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Freedom Food Group Limited (ASX: FNP)

BACKGROUND: Noumi Ltd (ASX: NOU), formerly known as Freedom Food Group Limited (ASX: FNP), is one of the nations’ biggest dairy farmers. The company owns several well‐known brands such as Milklab, Australia’s Own, So Natural, Crankt, Vital Strength and Purenferrin.
On 30 November 2020, Freedom Foods revealed more than $590 million in write‐downs and the company had restated several years’ worth of accounts. In a number of announcements after the ASX had closed on Monday, the company revealed that its past financial results were inaccurate, among other revelations. Freedom Foods reported, in October 2019, that it earned a full‐year profit of $11.6 million. But that figure has now been “restated” as a $145.8 million loss. The cereal business also confessed its losses had since widened to $174.5 million in the last financial year (ending June 30, 2020).
Callers questioned company oversight and the scope of the $590 million write‐down, of which $372.8 million is linked to asset values being slashed. It was explained that Freedom has incurred enormous costs building machinery to handle its new product lines, but did not put it down as an “expense” in its books. In addition, the company also wrote down its goodwill and brands by $75.9 million and had to also write down $60.1 million due to “out‐of‐date, unsaleable and obsolete inventory”.
Further investigations also reveal that payments had been made to some employees, including senior management, without permission from the board. The employee incentives include granting of previously undisclosed employee share options and/or extension of the expiry date of share options by management between September 2014 and September 2019.
QUESTION ONE (750 words)
The corporate governance statements of Noumi (Freedom Food) from 2016 to 2020 reveal that the company adhered to most of the ASX principles of corporate governance. Yet the accounting scandal of Noumi (Freedom Food) suggests that corporate governance may have failed.
Discuss how failure of the board of directors (principles 1 & 2) and failure of the ethical culture (principle 3) at Noumi (Freedom Food) contributed to the downfall of the company. Students should review the annual corporate governance statement and Appendix 4G filed by Noumi (Freedom Food) from 2016 to 2020. Students should also refer to the annual financial report or other publicly available resources where necessary.

Sample Solution

The point of this study is to decide if the execution of presenting names and job assignment onto theater covers can diminish mistakes and work on understanding security, particularly in kids' nursing. To accomplish this specific point, the review will likewise have a few key targets. These incorporate, to look and distinguish the accessible writing materials that are generally pertinent to the examination question and to decide the significance of presenting names onto the theater covers. It was additionally be the goal of this review to inspect the significance of presenting job designation. The examination included the utilization of an unmistakable review research plan and a survey as the information assortment device. The PDSA was the help improvement procedure utilized with the end goal of this review. The concentrate likewise elaborate the utilization of three web-based search data sets that incorporate Medline, CINAHL as well as Cochrane. The investigation discovered that the execution of presenting names and job designation onto theater covers is significant practice and that it will diminish blunders and work on persistent wellbeing later on. Prologue to Service Improvement Administration improvement (SI) in medical care is a purposeful methodology that involves exact strategies to gauge and convey nonstop upgrades in the nature of an assistance (The Health Foundation, 2010). While SI in the National Health Service (NHS) can further develop arrangement, lessen costs, smooth out administrations and decrease blunders practically speaking, Craig (2018) contended that it may not be satisfactory for further developing results and nature of care when utilized alone. The Kings Fund (2012) concur medical attendants ought to be locked in and effectively associated with fostering a common vision of the quality improvement methodology, in any case, they propose the greatest shortcoming is its inability to draw in clinicians in administration and positions of authority. Moreover, they express that drawing in staff is fundamental in getting change and improvement going to convey a superior patient involvement in less blunders for SI to be supported. The NHS Institute of Innovation and Improvement (NHSIII) (2009) featured the importance of SI expressing that every social consideration supplier is urged to work inside a group while as yet working on their own piece of the help. All medical care faculty should take on change and care staff to upgrade their administrations (NHS Institute for Innovation and Improvement, 2009). Whitby (2018) further portrays enhancements in care to be an inescapable advancement of initiative abilities in bleeding edge medical attendants with the most grounded and most prompt impact on staff conduct, underlining medical attendants and ward administrators are all around put to work on hierarchical societies and execute important changes in their work on setting.

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