Corporate Governance Principles Of Bellamy’s †MyAssignmenthelp.com

Question: Discuss about the Corporate Governance Principles Of Bellamys. Answer: The Issues The issue presented in the case study is that the company named Bellamys has performed very poorly in the current financial year therefore the key reasons as to why such a condition had occurred and the specific areas where the loopholes lie that have led to such a downfall has to be identified. Whether the company has adhered to the corporate governance principles laid down by the Australian Securities Exchange has also to be judged and then relevant solutions are to be provided. Therefore in this study a brief understanding of the corporate governance principles can be achieved along with its practical applications. Background The major issue that led to the downfall of Bellamys is a range of expenses that formed a greater part of the revenue earned by the company in the financial year of 2016. Marketing and promotion costs contributed to a 4.5% of revenue. This particular expense in relation to marketing was not at all effective. An unprecedented increase in the cost of overhead also contributed to the critical condition faced by the company. In order to improve and come out of the problem the company decided to reconstruct its composition of the Board of Directors. Moreover the composition of the previously formed Board of Directors was only partially compliant with the ASX Recommendations (Bellamys Annual Report, pg 22). As a result the composition of the Board of directors was changed due to the decision taken in the general meeting held in the date of 28 February 2017 (Tricker Tricker, 2015). The composition of the Board was changed on the belief that the new composition will make the Board more eff icient in nature and will result in more business opportunities. The new composition will make the Board more effective in monitoring the activities of the management along with the implementation of the organizational plans that aim at increasing the revenue of the firm. The management of Bellamys after the change in the composition of the Board of Directors stated that the newly created Board of Directors complied with the 3rd edition of the ASX Governance Principles and Recommendations. The new Board came out with an optimistic approach and claimed that the Board was constructed in such a way that it would be able to guide and look out for the management of the company and help it in effective decision making that would enable the business to get a hold of the long term opportunities of the market. But there have been certain recommendations that restricted the Board from exercising its fullest potential. (Van den Berghe, 2012). A major issue is that as mentioned in the disclosure, half of the Directors are independent Non-executive Directors (Bellamys Annual Report, pg 22). This evidently does not comply with the recommendations of the ASX, as according to the recommendations the majority of the members of the Board should be independent. The belief of the board that non executive directors bring into the company new perspectives and viewpoints is not totally accurate. Though it is acceptable that the non executive directors are experienced as because they have worked in different domains of the same industry and climbed the ladder to such a high position in the hierarchy of authority, non executive directors do not really have detailed information about the happenings or tips and tricks of the organization which is very easily available to an executive director (Kathy Rao, Tilt, Lester, 2012). This fact is proven from the information published in the disclosure of the company that the company having majo rity of independent non-executive directors is not a very practical idea because of the size of the Board and the current conditions in which the company operates (Bellamys Annual Report, pg 23). Moreover the non executive directors having independence may prove to be more fatal for the company as the entire power is given to the members who do not belong to the company intrinsically and work due to performance remunerations (Ahmed Henry, 2012). In addition to this the performance evaluation of the board also may not have been done properly. It should be checked whether the requirements of the Charter are met by the Board of Directors of the company. Analysis Now in order to lift the condition the company and to increase the efficiency of the presently changed Board of Directors Bellamys should strictly adhere to the Corporate Governance Principles and recommendations provided by the council. Therefore the first governance structure where the company made a mistake is that it did not give prior importance to the composition of its Board of Directors. Now in case of Bellamys, both majority of the members were not independent and the most of them were non executive directors. Many experts are of the opinion that hiring directors from outside the company lead to increase in effectiveness of the work performed by the Board because it leads to a distinction between the top level decision management and control. These experts are of the opinion that these outside directors work with more efficiency because of the fact that they get performance incentives along with increased reputation due to their work (Corporate Governance and Company, pg 375). But this is not completely true as because the outside directors may be very sincere in their work but they will definitely not have the knowledge about the inner techniques and knits and grits of the company (Recommendation 2.4, page 17). Some experts recommend non-executive directors in the board of members as because they believe that this reduces the chance of non compliance with the GAA P (Corporate Governance and Company, pg 375). But this is not the real case as an executive member is informed about the company in all aspects, that is, he knows the areas where fraud may occur or the transactions that are more likely to be subjected to the risk of material misstatement, hence violating the GAAP (Yarram, 2015). Bellamys though tried its level best to adhere to the Corporate Governance structure as mentioned by the ASX but also failed in the area where it had to be maintained that the chairman of the Board should very importantly be independent (Recommendation 2.5, page 18). Best Option According to the principle of the ASX Corporate Governance Council the board of directors is a very important component of an organization. The Council is of the recommendation that there is an inverse relationship between the number of directors in a Board to the performance of the company (Tao Hutchinson, 2013). This means that more number of members in the Board will lead to unnecessary confusion and complexities. The process of decision making will unjustifiably be delayed and this will also lead to communication issues among the members (Corporate Governance and Company. Pg 374). Ultimately too many members will definitely spoil the effectiveness of the Board (Recommendation 2.1, page 14). Though some experts are of the opinion that a greater number of Directors will definitely increase the effectiveness of the Board because of the vast range of specializations and skills that they have an