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You have been appointed as a Managing Director of a microfinance company. Prior to your appointment, one of the Directors of the company intimated that they have been to several Corporate Governance training programs but complained that most of the time, the training is loaded with many people and the time allotted was inadequate, so he was not able to ask questions on the basic principles of Corporate Governance practices in Microfinance institutions.
a) Explain the concept of corporate governance for Microfinance. [6 Marks]
b) Discuss the importance of corporate governance to the survival of microfinance institutions.
[14 Marks]
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Hitherto corporate governance was pivotal in the sustainability programming and satisfaction of the regulatory frameworks of rural and community banks. During the 2022 Bankers’ Week celebration, it was concluded that the operationalization of Environmental, Social and Governance (ESG) principles into the operation of the RCBs has taken a more critical dimension. Critically examine the role of ESG’s in the performance and sustainability of RCBs in Ghana.
[20 Marks]
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In the midst of the financial and economic crises in Ghana, the finance and banking sub-sector is having challenges with their earnings/income. The Shareholders of Republic Bank PLC, SG Bank PLC, and Standard Chartered Bank PLC, all listed companies on the Ghanaian Bourse are upbeat in respect of their earnings on the corporate financial performance. These Multinational Corporations are likely not to meet the expectations of their shareholders, both local and foreign. In your opinion,
(a) What specific rights do the Ordinary Shareholders have? (15 marks)
(b) What businesses are likely to be dealt with at the Annual General Meeting of these companies? (15 marks)
(Total: 30 marks)
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In Ghana, the Code of Best Practices in Corporate Governance requires every corporate body at which the code is directed to have an audit committee.
You are required to: A. List and explain FIVE functions of the Audit Committee. B. As a consultant for RGB Savings and Loans Limited, recommend the composition of the Audit Committee to the Managing Director.
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Improper Liquidity Management and weak Corporate Governance practices have caused the collapse of Ghanaian banks in the past.
Discuss any five (5 internal or regulatory measures that these banks could have resorted to in a bid to avoid liquidation.
(20 marks)
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a) Discuss the responsibilities of External Auditors in promoting Good Corporate Governance of banks. (You are required to state and discuss six (6) key responsibilities.) (12 marks)
b) Explain how External Auditors contribute to maintaining the Integrity of Financial Reporting and enhancing Shareholder confidence. (You are required to list and explain four (4) mechanisms.) (8 marks)
(Total: 20 marks)
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(a) State the difference between a Private Limited Liability Company and a Public Limited Liability Company (b) Briefly describe how a Private Limited Liability company may be converted into a Public Limited Liability Company.
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The Board of Virtualbank Plc in Sikaman, has recently approved the mid-year Unaudited Financial Statement of the bank. The bank’s Capital Adequacy remains negative as the Credit Risk Reserve (CRR) exceeds the Paid-Up Capital and Statutory Reserves remains negative. Profit After Tax (PAT) remains negative because the negative Other Comprehensive Income (OCI) has also increased as compared to the previous quarters.
The situation suggests that the Capital of the bank must be restored and the Statement of Position (Balance Sheet) resstructured. You are aware of some regulatory forbearances including a period of four (4) years for Capital Resolution and Restruturing which have been sanctioned by the regulator. A comparative analysis of banks in Virtualbank’s Strategic Group, shows that its main strengths depend on some concentrated key customers, the spread of its physical branches and its newly segment-based Digital Channels for Corporate and Small and Medium Sized Enterprises (SMEs).
The Chairperson . Dr. Nathalie Abs-Oesi is particularly interested in how the current situation has affected the Corporate Governance of the bank.
REQUIRED:
(i) Critically examine how undercapitalization could affect the Corporate Governance of Virtualbank Limited. (30 marks)
(ii) Critically assess the practical measures the Virtualbank Board can undertake to recapitalise the bank and achieve a high performing status. (10 marks)
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a) On September 21, 2024, a local advocacy group, Democracy Hub, launched a three-day protest dubbed “Stop Galamsey Now” to demand stronger government action against illegal mining. The protest drew national attention to the severe pollution of water bodies and the degradation of forest reserves caused by illegal mining operations. Activists called on regulatory bodies, including the Environmental Protection Agency (EPA), to strictly enforce environmental laws and ensure greater corporate accountability in the mining sector.
Akosa Minerals Limited (AML), a key player in the mining industry, operates in regions affected by illegal mining activities. As part of its corporate governance and sustainability strategy, AML must ensure compliance with environmental regulations and provide transparent environmental disclosures in its corporate reports. Regulatory bodies such as the EPA require mining firms to disclose the impact of their operations on local ecosystems and outline measures taken to mitigate environmental damage.
