Essay About Change Processboard Compositionthe Chair Of The Board And Annual Financial Statements

Exclusive Fognini Inc. Case Study
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Module 10 Performance Management ProjectPart AQuestion 1Changes needed before going publicActions to start the change processBoard compositionThe chair of the board should be an independent directorThe board is made up of shareholders which needs to change. It should be made up of independent directors with specific areas of expertise with no stake in the company.An independent director needs to be appointed to chair as Guilio cannot be chair of the board and hold majority of the company shares.Hire external experts in their fields (accounts, finance, business, etc.) to replace the current members of the board.Board committeesA finance committee should be created.An audit committee and a governance committee should be created.This committee should be comprised of several board members fluent in finance for the purpose of monitoring the budgeting and financial reporting process.The audit committee should be creates and approve the appointment of auditors. The governance committee should be comprised of suitable board members to develop the organizations approach to corporate governance.  Accounting and reportingThe company must provide accurate records publically and keep them maintainedBegin making fillings to the Securities CommissionRecord any changes in the business immediatelyFile insider reports, bid materials, quarterly management analysis, audited annual financial statements and interim statements to the Securities CommissionBoard practicesBoard Meetings should be formal events and not mixed with family events. They should also be scheduled more regularly.A code of conduct & ethics should be created and enforced.Define individual roles and responsibilitiesThe external board of directors should meet on a regular basis. This should not include the shareholders.A Code of Conduct needs to be written and it is the board’s responsibility to monitor compliance with the code.A chair of the board, chairs of individual committees and a CEO should be clearly named.Question 2Mission: For the last 15 years, Exclusive Fognini Inc. has been equipping winter sportsman with highly innovative customized skis made of the highest quality. Our unique skis are personalized to ensure every individual gets the most out of their winter adventures.Vision: Exclusive Fognini Inc. strives to produce the highest quality personalized ski equipment and winter sport accessories and will continue expand and discover new opportunities. Value Statements:EFI provides the best winter outdoor experience by following our values:Providing complete product customizationProviding accountable client services that are ongoingMaintaining continuous innovations for out equipmentProviding consistent high quality products and serviceThe mission statement should not change upon becoming public as long as the owners still believe that the company is providing and profitable service. The vision statement should change to show any changes to the company and display the profitability of the company in a way that entices new shareholders.The Value statements should portray strong values and the intent to conduct business in a way that will achieve the company’s mission. If EFI believes its value statements are strong and true, there would be no reason to change them, however they should be modified to show more profitability to shareholders.