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Advanced Financial Reporting - Cochlear Limited

ESSAY: Advanced Financial Reporting

Corporate Governance is any system or process through which a firm is controlled and directed. Cochlear Limited is committed to ensuring the maximum standards of honesty, professionalism, integrity that comply with all legislation. Cochlear is limited to ensuring that both financial and non-financial accountability and transparency are delivered to stakeholders. There Global code of conduct provides they had to conduct business with fairness and honesty. They have different policies for Sanctions, Anti-Bribery, IT Security, Privacy and Whistle Blower Protection. Cochlear provides regular training and development for these types of policies to employees and comply with all obligations.

The ASX Corporate Governance Council Principles and Recommendations were brought in 2003 for achieving good outcomes of corporate governance for meeting expectations of investors in most situations (Tricker and Tricker, 2015). The Recommendations that were made by this committee were beneficial for investors as they provided guidelines for the betterment of Investors. They had laid solid foundations for management and also discloses respective roles and responsibilities to the Board of directors for sake of investors. It also provides guidelines for respecting the rights of its shareholders and they must provide different information and responsibilities that are required to Cochlear Limited(Recommendation in Australian Corporate Guidelines, 2018). This committee also recommends that directors of Cochlear Limited must be paid fair remuneration for retaining, attracting, motivating senior executives. The principles that are laid also states that Cochlear Limited must act ethical and responsible and must safeguard their integrity while corporate reporting. The balanced and timely disclosure is required for all matters that can materially affect the price and value of their shares and securities(Recommendation in Australian Corporate Guidelines, 2018). This committee also suggests that there should be a written agreement with every director in which all the terms of appointment are defined in that.

Cochlear Limited must have an appropriate size, composition and different skills for discharging their duties effectively and efficiently. The board of Cochlear Limited must determine the in-dependency of the director and if there is a change in the status of independence they should be disclosed and must be timely explained in the market and must take any actions that are required. This committee had also recommended that external auditors must attend AGM for answering different questions of security holders. Providing Sufficient information by Cochlear Limited for assessing and managing investment risk by investors is a crucial part of management. The risk management practices can help in assisting in the identification of opportunities that can create value for investors(Sivathaasan, 2016). The role of the risk committee is for reviewing and making recommendations for providing an adequate process for management of risk, checking if there is any breakdown in internal control and must know if any risks are associated with the business.

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The corporate governance challenges that Cochlear limited can face in the future, as there had been enough said regarding quality and role of directors so, there should be a healthy mix of executive and non-executive directors and getting the board right. The Independence of directors could also be a challenge for Cochlear limited as for making good corporate governance reform(Challenges in Governance, 2018). The Directors liability that had been created that are related to corporate reputation that challenges directors about handling different market rumours, indirect feedback that had been received from unknown sources etc. can be any challenge that can be faced by Cochlear Limited in near future. The different sensational events on corporate at CBA had challenged the reputation of the board and had raised a debate that whether the different companies deserve corporate social license to operate or not.

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