"Corporate finance"exercise: An Introduction
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Questions 1:
A company’s management team is proposing to sell a major division because of low future growth prospects in that industry. To which committee of the board is the proposal most likely to be presented?
A 、Risk
B 、Audit
C 、Investment
Questions 2:
A consultant sees the following information about a publicly listed company:
● The company has a 12-person board of directors.
● The board is chaired by the chief executive officer (CEO) of the company.
● All members of the audit committee are outside directors with relevant financial and accounting experience.
Which of the following changes would provide the greatest improvement in the corporate governance of this company?
A 、The chairman of the board should be an independent director.
B 、The company’s Vice President of Finance should be a member of the audit committee.
C 、The board of directors should have an odd number of directors to preclude tied votes.
C is correct. Management is most likely to present the proposed sale to the investment committee, whose main role is to review the viability of material investment opportunities proposed by management.
A is incorrect. Assessing proposed investment or divestment opportunities is the primary role of the investment committee, not the risk committee. The risk committee assists the board in determining the risk policy, profile, and appetite of the company.
B is incorrect. Assessing proposed investment or divestment opportunities is the primary role of the investment committee, not the audit committee.
A is correct. In good corporate governance practices the chair of the board and CEO roles are independent. If the chair of the board is a chief executive of the company, it may hamper efforts to undo the mistakes made by him or her as chief executive. There is a general trend in governance toward reduced influence for executive directors, as exemplified by the decreasing incidence of CEO duality.
B is incorrect. All members of the audit committee should be independent members of the board.
C is incorrect. There is no single optimal number of directors, either odd or even
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