Did the board of ardent leisure recognise and manage risk

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Reference no: EM131635479 , Length: word count:2000

CORPORATE LAW ASSIGNMENT -

The ASX Corporate Governance Council's Corporate Governance Principles and Recommendations 3rd edition set out eight principles of good corporate governance. Principle 7 provides: Recognise and manage risk: A listed company should establish a risk management framework and periodically review the effectiveness of that framework.

In late 2016 Ardent Leisure Ltd, the owner and operator of the Dreamworld leisure park on the Queensland Gold Coast suffered significant financial harm following a tragic accident at Dreamworld that caused the death of a number of patrons on one of the rides at Dreamworld.

The board of directors of Ardent Leisure Ltd were criticised because of the company's poor and insensitive handing of the fatal incident and subsequent crisis. It could be argued that Ardent Leisure failed to recognise and manage the risk that the company had to deal with arising from this incident.

Required: Having regard to the above facts answer the following:-

a) Did the Board of Ardent Leisure recognise and manage the risk arising from this incident?

b) Assuming the Board failed to manage the risk, did the company and the directors breach Principles 7 of the ASX principles of Good Corporate Governance? What is the consequence, if any, for the company failing to comply with Principle 7? Can the ASX take any disciplinary action against the directors and company for failing to recognise and manage the risk in this instance?

c) Could it be argued that the directors had breached their duty of care and diligence or is the significant financial harm suffered by the company sufficient penalty?

d) After the incident did the Board review and improve the effectiveness of the company's risk management framework?

The papers will be marked on the following basis:

1. Depth of understanding of the topic and identification of relevant issues.

2. Awareness accuracy of the nature and content of relevant law.

3. Clarity and coherence of the analysis and quality of discussion and argument.

Assignment Files -

https://www.dropbox.com/s/10ggo0icrpb66kg/CORPORATE%20LAW%20%20ASSIGNMENT.rar?dl=0

Reference no: EM131635479

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Reviews

len1635479

9/9/2017 8:32:40 AM

Australian student, total 2000 words, please send me the high quality assignment. No extensions will be considered unless a request is made in writing, before the due date, stating the reason for the request. Marks will be deducted for essays that are submitted after the due date. The assignment should be written in your own words. A hard copy must be submitted. As well an electronic copy is to be submitted via the Turnitin link on Collaborate page for the subject. The Turnitin copy will be the 'time mark' for the purpose of the confirmation of the date and time of submission.

len1635479

9/9/2017 8:32:33 AM

All assignments must be in print form and submitted with a signed School of Law cover sheet to the assignment box located outside the School of Law Office, Level 3, Building A by 5.00 pm on the due date. Students must also submit an online copy of the assignment via WebCT by the due date. The online submission will be regarded as verification of submission by the due date. However, only the hard copy assignments that are submitted will be marked. Students on the Flinders Street campus will be advised by their lecturer about assignment submission.

len1635479

9/9/2017 8:32:27 AM

Presentation - Readable connected prose NOT point form summaries. Accurate spelling, grammar, punctuation, paragraph construction. Proofreading. Effective use of HEADINGS. Consistent and accurate acknowledgment of sources using a recognised style – both in relation to in-text referencing and bibliography (Note the warning about plagiarism below). Format - Typed preferably and double-spaced and Title page with student name and number, Subject code and name, topic and A4 paper and Sequential page numbering. Assignments must be typed (word processor), using one side of the page only and leaving a wide margin. The word limit is 2,000 words.

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