Features
Unlocking shareholder value: How finance professors enrich corporate governance, maximise wealth
I recently attended a conference “The AsianFA Annual Conference” at the University of Ho Chi Ming City (UEH University, Vietnam). The key note speech was delivered by Professor Roni Michaely, an Israeli academic specializing in Economics and Finance. Michaely is Professor of Finance at the University of Hong Kong, School of Business and Economics. Professor Michaely’s research has also received many awards and honours. Michaely published numerous works (several of which received best-paper awards) in high ranked academic journals. His research has been also frequently featured in the Wall Street Journal, the New York Times, the Economist, Investor’s Business Daily, the San Francisco Chronicle, BusinessWeek, Forbes, Barrons, Money, Reuters, Worth, among others.
Prof Michaely presented a paper utilizing a unique dataset comprising nearly one million voting rationales provided by investors. The research findings shed light on the motivations behind institutional investors’ voting decisions and their impact on corporate governance practices.
The first finding reveals that institutional investors are more likely to provide rationales when voting against management, indicating that they disclose their concerns over management practices.
The most significant reasons include board independence, board diversity, tenure, firm governance, and busyness. These factors play a crucial role in institutional investors’ decision-making process when opposing directors.
Furthermore, the research highlights an increasing trend among institutional investors to vote against directors who have failed to address environmental and social issues adequately. This indicates a growing emphasis on holding directors accountable for their actions and the impact of their decisions on broader societal concerns.
The study finds that institutional investors’ concerns are well-founded, as companies with low board gender diversity receive more rationales regarding board diversity. Similar patterns are observed for companies with long director tenure and directors with busy schedules.
Finally, the research demonstrates that companies that experience high dissent voting related to board diversity, tenure, and busyness tend to improve their board composition in the subsequent year. This suggests that voting rationales containing investors’ reasons for opposing directors serve as valuable information for firms, enabling them to address governance shortcomings and promote better practices within their portfolio companies.
In summary, this particular study shows that institutional investors are more likely to provide rationales when voting against management, indicating their concerns over management practices. Key factors driving opposition to directors include board independence, diversity, tenure, firm governance, and busyness. Institutional investors are increasingly voting against directors to hold them accountable for addressing environmental and social issues. Companies with low board diversity, long director tenure, and busy directors receive more rationales related to these factors. Moreover, companies with high dissent voting on board diversity, tenure, and busyness tend to improve their board composition in the following year. These findings suggest that voting rationales contain valuable information for firms and serve as a low-cost strategy to promote good governance practices in portfolio companies.
Another researcher revealed that to maintain diversity in corporate boards they hire finance professors from universities. That strategy serves many purposes;
Financial Expertise:
Finance professors possess specialized knowledge and expertise in the field of finance. They bring a deep understanding of financial concepts, markets, and instruments to the boardroom. Their expertise can enhance the board’s ability to make informed decisions regarding financial strategies, investments, risk management, and capital allocation.
Research and Data Analysis:
Finance professors are well-versed in conducting rigorous research and analyzing complex data. They can provide valuable insights based on empirical evidence and help the board in assessing the financial implications of various strategic choices. Their analytical skills enable them to identify trends, risks, and opportunities, guiding the board’s decision-making process.
Teaching and Communication Skills: As educators, finance professors possess strong teaching and communication skills. They can effectively articulate financial concepts, principles, and strategies to fellow board members who may not have a finance background. Their ability to simplify complex financial information can foster better understanding and facilitate more meaningful discussions among board members.
Objective and Independent Thinking: Finance professors often maintain a degree of independence and objectivity in their research and analysis. This mindset can be valuable in the boardroom, where unbiased thinking is crucial. They can challenge prevailing assumptions, ask critical questions, and provide alternative perspectives, contributing to more robust board deliberations and decision-making.
Academic Network and Industry Insights: Finance professors typically maintain extensive networks within academia and the industry. They have access to the latest research, trends, and best practices in finance. This network can provide valuable insights and connections that can benefit the board in staying updated on emerging financial issues, regulatory changes, and industry developments.
Institutional Knowledge and Governance Expertise:
Finance professors often have a deep understanding of corporate governance practices and frameworks. They can bring this knowledge to the board, helping to enhance governance processes and ensure compliance with regulatory requirements.
Their familiarity with governance principles can contribute to improving board effectiveness, transparency, and accountability.
