Which of the following is not a function of board committees?The executive committee works closely with top managers on business matters. The audit committee reviews the company's financial reports.The finance committee works closely with the human resources department to fund employee salaries.The compensation committee administers and approves salaries and benefits.
Question
Which of the following is not a function of board committees?The executive committee works closely with top managers on business matters. The audit committee reviews the company's financial reports.The finance committee works closely with the human resources department to fund employee salaries.The compensation committee administers and approves salaries and benefits.
Solution
The correct answer is: The finance committee works closely with the human resources department to fund employee salaries.
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Board committees are specialized groups within a company's board of directors that focus on specific areas of the company's operations or governance. The exact functions of these committees can vary depending on the company and its needs.
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The executive committee typically works closely with top managers on business matters. This can include making decisions on strategic issues, overseeing the company's operations, and ensuring that the company is meeting its objectives.
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The audit committee is responsible for overseeing the company's financial reporting process. This includes reviewing the company's financial statements, assessing the effectiveness of its internal controls, and liaising with external auditors.
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The compensation committee administers and approves salaries and benefits for the company's executives. This can involve setting compensation levels, designing incentive plans, and reviewing the performance of executives.
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However, the finance committee typically does not work closely with the human resources department to fund employee salaries. The finance committee is generally responsible for overseeing the company's financial policies and strategies, while the human resources department is responsible for managing employee compensation and benefits. These functions are usually separate and distinct.
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