select the topic for your workshop. Include in your selection the reason(s) for your choice, the intended audience, and the context of the workshop. For example, consider these for some examples of what kinds of topics are suitable for a workshop:
Managing diabetes with diet and exercise
Delivering great customer service and resolving conflict
A company-wide orientation for new hires
Choosing the correct insurance plan to fit your needs
What is patient and workplace safety?
Your topic description should be about 150-200 words in length. This and all written work in this course should follow APA style convention
This report aims at understanding how application of ASX Corporate Governance Principles and Recommendations could have potentially turned around Woolworths Limited – Masters Home Improvement. Determine Relevant Information (Rankin, 2017) defines corporate governance as “system by which corporations are directed and controlled”. Corporate governance also describes the framework of rules, relationships, systems and processes within corporations and defines accountability (ASX, 2014). Corporate underperformance is the company’s inability to meet the expectation of its stakeholders. Corporate turnaround means restructuring the company to return it to operational normality and financial solvency (Downey & CIMA, 2009). It usually involves a failure of leadership (Slatter, 2011) and lack of concern for corporate governance. The most important function of a board of directors is to foresee and manage risk. In case of Masters home improvement, it is evident that the board failed to gauge the risk with entering a market with virtually no gap and dominated by long standing players like Bunnings. Masters was conceived in 2009 with an aim to put extra pressure on Westfarmers, owner of Coles, which also operated the top hardware player in the market, Bunnings. Masters started operations in 2011 in partnership with Lowe’s; by 2016 it had more than 60 stores (Evans, 2016). It was a recipe for disaster, a consequence of poor strategic decisions, overexpansion and ill-judged acquisitions (Hamilton & Mickelthwait, 2006). Masters reported a total of $600 million in losses with over $3 billion of capital spending (Woolworths Ltd., 2016). It was restructured after Don Stallings, the managing director, was replaced by Matt Tyson. The roll-out was slowed down and investment was cut-back until the model was proven (McConnell, 2016). However, the fallout seemed inevitable and Masters stopped operation on December 11th 2016. Enumerate Options Woolworths needed a more effective risk management team, which would have foreseen the risks involved with entering a market or at least diverted the motive of bringing Masters into existence from attacking Westfarmers to actually looking for an entry into a profitable industry. The main fact that the Woolworths board failed to recognize is that Westfarmers allowed Bunnings to perform as a silo (Stewart, 2016). Recommendation 7.4 should have been followed in order to predict and manage material exposure to economic, environment and social risks (Hamilton & Mickelt>GET ANSWER