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hello, would anyone be able to help me with the question below. what actions would you recommed to implement and how would you go around
hello, would anyone be able to help me with the question below. what actions would you recommed to implement and how would you go around assessing the structure of the board and supporting structures.
APPENDIX A Styl4U Board of Directors Memo to the President - Finance Memorandum TO: Prerana Singh - President - Finance, Sty14U FROM: Kofi Mensah, Chair of the Board of Directors, Styl4U DATE: 5 February 2022 SUBJECT: Coronavirus Pandemic (Covid-19) and 2022 financial year end External Audit CONFIDENTIAL The Board of Directors (the Board) is aware that it must include a statement of compliance with the UK Corporate Governance Code in publishing its annual report. Since the outbreak of Covid-19 Styl4U has endured many lockdowns, working from home mandates, and has had to change the company's business operating model at a moment's notice. As a result, Styl4U's operations were either shutdown or severely restricted at the Manchester factory several times as required by government coronavirus measures. The impact on Styl4U has been significant, especially on orders for our best-selling product - UKeef a unisex laptop bag that is the best-selling laptop carrier bag in the UK and EU. The decline in demand for our best- selling product can be partially attributed to supply chain and labour disruptions which has contributed to our customers cancelling their orders and not reinstating their orders due to a slowdown in consumer demand. Many of our suppliers were unable to fulfil our purchase orders and suppliers with exclusive long standing supply contracts issued force majeure notices. Another contributing factor was the disruption to normal work life patterns in the general public due to Covid-19. In preparation for issuing the company's annual report the Board requires detailed advice on the following: Two action(s) that the Board can implement to dampen the impact of the pandemic on Stylu's business activities Assessment of the Board and supporting structures The letter of advice must be made available before 29/03/2022 (assessment due date) in preparation for the monthly board meeting in April 2022. Regards, KM Kofi Mensah Chair - Sty140 Board of Directors Level 1) Operations Level 2) Commercial Level 2) Styling and Design [Product development team] [Level 3) Manufacturing Bags and shoes production team] Level 31 Accounting & Finance Human Resources Procurement & Contracts Legal Reporting & Compliance Level 31 Notes: . . Level 1 - Board of Directors: Chair, Executive Director, 3 Independent Non-executive Directors (INED) Board of Directors meets monthly and membership has been stable for several years. Chair founded the company in 2009. Executive Director was appointed in 2018 after working for most of their career in Samsonite International S.A The three INEDs backgrounds are in Finance, Marketing and Legal. The Board delegates its responsibilities to Committee's as required by the UK Corporate Governance Code. Level 2 - Executive Director heads the Executive Management Team, comprising of the President - Operations and the President - Finance. Each President controls a department with a senior management team. . . Level 3 - Departmental divisions consist of senior management teams that control their division and report directly to their respective departmental President, . Department descriptions Operations The Operations Department has two divisions: 1. Styling and Development (S&D) - product development team responsible for all company branding, design, sales, and marketing to keep Styl4U's products at the forefront of the fashion industry, and 2. Manufacturing (M) - Production of all Styl4U's branded goods such as bags and shoes. Production of Styl4U's bags and shoes is managed onsite at the company's manufacturing hub in Manchester. The manufacturing process is a hybrid approach with human and semi-autonomous manufacturing equipment, The company has not changed location of its manufacturing hub since the brand was first developed and manufacturing is managed and controlled within the division with a dedicated production engineering repair and maintenance team. Note that the company does not outsource any of its manufacturing and retains all patents and branding for its designs. Invention and development of Styl4U's future products is managed and controlled within the S&D division with a dedicated design and consumer trends research team. The S&D team are responsible for securing product placement for sales to the public using online and physical retail channels. Commercial The function of the Commercial department is to support the Operations department for all necessary and specialised business administration requirements including purchasing and requisition of all physical requirements for manufacturing, human resources, talent recruitment and legal requirements. The Commercial department produces all internal and external reports including budgeting, cost control and financial accounts any help would be massively appreciated
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