS9, IFRS 9, or their earlier predecessors is the steady status of fair value measurement. Despite that a lot of measurement categories are added to or removed from in amendments occurred since the establishment of one universal international accounting standards system, fair value measurement seems to stand unshakably in the center of measurement for financial instruments. Thus, this paper will mainly focus on fair value to discuss whether or not it is changed in the new standards and what influence those changes have on a bank’s financial assets management, which can better our understanding in the relationship between accounting standards and practical management. This paper is helpful not only to expand the accounting literature, but also to improve bankers’ assets management in precaution of the risk of another financial crisis. In a word, my research is worth doing academically and pract ically. The purpose of my paper is to identify the effects of changing financial standards on the assets management of a bank by interviewing its managers and examining its financial conditions before and after its accounting policy shifted from IAS 39 to IFRS 9. To achieve that, I set 3 research objectives. Firstly, my paper aims to find out the difference between IAS 39 and IFRS 9, particularly the changes made to the fair value measurement. Secondly, my paper tries to identify the effects of adopting IFRS 9 on Chong qing Bank’s financial assets management in replacement for IAS 39. Thirdly, my paper will make critical comment on whether those effects are positive or negative comparing with previous years when IAS was applied in the hope of providing some useful experience to other banks. Literature review: The number of existing researches on the new IFRS 9 is extremely limited and can hardly be found for it was published just 4 years ago as an incomplete demo to be tested and improved, awaiting continuous amendments. It takes time before it is as applicable as IAS 9, when a great amount of researches then can be expected due to mass usage of IFRS in business institutes. Fortunately, there are a number of studies on the IFRS as a whole and IAS No. 39. Carmona Trombetta(2008) got a panorama overview on IFRS and IAS, and proceeded to explain the difficulty of world-wide adoption of those standards owing to nature of highly diverse conditions in different individual countries, which leads to a conclusion that rule based standards are probably more acceptable than principles based ones to widespread a universal standards system across the world. Despite the insightful discovery they made, they did not focus enough attention on the obvious differences between IFRS and IAS. To the contrary, what they try to emphasize is the similarities instead of differences between those two standards. As a supplementary to the previous accounting literature, Wang(2010) made a thorough comparison between the two standards and noted the difference of classifications for financial assets which is covered by IAS 39 and IFRS 9 that matters a lot to financial assets management. However, she was one step away from getting the full picture, but stopped at that point and did not make further explorations concerning the effects of the differences in standards on banking management, which leaves her research unfortunately incomprehensive. The study on this topic has 2 dimensions: regulations, and the objectives those regulations exert effects on. Neglecting either of them would flaw the whole study. Armstrong and his collegues (2010) contributed to the literature by examining the objectives of accounting regulations. They studied business institutes’ reaction to the adoption of IFRS in Europe, which can made a worthy comparison with Chong qing companies that my paper is about to study. Morris and Sellon(1991) are among those first to focus on the relationship between accounting standards and financial assets management. They noted that a bank’s true assets (Morris and Sellon, 1991) can be best reflected by fair value based accounting practice. Their pioneering work was seconded by Barth(1994) who argues that accounting based on fair is helpful to improve a bank’s management by clarifying the true value of financial assets to the top management. He took a critical strep and brought accounting standard on to the managerial level. Although having laid down the fundamental base for my study, both of their researches share a fatal flaw of being too outdated. The world has witnessed too many tremendous changes including the financial crisis to fit in their theory’s framework developed in the early 1990s. Their theory fails to be applied to lately i nvented financial instruments, particularly financial derivatives. More researches close to today’s reality are needed, which is another justification for the rationale of my research. Methodology and methods: I intend to conduct an interpretive, inductive, empirical and qualitative research on this topic. The method adopted is cases study carried out via techniques including observing the company and taking interviews. Chong qing Bank in Chong qing is selected as the case study company for it is one of the first to answer IASB’s call to adopt IFRS. Given the geographic limitations and the cost to fly to Chong qing, semi-structured telephone interviews will be held to managers of Chong qing Bank Limited containing questions on their thoughts before and after IAS 39 was replaced by IFRS 39. Information about the company is to be thoroughly observed, particularly its capital adequacy ratio before and after IFRS was adopted, which can reflect its financial assets management in the period of changing accounting policy to a certain extent. The entire data collect by my case study and interviews is original primary data, except capital adequacy ratio, which is secondary data since it can be found