Reference no: EM133170594
Question - Rosema Naji Berhad is a company involved in the production of several nutritional and dietary supplements products such as drinks, powders, pills, capsules, gel tabs and energy bars to aid in weight management and improved health for the local market. Recently, there have been series of ethical violations within the company. Some top managements have been accused of insider trading, bribing of some key staffs of the regulatory authorities and attempts to cover up alleged distribution of dangerous toxicity and adverse health effects products. It is a result of inadequate controls and proper governance structure in the company, particularly, concerning the following areas:
The chairman and chief executive officer (CEO) of the company is held by the same person.
The audit committee seems to be ineffective in discharging their roles and responsibilities.
The composition of the nomination committee is not refreshing; and
The remuneration level for directors seems to be quite unreasonable.
The board of directors have expressed grave concerns about the current situations in the company. During its last quarterly meeting, the board resolved to engage the services of a corporate governance expert to address their concern.
Required - Discuss FIVE (5) recommendations that could improve the effectiveness of the structure and performance of audit committees in Rosema Naji Berhad.
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