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An alternative approach is to attempt to monitor managers' behaviour, for example by establishing 'management audit' procedures, to introduce additional reporting requirements, or to seek assurances from managers that shareholders' interests will be foremost in their priorities. The most significant problem with monitoring is likely to be the agency costs involved, as they may imply significant shareholder engagement with the company. 1 Shareholder-auditor relationship The shareholder-auditor relationship is another agency relationship on which corporate governance guidance has focused.
One power that shareholders possess is the right to remove the directors from office. But shareholders have to take the initiative to do this, and in many companies, the shareholders lack the energy and organisation to take such a step. Ultimately they can vote in favour of a takeover or removal of individual directors or entire boards, but this may be undesirable for other reasons. 5 Agency costs To alleviate the agency problem, shareholders have to take steps to exercise control, such as attending AGMs or ultimately becoming directors themselves.
10 Any benefit Any benefit must be handed over to the principal unless he agrees that the agent may retain it. Although an agent is entitled to his agreed remuneration, he must account to the principal for any other benefits. If he accepts from the other party any commission or reward as an inducement to make the contract with him, it is considered to be a bribe and the contract is fraudulent. 3 Agency in the context of the director-shareholder relationship 6/08 Agency is a significant issue in corporate governance because of the dominance of the joint-stock company, the company limited by shares as a form of business organisation.
ACCA - P1 Professional Accountant: Study Text by BPP Learning Media