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Corporate Governance Law Assignment: Telestra

   

Added on  2020-06-06

26 Pages6244 Words31 Views
RESEARCH ASSESSMENT

TABLE OF CONTENTS1. Executive summary............................................................................................................12. Implications of ASX corporate governance principles followed by Telstra Corporation..13. Risk Assessment Procedure..............................................................................................104. Analytical process............................................................................................................125. Conclusion........................................................................................................................18REFERENCES..............................................................................................................................19Appendix........................................................................................................................................21

1. Executive summaryTelstra is a telecommunication and technology business that provides telecom services tocustomers in order to increase connectivity and profitability. In this assessment, implications ofASX corporate governance principles followed by Telstra Corporation will be discussed. Theeight principles are described in assessment followed by company effectively. The process andimportance of risk assessmentis evaluated in order to reduce the impact various resources andrisk on organisation. Income statement, ratio analysis and balance sheet are also provided for theyear 2015 to 2017 in the present report. Nature of Telstra, market overview, regularities andbusiness strategies are also described in this assessment. Risks involved in financial managementand statements as well as potential steps to reduce risk are also covered. The firm believes onopportunities avalaible for people by connecting them well in this world.The business buildtechnology and content solutions that are simple and easy to use. The business is Australia’slargest and fastest national mobile network.2. Implications of ASX corporate governance principles followed by Telstra CorporationThe board directors of business are committed to maintain a high standard ofperformance, safety and corporate governance for Orion Ltd. . The directors also supportprinciples and recommendations given by corporate governance (Wilsdon, 2016). The businessmainly focuses on ASX recommendations to ensure that they do not have a negative impact onfirm and shareholder’s interests.s.no.ASXprinciples GuidelinesTelstra corporate performance 1Lay solidfoundations formanagementand oversightFirst principle entailsthat business entityshould disclose therolesandresponsibilities of boardand management team.It also lays emphasis onincluding the manner inwhich theirperformance will beBoard of directorsThe board directors, Farooq Khan(Chairman), Victor Ho (ExecutiveDirector), Yaqoob Khan (Non-ExecutiveDirector) are responsible for managing thepractices, policies, strategies, operationalactivities and management of Telstra. Theboard also has a duty to manage corporategovernance. The firm also ensures thatbusiness complies with all rules and1

monitored. regulations. Identifying the business risks,audit committee responsibilities etc.Senior managementThe main role of Telstra’s seniormanagement is to deliver strategic goalsand objectives determined by board. Thework is delegated to executive chairmanand to senior executives for day to daymanagement of operational activities suchas determination of group policies,recommending strategies, reporting toboard and management of finance andoperations.DiversityThe senior management and boardof directors are comprising individualsaccording to the cultural diversity andpossessing appropriate qualification andskilled employees. Investment strategiesare also followed by firm in order to carryout investment activities. 2Structure theboard to addvalueAs per such principle,there is a need to ensurethat board must haveappropriate size, skills,composition andcommitment in relationto discharging dutiesmore effectually. Composition, structure and processThe board is formed for effectivesize, composition and commitment todischarge the duties and responsibilities(Williams and Mummery, 2015). Nomination committeeAs a consequences of corporationand size, the board does not have anystand-alone nomination committee. The2

board members are responsible for broadmembership, continue monitoring,identifying the skill and experience neededto board and competencies of directors.The main focus is on addressing boarddiversity. Skills, knowledge and experienceThe board members of Telstrashould ensure that members haveappropriate and mix of knowledge, skilland experience to drive businessperformance which will also help toacquire many opportunities to facechallenges. Directors are appointed withspecific business, governance andcorporate skills as well as experience. Theyare responsible for managing capitalmarket, general management, finance andaccounting affairs.Conflicts of interestThe directors must disclosepotential and actual conflicts that are existsbetween interest of directors and their workor responsibilities to the board. (Truter,Russell and Fary, 2014). In case if thedirector is unable to solve conflicts thanaccording to the Corporation Act he mustbe present in meeting or discussion roomto save approval of remaining director inbusiness effectively.Company information3

All the directors and seniorexecutives of firm have right to access allcompany books according to the legalrequirements and with ethical standards.The information will be confidential and itis their duty to not disclose.3Act ethicallyandresponsibly:On the basis of ASXguidelines, businessentity should makefocus on performingactivities in an ethicaland responsible way. Code of conductThe business developed a formalcode of conduct that sets and createsawareness of expected employees,directors and other members to carry outtheir roles and responsibilities (McLellanand McKinlay, 2014). Business is trying toencourage and develop a culture that helpsto maintain and improve the image of firmas a corporate citizen. The code includes aset of policies such as discrimination,health and safety, laws, interpersonalconduct, conflict of interest, drug andalcohol, etc. The objective of code is tomaintain a peaceful and effectiveenvironment in business. 4Safeguardintegrity incorporatereportingFormal process needs tobe followed forverifying andsafeguarding theintegrity of corporatereporting. Audit committeeAs a consequences of corporationand size, the board does not have anystand-alone nomination committee. Theboard members are responsible forsafeguarding the integrity of businessstakeholders reporting, approving thefinancial reports, risk management4

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