Question 1 (i) A board committee is best described as a subset of the board formed to achieve which one of the following outcomes? A. enhance the effectiveness of the board  B. Report to shareholders on specific issues. C. enable directors to reduce their individual liability D. being independent by having exclusively independent directors (ii) Which of the following would NOT be an example of an agency cost? A. Audit fees. B. Dividends C. Delegated authorities D. Information asymmetry.  (iii) The board of directors is: A. The only governance mechanism in an organisation. B. Only a fiction according to the managerial definition of corporate governance.  C. Have the power to monitor managerial opportunism only. D. The main principal in an agency relationship.

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