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Adam, Brian, Charles and David each held 25% of the issued share capital of ABCD Ltd. Adam has recently issued further shares to himself in order to increase his voting power. Which of the following is incorrect?

Options:

The share issue is automatically invalid.

The shareholders may ratify the share issue by ordinary resolution.

The shareholders may challenge the validity of the share issue using Section 994 of the Companies Act 2006, on the ground that the issue is "unfairly prejudicial to the interests of the shareholders".

The company may proceed against Adam for breach of fiduciary duty.

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Question 2

You are the manager of the finance function of a large engineering company According to IFAC's drivers of sustainable corporate success, which of the following would be a method by which you could improve the value of your department to the company?

Options:

Providing ethical leadership which focuses on minimizing environmental costs sustainably.

Providing ethical and strategic leadership which focuses on sustainable value creation.

Providing strategic leadership which sustains the maximization of short term value.

Providing sustainable ethical and strategic leadership which focuses on operating profit.

Question 3

Wye has borrowed £10,000 from Exe and the loan has now become repayable in full. Exe has received a cheque from Wye for £9,000 stated to be “in full and final settlement of the loan.” What is the position if Exe cashes the cheque?

(i) Exe will have accepted £9,000 in full and final settlement and will not be able to claim the other £1,000 from Wye.

(ii) Exe is legally entitled to cash the cheque and pursue Wye for the balance of £1,000.

(iii) Exe will have accepted £9,000, but at law payment of less than the amount due cannot satisfy the full debt.

Options:

(i) only

(ii) only

(iii) only

(ii) and (iii) only

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Fundamentals of Ethics, Corporate Governance and Business Law Questions and Answers

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