Corporate and Nonprofit Governance Quiz

Who is responsible for leading and upholding governance guidelines and financial reporting in a corporation?

• CEO

• COO

• CFO

• BoD

In corporate governance, who typically takes the lead on governance roles and acts as the company secretary?

• CEO

• COO

• CFO

• BoD

Which group verifies that guidelines are being followed, reports on non-compliance, and issues improvement notices in corporate governance?

• CEO

• COO

• Internal/external auditors

• BoD

What are the main areas of responsibility for the board of directors in corporate governance?

• Financial, Legal, Regulatory

• Marketing, Sales, Operations

• Human Resources, IT, Research

• None of the above

What does the term "fiduciary duty" entail in corporate governance?

• A duty to maximize personal profits

• A duty of honesty, loyalty, and good faith to the beneficiaries

• A duty to minimize regulatory compliance

• A duty to promote the CEO's interests

What is the "no profit rule" in the context of fiduciary duty in corporate governance?

• A rule prohibiting CEOs from making profits

• A rule prohibiting unauthorised benefit/profit as a result of fiduciary duty

• A rule requiring CEOs to donate all profits to charity

• A rule allowing CEOs to maximize profits

In nonprofit governance, what is the primary role of the board of trustees?

• Allocate budgets and monitor financial activity

• Advocate for the cause and speak well of the organization

• Ensure regulatory compliance

• Recruit and mentor new trustees

Which governance role in nonprofit organizations is responsible for achieving goals, keeping promises to donors, and beneficiaries?

• CEO

• CFO

• Board of Trustees

• Internal/external auditors

What are the additional responsibilities of the nonprofit board of trustees compared to the corporate board of directors?

• Allocating budgets and monitoring financial activity

• Advocating for the cause and speaking well of the organization

• Achieving goals and participating in fundraising activities

• Inspecting balance sheets and income statements

Which duty requires trustees to act exclusively in the best interests of the trust or nonprofit organization?

• Duty of loyalty

• Duty of care

• Duty of due diligence

• Duty of profit