SECTION A [40 MARKS] Read the extract below and answer the questions that follow. Tom Eaton (The Times 11/12/17) comments aptly on the manner in which the corporate elite has responded to the Steinhoff debacle. Losses amounting to more than R100-billion, exceeding, in 48 hours, the amounts the Guptas are accused of looting over a decade. Apart from qualifying as the biggest fraud in South African corporate history, the scandal sheds unflattering light not only on the morals of the corporate elite, but also their reputed financial wizardry to which their enormous wealth is so regularly attributed. Pointing to the use of the euphemism "accounting irregularity" to describe the actions of the Steinhoff Mafia sitting atop this multinational empire, Eaton opines "... many South Africans are demanding that stronger language be used, pointing out that the middle class and the media, always so quick to unload both barrels at state corruption, tend to go easy on dirty corporates. Condemning the tendency to create a false juxtaposition between state and private sector fraud - treating the latter as a kind of victimless crime - Eaton reminds his readers that the worst damage has been suffered not by Steinhoff's biggest shareholder Christo Wiese. He has suffered the "indignity" of being relegated from the premier league of dollar millionaires to the ABC Motsepe League of mere millionaires. Nor, similarly, the fall guy - former CEO Markus Jooste -who can now look forward to spending more time at various race courses with his horses around the world after resigning following making some "big mistakes". The biggest victims are government employees - the 1.2-million who contribute towards the Government Employees Pension Fund keeping 400,000 pensions afloat - who had no say in the Steinhoff investment, and who are now poorer by R12-billion. Should Steinhoff go bankrupt, which is not ruled out, 130,000 jobs across the world are threatened (Source: https://www.dailymaverick.co.za/opinionista/2017-12-13-the-steinhoff-debacle-the- biggest- fraud-in-South Africa-history/date of accession 20th August 2019.) QUESTION 1 (20 Marks) Examine the role of Corporate Governance in the Steinhoff case and critically analyze the role of the Board in this regard. QUESTION 2 (20 Marks) 2.1 Illustrate the aspect of board failure in the Steinhoff Case. (10 marks)