accounting-Select an Australian publicly- listed company and locate their latest annual report

QUESTION

Select
an Australian publicly- listed company and locate their latest annual report (eg
Commonwealth Bank, NAB, BHP etc). Review
the Corporate Governance section of the
annual report ; then answer the
following questions:
1.
Identify the company’s corporate governance principles and
practices.
2.
What are the functions reserved to the board and to senior
management in relation to Principle 1* (Lay solid foundations for management
and oversight.)
(*refer note on Principle 1 at the end of the page)

3.
What is the process of monitoring the performance of senior
executives?
4.
What is the structure of the board?

5.
Does the company have any codes of conduct which guide
business practices and decision making?

6.
Outline the company’s policy concerning trading in its securities
by directors, senior executives and employees.

7.
What committees are in place to support the corporate
governance principles? Give a brief overview of the role of each committee.(eg
audit committee, remuneration committee)

8.
How does the company promote timely and balanced disclosure
of information to ensure compliance with the ASX Listing Rules?

9.
How does the company communicate with its shareholders?

10.
Outline the company’s policies on risk management.

11.
Locate the Director’s Declaration in the annual report. What
information is contained in this report?

12.
Locate the Auditor’s Independence Declaration and explain how
it supports good corporate governance.

13.
Locate the Remuneration Report and briefly describe its
contents.

If any of the above information cannot be found in the annual
report then log on to the company’s website and click on
‘Corporate Governance’.

NOTE:
*Principle 1: Lay solid foundations for management and oversight.
Companies should establish and disclose the respective roles
and responsibilities of board and management.
The overall framework should achieve the following aims:
Ø To enable the board to
provide strategic guidance for the company and effective oversight of
management.
Ø To clarify the respective
roles and responsibilities of board members and senior executives in order to
facilitate board and senior executives’ accountability to both the company and
its shareholders.
Ø To ensure a balance of
authority so that no single individual has unfettered powers.

Recommendation 1.1: Companies should establish the functions
reserved to the boards and those delegated to senior executives and disclose
those functions.
Recommendation 1.2: Companies should disclose the process for
evaluating the performance of senior executives.
Recommendation 1.3: Companies should report the following
information:

Annual report

Website

An explanation of any
departure from recommendation 1.1,1.2 or 1.3

A statement of matters
reserved for the board, or the board charter or the statement of areas of
delegated authority to senior executives.

Whether a performance
evaluation for senior executives has taken place in the reporting period and
whether it was in accordance with the process disclosed.

ANSWER:

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