Tongaat Hulett on Friday admitted that its 2018 financial results were wrong and overstated its assets by up to R4.5 billion. Staude served as CEO since 2002 while Murray Munro served as CFO since 2003. Both resigned days before Tongaat's annual meeting in August 2018. Analysts who spoke to Business Insider South Africa said Staude should face the music. He received a total pay package of more than R13.5 million in 2018, and R20 million in the previous year - which included a R6.6 million cash bonus (Business Live, 2020) Using the agency theory, evaluate the transgression at Tongaat Hulett. 20 marks