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Corporate Governance and Internal Control Systems

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Corporate Governance and Internal Control Systems

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Questions and Answers

What is the primary purpose of an internal control system in corporate governance?

To maximize shareholder value

To increase managerial labour market competition

To minimize debt covenants

To promote transparency, accountability, and trust among stakeholders (correct)

Which of the following is an example of an external corporate governance control?

Internal audit procedures

Government regulations (correct)

Remuneration committee

Board of directors' monitoring

What is the role of an independent director in corporate governance?

To provide objective guidance and oversight to the board (correct)

To oversee internal audit procedures

To manage the company's external stakeholders

To monitor the board of directors

What is the primary difference between a stakeholder and a shareholder?

A stakeholder is anyone impacted by the company's decisions, while a shareholder has partial ownership Signup and view all the answers

What is the role of a nomination committee in corporate governance?

To identify and nominate candidates for the board of directors Signup and view all the answers

What is the purpose of a corporate governance rating?

To rate the company's corporate governance practices Signup and view all the answers

What is the relationship between shareholders and stakeholders?

All shareholders are stakeholders, but not all stakeholders are shareholders. Signup and view all the answers

What is the role of an Executive Director?

Both a member of the board of directors and an executive in the organization. Signup and view all the answers

What is a Nominee Director?

A director who is appointed by another person or entity to act on their behalf. Signup and view all the answers

What is a Shadow Director?

A director who is not formally appointed to the board but exercises influence and control over the company. Signup and view all the answers

What type of board structure has no outside directors?

All-Executive Board. Signup and view all the answers

What is the main concern with an All-Executive Board?

Lack of outside perspective. Signup and view all the answers