Changes necessary to implement those codes inthe company

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Reference no: EM134035457

Assignment:

Extract from the financial statements of Megablast Ltd regarding corporate governance: Mr Tidyman is the CEO and board chairman of Megablast Ltd. He appoints and maintains a board of six executive and two non-executive directors, one of whom is his father, the former Chairman of Megablast, Sir Roger Tidyman. The board sets performance targets for the senior managers in the company but theree are no formal targets for directors and the company does not have a remineration commitee. Mr Tidyman carries out a review of board policies annually in conjunction with the non-executive directors. Salaraies for executive directors are set and paid by Mr Tidyman based on his assesment of all the board members, including himself. There is no formal measure of actual performance on individual directors. Internal controls in the company are monitored by the senior accounant, although detailed review is assumed to be carried out by thr external auditors; Megablast does not have an internal audit department. Annual financial statements are produced, providing detailed information on past performance.

Required: report to Mr Tidyman:

a) Explain why megablast does not meet international codes of corporate governance.

b) Explain why not meeting the international code may cause a problem for megablast.

c) Recommend any changes necessary to implement those codes inthe company.

Reference no: EM134035457

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