Bridge between Academia and Practice:
Hiring finance professors to cooperate boards creates a bridge between academia and the corporate world. They can facilitate the transfer of knowledge, research findings, and best practices from the academic realm to practical applications in the boardroom. This integration can foster innovation, informed decision-making, and the adoption of evidence-based strategies.
In summary, hiring finance professors from universities to cooperate boards offers the advantages of financial expertise, research and data analysis skills, teaching and communication abilities, independent thinking, academic and industry networks, governance expertise, and bridging the gap between academia and practice.
These benefits can strengthen board performance, contribute to sound financial decision-making, and enhance overall governance practices within organizations.
Another paper discussed on The growing demand for (environmental. Social and governance) ESG-related corporate information spurs the adoption of mandatory ESG disclosure regulations worldwide. We document that firms respond to these mandates by strategically adjusting productive assets through acquisitions and divestitures to enhance their ESG profiles. In particular, firms acquire more assets with strong ESG performance but divest those with weak ESG records, particularly in the wake of negative ESG incidents. Moreover, firms facing ESG disclosure mandates pay higher premiums for acquiring good-ESG assets and accept lower premiums for divesting poor-ESG assets. Acquisitions are more effective than divestitures for improving ESG performance and enhancing firm value.
Another paper points out that Researchers often study the relationship between CSR and firm value and the linkage between ownership and firm value separately. Only a few papers in the existing literature combine both the study branches, that is answering how ownership can affect the CSR-firm value relation. In this paper, we intend to fill this gap by investigating how state ownership can affect the mentioned relationship. Using a sample of Vietnamese listed firms, we figure out an interesting feature in the Vietnamese financial market. When the state is the sole large shareholder in a firm, it negatively affects the CSR-firm value relation. However, when there are foreign institutions concurrently appearing as other large shareholders, the state ownership then positively affects the mentioned relation. We interpret the phenomenon by using the overinvestment hypothesis. That is due to the agency problem, when the state presents as the only large shareholder, it uses the firm’s financial resources to overinvest in CSR activities to improve the state’s reputation in the public eye. However, doing that comes at the cost of other shareholders, specifically a decrease in firm value. Nevertheless, when foreign institutions come in, they can help monitor and alleviate the issue, therefore, the firm value increases. In this case, foreign institutional investors might play an effective role in mitigating the mentioned issue.
Another study from Korea argues that, the effects of corporate social responsibility (CSR) on firms’ stock performance were examined in the context of a corporate scandal closely tied to environmental and social (ES) issues, namely the humidifier disinfectant scandal in Korea. The researchers found that firms with higher ES ratings, particularly those with stronger social ratings, experienced significantly better stock performance during the product safety scandal. The findings highlight the influential role of CSR in shaping a company’s stock performance, especially when investors demonstrate significant attention to ES issues. This suggests that firms’ investments in CSR can effectively mitigate nonfinancial risks and contribute to their overall financial performance.
(The author, a senior Chartered Accountant and professional banker, is Professor at SLIIT University, Malabe. The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official policy or position of the institution he works for.)
Features
Getting organised for the new arrival
BY Dr B. J. C. Perera
MBBS(Cey), DCH(Cey), DCH(Eng), MD(Paediatrics), MRCP(UK), FRCP(Edin), FRCP(Lond),
FRCPCH(UK), FSLCPaed, FCCP, Hony. FRCPCH(UK), Hony. FCGP(SL)
Specialist Consultant Paediatrician and Honorary Senior Fellow,
Postgraduate Institute of Medicine, University of Colombo, Sri Lanka.
An independent freelance medical correspondent
KEY POINTS
=Being parents of a newborn baby is a tremendous responsibility.
=To attend to the necessary chores and duties at home, the home set-up must be well organised.
=The routine care of a baby, throughout 24 hours, is a demanding one. But if things are well looked after and prearranged, it would make the task that much easier.
=It is a joint responsibility of the mother, as well as the father, and all other inmates of the same household.
At long last, the baby has arrived, and the parents will be taking him or her home. Usually in uncomplicated deliveries, even after Caesarean operations, the baby is sent home in a couple of days. It is generally a hectic time, and if steps have not already been taken to get things organised at home, it can be quite difficult for new parents. Getting things in shape should have started well before the baby’s birth, but even if he or she arrives earlier and unexpectedly, getting organised at that stage is important to make life easier for both parents. This is perhaps easier said than done, especially for a young couple, but it is a process that would pay dividends. All that is required is plenty of common sense. Getting organised for the newborn baby well in time will make life that much easier in the subsequent months and years to come.