Required:
i) Explain the importance of environmental disclosures in corporate governance, particularly for mining companies like AML.
ii) Discuss THREE key environmental disclosure requirements that the Environmental Protection Agency (EPA) would expect AML to include in its sustainability reports. Provide examples based on AML’s operations.
b) The Government of Ghana holds a stake in Akosa Minerals Limited (AML), making it a partially state-owned entity. As a result, AML is subject to oversight and governance requirements under Ghanaian law, including compliance with the State Interests and Governance Authority (SIGA) Act, 2019 (Act 990). This law establishes governance frameworks for state-owned enterprises (SOEs) and entities in which the government has an interest, ensuring transparency, accountability, and efficiency in their operations.
Given the increasing public scrutiny of state-owned entities, AML’s Board of Directors must ensure compliance with Act 990 while balancing the government’s interests with those of private investors and other stakeholders.
Required:
i) Explain the purpose of the State Interests and Governance Authority (SIGA) Act, 2019 (Act 990) and its relevance to state-owned enterprises in Ghana.
(4 marks)
ii) Discuss THREE key governance requirements under the SIGA Act that apply to AML as a partially state-owned entity. Provide examples of how these requirements influence AML’s corporate governance structure.
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Prestige’s Board acknowledges that by adopting and implementing the highest standards of
corporate governance, this sets the standards and values for the entire Company. The
Company seeks to comply with best practice in all areas of corporate governance and
continues to review the Company’s procedures to maintain proper control and
accountability.
Required
Describe and explain how Principles V and VI of the OECD Principles of Corporate Governance – 2015 Edition, could be applied at Prestige to ensure good corporate governance practices.
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Prestige’s Board acknowledges that by adopting and implementing the highest standards of corporate governance, this sets the standards and values for the entire Company. The Company seeks to comply with best practices in all areas of corporate governance and continues to review its procedures to maintain proper control and accountability.
Required:
Describe and explain five key issues in corporate governance that would establish how well or badly Prestige is governed.
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The shareholders of GGOH decided that they will at all times maintain four individuals as members of the Board, and the Chairmanship will alternate between the two shareholders every two years. This could be a potential for conflicts between the shareholders.
Required:
Advise the shareholders on the merits and demerits of their decision not to employ a Managing Director, taking into consideration their peculiar circumstances. Highlight ethical issues that might arise. (10 marks)
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The Director of Finance and Operations, Mrs. Emma Owusu-Kwakye, is concerned about the lack of a “standardised risk management system” and “good corporate governance” at Bazar. Following Continuous Professional Development (CPD) training organised recently by the Institute of Chartered Accountants, Ghana (ICAG), on this subject and attended by you as a member of the Finance Team, duly paid for from Bazar’s training budget:
Required:
You have been asked by management to brief your finance team members on the following:
i) The International Standardisation for Organisation (ISO 31000) framework for risk management using the three (3) main elements. (5 marks)
ii) TWO (2) out of the Six OECD principles of Corporate Governance. (5 marks)
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“Whistleblowing” means reporting suspicions of illegal or improper behaviour to a person in authority.
Required:
In relation to the comments above, explain to the Director of Human Resources and Organisational Culture, Mrs. Raju Asha, the consequences of comments recorded by an employee. Additionally, advise the employee on what he/she should consider before deciding on “blowing the whistle” and the potential difficulties that the staff might encounter.
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James Mensah and Edwin Mensah are concerned that SBL is not strictly adhering to concepts of good governance. They want to see SBL as a well-governed company.
Required:
As a Business Development Advisor, explain to the board what “concepts of good governance” is. (10 marks)
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COM has not had any serious corporate governance issues that have raised concerns as to potential ethical conflicts. However, the Board of Directors has raised concerns about the fact that the Finance department does not have a separate code of conduct in view of the risks associated with their work. Some are proposing a rules-based approach instead of a principles-based approach.
Required:
The CEO has approached you as a Finance professional and a friend to assist him in guiding the Board since the issue was not discussed exhaustively and there is the likelihood that the matter would be part of the next Board meeting. Write a report discussing the merits and demerits of both rules-based approach and a principles-based approach to setting ethical standards.
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The board of COM currently consists of one executive director, the CEO, six non-independent non-executive directors (NEDs), and three independent NEDs. The chairman of the board has indicated that since the company is now listed, it is prudent to increase the number of independent NEDs. This, in the view of the board chairman, will ensure a ‘balance of power’ on the board so that no individual or small group of individuals can dominate decision-making by the board.
Required:
The Board chairman has approached you, a corporate governance expert and consultant, to make a presentation to the board on the factors that would be considered in selecting independent NEDs as provided in the Code of Best Practices on Corporate Governance. Limit the factors to FOUR (4).
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The risks that TCWL automated systems could be exposed to can be controlled and managed through embedding risk awareness in the culture of the organisation. Creating a culture of risk awareness is the responsibility of the board of directors and senior management of TCWL.
Required:
Explain FOUR (4) ways by which the Board can create and embed risk awareness in the culture of TCWL to ensure that systems risks are controlled effectively. (5 marks)
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