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@dipatil said:
I think it is 2 years for the auditors if im not mistaken is 5 years to change the partner that is auditing the company ..Independence
A non-executive director is considered independent when the board determines
that the director is independent in character and judgement and there are no
relationships or circumstances which could affect, or appear to affect, the
director’s judgement.
Such relationships or circumstances would include where the director:
• is a former employee of the company or group until five years after
employment (or any other material connection) has ended; Mind that the issue is about NED not audit partnerThe guidance states, however, that non-executive directors should not receive shares on a deferred
basis, share options or performance-based remuneration, as these might compromise their
independence. Non-executive directors should also not receive:
? Attendance fees in addition to their basic fees – attendance at meetings is a primary duty of nonexecutive
directors
? Severance fees
? Rights to participate in defined benefit retirement schemes, since non-executive directors are
elected representatives of shareholders and not employees@dipatil said:
I dont think that the hourly paid was the correct one in the notes is mentioned that directos need to have sufficient time for the company i picked the option that said that they will get money according to their perfomenace and the long term succes of the company or sth like that I dont remember the wording exactlyNon-executive directors are directors who do not have day to day operational responsibility for the
company. They are not employees of the company or affiliated with it in any other way.I also wrote the same………….There was no clear knowledge question in the paper, I am still shocked………..so worried ………tough paper indeed.
Did any one notice that on question 16 , Managers placed orders that where then delivered to central warehouse but were not kept fro the store that ordered hence stock outs? does that sound right or I was lost?
What was the answer to last question on substantive procedures on redundancy of employment (provision)