in the company’s annual reports. Most of the data are qualitative as they are questions regarding people’s attitudes, beliefs, thoughts that cannot be quantified. However, the capital adequacy ratio is quantitative. The way my research is done is to acquire knowledge by making empirical observations and finding empirical evidences rather than establishing pure theoretical framework on a predetermined hypothesis. All the 3 research objectives listed before are about making empirical observations. Therefor the case study method is very suitable to serve my research objectives. As claimed by Robson(2002), case study is ‘A strategy for doing research which involves an empirical investigation’. The reason I employ the technique of interview is that interviews are very useful to collect empirical information. It is an empirical research method. A semi-structured interview by telephone would allow me to explore unexpected issues by holding relatively casual conversation consisted of not fully predetermined questions, and to build personal rapport with the interviewees that might be helpful to make some in-depth findings. In a word, the empirical, interpretive nature of my study that requir es original primary data and close observations determines the research methods I chose. Content analysis will be used on the main data analyzing tool to measure the frequency of certain key words and notions respondents mentioned in interviews. The data collected is not generalizable because they are predominantly qualitative information of a single individual company without statistical representativeness. But the data is of legitimate validity and reliability since they are authentically collected from a company in its practical daily operations. If anyone is to repeat my research on the same company, the out-come would be of no difference. Potential difficulties I can anticipate in this research are mainly geographically related. The location of me, namely UK, is too far away from the objective in Chong qing I am about to observe. This limitation is likely to cause a series of difficulties including the hardship of getting contact with the informants and inaccuracy of observations which are not made in person directly. Another difficulty is the willing of managers to receiving my interviews. In order to get a sufficient number of respondents, I plan to set certain incentive prizes for answering my questions. The research will mainly be funded by myself, though I will not give up the opportunity of being sponsored by the university. Application for research funds will be submitted to Royal Holloway before the research begins. However, those difficulties above can be overcome and minimalized as long as my research is well designed. Flying to Chong qing is reserved as the last resort if things get out of my control. The t ime scale of my research is 3months. The detailed time table is listed below: Timetable: Prepare the interview questions by 1 March Complete literature review by 10 April Conduct interviews by 10 May Complete data analysis by 12 May Give presentation on 23 June Complete the final dissertation by 20 June Reference: Armstrong, C, Barth, M, Jagolinzer, A, Riedl, E 2010, Market Reaction to the Adoption of IFRS in Europe, Accounting Review, 85, 1, pp. 31-61, Business Source Complete, EBSCOhost, viewed 1 January 2014. Barth, M. E.,1994, ‘Fair value accounting: Evidence from investment securities and the market valuation of banks’, Accounting Review, pp.1-25. Carmona, S, Trombetta, M., 2008, On the global acceptance of IAS/IFRS accounting standards: The logic and implications of the principles-based system, Journal Of Accounting Public Policy, 27, 6, pp. 455-461, Business Source Complete, EBSCOhost, viewed 1 January 2014. Chan, S., 2010, ‘From IAS 39 to IFRS 9: more than just a name change’, the official website of Chong qing institute of certified public accountants, Available at:http://www.hkicpa.org.hk/file/media/section2_become_a_hk_cpa/recog-oversea-bodies/useful-article/name-change.pdf [Accessed: 20 DEC 2013]. Compton, J., 2012, ‘Libor scandal: at the root of all financial crises is a lack of transparency’, The Telegraph, available at: http://www.telegraph.co.uk/finance/comment/9366972/Libor-scandal-at-the-root-of-all-financial-crises-is-a-lack-of-transparency.html [Accessed: 20 DEC 2013]. IFRS, 2009, IFRS 9: Financial Instruments (replacement of IAS 39), the official website of the IFRS Foundation and the IASB. Available at: http://www.ifrs.org/current-projects/iasb-projects/financial-instruments-a-replacement-of-ias-39-financial-instruments-recognitio/Pages/financial-instruments-replacement-of-ias-39.aspx [Accessed: 20 DEC 2013]. Robson, C., 2002, Real world research: A resource for social scientists and practitioner-researchers (Vol. 2). Oxford: Blackwell. Moody, D., 2002, Empirical research methods, the official website of IT University of Copenhagen. Available at: http://www.itu.dk/~oladjones/semester%203/advanced%20it%20mgt%20and%20software%20engineering/project/materials/what%20is%20empirical%20research1.pdf [Accessed: 20 DEC 2013]. Morris, C. S., SellonJr, G. H., 1991, ‘Market value accounting for banks: pros and cons.’, Federal Reserve Bank of Kansas City Economic Review, 76, pp.5-19. Rohde, L 2011, Lessons from the Last Financial Crisis and the Future Role of Institutional Investors, OECD Journal: Financial Market Trends, 2011, 1, pp. 77-82, Business Source Complete, EBSCOhost, viewed 1 January 2014. Wang, Z., 2010, ‘A comparative study of the difference between IAS 39 and IFRS 9: interpreting the classification and measurement of financial assets.’ Finance and Accounting Monthly, 2010, 16(548), pp.51-53.( In Chinese) Source available at: http://www.ckyk.cn/periodical/previous_detail-JOLQNON0.shtml; Full text available at: http://www.docin.com/p-226160490.html [Accessed: 20 DEC 2013].

