The British Broadcasting Corporation (BBC) took its present form on 1 January 1927 when John Reith became its first Director-General. Reith stated that impartiality and objectivity were the essence of professionalism in its broadcasting. Allegations that the corporation lacks impartial and objective journalism are regularly made by observers on both the left and the right of the political spectrum. Another key area of criticism is the mandatory licence fee, as commercial competitors argue that means of financing to be unfair and to result in limiting their ability to compete with the BBC. Additionally, accusations of waste or over-staffing occasionally prompt comments from politicians and the other media.[citation needed]