University : | Southern Cross University Lismore Australia UniLearnO is not sponsored or endorsed by this college or university. |
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Subject Code : | ACC03043 |
Your task
Mr. Y. K. Chan has sought your advice. He is a qualified accountant, employed as the Finance Director of Dim Sum Ltd; a Hong Kong listed company in the food industry.
Mr. Y. K. Chan has been asked by Mr Alan K.M.Yau, the Chairman of ABC International (another Hong Kong listed company), whether he would consider joining the board of ABC as an independent non executive director. The Chairman also suggested that Mr. Chan should join the company’s audit committee.
Mr. Chan tells you that he does not know the Chairman of ABC very well. He was introduced to him by Mr Johnny Y. K. Ho, the ABC Finance Director, who serves with Mr. Chan on a committee of the Hong Kong Institute of Certified Public Accountants. Mr. Chan subsequently had dinner with Mr Yau (chairman) at the China Club, where the growth of ABC, its current activities, and its prospects for the future were described.
Mr. Chan is an executive director of Dim Sum, but has no other experience of serving on boards of directors. He holds no shares in ABC, but would be prepared to invest up to HK$100,000. He believes that his wife’s father also has some ABC shares. As far as he knows Dim Sum does not have business dealings with ABC, although he thinks the Dim Sum internal communications system uses ABC equipment.
Questions
Mr. Y. K. Chan has asked for your professional advice. Please write a report to him discussing the matters he should consider, in particular related to:
1. Duties, rights and competences of a director
2. Committee work
3. Board structure and styles
4. Transparency and accountability of the company
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