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Work through the NZ Corporate Governance Code and identify any concern in the following case :
1. John Costa started Milan Ltd 20 years ago he is therefore CEO and Chairman of the board . His family members occupy 5 of the 7 board positions as they all work in the company and all have executive roles. He heard that he should also have an independent director on the board and decides to appint hisbest fiend Jill as she ahs always told him the thruth and not what he wants to hear. Thi swill be a good appointment because otherwise an independent person may not have any commitment to the company
2. Johns daughter Suzy, who is executive director interanl audit was told by the previous auditors that they should have an audit committeeand was very annoyed as she feels she has been ding a great job, Last year the staff member working for her entered a local business competition and Suzy won an award for the most admired boss.
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- In which of the following cases will the agency problem between shareholders and managers be the greatest? a) 75% of the common stock is owned by the founder of the company who decided to retire and hired a manager to run his business for him. b)You own 50% of the common stock of the company. The other 50% is owned by 5 mutual funds. c) The common stock of the company is owned by many diverse shareholders, with no shareholder owning more than 2% of the outstanding stock. d)All top managers in the company own significant amounts of stock and stock options.ZoomGo Ltd is a transport and logistics company. In the last 15 years, the company has grown from a start-up to a successful and profitable company with revenue in excess of $100m. The founders have decided to list the company’s shares on the New Zealand stock exchange (NZX). After listing, the company's environmental practices will be closely scrutinised by investors. The two founders, Sharon and Bill, will stay as directors of ZoomGo (the listed company, or ListCo). Bill thinks the ListCo should be 100% focused on shareholder value maximisation and only spend the minimum amount of money to make climate-related disclosures required by the New Zealand government and regulators. Sharon believes that the ListCo should be more proactive in managing its climate risk. This includes investing in green innovation projects. These projects are not likely to bring any immediate financial benefits, as well as being NPV negative based on reasonable cashflow projections and discount rate…You have just been employed as the new Chief Executive Officer of a medium-sized company that is listed on the Ghana Stock Exchange. At the maiden Board Meeting, the chairman advised you and your management team to avoid what he termed as “Agency problem”. Explain the term “Agency Problem”, and identify four (4) ways by which shareholders can deal with it.CR
- Answer the following Questions: 1. What is Corporate Governance? Explain the Purpose of Corporate Governance. What are the main pillars of Corporate Governance as per the Code of Corporate Governance for Public Listed Companies in Oman? (300 words) 2. As per the Capital Market Authority of Oman, explain the principles on Board of Directors’ Formation, Roles and Responsibilities (200 words) 3. Explain in details and with examples the threats to compliance to the Fundamental principles of professional ethics. What are the safeguards against such threats? ( 500 words)In June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable to companies whose securities are listed on the Muscat Securities Market.The Code, drawn from codes of best practices from around the world but adapted to the local market, seeks to promote a "culture of compliance, transparency and accountability without limiting business initiative. Answer the following three questions Which of the following is not one of the International code of Corporate Governance? On retiring, a Chief Executive should become a chairman. At least half the board, excluding the chairman, should comprise non-executive directors Levels of remuneration should be sufficient to attract and retain directors The role of Chairman and chief executive officer should be separatedOdinie has been an employee of ABC Co for the last 5 years. Recently, the CFO has asked all employees to incorporate and advised that their pay will now be received through their corporation instead. Odinie is a Canadian resident individual and is interested in what type of corporation his new company will be. It is established in Canada. A:Other corporation B:Personal services business C:Public corporation D:Specified investment business
- You just been employed as the new Chief Executive Officer of a medium-sized company that listed on the Ghana Stock ExchangeAt the Board Meeting the chairman advised you and your management team to avoid what he termed Agency problem"Explain the term "Agency Problem" in corporate governance, and briefly explain four () wys by which the shareholders of company encourage its managers act in wwys which are consistent with the objective of value maximizationFreddy is a director of Ace Finance Ltd. The board of directors for Ace Finance Ltd have unanimously agreed to have a marketing campaign to attract new clients to their financial business. Freddy's nephew – Frank – is a marketing executive who runs his own business. Freddy informs his nephew of the possibility of obtaining the marketing contract with Ace Finance Ltd. Freddy also discloses to Frank the price range that the company will consider. Freddy attends the board meeting where they consider who will get the marketing contract, but he does not disclose his connection with his nephew. After looking at all the potential candidates, the board of directors have selected Frank's business to do the marketing campaign for Ace Finance Ltd. Has Freddy breached his statutory obligations under the Corporations Act (Cth) 2001?Penco Ltd’s board of directors are looking into expanding the company’s business operations. Before investing in a new product, the board conducted one focus group, and based on this one bit of feedback, invested $5m of company funds to develop the product. Within two years, the company had lost $8m due to poor sales. Shareholders are furious and wish to hold directors personally liable for this loss. Analyse the likely outcome for directors if shareholders were to accuse the board of breaching CA s 180.
- Jacqui and Bruce have decided to hold a shareholders’ meeting for Karate Australia Ltd. They want all shareholders to attend. Jacqui and Bruce are concerned, however, since the shareholders of Karate Australia Ltd are located all over Australia. Jacqui comes up with the idea that they should conduct the meeting using Skype, but Bruce thinks meetings need to happen face-to-face with the shareholders. Required: Provide a recommendation on how the shareholders’ meeting should be held.Answer the following case. (1) Identify and explain the corporate governance issues in each case. Support your answer with appropriate theory(s) if any. (2) Give recommendations and justify them to the board of directors. A. XYZ is a limited company operating in the steel industry. Its board of directors consist of nine independent directors, labor union representative director and nominee directors to represent major shareholders and lenders. The board is controlled by dominant directors. Mr. Smith is the independent chair of the board. Mr. John is one of the nominee directors and the husband of the CFO of XYZ. During 2020, the company started to face some financial problems. The board members were not informed with the situation. Mr. John came to know about these problems and advised his major shareholder to sell his shares.Nasdaq wants to require the more than 3,000 companies listed on its stock exchange to improve boardroom diversity by appointing at least one woman and at least one minority or LGBTQ+ person to their boards. If this policy is implemented, how will it affect compensation of women who are already board members? Can you tell if compensation of newly appointed female board members is likely to be higher than it currently is?