During the year, the Chair of Daley Co resigned due to his other commitments and Fred Johnson, who is the chief executive of the company, took over this role. Fred has recently written to all shareholders to inform them that any questions or comments they may have could only be raised at the company’s annual general meeting and that any other communication with the board is not possible.
The executive directors' remuneration is set by the remuneration committee. The non-executive directors’ remuneration is set by the board and is based on pre-tax profit targets which are agreed by the board at the start of each financial year. As the board is of the view that the internal control environment is very effective, an audit committee has not been established.
(d) Describe THREE corporate governance deficiencies faced by Daley Co and provide a recommendation to address each deficiency to ensure compliance with corporate governance principles.
(6 marks)
(30 marks)
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