If you were designing the composition and acceptable practices for the board of directors of a new corporation, which of the following practices would you suggest be implemented? Yes, recommend implementation No, do not recommend implementation Suggested Practice Members serving on the board's audit committee should be "independent." The company's charter should make hostile takeovers easier to accomplish. LO Board members and senior management should be compensated solely with cash, and any compensation received should be independent of the company's riskiness. O Senior management's cash bonuses should be tied solely to the firm's short-term share-price performance.