expertise in but they tend to forget the fact that only specializing or having a partic ular skill set will not increase the effectiveness of the company because ultimately what matters is the accurate implementation of those skill sets in the interest of the company (Corporate Governance and Company. Pg 374). Therefore the recommendation that smaller boards will lead to higher company performance should be followed by the company (Tao Hutchinson, 2013). The second governance structure that should be followed by the company is that the Board of Directors should ensure clear and transparent reporting on the part of the members of the Board. It has been mentioned previously in this study that the performance evaluation of the Board of Directors has not been done accurately. Though Bellamys has tried its level best to increase and improve the performance of the company and has also for this reason has decided to change the composition of its board of directors but the company should follow the governance structure in relation to diligence of the Board, that is the Board should meet at regular intervals and proper evaluation of the tasks carried out by the Board should be evaluated. Therefore the company should definitely adhere to the recommendation (Recommendation 1.6, page - 13) of the Council that states that increase in the number of board meetings will lead to better performance by the company (Chan, Watson, Woodliff, 2014). Thirdly the governance structure that should very importantly be followed by the company is the governance structure related to the board independence. Here comes two most important theories that run parallel to each other and has led to a lot of arguments as to which theory should be followed. These two theories namely are agency theory and stewardship theory. Agency theory refers to the theory that mentions that the effectiveness of the Board of Directors is directly related to the number of independent members in the Board. In simpler terms the perspective of the agency theory is that the control executed or the power exerted by the Board members are most effective when they are not controlled by the management of the company (Biesenthal Wilden, 2014). Stewardship theory on the other hand mentions that there should be more executive directors in comparison to non-executive directors. This is because the executive directors who have worked inside the organization since long act as stewards and can guide the company to safe shores as because they are familiar with the knits and grits of the company. Therefore the structure recommended by the Council as arises from the above discussion is that the Board of Directors should be such that not contain a huge number of members, the number should be optimum and majority of these members should be independent of the management of the organization (Recommendation 2.3, page 16). Secondly the members who are independent should on priority be the executive members of the organization and not non-executive members (Nana Yaw Simpson, 2014). Lastly as recommended by the ASX the board of directors should contain majorly of independent directors (Corporate Governance and Company, pg 375). Another recommendation that should be adhered to by the company is that the company should incorporate a separation in the roles of the chair person of the Board of Directors and CEO. When such a situation arises then the matter should be handled with utter importance, this is because if the role of the CEO becomes heavy on the chairman of the Board then the entire Board would be dominated by the management (Recommendation 2.5, page 18). On the other hand if the role of the chairman of the Board becomes heavy on the CEO then the needed control on management would again suffer (Yarram Dollery, 2015). Recommendation Therefore all the above mentioned governance structures and recommendations not only remove the governance policy issues but also filter and increase the accuracy of the management of the financial statements of the company. But most importantly Bellamys should follow one of the above mentioned governance structures and recommendations in order to increase the effectiveness of the reconstructed Board of Directors. The particular recommendation should be that the Board of Directors of the company should have more independent directors (Recommendation 2.4, page 17). This is because having more independent directors would definitely render to the fact that more and more decisions are taken or more and more action plans are implemented out of the scope of the management. In case of freedom from the control of the management, the Board would definitely be able to get the inputs from the management but there would be no mandatory rule that it would have to adhere by the decisions of the ma nagement. Therefore it will definitely be more effective in resolving the issues with increased effectiveness, thus proving the decision of change of composition of the Board of Directors to be correct. In the present situation the management may be overpowering on the Board but if the recommendation is strictly followed then Bellamys will surely improve its performance. Limitation The only limitation that apparently may hamper the working of Bellamys is the control of management over the Board of Directors. The management if imposes much control over the Board of Directors then very naturally the performance of the Board becomes poor as because the management will continue putting its demands and wants on the Board thus hampering its own plan of work. References Ahmed, Kamran, Henry, Darren. (2012).Accounting conservatism and voluntary corporate governance mechanisms by Australian firms. Accounting Finance, 52(3), 631-662. Biesenthal, Christopher, Wilden, Ralf. (2014). Multi-level project governance: Trends and opportunities. International Journal of Project Management, 32(8), 1291-1308. Chan, MuiChing Carina, Watson, John, Woodliff, David. (2014). Corporate governance quality and CSR disclosures. Journal of Business Ethics, 125(1), 59-73. Kathy Rao, Kathyayini, Tilt, Carol A, Lester, Laurence H. (2012). Corporate governance and environmental reporting: an Australian study. Corporate Governance: The international journal of business in society, 12(2), 143-163. Nana Yaw Simpson, Samuel. (2014). Boards and governance of state-owned enterprises. Corporate Governance, 14(2), 238-251. Tao, Ngoc Bich, Hutchinson, Marion. (2013). Corporate governance and risk management: The role of risk management and compensation committees. Journal of Contemporary Accounting Economics, 9(1), 83-99. Tricker, RI Bob, Tricker, Robert Ian. (2015). Corporate governance: Principles, policies, and practices: Oxford University Press, USA. Van den Berghe, Lutgart. (2012). International standardisation of good corporate governance: Best practices for the board of directors: Springer Science Business Media. Yarram, Subba Reddy. (2015). Corporate governance ratings and the dividend payout decisions of Australian corporate firms. International Journal of Managerial Finance, 11(2), 162-178. Yarram, Subba Reddy, Dollery, Brian. (2015). Corporate governance and financial policies: Influence of board characteristics on the dividend policy of Australian firms. Managerial Finance, 41(3), 267-285.

