24 At a conference for directors of not-for-profit organisations four directors made statements during their speeches. These statements follow. Which of these statements would be regarded as demonstrating appropriate understandings regarding recommended corporate governance responsibilities within their not-for-profit organisations? 1. "Accountability and stewardship are not very important in our not-for-profit organization because profit is not our goal " II. "Our Board members often must become involved as volunteers, assisting paid management in the day-to-day running of our not-for-profit's activities. We help out with this work to keep operating costs low. This creates additional risks as the responsibilities of the board and management lose clarity." III. "The governance focus in our not-for-profit organization is on stakeholder objectives as we do not have shareholders. Sometimes we have to work hard to identify stakeholders correctly." IV. "Our not-for-profit's Board is mostly made up of unpaid volunteer directors, many without business experience, so the paid Managing Director must take responsibility for governance within the organization." A. I and II B. II and III C. II, III and IV D. III only 25. Which one of the following statements is NOT correct? A. If a director breaches both civil and criminal duties to shareholders, it will be very important for shareholders to bring a court case that addresses both the civil and the criminal issues B. Directors who breach criminal provisions of Australian corporations' laws can expect to be disqualified from managing a corporation C. Australian competition law recognises that breaches of law that involve collusion between competitors may result in both civil and criminal legal actions D. Where a director is found to have breached the corporation law in a civil matter it is possible the director will have to pay a penalty to government as well as compensation