Trust Bank of South Africa Limited (“Trust Bank”) is a South African retail bank which trades on the Johannesburg Securities Exchange. As of January 2020, Trust Bank was the second largest retail bank in South Africa, based on the number of customers, with 120,000 customers opening new accounts per month. Five first-time directors have been appointed to the board, two of whom do not have any business or banking experience. Dr Maureen Tsogo is a behavioural psychologist whom the board thought would be invaluable in predicting customer behaviour and confidence and Dr Suvendri Mbatha is an industrial sociologist whose research has focused on professions and the creation of new professions and new workspaces Q.1.1 Dr Mbatha and Dr Tsogo are familiar with academic meetings such as convening faculty boards and senate but have never attended a company board meeting. Identify any five matters that are discussed at an annual general meeting (AGM). Q.1.2 Should Trust Bank have its financial statements audited? Briefly explain. Q.1.3 Can the directors of Trust Bank prescribe what the auditor may or may not do and which records the auditor may have access to? Briefly explain. Q.1.4 Assume at Annabelle Moshugi was appointed as company secretary. How would Annabelle assist Dr Tsogo and Dr Mbatha with their duties as directors? What other duties would she perform as company secretary?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Trust Bank of South Africa Limited (“Trust Bank”) is a South African retail bank which trades on the Johannesburg Securities Exchange. As of January 2020, Trust Bank was the second largest retail bank in South Africa, based on the number of customers, with 120,000 customers opening new accounts per month. Five first-time directors have been appointed to the board, two of whom do not have any business or banking experience. Dr Maureen Tsogo is a behavioural psychologist whom the board thought would be invaluable in predicting customer behaviour and confidence and Dr Suvendri Mbatha is an industrial sociologist whose research has focused on professions and the creation of new professions and new workspaces

Q.1.1 Dr Mbatha and Dr Tsogo are familiar with academic meetings such as convening faculty boards and senate but have never attended a company board meeting. Identify any five matters that are discussed at an annual general meeting (AGM).
Q.1.2 Should Trust Bank have its financial statements audited? Briefly explain.
Q.1.3 Can the directors of Trust Bank prescribe what the auditor may or may not do and which records the auditor may have access to? Briefly explain.

Q.1.4 Assume at Annabelle Moshugi was appointed as company secretary. How would Annabelle assist Dr Tsogo and Dr Mbatha with their duties as directors? What other duties would she perform as company secretary?

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