Why Everybody Is Talking About Education Research Paper Topics...The Simple Truth Revealed

Why Everybody Is Talking About Education Research Paper Topics...The Simple Truth Revealed The explanations for why chess needs to be considered a sport. Professional writing service will solve difficulties with homework at any level with no delays. Make certain to use a great deal of solid statistics. Argue the benefits of home schooling to conventional schooling. Educational research may be used to identify underlying problems within the field of education. It refers to a variety of methods in which an individual evaluates different aspects of education. It is one of the most diverse disciplines that any college has to offer, and there are numerous ways to go about creating an education paper. It is a very popular topic in today's society because it is a source of frustration for taxpayers. The Education Research Paper Topics Game With a high number of topics to cover, it's useful to comprehend which topics are definitely the most well-known ones and superior tips for r esearch topics. They've been organized into ten categories and cover a wide variety of subjects so that you can easily locate the very best topic for you. I am hoping this list can help you opt for a topic for your research paper. Search for the primary factors thanks to which relative equality was achieved. The notion of each health topic is to supply comprehensive explanation of its importance and your take on the entire matter. If you are going to compose a dissertation about special education then you are able to discuss different aspects below the identical subject. It is normal to think of all these questions while picking out a topic for your paper since it is of critical importance. You might take note of the most often occurring mental disorders, but there's almost always a different perspective to check from, and that's what makes a good research paper topic. It's still true that you have to do the exact thing when it has to do with choosing readily written topics. Describe the situation and potential solutions. The Debate Over Education Research Paper Topics Not all research paper topics are made equal, and you would like to be sure you select an amazing topic before you commence writing. There's much research and background study that must be done in-order to create a wholly prosperous paper. So, you've realized that you're all set to compose your research paper. The more you comprehend the simpler it's for you to compose a thriving research paper. If your thesis is something which is normally agreed upon or accepted as fact then there's no r.. Before you commence writing a single word of your paper, you first will need to understand what your thesis will be. An education essay example from us will not simply provide you with the appropriate outline to be applied on these sorts of papers. There's well-known that you won't have the ability to compose a great insightful research paper if you're not interested in the subject overall and in the subject particularly. To approach the paper with at least anxiety, you should select a topic that you're feeling comfortable writing about, and one which you're confident you may grasp the appropriate scholarship on. Whether you're running low in time and can't do your own essay, or only require a good sample essay about education that is going to assist you to compose your very own perfect essay, we've got something for everybody. Search for an excellent idea on dyslexia. Our proficient academic writers have a lot of years of expertise. A structure of this kind of academic assignment differs from the one students may have seen before when dealing with higher school essays. Education research paper topics provide education majors a selection of samples about how to compose projects that range from Adult Learning Theories to Early Education Literacy. Therefore, it's far better to avail professional aid for structuring a research paper. If you should write only 1 paper at the conclusion of the period, you can breathe out since you are blessed. Following that, you have the decision to settle back and relax until the last piece is delivered to you with our offer of free revisions available too. It looks like choosing research paper topics have turned into the most difficult practice. The fundamental research paper format is provided below.