Analysis of the Social Responsibilities in Business

Social responsibility is the concept that business is part of the larger society in which it exists and must therefore act in a way that not only advances the firm, but also serves the society. More than ever firms are being challenged to integrate social responsibilities in to their operations. Many firms now believe that social responsibility to be a lot more than granting money to community groups or volunteering their time to organizations – although these are both important ways that firms support the community. Today, business leaders recognize that a commitment to corporate social responsibility can provide distinct advantage in attracting and retaining employees, dealing with suppliers and regulators, strengthening customer relationships and providing positive returns for investors. Let us take a look at some of the social responsibility issues and analyze how businesses are showing their social responsibility. Around the world there are lots of environmental concerns that challenge companies to be better global citizens. Leading companies know that taking a strong role in protecting the environment improves the efficiency of operations and saves money, making a positive impact on business partners, customers and investors. Let us see how socially responsible companies are responding to the environmental concerns. Delphi Automotive Systems is dedicated to protecting human health, natural resources and the global environment. For Delphi, a commitment to environmental management is a critical business strategy. Delphi has certified 15 of its global manufacturing sites under ISO 14001, a global standard that recognizes facilities that have systems in place to proactively manage and reduce their environmental impact. The company is working toward earning this certification for all 168 of its manufacturing facilities around the world over the next three years. John Jaffurs, director, Delphi environmental services, states, â€Å"We want to formally integrate our environmental management into the goals of the business. Delphi is using ISO 14001 and other tools as a means of creating a total environmental management system. This will allow us to integrate operational environmental issues directly into future planning.† Delphi's involvement in reducing the automobile's environmental impact began more than 30 years ago with the introduction of the first catalytic converters. Delphi works to reduce emissions, increase fuel economy, decrease vehicle mass and enhance the recyclability of its products. Delphi also believes that the reduction or elimination of materials can go far in helping the environment. Delphi's E-STEER Electric Power Steering reduces the number of seals and totally eliminates the power steering fluid, hoses and pump from the power steering system. In 1995, 75 percent of all cars sold (approximately 27 million) were equipped with traditional power steering and carried an estimated 40 million liters of hydraulic fluid. This new technology can result in a significant reduction in raw materials, which means less material to recycle or dispose after the life of the product. E-STEER also reduces energy demand by up to 80 percent, resulting in improved fuel economy and reduced vehicle emissions. E-STEER received the 1999 PACE (Premier Automotive Suppliers' Contribution of Excellence) award from Automotive News and Ernst & Young LLP, which recognizes automobile suppliers who have excelled in adapting and reinventing their companies and their products to meet the growing demands of their customers — the world's major automotive manufacturers. E-STEER is just one example of the many innovative product technologies Delphi can offer to provide environmental solutions to its customers. According to the American Lung Association, motor vehicle emissions account for approximately 77 percent of the carbon monoxide (CO), more than 35.6 percent of the volatile organic compounds (including hydrocarbons) and around 45 percent of the nitrogen oxides (NOx) in our nation's air. With this in mind, car manufacturers like GM, Ford and Honda are now producing and marketing cleaner-burning cars powered by electricity, alternate fuels or a combination of the two. Environmentalists like to refer to these as â€Å"green cars† because they represent an environmentally responsible way to travel in style. Politicians, on the other hand, have begun to see the potential for addressing larger issues. Earlier this year, Representative Robert T. Matsui (D-CA) introduced legislation that would give up to $5,000 per year in consumer tax credits to people with green cars. With this in mind, GM came up with its environment friendly â€Å"EV1†, Ford with its â€Å"Ranger† and Honda with its â€Å"Insight†. The Tennessee Valley Authority (TVA), the nation's largest electricity producer, has announced that it will begin test-marketing alternative energy sources as early as next year. As phase one of the TVA's Green Power Program, the test will utilize wind, solar and landfill gas energy sources to generate roughly three to six megawatts of power. Eight distributors, representing all seven of the Tennessee Valley Public Power Association's districts, have agreed to participate in the test. If the test is successful, TVA customers could see full-scale implementation by the end of 2003. The Green Power Program is the first of its kind in the Southeast. In related news, the TVA received word June 18 that the Department of Energy (DOE) has approved a proposal from the Virginia Alliance for Solar Electricity (VASE) to