Lenon Ltd is a family-owned business. It sells automobiles, and its income has increased in recent years.

they wish to cash in on the firm's success and provide some capital for investment. put it on the stock market

Currently, the board of directors is comprised of Michael, the Chairman/Managing Director, as well as his two sons, who are finance and sales Executives. His cousin, who is now the Chief Accountant, will be promoted to Financial Director when the company goes public.

Auditors worry that the Exchange will find that the level of corporate governance is unacceptably low, if not nonexistent.

Required:

Why is Lenon Ltd facing issues so what should it do to start complying with corporate governance components? explain: