Wholesale Foods PLC CASE STUDY

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Wholesale Foods PLC is a manufacturer of healthy meals designed for people who do not have much spare time and wish to prepare food quickly. The meals are sold nationally through a number of retail outlets.The business has grown significantly over recent years, progressing from a family private limited company to become a PLC quoted on the stock market in 2010. At that time, a new Chief Executive was appointed in the interests of new shareholders. Over the following period, significant shareholders included some key mutual funds from the city.You were appointed as Financial Director for Wholesale Foods PLC in April 2016, at the start of a new financial year.The impact of Covid-19 and the restrictions placed on people going to work has actually had a positive impact on the company in that people have welcomed access to prepared but healthy meals. The creation of a website through which the public can order these meals and either collect or request delivery has contributed to very strong financial results over the past year.Next month you have been asked to provide a report to the Board of Directors about the financial situation of the company, focusing on a number of areas highlighted recently by your fellow directors over the past few months.You should prepare a report to send to the directors for their consideration so that they are ready for a discussion at the Board meeting next month.Your report should be prepared in sections, numbered and headed in accordance with the following 4 parts.
PART 1: THE BOARD MEETING:As Financial Director for Wholesale Foods PLC, you face constant pressure to provide realistic financial information to your colleagues on the Board. This involves close analysis of what the company has achieved and also providing forecasts on expected results and cash flow requirements in the short, medium and long-term. You are regarded as a reliable but challenging individual and have developed a strong reputation, not only for your analytical skills, but also for your typical honesty within the Board. In view of this, you are often asked to present to the Board on a wide-range of areas for clarification.One of your co-directors is aware that, as the company grows and more shareholders have some influence on the direction of the business, it might be difficult to satisfy what they expect. Indeed, she has heard that conflicts can arise and this can create
disagreement in the boardroom. This could ultimately lead to the company losing focus on the core objectives.You have been asked to address these issues in your report.Required:Prepare a report examining the objectives which an organisation must be aware of and how these objectives can be managed. Your report should discuss the following aspects:Required:(1) Shareholder wealth maximization, a commercial organisation’s primary objective, clashing with its non-financial goals.(8 marks)
(2) The agency problem which can arise in an organization when ownership is separated from control.(12 marks)

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