QUESTION 3 (CORPORATE GOVERNANCE) (20) Effective corporate governance places a great deal of emphasis on the board of directors. Although the boards activities should be separate from those of management which is usually responsible for day to day functions of the enterprise, they (the board) must take ultimate responsibility for the activities of the enterprise. Some of these responsibilities may be better achieved by delegation of certain matters to committees of the board, but the ultimate responsibility must rest with the board. YOU ARE REQUIRED TO: a. Outline the general functions of the board of directors (use the King Report as a guidance).(10) b. Identify 7 board committees which should be in place at a large listed chemical manufacturing company. (7) c. identify the board committees which should consist of only non executive directors. (3)