[25] QUESTION ONE Recently, whilst scanning through the annual report of Stadium Ltd, a company listed on the Johannesburg Securities Exchange (JSE), you came across the company's schedule of directors and committees. These appeared as follows: 1. Board of Directors Chief Executive Officer Managing Director - Administration Financial Director Operations Director Human Resources Director Marketing Director Non-executive Director Independent non-executive Director Donald Winthrop Charles Tree Monty Mann Christo Wells Jerry German Koos Katswinkel Caz Kallim Mary Maswai The company has not appointed a chairperson. The most senior director who arrives at the directors' meeting acts as chairperson. 2. Committees 2.1 Directors Appointment Committee Donald Winthrop Charles Tree This committee recommends to the shareholders who should be appointed as directors. If the two directors disagree, Donald Winthrop has the casting vote. 2.2 Remuneration Committee Donald Winthrop Monty Mann Koos Katswinkel 2.3 Audit Committee Monty Mann Christo Wells Mitchell Street (Internal Audit) External Audit Fred Carver (Financial manager) All committees meet as and when required. The Board meets every six months. 3. Risk Committee The Risk Committee was disbanded at the start of the year. The directors know the business and the risks involved. Required: Comment on the information presented above in relation to the requirements of King IV Report