An important thing to do is to arrange everything in the bedroom so that the ‘baby things’ are easily accessible and you know where to find each item. As an example, it should not be necessary to look high and low for nappy pins once a nappy has been put on the baby. What is advocated today is to keep the baby in the same bed as the parents, and this means an extra cot may not always be necessary. It would also provide a little more space in the room, which would otherwise have been taken up by a cot. However, a small baby cot is sometimes useful to put the baby to sleep and provide some rest and relaxation to the mother.
If the baby is kept on the same bed as the mother, there is no danger of the mother rolling over the baby during sleep, as the natural in-built maternal instincts would wake her up at the slightest touch from the baby or the tiniest noise from the baby.
Clothes and nappies
The clothes and nappies of the baby should be easily accessible and available at all times. It is not necessary to buy a new almirah or a cupboard for the baby. A couple of shelves of a cupboard that is already in the bedroom would do nicely. Even a small separate wooden or cane rack with shelves too would be more than adequate for this purpose. The secret is to still have sufficient room in your own bedroom to move about even after getting the baby’s things organised. Sweeping and cleaning the bedroom should be done every day. Some people elect to wet-mop the floor, which is a really good thing. These tasks should not take too much time and could be quickly attended to when the baby is resting quietly after a feed.
Other people in the household and perhaps the father of the baby could help in this regard. Battery torch lights and emergency lights for power failures should be kept in places that are easily accessible, even in the dark. It is no joke to start looking for these things when there is a loss of electrical power. One needs to be prepared, as such unexpected power failures are so very frequent in certain areas of the country. Incidentally, there is nothing against the use of electric fans in the bedroom where the baby is.
During very warm days, it will only make the baby more comfortable. It will not cause any illness. The same applies to air conditioners, provided they are maintained well and serviced regularly. If there is a telephone in the house, it would be worthwhile getting a cordless extension so that the mother does not have to run around in circles to answer the phone while attending to the needs of the baby. This is of course minimised completely today with the use of modern mobile phones.
Feeding the baby should not cause any problems at all. The need of the hour is to exclusively breastfeed for the first six months. THERE IS NO OTHER MILK THAT COMES EVEN CLOSE TO THE GOODNESS OF MOTHER’S MILK – FULL STOP; NO ARGUMENTS AND NO BUTS. There is extremely convincing and overriding scientific evidence for breast milk being the very best form of nutrition for a new arrival. It is the golden elixir of life, and there is nothing else, absolutely nothing else, that is as good as mother’s milk for a baby. The infant milk-food companies can even shout from the rooftops but they have no chance, whatsoever, against proven scientific medical evidence. It is also important to stress that babies need to be fed on demand and very definitely NOT BY THE CLOCK. All babies will indicate by various actions when they are hungry and feel the need to be fed.
Breastfeeding obviates need for bottles, etc.,
Exclusive breastfeeding would obviate the need for bottles, teats, cups, spoons, formula milk powder, sterilising equipment, etc. There is no extra cost involved as well. Government legislation has provided working mothers with sufficient maternity leave to feed their babies with human milk for at least the first four months. If there are ways of getting a little bit more leave to stretch it to six months, this should be explored to the fullest, as the benefits of exclusive breastfeeding are worth a lot more than money could buy. There are added benefits of breastfeeding such as control of the mother’s weight and figure as she burns up a significant number of calories in producing her milk.
When it is time to give the baby a bath, arrange everything you need around the place where you are going to bathe the baby. Towels, soap, etc., should be at arm’s length. If there is help available at home in the form of members of the extended family or domestic aides, this is the time you could really make use of them. When the mother gets used to the procedure, bathing a baby is no big deal. In most instances, it is a thing that both mother and baby would enjoy. Get the baby used to bathing as early as possible. This will prevent him or her from making an almighty fuss at bath time later on. Almost all babies love to be in water provided they are introduced to bathing very early in their lives.
The mother must arrange her mealtimes and resting periods to coincide with the times when the baby is quiet or is sleeping. Mother’s meals just need to be nutritious, and everyday foods are more than adequate. It is not necessary to go out of the way to provide her with expensive supplementary foods or additional forms of nutrition. There is no scientific evidence to say that certain foods are not good for nursing mothers. The notions of “heaty” foods and “cooling” foods have no scientific rationale.
Most authorities believe that a nursing mother could and should eat anything and everything. The only thing necessary is to provide a nicely balanced and adequate diet. The mother needs to get a sufficient and acceptable amount of sleep, especially during the day. This is particularly important because she may have to get up several times during the night to feed and change clothes of the baby. Steps must be taken to provide her with these essential periods of rest. Organising a routine to help her with this aspect would be most desirable.
