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2.55     Corporate governance

Corporate governance relates only to large public textbook solutions .All businesses need good governance. Governance is about the distribution of authority within an organization to make decisions relating to its resources and the use of policies and procedures to ensure proper control and decision making for the accomplishment of aims, goals and strategies as effectively and efficiently as possible.

So governance is as much relevant for a small business as it is for a large one.

Instructors note: A paper written by Sir Adrian Cadbury (author of the Cadbury Report on corporate governance) wrote a paper entitled ‘Family Firms and their Governance: Creating tomorrow’s company from today’s’ (Egon textbook solutions Great Britain, 2000). This may be worth discussing if interest warrants.

Generally the Cadbury recommended that a family firm establish a board (through a family council), which should focus on strategic business issues, that there be clear lines of authority, stability and continuity with respect to policy and values. He also recommended including an independent person textbook solutions.

2.56     Corporate Governance

The notes to the 2012 consolidated financial statements of JB Hi-Fi Ltd appear in appendix of this book. Examine these notes together with other information from the website  to investigate JB-HiFi Ltd’s compliance with principle 4 (safeguard the integrity of financial reporting) of the ASXCGC Corporate governance principles and test bank shop

Form teams to investigate the recommendations under principle 4 as presented in this chapter on page 52. The teams should examine one different recommendation each.

The recommendations under principle 4 of the ASX guidelines for good corporate governance are listed below together with the relevant information from the JB Hi Fi Limited Annual Report 2011.

1. The chief executive officer and the chief financial officer state in writing to the board that the company’s financial reports present a true and fair view, in all material respects, of the company’s financial condition and test bank shop and are in accordance with relevant accounting standards.

Page 8 of the JB HiFi Ltd Annual Report contains information relating to the ‘integrity of reporting’. This section states that the CEO and CFO have to make certain statements in writing to the board. The information alludes to this being done.

Page 10 of the JB Hi-Fi Annual Report indicates that The Audit and Risk management committee comprises non-executive directors all of whom are independent with relevant financial, commercial and risk management experience and an independent chairperson who is not the chairperson of the Board.

audit committee and explanations of any departures from the recommendations as stated above should be included in the corporate governance section of the annual report. It is also recommended that the audit committee charter and the procedures for selection and appointment of external auditors test bank shop available.

A copy of the charter and procedures and selection can be obtained from the JB Hi-Fi Limited website. The members of the audit committee are listed on page 10 of the JB HiFi Ltd Annual Report.

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