Post$-$COVID business environment has introduced a lot of turbulence in global business. Manycompanies have restrategised and reorganised in order to remain going concern businesses. Therestrategisation and reorganisation include a relook at corporate objectives, respective emergingpolicies, implementation and monitoring of policies, and board accountability. A renowned CEOfrom a prominent entity indicated that in fact, we have to overhaul our entire corporate strategyand our corporate governance system, which are key to our economic, social and environmentalsustainability. He continues, we relooked at our legal obligations and figured how we couldensure that we fulfilled all of them to avoid default. We also re$-$evaluated the way we conduct ourbusiness to ensure that we still do things right. This is due to the financial challenges that covidposses which could make us cut corners in our operations and processes. We still want to remainethical, which is core to our business. In all these, we do not fail to drive home to our communityand society the great value we provide and also show them that we still value their core values andculture and we fully align. He continues, although we have been a profitable company priorto Covid $19,$ with robust corporate governance structures, the pandemic has tested the robustnessof our structures and we have realised that we needed to do things differently within the covid eraand more importantly post covid. We noticed that our profits have been challenged, but ourenhanced efficiency enabled us keep afloat.EXAMINERS: DR$.$ EMMANUEL TETTEH ASARE $2$ OF $9$A quick glance through the global business environment shows that many companies struggledand are still struggling to remain going concern. For example, a CEO from a company that isperceived to be struggling iterated, $.$ Our competitors have been badly bruised by the fierydarts of covid $19.$but we are fortunate to be less affected, though we sustained some injuries.Judging from the CEOs submission, we perceive a struggling firm that is trying to paint a positiveimage of itself. He continued our company suffered a damaging scandal that touched our publicimage, but from all indications we had fulfilled all our legal obligations and so we couldnt beblamed for that $..$the other accident was also due to the negligence of a third party.Another CEO in his annual report reiterated covid $19$ violently shook our business at itscore, particularly, our supply chain, but we remain resilient. This has been due to a globalphenomenon which adversely affected many companies but we survived it$..$we remainpoised..From the the foregoing, corporate restructuring and reorganisation could be eminent in manycompanies.You are Required to:A$.$ From the case above, two $(2)$ theories are apparent: the Institutional Theory and theLegitimacy Theory. Explain these two theories. $(4$ marks$)$B$.$ Identify three $(3)$ issues in the case that could be explained by the Institutional Theory andcomment on the issues. $(8$ marks$)$C$.$ Identify three $(3)$ issues in the case that could be explained by the Legitimacy Theory andcomment on the issues. $(8$ marks$)($Total $20$ marks$)$USE THE FOLLOWING CASE TO ANSWER QUESTIONS $2,3,$ AND $4$ BELOW.CASE $2$: PRODUCE BUYING COMPANY $($PBC$)$ LIMITEDPBC Limited exists as a Licensed Buying Company $($LBC$)$ which partakes in the InternalMarketing of Cocoa as its core business among other auxiliary businesses to complement itsrevenue stream. PBC Limited has over the years operated in an environment of stiff competitionwith other Licensed Buying Companies for cocoa from farmers.On the $15$th of September, L$999,$ the company was incorporated as a Limited liability Compainyunder the Companies Act, $1963($Act $179).$ On the l$9$th of May, $2000,$ the company got listed onthe Ghana Stock Exchange. The Social Security & National Insurance Trust and the Governmentof Ghana through the Ministry of Finance currently hold about $75\%$ whilst various institutions andindividuals hold the rest of the $25\%.$EXAMINERS: DR$.$ EMMANUEL TETTEH ASARE $3$ OF $9$Currently, the Company is a proud member of the Club of Ghanas most prestigious $100$ companiesknown as Best $100$ Companies League $($Ghana Club $100),$ which other companies look up to intheir quest to attain commendable performance levels.Corporate GovernanceBoard CompositionThe Board is made of eleven $(11)$ Directors, including ten $(10)$ Non$-$Executive Directors. Theboard members have a rich blend of skills and knowledge, combined with extensive experiencerequired to guide PBC Limited in Governance, Banking and Finance, Accountancy, Law,Information Technology, Marketing, Entrepreneurship and Management.The board of directors of PBC Ltd$.$ as of $30$th September, $2021$ includes the following:Executive DirectorHon. Richard Akuoko Adiyia $($CEO$)$Non$-$Executive directorsMr. Yaw Agyemang$-$Duah $($Board Chairman$),$ Mr$.$ Stephen Baba Kumasi, Prof. MohammedSalifu, Ms$.$ Helen Maku Obeng, Mr$,$ Prosper Kojo Amewu, Mr$.$ Thomas Dzoleto Kwami, Mr$.$lmoro Sulemana, Dr$.$ John Kwabena Kwakye Mr$.$ Mohammed Tahiru Nambe, Mr$.$ Peter EshunBoard FunctionsThe board is responsible for the long$-$term success of the company, determining the strategicdirection of the company and reviewing the operating, financial and risk exposures of thecompany. Some of the reserved functions of the board include; approval of the annual businessplan, strategy, acquisitions, disposals and capital expenditure projects above certain thresholds, allguarantees, treasury policies, the financial statements, dividend policy, transactions involving theissue or purchase of shares, borrowing powers, appointments to the Board, alterations to theregulations amongst othersShareholders InformationPBC Ltd$.$ shareholders include SSNIT $(38\mathrm{.}1\%),$ Ministry of Finance $(36\mathrm{.}69\%),$ institutionalinvestors $(15\mathrm{.}20\%)$ and individual investors $(10\mathrm{.}01\%).$ Directors are nominated on the board basedon shareholders holdings and interests in the company. The composition of the existing board wasconstituted as follows;