Father’s work schedule
It is also advantageous for the father to get his work schedules and duties rearranged as much as possible and in such a manner so as to provide sufficient time at home to help in caring for the baby. This, of course, depends on the exact type of work that he is involved in. In each and every case, a genuine effort should be made to have quality time with the mother and the baby. This is particularly useful for the first few months of the baby’s life. As far as possible, the father should be equally involved with the rearing practices of the baby. Looking after a baby should be a shared responsibility. This process also enhances the baby developing a very beneficial and desirable bond with both parents.
The arrival of a new baby should not lead to a complete social embargo for the family. One could travel outside the home with the baby, especially if the times of travel are carefully planned to suit the requirements of the baby, such as feeding times. Even then, if the baby is breastfed, he or she could be fed almost anywhere. Some babies are, however, prone to throwing up while travelling immediately after a feed. It is generally better to avoid intensely overcrowded social gatherings, but social visiting, attending weddings and parties, with the baby in tow, are quite in order, even when the baby is just a few weeks old.
If the parents own a car, it is a good idea to get a commercially available baby car seat that is fitted to the rear seat of the car. The sooner you get the baby used to travelling in this baby seat, the better it is for all around. It is the safest way to take the baby in the car. In some of the Western countries, newborn babies are not discharged from the hospital till a car seat is fitted to the car. Unfortunately, baby car seats are not that popular in this country, but it must be pointed out that they contribute a great deal towards the safety of a baby in the case of a traffic accident.
Unnecessary expenditure
Many parents spend unnecessary amounts of money on a baby. All kinds of expensive items, such as perfumes, colognes, powders, etc., are not quite essential for a baby. The natural milky smell of a baby is quite unique. The clothes that one buys for a baby should be simple, uncomplicated, light and preferably of cotton origin. Their design should be very safe for the baby. It is best to remember that babies grow up very fast, especially in the first two years of life and tend to outgrow clothes in next to no time. Even the toys for the baby should be appropriately selected and should be very safe and eminently affordable.
There is no reason whatsoever that the expenses for a little newborn baby should be more than what one would normally need to spend on an adult.
A newborn baby should be such a joy for the entire family, including the extended family. Grandparents would usually dote on the baby. If there are other children, it is important to provide the necessary attention to them as well so that they would not feel neglected. It would prevent sibling rivalry, and the other kids would go on to love the new arrival. All newborn babies are quite a delight and not a burden, and it is definitely their right to be treated as such.
Features
Shouldn’t foreign expert be appointed MD of SLP?
by J. A. A. S.R anasinghe,
Productivity Specialist
rathula49@gmail.com
The recent appointment of Vipul Misra, an Indian national, as Acting Chief Executive Officer of Sri Lankan Airlines deserves to be viewed from a much broader perspective than simply as an appointment to a vacant position. In my view, it is a sensible and courageous decision by the Government.
Sri Lankan Airlines is a national asset operating in an intensely competitive international aviation industry. It requires specialised aviation knowledge, commercial acumen, operational discipline and international exposure. According to the report on his appointment, Misra brings more than two decades of aviation engineering and leadership experience, including experience with major Indian carriers such as Air India, Vistara, IndiGo, SpiceJet, Kingfisher Airlines and Air Deccan.
Dr. Sarath Obeysekera, a high-profile CEO and the former Managing Director of Colombo Dockyard PLC contends the appropriateness of filling senior corporate positions of the public sector from foreign nationals, when positions of high-calibre CEOs are not locally available. He says that Sri Lankan Airlines has previously benefited from expatriate professional leadership. During the Emirates management period from 1998 to 2008, British aviation professional Peter Hill led the airline through rebranding, fleet modernisation, network expansion and improvements in service standards.
The airline reported profits during several of those years, although later analysis showed that gains from aircraft sales and leaseback transactions contributed significantly to some results. Nevertheless, the airline was run with greater commercial discipline, clearer accountability and considerably less day-to-day political interference.
Following the end of Emirates management, due to direct intervention by the then President, Sri Lankan Airlines faced turbulent situations and passed through numerous chairmen, chief executives, restructuring proposals, procurement controversies and political interventions while taxpayers continued to carry its debts and losses.
