Under a principle-based approach, there should be safeguards and practical relief for all practitioners rather than rules-based outright prohibitions. The rewrite of this Independence component of the Code is substantially rules-based rather than principles-based. In this regard, we also encourage the IESBA to prioritize the redrafting of the entire Code using a similar drafting convention to that used by the International Auditing and Assurance Standards Board in its Clarity project" (IESBA Exposure Draft of Sections 290 and 291 of the Code of Ethics on Independence - Proposed Additional Requirements in relation to Internal Audit Services, Relative Size of Fees and Contingent Fees 2007). There will also be an all-time high in direct air capacity from the important U.S. market, with a total of 35,000 seats to the island each week, a 20% increase when compared to last year. Following the recent "Open Skies" arrangements, Tourism Ireland is working closely with Shannon Development and tourism interests across the Mid West with a view to maximising opportunities for the west coast in 2007 and beyond.Great Britain, our largest and most important source market for tourism to the island of Ireland, has enjoyed continued growth in access capacity in the past few years and now represents over 54% of all air access. Summer 2007 will see a slight softening in capacity, down -1.7%; however, there are still a very healthy 250,000 seats available each week.

Hong Kong boasts sound and solid securities and banking sectors which are supported by a strong trading, clearing and settlement infrastructure. Further, the Hong Kong Monetary Authority's U.S. Dollar Clearing System allows local financial institutions to settle U.S. dollar transactions real time in the Asian time zone against the delivery of Hong Kong dollars, instead of 12 hours later in the New York time zone. This reduces the foreign exchange settlement risk caused by the time gap between the settlement of Hong Kong dollars and U.S. dollar.

In the financial markets, clearing and settlement systems refer to the arrangements (not just the machinery) for the clearing and subsequent settlement of transfer of funds or securities between financial institutions. These funds or securities could be denominated in local or foreign currencies and the transfer could take place within the same jurisdiction or across the border. Thus a set of robust and efficient clearing and settlement arrangements is the cornerstone of the financial intermediation activities in an international financial centre (Clearing and Settlement Systems Ordinance 2004).

2.3. Technology

Along with that, in order for corporate universities to develop a successful relationship in the sector tourism, they could use software to keep an eye on the industry by teaching employees how to use it. From there, the technology helps corporations have an insight into tourism by doing the following.

A data, information and technology are open source, rather than hidden under proprietary ownership (the New World of Travel 2.0: Applications of Social Software in the Travel and Tourism Industry, and in Teaching a Sustainable Tourism Course) new applications and web sites are making the global marketplace of ideas and products open to everyone, which is allowing new businesses can be established without the huge start up funds from venture capitalists that were common in the 1990s (the New World of Travel 2.0: Applications of Social Software in the Travel and Tourism Industry, and in Teaching a Sustainable Tourism Course) these new applications and web sites are democratizing the tools of production, enabling greater diversity, allowing more customized streams of information and sales, and fostering the emergence of "a billion niche markets." (the New World of Travel 2.0: Applications of Social Software in the Travel and Tourism Industry, and in Teaching a Sustainable Tourism Course)

In order to develop a strategy in tourism, corporate universities can do the following with the software so the employees can better serve consumers.

Listening to markets and consumers. By providing a public sounding board or forum for consumers of a company's products, a company can demonstrate its transparency and trustworthiness. Businesses need to be open to being trashed by consumers, in order to both learn from them and to build their trust (the New World of Travel 2.0: Applications of Social Software in the Travel and Tourism Industry, and in Teaching a Sustainable Tourism Course).

Creating user communities. Social networks can be created through open source Web sites. Such a Web site would include reasons for people to feel a part of the community of other users. Users would need to feel...

This is similar to creating a user community, but involves a community of businesses who are working together either formally or informally. This approach is also known as the "distributed business" (the New World of Travel 2.0: Applications of Social Software in the Travel and Tourism Industry, and in Teaching a Sustainable Tourism Course).
2.4 Benchmarking

Companies and corporations must research a program prior to implementation to ensure it will be successful, and to determine any potential failures. Companies realize a successful process at another company does not guarantee the program will work in every business model. Research is a diligent and systematic inquiry or investigation into a subject in order to discover or revise facts, theories or applications. Benchmarking is a way to compare how one company does business with another in the same industry. Benchmarking occurs when a company wishes to develop new plans and ideas and wishes to see how other like companies has been successful. Benchmarking requires many hours of research to determine the risks associated with implementing the processes and removes the stigma of "it has always been done this way" while allowing for a variation to problem solving. It uses a review of best practices and though costly, the benefits will outweigh the costs. By using benchmarking practices, companies can implement new and improved business practices and develop plans which will help them succeed. From there, after benchmarking other companies and corporations, corporate universities can get reach new employees and customers for their corporation to develop a successful tourism sector.

After benchmarking Novartis and Genzyme similarities were apparent about the importance of strong, cohesive, high performance teams working hard for the organization, those teams can make the difference between reaching the goals and losing the company and not be that strong for an IPO Offering. Team work in both organizations has allowed them to grow from the ground into well respected billion dollar companies that are serving the community around the world. A strong organizational culture has also been crucial to the success of Novartis and Genzyme; both organizations have merged with smaller companies along their journey and integrated their cultures to create a new stronger culture to guide their employees to success (McShane and Von Glinow, 2004).It is very important for Genzyme and Novartis to enhance the quality of life of their consumers. They have become committed to producing innovative products to provide affordable quality health options to patients. Similarly, the company produced biochemical products to enhance the lives of farmers and produce better and healthier vegetables for the consumers. The scientists at Novartis and Genzyme worked night and day knowing that the executives of their companies cared about their hard work and shared their vision. Emotional intelligence was used by the team of executives in both companies to train their management, knowing how to treat the employees and creating a good working environment for them assures job satisfaction and commitment to the company, which manage a good IPO Offering. (McShane and Von Glinow, 2004).

To satisfy the SEC -- " which acknowledges that the first year was a learning curve and a "substantial" undertaking -- " companies should focus less on their processes and more on what led them to their final compensation decisions, the commission suggests. The SEC's comments to the companies it reviewed range from major changes -- " such as refocus the gist of the CD&a -- " to minor ones, such as increase the font size of a footnote for readability. "We seek... more direct, specific, clear, and understandable disclosure," the SEC wrote. "We believe this will foster enhanced and more informative executive compensation disclosure." Indeed, the SEC commented on companies' methods of benchmarking executive pay with those of peers. The SEC wants companies to specify which companies they are comparing themselves with and what types of compensation are considered in those comparisons. In addition, the commission frowned upon companies that benchmarked compensation based on "a vague or broad range of data" from peers; it wants companies to be more specific about where their own compensation falls in that range" (SEC on Pay Disclosure: Less Conversation, More Analysis 2007).

The SEC also made these observations and recommendations: (SEC on Pay Disclosure: Less Conversation,…