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Corporate Governances Script

In: Business and Management

Submitted By zainoonpapi
Words 825
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Responsibilities of the board. Z
They reason both corporations got a score of two is because both boards do perform their responsibilities accordingly in order to function successfully, some of the responsibilities that these both have in common are that:
They both look for the long term success of their corporations, meaning that shareholders interest must be put first before any personal business interests of any members of board. Determine and control in broad terms the purposes, goals, activities and general characteristics of the corporation
They Review with management the mission of the corporation, objectives and goals and the strategies in which it proposes to achieve them. This puts both the board and management in the same page
They also are responsible of appointing a CEO and monitor and evaluate his or her performance, provide for adequate succession position and replace CEO when appropriate
Establish an overall compensation policy and monitor its implementation
Identify the principal risks of the corporations business and ensure implementation and monitoring of systems to effectively manage these risks.

Functions of the audit committee
Suncor’s audit committee receives a score of 3.
The reason for this is that their committee is composed of entirely independent auditors, they have a long list of standards to be followed specifically for internal and external controls, and lastly they also set out guidelines in which the audit committee should provide them with their Financial reports and public disclosure those guidelines are put in place in order for financial information set out to the public is accurate and timely and most importantly reliable.
Imperial Oil also receives a score of 2. due to the fact that like Suncor they’re committee is composed of independent auditors. audit committee oversees the work of internal and external...

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