Question 3: Corporate governance (18 marks) Winner Ltd is a medium sized retailer of fashion goods with some 20 outlets spread throughout Western Australia. A publicly listed company in Australia, it has pursued a growth strategy based on the aggressive acquisition of a number of smaller retail groups. This growth has gone down well with shareholders, and the Company has always paid a good dividend. The CEO (Chief Executive Officer) of Winner Ltd is Ralph Vine, a high profile entrepreneur The CFO (Chief Financial Officer) is David Johnson, a highly experienced accountant. Both Ralph and David are also directors of the Company. The Chairman of the Board is Bertram Beetle, who has been a director of the Company since its inception some 30 years ago. Bertram owns 10% of the shares of Winner Ltd. The other two directors on the Board are Graham Weasel, an experienced business man who runs his own company and has been on the Board of Winner Ltd for 2 years. Peter Perfect who is the COO (Chief Operating Officer) of Winner Ltd. Neither Peter nor Graham own shares in Winner Ltd. Winner Ltd has three board committees Audit & Risk Committee, Nomination Committee, and Remuneration Committee. All three committees are chaired by Bertram with Peter as a member. Required: Assess the extent to which Winner's corporate governance arrangements and situation fail to constitute governance best practice. Identify the three major areas of non-compliance and briefly in a few sentences discuss how each area relates to this case and how it should be rectified (18 marks) Answer space for question 3 - expand the space as needed to contain your answer.