It would be unfair to suggest that every Sri Lankan chairman or CEO was incompetent or corrupt. Sri Lanka has produced many outstanding aviation professionals. The deeper problem has been a governance system in which even capable executives can be weakened by political appointments, interference in commercial decisions, frequent leadership changes and the absence of measurable accountability. He says that the arrival of Indian professional leadership is not limited to aviation.
Colombo Dockyard presents another significant example. Following the acquisition of a controlling interest by India’s state-owned Mazagon Dock Shipbuilders, Capt. Jagmohan was appointed its non-executive chairman. He is a naval architect with extensive experience in warship design, naval dockyards, shipbuilding and major maritime projects. (Mazagon Dock leadership)
This partnership could give Colombo Dockyard access to capital, technology, Indian and international orders, specialised naval work and a much larger supply chain. However, because the Dockyard is an important national maritime asset, success must be measured by the creation of skilled Sri Lankan employment, expansion into commercial and offshore engineering, growth in exports, transfer of technology and development of local managerial successors—not merely by a change of ownership or boardroom nationality.
The rise of Indian professionals should not surprise us. Sundar Pichai leads Alphabet and Google, while Indian-born executives have led several other globally important technology and industrial corporations. India has built an enormous pool of engineers, scientists, accountants and managers through technical education, English-language capability, exposure to large competitive markets and international professional mobility.
India’s formal national ambition is Viksit Bharat 2047—to become a developed nation by the centenary of its independence. The target is 2047 rather than 2040, and its vision specifically combines economic growth, skills, social progress, sustainability and good governance. (Government of India)
The important lesson is that nationality should not be the principal criterion for selecting the person to lead a strategically important State enterprise. Competence should be, according to Dr. Obeysekera. This principle should now be extended to another equally important national institution — the Sri Lanka Ports Authority (SLPA), as this post has fallen vacant and an advertisement has appeared in the newspapers calling for applications from suitable applicants.
The recent discussion surrounding the vacant substantive post of Managing Director of the SLPA, including Dr. Sarath Obeysekera’s call for the appointment of a “developer, not merely an administrator”, raises a fundamental question: Are we looking for someone merely to administer the existing machinery of the Ports Authority, or someone capable of transforming Sri Lanka’s ports into major engines of investment, industry, employment and foreign-exchange earnings?
The distinction is crucial. On the other hand, one should not be over excited for the manner in which foreign nationals are employed not in hundred perhaps in thousands in manual operational activities in heavy industries in Sri Lanka. In the case of Shipbuilding and Construction industries, the deployment of welders and skilled workers have now become a norm rather than an exception.
Sri Lanka possesses enormous maritime advantages. Colombo is strategically located on one of the world’s busiest shipping routes, while Hambantota and Trincomalee offer substantial possibilities for future development. Yet the challenge is no longer simply to operate ports efficiently. The country must develop the ecosystem around them — logistics, ship repair, shipbuilding, offshore services, maritime industries, warehousing, bunkering, technology, investment and related export-oriented activities.
This requires a different type of leadership. The government should therefore consider applying the same bold thinking demonstrated in the Sri Lankan Airlines appointment to the SLPA. If the best person to transform the Ports Authority is a Sri Lankan, appoint that person. If the best candidate is an internationally recognised professional from India, Singapore, Dubai, Europe, Japan or elsewhere, why should nationality become a barrier?
Indeed, the Sri Lanka Ports Authority Act itself provides that the Minister shall appoint a “competent and experienced person” as Managing Director, whose responsibility includes directing the business, exercising the Authority’s functions and controlling its employees. That statutory emphasis on competence and experience should guide the selection.
What Sri Lanka needs is not another appointment based primarily on seniority, institutional familiarity or traditional public-sector credentials. It needs a leader with a proven international track record in port development, maritime logistics, commercialisation, investment attraction and large-scale project execution. Such a person should be given clear targets and held accountable for delivering them.
The appointment of an international professional should not be regarded as an admission of failure on the part of Sri Lankan professionals. On the contrary, it would demonstrate confidence in the principle that Sri Lanka’s national assets deserve the best available talent, wherever that talent may be found.
The government has already demonstrated this new approach through the Sri Lankan Airlines appointment. I respectfully suggest that it should now have the courage to apply the same principle to the Sri Lanka Ports Authority.
Our national assets are too valuable to be confined to a search for talent within national boundaries. The best person for the job should be given the job irrespective of nationality.
