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BULAW5915 - Corporate Law Report - Ardent Leisure Ltd

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Federation University of Australia

   

BULAW5915 Corporate Law (BULAW5915)

   

Added on  2020-03-02

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BULAW5915 - Corporate governance processes the structures of the rules, relationships, systems, and processes by a particular authority for controlling and monitoring the corporations. It also controls the mechanisms of the company which are held to control the governance. Incorporate governance, the good corporation always cooperates with the promotional investor confidence which is one of the important parts to provide the ability on the ASX.

BULAW5915 - Corporate Law Report - Ardent Leisure Ltd

   

Federation University of Australia

   

BULAW5915 Corporate Law (BULAW5915)

   Added on 2020-03-02

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Running head: CORPORATE LAW Corporate LawName of the StudentName of the UniversityAuthor Note
BULAW5915 - Corporate Law Report - Ardent Leisure Ltd_1
1CORPORATE LAWDiscussion a)The Board of Ardent has alleged for the fatal accident and subsequent crisis. After the tragicaccident at Dreamworld a number of patrons are death on one of the rides which criticizedthe operator and owner Ardent Leisure Ltd1. People have arises several question regardingthe safety management of the company. They have failed to recognize and manage the riskswhich have been arising from the incident2. The corporate governance processes the structures of the rules, relationships, systems andprocesses by a particular authority for controlling and monitoring the corporations. It alsocontrols the mechanisms of the company which are held to control the governance. In thecorporate governance the good corporation always cooperates with the promotional investorconfidence which is one of the important parts to provide the ability on the ASX. The principal 7 in Corporate Governance describes the reorganization and manages riskwhere companies should establish such rules and monitoring system of risk oversight andmanagement and internal control. It has set several principals. It is the duty of the boards thatthey must care about the establishment, implementation and annual review of the riskmanagement system for controlling and managing the risk factors. In the risk profile the AuditCommittee always analysis the various business risks in the risk management policies3. 1 Ali, Searat. "Corporate governance and stock liquidity in Australia: A pitch." Journal of Accounting andManagement Information Systems 15.3 (2016): 624-631.2 Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: Principles, policies, and practices. OxfordUniversity Press, USA, 2015.3 Beekes, Wendy, Philip Brown, and Qiyu Zhang. "Corporate governance and the informativeness of disclosures inAustralia: a re‐examination." Accounting & Finance 55.4 (2015): 931-963.
BULAW5915 - Corporate Law Report - Ardent Leisure Ltd_2
2CORPORATE LAWWhen any risk or defects occur due to some internal control system then they board will beresponsible for the issues4. The company will operate the unit control and investment appraisalfor the financial controls and procedures of the capital expenditure for the annual budgets andappraisal, due diligence which are the basic requirements of the companies5. There are severalkind of risks are available like credit risk, operational risk, liquidity risk, equity, cyber risk, fraudrisks and security risks which are affecting the risk management system of the boards. Thereforethe risk management committee control the risk management programs for the revaluate themanagement systems6. The quality and integrity of Personnel set an Ethical Standard Manuals for the operationalpurposes of the bard rules for controlling the risk managements. When they operate the risk inthe business line management the board always compliance with the major business risks lines7.Therefore according to the management system of the Ardent Leisure Ltd, the duty of the boardcomes to a criticize issues where a major fatal accident occurs and a number of patrons are dieddue to the major accident8. Therefore several question has arises about the responsibilities of thecompany that how they manage the security system9. As per the principal 7 in CorporateGovernance the risk management is able to supremacy whole safety issues in the businessbutthe safety and securities of the employees also applicable under this principal10. It is the duty of4 Ali, Searat. "Corporate governance and stock liquidity in Australia: A pitch." Journal of Accounting andManagement Information Systems 15.3 (2016): 624-631.5 Ali, Searat. "Corporate governance and stock liquidity in Australia: A pitch." Journal of Accounting andManagement Information Systems 15.3 (2016): 624-631.6 Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: Principles, policies, and practices. OxfordUniversity Press, USA, 2015.7 Whiting, Rosalind H., and Georgia Y. Birch. "Corporate governance and intellectual capital disclosure." CorporateOwnership and Control 13 (2016): 250-260.8 Beekes, Wendy, Philip Brown, and Qiyu Zhang. "Corporate governance and the informativeness of disclosures inAustralia: a re‐examination." Accounting & Finance 55.4 (2015): 931-963.9 Ali, Searat. "Corporate governance and stock liquidity in Australia: A pitch." Journal of Accounting andManagement Information Systems 15.3 (2016): 624-631.10 Ali, Searat. "Corporate governance and stock liquidity in Australia: A pitch." Journal of Accounting andManagement Information Systems 15.3 (2016): 624-631.
BULAW5915 - Corporate Law Report - Ardent Leisure Ltd_3
3CORPORATE LAWthe board members of Ardent Leisure Ltd that they will control every safety issues in the riskmanagement and prevent the risks according to the ethics in the risk oversight and managementand internal control11. b)According to the case study, the directors and the company are the part of the board thereforeif the Board failed to manage the risks the company and directors both are breaches thePrinciples 7 of the ASX principles of Good Corporate Governance12. The Australian Securities Exchange (ASX) is one of the parts in the Corporate Governancewhere the Principal 7 describes the reorganization and manages risk where companies shouldestablish such rules and monitoring system of risk oversight and management and internalcontrol13. It addition is also possible to describe that the duties of the company are all depends onthe Board of the company. The company and the directors all are related with each other and ifany accident occurs due to the irresponsibility of the Board then it will state that the Board hasbreach the Principal 7 of the Corporate Governance14. The all kind of legal responsibilities arelie on the Board where they must conduct the business and every statutory responsibilities andcompanies financial statements. According to the Corporate Governance, the breach of anyduties will make the penalties under the Corporate Act15. The Board must control and monitorthe duties where the rules and constitution of the corporation also included. The takeover Panel11 Ali, Searat. "Corporate governance and stock liquidity in Australia: A pitch." Journal of Accounting andManagement Information Systems 15.3 (2016): 624-631.12 Beekes, Wendy, Philip Brown, and Qiyu Zhang. "Corporate governance and the informativeness of disclosures inAustralia: a re‐examination." Accounting & Finance 55.4 (2015): 931-963.13 Whiting, Rosalind H., and Georgia Y. Birch. "Corporate governance and intellectual capital disclosure." CorporateOwnership and Control 13 (2016): 250-260.14 Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: Principles, policies, and practices. OxfordUniversity Press, USA, 2015.15 Mann, Catherine Renshaw, et al. "From the dean." (2016).
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