Explain the nature of the fiduciary duties owed by a director
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Explain the nature of the fiduciary duties owed by a director. Discuss specifically the four (4) areas relating to the directors’ duty of loyalty to the company.
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- Members of the board have the following fiduciary duties: the duty of care and the duty of loyalty. Question options: a) True b) FalseExplain who is considered a “director” of a company and how a director may be resigned from his position in a public company.A Board of Directors duty is to: a) Safeguard the interest of a firm's stakeholders b) Protect a Firm's assets c) Safeguard the Interests of a Firm's shareholders d) Determine Management's Compensation e) Formulate a Company's Strategy
- explain the limitation of the corporate constitution as a statutory contract to empower the members to enforce the provisions of the corporate constitution against the directorsThat companies must follow the laws and regulations including company law, tax law and environmental protection regulations requires what category of internal control objectives? Financial reporting Effective operations. Compliance Government reportingCompanies are required to follow the laws and regulations including company law, tax law and environmental protection regulations. Which of the following category of internal control objectives is mentioned in the above statement? Financial reporting Government reporting Effective operations. Compliance
- Which of the following documents will contain information about the compensation for Directors of a public company: The 10Q The Proxy Statement The Annual Report The outside Auditors ReportDiscuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements for the directors of the company when signing off on company reports.What position is typically responsible for general financial accounting, managerial accounting, and tax reporting? Controller Treasurer CFO Audit committee
- Describe two (2) of the fundamental principles from the accountant’s Code of Professional Conduct and critically evaluate whether they are an example of consequentialist, non-consequential or virtue ethicsWhich of the following statements most accurately summarises the legal principle behind Duty 4 - Duty to act in good faith and in the best interest of the company:Select one:a. Directors only owe a duty to the company’s creditors if the company is nearing insolvencyb. Directors who suspect that the company is nearing insolvency, owe a duty to unsecured creditorsc. While the company is solvent, directors owe a duty to majority shareholdersd. While insolvent, the directors act in the best interest of the company – only now, the company’s interest is to minimise harm to creditorsDiscuss the role of the agency theory in explaining the relationship between shareholders and management in accounting and corporate governance.
