EGF Quiz 3

The Board is required to establish committees to support its functions, including audit, risk management, and related party transactions.

• TRUE

• FALSE

The Chairman of the Audit Committee can also serve as the Chairman of the Board.

• TRUE

• FALSE

Non-audit work provided by external auditors is always allowed.

• TRUE

• FALSE

The Board Risk Oversight Committee (BROC) is only necessary for small corporations with low-risk profiles.

• TRUE

• FALSE

Directors who are absent from more than 50% of board meetings without justifiable reasons are disqualified from re-election.

• TRUE

• FALSE

The Board should meet with the Audit Committee at least annually.

• TRUE

• FALSE

A non-executive director may serve on more than ten boards of publicly listed companies.

• TRUE

• FALSE

An independent director can serve for a maximum cumulative term of nine years.

• TRUE

• FALSE

A director with a material interest in a transaction should abstain from participating in deliberations on that transaction.

• TRUE

• FALSE

Board self-assessments should be conducted every five years.

• TRUE

• FALSE