Central Valley is a successful pastoral firm in central Queensland. Recently, it is thinking of selling its shares to investors on the ASX. This means going public and may result in new investors having a say in the management of the firm. At present the company is run by James Wood and close family members, it is a family owned business. James is worried about losing control of the company, which has been owned by generations of Wood. He doesnt want to have to provide a lot of accounting information to outsiders (as he sees them) and doesnt like the prospect of interference with a successful business that he believes he knows better than anyone else. As an external professional advisor to the company, you have been asked to advise James on the implications of being listed on the ASX for the management and control of his company.

Required:

(a) What is the underlying ethical issue?

(b) Which parties (stakeholders) may be harmed?

(c) Which specific interests are in conflict?

(d) Describe three courses of action that you could have taken and the consequences of each option.