Company law 4 Flashcards
(21 cards)
What is corporate governance?
The system of rules and practices by which a company is directed and controlled.
What are the key principles of corporate governance?
Transparency, accountability, fairness, and responsibility.
What is the role of shareholders in corporate governance?
To appoint directors and approve major decisions.
What is a company secretary?
An officer responsible for ensuring regulatory compliance and administration.
What are the responsibilities of a company secretary?
Maintaining records, filing documents, and advising directors.
What is minority shareholder protection?
Legal provisions to protect shareholders with less control.
What is oppression of minority shareholders?
Actions that unfairly prejudice minority shareholders.
What is a derivative action?
A lawsuit brought by a shareholder on behalf of the company.
What is a class action?
A lawsuit filed by a group of shareholders collectively.
What is insider trading?
Illegal trading based on non-public, material information.
What is disclosure?
The act of making company information available to stakeholders.
What are statutory registers?
Official records a company must maintain by law.
What is a register of members?
A list of all shareholders in the company.
What is a register of charges?
A record of all secured borrowings of the company.
What is a compliance certificate?
A document certifying compliance with regulatory requirements.
What is a director’s report?
A report from directors reviewing the company’s performance.
What is a company’s financial year?
The 12-month period for financial reporting.
What are financial statements?
Documents showing the company’s financial performance and position.
What is a balance sheet?
A statement of a company’s assets, liabilities, and equity at a specific date.
What is a profit and loss account?
A financial statement showing revenues, expenses, and profit/loss.
