18 Questions
What is the term used to describe the rules and procedures that govern the internal management of a corporation?
Corporate governance
Which type of corporation is covered by the Revised Code of Corporate Governance?
Corporation whose equity securities are listed on an exchange market
Which of the following companies is exempt from the Revised Code of Corporate Governance?
Small and Medium Enterprises (SMEs)
How many independent directors must be present in a corporation covered by the Revised Code of Corporate Governance?
At least three independent directors or 1/3 of the board members
What is an additional qualification that may be required of a member of the Board of Directors by the corporation?
Practical understanding of the business of the corporation
What is the primary purpose of the Revised Code of Corporate Governance?
To promote good corporate governance practices
What is a prerequisite for a director of a corporation?
Membership in relevant industry organizations
What is the primary characteristic of the office of a director?
Trust and confidence
What is a key responsibility of a director of a corporation?
Acting in a manner characterized by transparency and fairness
What is a responsibility of a director of a corporation?
Conducting fair business transactions with the corporation
What is not a responsibility of a director of a corporation?
Acting injudiciously and dependent on other directors
What is a key aspect of a director's responsibilities?
Transparency and accountability
What is a ground for the disqualification of a person from holding a corporate office?
Conviction of an offense involving moral turpitude
Who is responsible for monitoring compliance by the corporation with the Revised Code of Corporate Governance and regulatory agencies?
Compliance officer
What is the primary function of the audit committee?
To assist the Board of Directors in the performance of its oversight responsibility
What is the minimum composition of the audit committee of a corporation?
At least three directors who shall preferably have accounting and finance backgrounds
Which of the following is a characteristic of a compliance officer?
Monitors compliance with regulatory agencies
What is the consequence of a conviction by final judgment or order by a court or competent administrative body of an offense involving moral turpitude?
The person may be disqualified from holding a corporate office
Test your knowledge of corporate governance, articles of incorporation, and corporate regulation. This quiz covers various types of companies, including closely held corporations, SMEs, and more.
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