Question 1 Homer is an accountant and a nonexecutive director of Simpson Homes Pty Ltd, a home renovation company. The executive director is Bart, a qualied builder. Marge is the other nonexecutive director. Homer has a busy accounting business and is therefore unable to attend all the directors1 meetings. When Homer does attend meetings, he asks very few questions and generally agrees with whatever Bart proposes. The company was awarded a large contract to renovate several governmentowned houses. Soon after the work started, it become obvious that the company would lose considerable money on the contract. The extent of the required work had been grossly underestimated. Marge had queried the contract price before the contract was entered into but was assured by Bart that the contract would be protable. It was also learnt that one of the main sub-contractors engaged by Simpson Homes to work on the government contract was a plumbing and electrical company owned by Bart's son, Millhouse. Discuss whether any of the directors have breached any of their duties, including any actions that may be taken by ASIC. Your answer must include case law (where relevant) and the provisions of the Cngcorntinns Act 2901