[Section B - MTQ] SCENARIO: 'HarvestCo' is a large, family-owned agriculture business. The founding patriarch recently retired, and the family has decided to transition the business into a publicly listed company (PLC). This requires adopting a formal corporate governance code and shifting from a 'Power culture' to a 'Role culture'.

Select the FOUR correct statements regarding HarvestCo's transition.

The transition to a Role culture means the company will now focus entirely on short-term project teams rather than formal job titles.

To comply with corporate governance best practices, HarvestCo must appoint independent Non-Executive Directors (NEDs) to the board.

The founding patriarch's eldest son, who currently runs the sales division, would be considered an independent NED.

The shift away from a Power culture means decision-making will become more decentralized and reliant on bureaucratic procedures rather than the whim of one central figure.

Corporate governance codes will require HarvestCo to abolish its audit committee to save costs.

Agency theory becomes highly relevant to HarvestCo as ownership (public shareholders) will now be separated from control (the board of directors).

HarvestCo's new CSR policy should focus exclusively on maximizing short-term dividends for the new public shareholders.

The remuneration committee, responsible for setting executive pay, should be composed primarily of independent Non-Executive Directors.