please help me with an assignment. LamLam Hub $($Pty$)$ Ltd $($LamLam$)$ is an e$-$commerce company and a subsidiary of

Kgorong Limited $($Kgorong$),$ a prominent entertainment company listed on the Johannesburg

Securities Exchange $($JSE$).$ LamLam has voluntarily adopted the King IV Report on Corporate

Governance because it is a subsidiary of Kgorong. LamLam primarily sources discounted goods

from Asian markets, particularly China, and offers them to consumers worldwide through its ecommerce platform. The company has a $28$ February $2024$ financial year$-$end.

The e$-$commerce platform experienced rapid expansion and gained widespread popularity,

becoming the most downloaded e$-$commerce application on major mobile application stores in

$2023.$ Its global presence spans across $49$ countries, including the United States, Europe, and

Asia.

In a recent meeting on $28$ February $2024,$ the Chief Executive Officer $($CEO$)$ of LamLam,

Mr$.$ Sibanda, emphasised that employees should remember that their core objective is to grow

the revenue and share price of LamLam to keep investors $$happy$.$ Mr$.$ Sibanda was quoted as

saying the following in the meeting:

$$Although we have been under pressure to approve and implement a code of ethics and to

strengthen our corporate governance practices, I want each and every one of you to understand

that our main goal is to increase revenue at all costs. If you do not get this done, your careers at

this company will come to an end$.$

$2.$ Corporate Governance

LamLam's board of directors $($Board$)$ is comprised of the following individuals:

Mr$.$ Sibanda $1$ Chief Executive Officer $($CEO$)$

Ms$.$ Louw CA$($SA$)2$ Chief Financial Officer $($CFO$)$

Mr$.$ Vatyana $3$ Non$-$executive Director

Mr$.$ Baloyi $4$ Non$-$executive Director

Ms$.$ Mleni $5$ Independent Non$-$Executive Director

Mr$.$ Vavi $6$ Non$-$executive Director $($Chairperson$)$

$1.$ Mr$.$ Sibanda holds a Master of Business Administration $($MBA$)$ and has extensive experience

in the e$-$commerce industry.

$2.$ Ms$.$ Louw is the CFO of Kgorong.

$3.$ Mr$.$ Vatyana holds a Bachelor of Science $($BSc$)$ in Computer Science and is a representative

of the Public Investment Corporation $($PIC$)$ on the board and he is a non$-$executive director.

He was appointment to the board to ensure that funding from the PIC is efficiently used to

generate the promised return on investment for the PIC.

$4.$ Mr$.$ Baloyi is the Human Capital Director at Kgorong and sits on the board as Kgorong$$s

shareholder representative. Mr$.$ Baloyi has significant experience in employee relations,

specialising in labour law.

$5.$ Ms$.$ Mleni sits on the board of five other listed companies and is an expert in corporate

governance.

$6.$ Mr$.$ Vavi is a close friend of Mr$.$ Sibanda. Their friendship started in high school and has

remained strong ever since. Mr$.$ Vavi is a medical doctor by profession and has lengthy

experience as Policy Director at the National Department of Health.

$3.$ Data breach

LamLam$$s systems experienced a data breach on $5$ January $2024.$ The breach was widely

covered by the media and is being investigated by the Information Regulator of South Africa. If

found guilty by the Information Regulator, LamLam can be prosecuted with a fine amounting to

$10\%$ of its annual revenue. Refer to the article below from the $$South Africa Today$$ newspaper for

more information relating to the data breach:

In addition, LamLam contracted PCW to investigate the data breach and the impact thereof. The

Memo, following the article below, is the report from PCW$.$

Following the internal audit report findings, LamLam embarked on a comprehensive overhaul of

its security and ethical practices on $8$ April $2024.$ These measures included implementing robust

encryption, revising data collection policies, and enhancing user consent mechanisms.

LamLam implemented a two$-$factor authentication system that requires users to validate their

credentials through a strong password as well as an SMS that is sent to the users$$ cell phones.

This enhances user account security.

A new software contract to improve LamLam$$s IT infrastructure to reduce further data breaches

on LamLam$$s systems was also entered into after it was approved by the IT Committee on

$10$ June $2024.$ The cost of the contract is R $9,5$ million. The contract is for five years. Monoratha

$($Pty$)$ Ltd $($Monoratha$)$ is the name of the service provider that has been awarded the software

contract. Twenty percent $(20\%)$ of the contract value was paid to Monoratha upon the conclusion

of the contract so as for the upgrade to commence immediately.

Management believes that these measures will mark the beginning of LamLam's long road to

redemption. The company also launched an outreach program, offering compensation and

support to affected users, and established an ethics board to oversee operations