Essay Topics About the Civil War

Essay Topics About the Civil WarWhen writing an essay about the Civil War, it is helpful to think about the topics that you want to cover and to use this list of topics for a good essay. One of the first things that a student has to remember is that he or she has to be extremely cautious in using the sources for information. Civil War sources will vary so often, you need to know your facts and know what the sources are that you use.The main topics to consider when writing a Civil War to essay are slavery, the removal of the slaves, the potentials of secession, the development of a new society, resistance and various government agencies. These are all topics that can be explored in depth when the student explores them over the years. The introduction should focus on these topics to keep the student interested in writing about them throughout the course of the research and the writing.There are several key elements to have when writing an essay on the Civil War. Some of the most import ant are the data and source management, the start of the war, the end of the war, and the history of the Union and the Confederacy. All of these things are important to remember as the student goes about writing a Civil War to essay.One of the things that a student should consider is how to gather the data and sources for a Civil War to essay. This is an essential part of the essay. Students should use data sources, which will help them make their essay more professional and informative. The source management is also important when writing a Civil War to essay because they should know how to gather data and they should know how to use it appropriately.Another topic that a student needs to consider when writing a Civil War to essay is the start of the war. Students should go back to the beginning of the war and then look at the beginning of the Civil War. They should go back to the time before Abraham Lincoln was elected and understands what he was doing.The last topic that a student should consider when writing a Civil War to essay is the end of the war. The final point of interest that students should look at in this situation is the end of the war and how Abraham Lincoln was able to do it. They should also think about the decisions made by Lincoln after the end of the war.Using an essay about the Civil War is an excellent choice for students because they can gain valuable insight about the conflict. A student should always be careful in using information sources and be sure that the data is used appropriately. It is also important for students to realize that this information is not something that can be printed for history class; it is not something that can be used for debate in school.There are many topics that a student can write about when writing a Civil War to essay. The student should decide what topics to look at and how much time to spend on the material. All of these decisions are important because the student wants to develop a good essay and he or she wants to develop an essay that is effective.

Stanford Essays - Lego, Toy Block, , Term Papers

Stanford Essay for Stanford As the beast ran rampant through the streets, I couldn't help but wonder if my work had been for naught. Trying to salvage any remains, I chased my dog from the room and stared at the havoc left in his wake. The city lay in ruins; the buildings were razed. The prospect of beginning from scratch was ponderous, but I instantly welcomed the challenge. With patience and determination, I began returning the small plastic bricks into their former glory; and then greater glory. Block by block I rebuilt my cities and block by block they built me. From these Legos I learned valuable lessons in versatility, creativity, and tenacity. The sheer vastness of possibilities that Legos present is both intimidating and exhilarating. The colorful blocks lay strewn about in no particular pattern and no particular order. From this chaos virtually anything can be created. As a child I gradually learned not to be intimidated by the endless possibilities but to embrace them, to relish the opportunity to create something from nothing. A preschool teacher recommended holding me back one year. Because I preferred the challenge of Legos to running about with the other children on the playground, she believed that I was socially and psychologically unprepared for school. Little did she realize that the creativity these blocks taught me became a cornerstone for the rest of my life. The seemingly insurmountable challenges gave me confidence and taught me to value cooperation. Watching my Lego edifices grow slowly but surely skyward taught me patience. Watching them fall again taught me the tenacity to continue onwards. Remembering how each task was created piece by piece allowed me to, line by line, memorize the works of history's greatest playwrights. I was able to join MEChA and help lead the Latino community as co-president, arranging events with our two hundred members. My organizational skills were further utilized as the commissioner of elections. Legos also taught me to help others and to ask for their help. I realized that with the creativity another person at my disposal, we could build things we had never even dreamed of on our own. During my senior year of High School I was introduced to crew. I was enthralled by the rhythmic grace of the sport. My dreams soon had me breathing the early morning air nearly flying over the surface of the water. This dream seemed destined to die unfulfilled because I grew up in a part of the country where crew refers to the roadside construction teams, but before the year was out I had convinced one of the Olympic coaches to take me under his wing. This interest is one I would like to develop further. As the years went by, my Lego blocks made way for the blocks of my future. But just like my experiences with Legos, I continue to choose individual blocks from chaos, each one bringing me closer to the life I dream of. The spires lead up to a diploma, the drawbridge leads to a family, and the buttresses support my lofty aspirations.

