The weaknesses are:
(1) The chairman has sole responsibility for liaising with shareholders, and
(3) The chairman and one of the NEDs are former executive directors of Tangerine Co
The board as a whole should take on the responsibility for liaising with shareholders, not just the chairman. (The board should state in the annual report the steps they have taken to ensure that the members of the board, and in particular the non-executive directors, develop an understanding of the views of the major shareholders about the company). (FRC UK Corporate Governance Code: Section E)
As the chairman and one of the NEDs are former executive directors they were previously employed by the company and as a result this raises questions about their independence. Independent non-executive directors should be appointed to the board of Tangerine.
Tangerine is not required to have an internal audit function (however where there is no internal audit function, the audit committee is required annually to consider the need for one).
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