provide matching funding for the Green Power Program. The TVA's marketing plan for Green Power represents the fruits of an alternate energy initiative that began in January 1998. At that time, the TVA solicited and received 22 proposals for adding renewable electricity generators to its energy production facilities. Initial research also revealed that 84 percent of TVA customers favored a green power option. In the fall of 1998, the TVA held seven public forums that further confirmed the need for a Green Power. Participants included several members of the environmental community, utility executives, energy experts, healthcare organizations and representatives from citizens' groups. After the forums, the TVA formed the â€Å"multi-interest team† that was eventually responsible for the 2000 test-marketing plan. As the association of U.S. shareholder-owned electric utilities, Edison Electric Institute (EEI) works with key stakeholder groups, including regulators, legislators and member companies, to achieve environmental excellence. EEI's Climate Challenge program is a voluntary effort created in partnership with the Department of Energy in response to concerns about global climate change, says spokesman Jim Owen. To date, more than 600 electric utilities participate in the program, which means they have pledged to sequester or avoid 170 million metric tons of carbon dioxide and other greenhouse gases in the year 2000. This is more than four times the original goal established by the government in 1993. While some Climate Challenge efforts are undertaken by individual utilities, there are five industry-wide initiatives in place as well. These include Envirotech Investment Funds, which provide venture capital for emerging renewable technologies; the Utility Forest Carbon Management program, which funds tree planting and forest management projects; the National Earth Comfort Program, which promotes geothermal heat pumps; EV America, which introduces electric vehicles into the marketplace; and International Utility Efficiency Partner-ships, which support joint projects with foreign utilities and governments to provide efficiency of new or existing power systems. According to the Department of Energy's Energy Information Administration, electric utilities represent almost 85 percent of the voluntary actions to reduce, avoid or sequester greenhouse gases. In addition, electric utilities have made significant progress in restoring aquatic habitats, protecting endangered species and generating renewable energy, says Owen Bridging the gap between school and work is another critical link that companies are focusing on. The national organization Jobs for the Future (JFF) was founded in 1983 to help prepare tomorrow's workforce and smooth the transition from school to work. Ford†s Contribution in developing tomorrow's workforce Ford Foundation, is an initiative that seeks to create a measurable increase in jobs, wealth, services and other community infrastructure through increased corporate involvement in community economic development. JFF works with the initiative's many partners, whose collective experience and expertise cover community and economic development, national and international business and education to achieve these goals. One of JFF's major corporate partners is the Ford Motor Company. The two organizations have developed a relationship in which they exchange expertise and experience that allow both to enhance their individual programs. â€Å"In today's rapidly changing economy, schools alone cannot effectively prepare young people for a successful future,† explains Hilary Pennington, president of Jobs for the Future. â€Å"Academic standards are only part of the equation. Young people need the chance to apply what they've learned to new situations, and what happens in the real world is hard to simulate in school. We try to build partnerships between companies and schools to give kids opportunities to expand their learning experience. The Ford program is a splendid example of this type of partnership.† Ford has created several innovative education initiatives that â€Å"are helping us create a pipeline — for employees and suppliers, as well as a consumer base for our products,† says Renee Lerche, director, workforce development, Ford Motor Company. For example, the Ford Academy of Manufacturing Sciences (FAMS) is an academic- and work-based program in public high schools. The program's goals are to provide students the opportunity to learn science, math, technology and communications skills in real-life settings and encourage them to pursue secondary education. Ford trains high school teachers, who teach the manufacturing-oriented courses to 11th or 12th grade students (participants take two courses through Ford each year). An internship during the summer between 11th and 12th grade provides work experience as well. The program serves as a way not only to attract future employees to Ford, says Lerche, but also as a way to draw customers for its cars and trucks. â€Å"We don't have concrete evidence that if you do these things, people buy your products. However, these activities do influence perception of our commitment to the communities in which we do business,† says Lerche. Issues such as environmental protection, education and community support are critical to companies that want to gain the trust and loyalty of their constituents. The companies profiled here understand that corporate social responsibility offers clear business benefits for all stakeholders. Analysis of the Social Responsibilities in Business Social responsibility