A group of former university friends who all graduated with various IT related degrees are now individually successful in their respective careers. They want to start an online web design business which was their dream at university. They think now is the right time to launch their business and plan to quit their current jobs to start a new company.
There are six people in this group:
1. John is a software engineer,
2. Peter is a computer network manager,
3. Paul is a management information system expert,
4. Mark is a programming language specialist,
5. David is a computer graphic designer, and
6. Chris is a computer science specialist.
All six group members are less than thirty years of age. Together they incorporate a company called "i-Design". All six of them are confident in their collective knowledge and skill regarding web design. They also believe they will be ideal directors and each of them plan to sit on the board as directors. When Peter mentioned their plans for I-Design to his father, a professional company director, his father suggested that the group seek some professional advice on the formation and composition of i-Design's board of directors. You have a thriving corporate governance consultancy business and the group of six comes to you for advice.
Advise the potential board of i-Design whether or not they will indeed be an ideal board based upon the Australian Securities Exchange Corporate Governance Councils Principles and Recommendations. If not, why not, and what should they do?