Features
What can you expect from school?
by R. N. A. de Silva
rnades@gmail.com
In my teaching career spanning over 50 years, I have worked in three diverse schools and would like to present the similarities and differences of expectations that I have experienced. The first school that I served for eight years was a reputed local boys’ school in Kandy. Thereafter, I taught in a prestigious international school in Colombo for 32 years. I was also employed in a renowned international school in Hong Kong offering pre-university education, for 12 years. Three very different institutions in all aspects.
The school in Kandy, where I began my profession as a pedagogue, is one of the oldest schools in the country where traditions had been shaped and maintained. The school considered discipline as one of the most important personality traits in a student’s life. The belief was that discipline is the bridge between goals and accomplishment. The importance of discipline cannot be ignored as “Life without discipline is like a ship without radar”. The administration of the school was under the catholic priests and they made sure that discipline was maintained and given priority in all activities. It was an era when the conviction was “Spare the rod and spoil the child” and the rod was used to good effect, but accepted in good faith. I have many students of that era who are now holding distinguished positions and they have told me how immensely they value the disciplined upbringing which they uphold as a significant key to their success.
Traditionally, the school had a reputation not only in the academic sphere but also in the sporting field. The notion that sports play an important role in the holistic education of students was always upheld. The competitive sports were promoted and encouraged. Competitions with other school teams provided opportunities to make new contacts, develop teamwork and strengthen community ties. The achievements in the sporting arena brought recognition not only to the players but also the school.
The emphasis on religion was always present in all spheres of activity. The school provided a structured and formal environment for the students to be spiritually grounded so that the moral values are reinforced appropriately. The students were free to follow their faiths but perhaps the priests provided an example as to how religious education can be an indispensable aspect of a broad and balanced education.
Having left Kandy, I then joined an international school with a reputation of being the oldest international school in Sri Lanka. The atmosphere and the environment were strikingly different with only about 15% of the student population being Sri Lankan. The emphasis is on holistic growth or building the whole child. The attention is on the creation of an environment where every child feels seen, heard and valued. It actively encourages curiosity, bravery and cultural sensitivity. The curriculum too is designed to be inclusive and representative of the diverse student body. The students are not ranked according to their achievement standards and the assessments are criterion based. Not only the intellectual level but also effort and progress are considered for achievement awards.
In the sports field too, participation is valued over winning. Participation provides an opportunity to explore the students’ boundaries and expand the talent and also to learn new things and develop various skills. Although religious education is not taught as a subject, time is allocated in the time table for moral and ethical development. Perhaps the sense of belonging or the school spirit is not as high in local schools as the student population is mobile, depending on the duration of the professional postings of their parents.
I also had a rare opportunity of working in a pre-university college in Hong Kong, where the students are selected on merit through a highly selective process. The 250 students in the school usually represent about 80 or more countries. It is a residential school where the residence is divided into four sections. In addition to being a teacher I was also the warden of a section of the residence, where I had mixed responsibilities as a teacher, parent, counsellor and friend to the students.
The students are granted a lot of freedom in preparation for university life and the emphasis is to use this freedom with responsibility. They are guided to conduct their own affairs giving due consideration to sustainable living and efficient management. Cultural sensitivity and care for one another are given high accentuation. The ultimate aim is to make education a force to unite people, nations and cultures for peace and a sustainable future. Along with academic rigor the research skills are promoted as required in the university education. Critical thinking is actively promoted in all disciplines with the idea of making reasoned judgements and decisions.
While the students are expected to be involved with sports and creative activities, a high significance is placed on community service. If there is a clash of events happening at the same time, the community service projects are given priority over others. Community service not only provides assistance to those around us who are in need, but also brings a sense of fulfillment and purpose to those offering their services.
To go back to our question ‘What can you expect from a school?’, the expectations may differ for various categories of stakeholders mainly the students, parents and teachers. However, the main ingredients remain the same.
=Academic atmosphere delivering intellectual growth for the students to perform at their best.
=A safe and secure environment for learning and participation to be effective.
=Appropriate facilities for holistic growth offering wide range of extra-curricular activities for the enhancement of physical, mental and creative faculties.
=Provision of opportunities for personal growth to be worthy citizens of this world.
Over the years, I have received numerous notes of gratitude from my students. I treasure these more than the letters of recommendation that I have received from the management. These notes express their sincere appreciation in simple but heartfelt words. I do not wish to share them with you, but when departing from a school, if a child could say “This school taught me how to learn and to be a life long learner. It guided me to think critically to make appropriate decisions. It showed me the path to take care of myself and those around me. I am now able to go out into the world with confidence to be a successful and right-minded citizen.”, then I feel that the school has fulfilled its expectations well.
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