is the concept that business is part of the larger society in which it exists and must therefore act in a way that not only advances the firm, but also serves the society. More than ever firms are being challenged to integrate social responsibilities in to their operations. Many firms now believe that social responsibility to be a lot more than granting money to community groups or volunteering their time to organizations – although these are both important ways that firms support the community. Today, business leaders recognize that a commitment to corporate social responsibility can provide distinct advantage in attracting and retaining employees, dealing with suppliers and regulators, strengthening customer relationships and providing positive returns for investors. Let us take a look at some of the social responsibility issues and analyze how businesses are showing their social responsibility. Around the world there are lots of environmental concerns that challenge companies to be better global citizens. Leading companies know that taking a strong role in protecting the environment improves the efficiency of operations and saves money, making a positive impact on business partners, customers and investors. Let us see how socially responsible companies are responding to the environmental concerns. Delphi Automotive Systems is dedicated to protecting human health, natural resources and the global environment. For Delphi, a commitment to environmental management is a critical business strategy. Delphi has certified 15 of its global manufacturing sites under ISO 14001, a global standard that recognizes facilities that have systems in place to proactively manage and reduce their environmental impact. The company is working toward earning this certification for all 168 of its manufacturing facilities around the world over the next three years. John Jaffurs, director, Delphi environmental services, states, â€Å"We want to formally integrate our environmental management into the goals of the business. Delphi is using ISO 14001 and other tools as a means of creating a total environmental management system. This will allow us to integrate operational environmental issues directly into future planning.† Delphi's involvement in reducing the automobile's environmental impact began more than 30 years ago with the introduction of the first catalytic converters. Delphi works to reduce emissions, increase fuel economy, decrease vehicle mass and enhance the recyclability of its products. Delphi also believes that the reduction or elimination of materials can go far in helping the environment. Delphi's E-STEER Electric Power Steering reduces the number of seals and totally eliminates the power steering fluid, hoses and pump from the power steering system. In 1995, 75 percent of all cars sold (approximately 27 million) were equipped with traditional power steering and carried an estimated 40 million liters of hydraulic fluid. This new technology can result in a significant reduction in raw materials, which means less material to recycle or dispose after the life of the product. E-STEER also reduces energy demand by up to 80 percent, resulting in improved fuel economy and reduced vehicle emissions. E-STEER received the 1999 PACE (Premier Automotive Suppliers' Contribution of Excellence) award from Automotive News and Ernst & Young LLP, which recognizes automobile suppliers who have excelled in adapting and reinventing their companies and their products to meet the growing demands of their customers — the world's major automotive manufacturers. E-STEER is just one example of the many innovative product technologies Delphi can offer to provide environmental solutions to its customers. According to the American Lung Association, motor vehicle emissions account for approximately 77 percent of the carbon monoxide (CO), more than 35.6 percent of the volatile organic compounds (including hydrocarbons) and around 45 percent of the nitrogen oxides (NOx) in our nation's air. With this in mind, car manufacturers like GM, Ford and Honda are now producing and marketing cleaner-burning cars powered by electricity, alternate fuels or a combination of the two. Environmentalists like to refer to these as â€Å"green cars† because they represent an environmentally responsible way to travel in style. Politicians, on the other hand, have begun to see the potential for addressing larger issues. Earlier this year, Representative Robert T. Matsui (D-CA) introduced legislation that would give up to $5,000 per year in consumer tax credits to people with green cars. With this in mind, GM came up with its environment friendly â€Å"EV1†, Ford with its â€Å"Ranger† and Honda with its â€Å"Insight†. The Tennessee Valley Authority (TVA), the nation's largest electricity producer, has announced that it will begin test-marketing alternative energy sources as early as next year. As phase one of the TVA's Green Power Program, the test will utilize wind, solar and landfill gas energy sources to generate roughly three to six megawatts of power. Eight distributors, representing all seven of the Tennessee Valley Public Power Association's districts, have agreed to participate in the test. If the test is successful, TVA customers could see full-scale implementation by the end of 2003. The Green Power Program is the first of its kind in the Southeast. In related news, the TVA received word June 18 that the Department of Energy (DOE) has approved a proposal from the Virginia Alliance for Solar Electricity (VASE) to provide matching funding for the Green Power Program. The TVA's marketing