Implement and Maintain Control Procedures for Desklib Online Library

Implement and Maintain Control Procedures 1
IMPLEMENT AND MAINTAIN CONTROL PROCEDURES
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Implement and Maintain Control Procedures 2
Assessment One
Question One
Corporate governance refers to various processes and policies used for the control and
direction of different corporations that is either large or even complex companies. It typically
relates to the flow of power and accountability among the board of the directors. The selected
company in the AXS is AZN Banking Limited which provides financial services to various
individuals and the government of Australia. The board of directors of the company aims at
achieving certain goals such as to accept certain practices and principles which are considered to
be significant practices globally. The other goals are to adopt the corporate governance as early
as possible and will entail compliance with the published law. The boards also aim at taking an
active role to discuss the best practice of the corporate governance, and this will also include the
fundamental regulations Australia and across the borders.
Compliance with the Codes of Corporate Governance
In compliance with the codes of the corporate governance, the company has listed various
equity securities in the Australian Securities Exchange. It has also listed some of the securities in
the New Zealand Stock Exchange and also in the other securities markets outside the country
(De Haan and Vlahu, 2016 p.230).
Corporate Governance Framework

Implement and Maintain Control Procedures 3
The responsibility of Board and Authority of Delegation
An independent non-executive is responsible for chairing the board of directors. The key
roles and responsibilities of the chief executive officer and the chairman of the board are
different. In the board, the chief executive officer is the only executive director (Rao and Tilt,
2016 p.340).
Functions of the Chairman of the Board
The role of the chairman revolves around leadership, and hence he or she performs the following
functions;
 He or she chairs meetings of various shareholders of the company and at a time deals
with certain major concerns of the regulatory and political parties.

Implement and Maintain Control Procedures 4
 He or she monitors the performance of the board members and this he does by looking at
the effectiveness and the contributions of every particular member of the board.
 He or she is also a critical member of the board committee
 He or she maintains dialogues and negotiations with the chief executive officer by
providing guidance when necessary.
Meetings of the Board
According to McAlister and Ferrell (2016 p.80), the meetings of the board are usually
scheduled eight times annually, and this includes the offsite meetings which aim at reviewing the
various strategies set by the board. The agenda of the meetings of the board typically includes
the report of the chief financial officer, the report of the chief executive officer, reports on key
projects and the minutes of the previous meetings.AT the end of every meeting, there are usually
private sessions which are to be chaired by the board chairman. One of the private sessions
entails that of directors of the company and the other one involves the non-executive directors of
AZN Banking.
Board Charter
It aims at setting the powers, purpose and the responsibilities of the board of directors.
The key responsibilities of the board according to the charter include providing the directions on
the financial goals and strategies for the company. Another fundamental responsibility of the
board is to appoint and monitor the level of performance of the chief executive officer (Salvioni
and Gennari, 2016 p.610). The board also reports the performance of the company to the various
shareholders.