Fundamentals of Essay Writing

Fundamentals of Essay WritingEssay writing can be a very difficult task. It requires a lot of research and analysis of the subject matter that is to be written. Before you actually begin your essay writing project, there are a few fundamentals of essay writing that you need to learn and be aware of.The first thing you need to do is to begin with research. Reading a good quality book on the topic is a must. After you have read the book, review what you learned about the topic and make sure you fully understand it. Then it is time to write. Begin writing your essay on the topic and make sure it is in accordance with what you learned.You can learn about writing a paper at any college or university. They will have a class that deals with writing papers. This is an excellent place to get knowledge of fundamentals of essay writing. It is also a great way to start learning the art of writing a paper. After you are finished with this class, you can move on to a more advanced class that will teach you how to write an essay on your own.The next things that you should learn about are the basics of essay writing. It can be a difficult task to write a paper, but it can be very easy if you know the basics. Some of the most basic fundamentals of essay writing are punctuation, grammar, spelling, and organization. These things will help you in building a strong paper.The next thing you should learn about are the basics of writing a book. Books are often referred to as 'paperbacks' because they are actually much shorter than a standard paper. The structure of a book is also very different from that of a regular paper. Learning about these differences will help you in the future.The next thing you should learn about are the basics of essay writing. There are a few things that you should know before you begin your essay writing project. One of the most important fundamentals of essay writing is that you will need to research the subject that you are writing about.Research is very important because it allows you to find out the information that you need to write a paper. Research allows you to know what you need to know and will even help you to decide which information is important. Essay writing involves a lot of research.Finally, it is important to understand that you will be able to change and edit your essay as you go along. Many people think that they will be stuck with their essay the entire time. The truth is that you can change your essay and make it better. Learn more about the fundamentals of essay writing.

Reading The Federalist Papers

Reading The Federalist PapersMany people were perplexed as to how the Presidential Election, Electoral College, and the large scale vote in the House of Representatives were handled, but now, by reading the Federalist Papers, you will realize how it was handled. Even though there is quite a bit of information on the internet about how the Electoral College was handled, I decided to try to translate some of the more important Federalist Papers for you in order to help you understand why there were no more revolution, no more civil war, and no more foreign wars in our time.After having read through all of the Federalist Papers, I found it very interesting that there was only a minor revision of the Articles of Confederation and that there was a very small percentage change in the Constitution. There was also a lot of discussion concerning slavery and states' rights. There were many debates between Alexander Hamilton and John Jay and the great debates between Thomas Jefferson and George Washington.If you do not read the book cover to cover, you will not understand some of the issues that were discussed in these debates. The Federalist Papers have been used in many schools for history classes because of the ideas that were expressed in the discussion about the Electoral College and the fact that President was not elected by the popular vote.It has also been used in history courses to educate students on our system of government and how people have the right to put their viewpoint into legislation. You will also learn a great deal about the relationship between states and the Union and the states having the ability to own slaves.To further explain this subject, you can go back to any Federalist Paper that you have been studying and reading to get an overview of what the different groups had to say about the fact that the States were not allowed to own slaves. The Federalist Papers will provide you with ideas about the rights of the States, the relationship between t he Federal government and the States, the Founders, the states, and the Congressional system.By reading the Federalist Papers you will be able to understand and put all of the important information in front of you. It may be hard for some of you, but they have provided you with a lot of important information and lessons for the future.If you would like to see some actual pictures of the Electoral College, you can go to my website link below and you will find out what the Electoral College looked like in our time. To your satisfaction, I hope that you will find this article helpful.

