Corporate Governance Recommendations for Getswift Ltd

COMPANY ACCOUNTING

Getswift Ltd
Australia’s corporate governance and continuous disclosure framework is regarded the best in
the world. This is the reason why it has also been adopted by various other jurisdictions.
Moreover, the Corporations Law in Australia require organizations to keep the market
informed of significant developments and there are negative consequences for those who fail.
In relation to Getswift Ltd, it is notable that the acquisition of Pursuit Pty Ltd necessitates
variations in its current corporate governance practices so that it can easily adhere to the ASX
Corporate Governance Principles.
In relation to structuring the Board of the company, it is notable that there are no committees
established for the purpose of discharge of responsibilities. Furthermore, since acquisition of
Pursuit Pty Ltd is a major task for Getswift, it is recommended that it facilitates proper
provisions for the establishment of relevant committees like the nomination committee. The
reason why establishment of such committee is crucial for the company can be attributed to
the fact that it assists in examining the selection and appointment approaches of the
company1. Furthermore, such committee must comprise of only non-executive directors who
are responsible for reviewing Board succession measures, assessing performance of the
Board and directors, and evaluating required and desirable competencies of such board
members. Overall, with such recommendation, the company can be easily assisted in
discharging its responsibilities in an effective way. Another crucial recommendation for the
company in relation to compliance with the ASX Corporate Governance Principles is that it
must make proper provisions for establishing an audit committee. Since the company has not
designed an audit committee and it is overseen by the Board, it must be noted that integrity of
financial reporting can only be attained through an audit committee2. Without an audit
committee, Getswift cannot facilitate good corporate governance measure in the entire
industry and may fail to achieve penetration into the market even by acquiring its major
customer Pursuit Ltd. Furthermore, in relation to this, it must be noted that such
establishment of audit committee must also have their own charter wherein the roles and
1 Oskar, Kowalewski, “Corporate governance and corporate performance: financial
crisis.” Management Research Review 39, no. 1 (2016): 1511. doi: 10.1108/MRR-12-
2014-0287
2 Ntongho, Rachael Ajomboh, “Culture and corporate governance convergence.”
International Journal of Law and Management 58, no. 5 (2016): 536. doi: 10.1108/IJLMA-
04-2015-0016
2