ASSIGNMENT ON

CORPORATE GOVERNANCE

Submitted By: ANEESH D’SOUZA

1816030
II MBA
Batch-4
AIMIT

Submitted To: Mr. Jerin Jose

Lecturer
Dept. of MBA
AIMIT

Date of Submission: 12/05/2020

1) Explain the two fundamental roles that are of prime importance of the board level
according to the CII report 2020

Ans: Stewardship: it includes steering the problems revolving around ESG principles,
talent management, culture of the organization and other related matters. The
board must aim at striking a balance between these two roles so as to be
effective and achieve the set goals.

Supervisory role: it includes appointments, strategy, plans, overseeing risk,

compliance, succession planning, and other relevant areas. This role sounds
much of administration kind where the firm takes care of the day to day aspects
as well as plans for the upcoming future.

2) Analyze the composition of the board

Ans: The Board consists of Independent directors who provide vital perspective and
genuine feedback on external perception of the organization. He's expected to
spend ample amount of time looking into the organization’s affairs and must be
fully aware of his/her duties and responsibilities. It also consists of women
directors who add a special view point to the board. The chairman will speak to
those independent directors and gather their view point.

3) Evaluate the role of Audit committee

Ans: The financial statement of a firm is that the main source upon which the
shareholders, lenders/other creditors, employees, government authorities decide
their association with the firm. It’s the role of the audit committee to keep up
integrity of monetary statements. The effectiveness of this committee could be a
combination of varied aspects like right composition and dynamics, an up to
date charter with well-defined responsibilities and many more. It's an ostiary,
and will spend its time specializing in areas like integrity of monetary
statements, internal controls, scrutiny of related party transactions, matters
regarding appointment of auditors and chief treasurer, audit process and
findings, scrutiny of great financial transactions and inter corporate loans and
investments, valuation of assets additionally to matters like appropriately
handling, whistle blower complaints and reviewing findings of internal
investigations for suspected frauds or material failure of control systems. It’s
also expected to develop a risk based approach to its role involving proactive,
engaged oversight beyond the board room and understand issues. They need to
also closely work with auditors to know the audit process and also the
implications on the financial statements. It must engage with the auditors
periodically to know their observations and also the status of the audit
engagement. So as to beat the inner control deficiencies it must work closely
with statutory auditor and internal auditors.