Learn About the Atlantic Island Territory of Bermuda

Learn About the Atlantic Island Territory of Bermuda Population: 67,837 (July 2010 estimate)Capital: HamiltonLand Area: 21 square miles (54 sq km)Coastline: 64 miles (103 km)Highest Point: Town Hill at 249 feet (76 m) Bermuda is an overseas self-governing territory of the United Kingdom. It is a very small island archipelago located in the northern Atlantic Ocean about 650 miles (1,050 km) off the coast of North Carolina in the United States. Bermuda is the oldest of the British overseas territories and according to the United States Department of State, its largest city, Saint George, is known as the oldest continuously inhabited English-Speaking settlement in the Western Hemisphere. The archipelago is also known for its prosperous economy, tourism and subtropical climate.History of BermudaBermuda was first discovered in 1503 by Juan de Bermudez, a Spanish explorer. The Spanish did not settle the islands, which were uninhabited, at that time because they were surrounded by dangerous coral reefs which made them difficult to reach.In 1609, a ship of British colonists landed on the islands after a shipwreck. They remained there for ten months and sent a variety of reports on the islands back to Engl and. In 1612, the king of England, King James, included what is present-day Bermuda in the Charter of the Virginia Company. Shortly thereafter, 60 British colonists arrived on the islands and founded Saint George.In 1620, Bermuda became a self-governing colony of England after representative government was introduced there. For the rest of the 17th century however, Bermuda was mainly considered an outpost because the islands were so isolated. During this time, its economy was centered on shipbuilding and the trading of salt.The slave trade also grew in Bermuda during the territorys early years but it was outlawed in 1807. By 1834, all slaves in Bermuda were freed. As a result, today, the majority of Bermudas population is descended from Africa.Bermudas first constitution was drafted in 1968 and since then there have been several movements for independence but the islands still remain a British territory today.Government of BermudaBecause Bermuda is a British territory, its governmental s tructure resembles that of British government. It has a parliamentary form of government that is considered a self-governing territory. Its executive branch is made up of a chief of state, Queen Elizabeth II, and a head of government. Bermudas legislative branch is a bicameral Parliament composed of the Senate and the House of Assembly. Its judicial branch is made up of the Supreme Court, Court of Appeal and Magistrate Courts. Its legal system is also based on English laws and customs. Bermuda is divided into nine parishes (Devonshire, Hamilton, Paget, Pembroke, Saint Georges, Sandys, Smiths, Southampton and Warwick) and two municipalities (Hamilton and Saint George) for local administration.Economics and Land Use in BermudaAlthough small, Bermuda has a very strong economy and the third highest per capita income in the world. As a result, it has a high cost of living and high real estate prices. Bermudas economy is mainly based on financial services for international businesses, luxury tourism and the related services and very l ight manufacturing. Only 20% of Bermudas land is arable, so agriculture does not play a large role in its economy but some of the crops grown there include bananas, vegetables, citrus and flowers. Dairy products and honey are also produced in Bermuda.Geography and Climate of BermudaBermuda is an island archipelago located in the northern Atlantic Ocean. The closest large landmass to the islands is the United States, specifically, Cape Hatteras, North Carolina. It consists of seven main islands and hundreds of small islands and islets. The seven main islands of Bermuda are clustered together and are connected via bridges. This area is called the Island of Bermuda.Bermudas topography consists of low hills that are separated by depressions. These depressions are very fertile and they are where the majority of Bermudas agriculture takes place. The highest point on Bermuda is Town Hill at just 249 feet (76 m). The smaller islands of Bermuda are mainly coral islands (about 138 of them). Bermuda has no natura l rivers or freshwater lakes. The climate of Bermuda is considered subtropical and it is mild most of the year. It can be humid at times however and it receives abundant rainfall. Strong winds are common during Bermudas winters and it is prone to hurricanes from June to November because of its position in the Atlantic along the Gulf Stream. Because the islands of Bermuda are so small however, direct landfall of hurricanes is rare. Bermudas most damaging hurricane to date was the category 3 Hurricane Fabian which hit in September 2003. Most recently, in September 2010, Hurricane Igor moved toward the islands.More Facts about Bermuda The average cost of a home in Bermuda exceeded $1,000,000 by the mid-2000s. Bermudas main natural resource is limestone which is used for building. Bermudas official language is English.ReferencesCentral Intelligence Agency. (19 August 2010). CIA - The World Factbook - Bermuda. Retrieved from: https://www.cia.gov/library/publications/the-world-factbook/geos/bd.htmlInfoplease.com. (n.d.). Bermuda: History, Geography, Government, and Culture- Infoplease.com. Retrieved from: infoplease.com/ipa/A0108106.html#axzz0zu00uqsbUnited States Department of State. (19 April 2010). Bermuda. Retrieved from: state.gov/r/pa/ei/bgn/5375.htmWikipedia.com. (18 September 2010). Bermuda - Wikipedia, the Free Encyclopedia. Retrieved from: http://en.wikipedia.org/wiki/Bermuda