plan for Green Power represents the fruits of an alternate energy initiative that began in January 1998. At that time, the TVA solicited and received 22 proposals for adding renewable electricity generators to its energy production facilities. Initial research also revealed that 84 percent of TVA customers favored a green power option. In the fall of 1998, the TVA held seven public forums that further confirmed the need for a Green Power. Participants included several members of the environmental community, utility executives, energy experts, healthcare organizations and representatives from citizens' groups. After the forums, the TVA formed the â€Å"multi-interest team† that was eventually responsible for the 2000 test-marketing plan. As the association of U.S. shareholder-owned electric utilities, Edison Electric Institute (EEI) works with key stakeholder groups, including regulators, legislators and member companies, to achieve environmental excellence. EEI's Climate Challenge program is a voluntary effort created in partnership with the Department of Energy in response to concerns about global climate change, says spokesman Jim Owen. To date, more than 600 electric utilities participate in the program, which means they have pledged to sequester or avoid 170 million metric tons of carbon dioxide and other greenhouse gases in the year 2000. This is more than four times the original goal established by the government in 1993. While some Climate Challenge efforts are undertaken by individual utilities, there are five industry-wide initiatives in place as well. These include Envirotech Investment Funds, which provide venture capital for emerging renewable technologies; the Utility Forest Carbon Management program, which funds tree planting and forest management projects; the National Earth Comfort Program, which promotes geothermal heat pumps; EV America, which introduces electric vehicles into the marketplace; and International Utility Efficiency Partner-ships, which support joint projects with foreign utilities and governments to provide efficiency of new or existing power systems. According to the Department of Energy's Energy Information Administration, electric utilities represent almost 85 percent of the voluntary actions to reduce, avoid or sequester greenhouse gases. In addition, electric utilities have made significant progress in restoring aquatic habitats, protecting endangered species and generating renewable energy, says Owen Bridging the gap between school and work is another critical link that companies are focusing on. The national organization Jobs for the Future (JFF) was founded in 1983 to help prepare tomorrow's workforce and smooth the transition from school to work. Ford†s Contribution in developing tomorrow's workforce Ford Foundation, is an initiative that seeks to create a measurable increase in jobs, wealth, services and other community infrastructure through increased corporate involvement in community economic development. JFF works with the initiative's many partners, whose collective experience and expertise cover community and economic development, national and international business and education to achieve these goals. One of JFF's major corporate partners is the Ford Motor Company. The two organizations have developed a relationship in which they exchange expertise and experience that allow both to enhance their individual programs. â€Å"In today's rapidly changing economy, schools alone cannot effectively prepare young people for a successful future,† explains Hilary Pennington, president of Jobs for the Future. â€Å"Academic standards are only part of the equation. Young people need the chance to apply what they've learned to new situations, and what happens in the real world is hard to simulate in school. We try to build partnerships between companies and schools to give kids opportunities to expand their learning experience. The Ford program is a splendid example of this type of partnership.† Ford has created several innovative education initiatives that â€Å"are helping us create a pipeline — for employees and suppliers, as well as a consumer base for our products,† says Renee Lerche, director, workforce development, Ford Motor Company. For example, the Ford Academy of Manufacturing Sciences (FAMS) is an academic- and work-based program in public high schools. The program's goals are to provide students the opportunity to learn science, math, technology and communications skills in real-life settings and encourage them to pursue secondary education. Ford trains high school teachers, who teach the manufacturing-oriented courses to 11th or 12th grade students (participants take two courses through Ford each year). An internship during the summer between 11th and 12th grade provides work experience as well. The program serves as a way not only to attract future employees to Ford, says Lerche, but also as a way to draw customers for its cars and trucks. â€Å"We don't have concrete evidence that if you do these things, people buy your products. However, these activities do influence perception of our commitment to the communities in which we do business,† says Lerche. Issues such as environmental protection, education and community support are critical to companies that want to gain the trust and loyalty of their constituents. The companies profiled here understand that corporate social responsibility offers clear business benefits for all stakeholders.

The Forbidden Truth About Online College Paper Writing Service Revealed by an Old Pro

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