Riordan Manufacturing Compliance Plan Paper

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Riordan Compliance Plan Law/531 Business Law Kristine Honkus Laurie Wicker December 16, 2012 Company Overview Riordan Manufacturing found by Dr. Riordan, a chemistry professor, who had obtained several patents relative to processing polymers into high tensile strength plastic substrates (University of Phoenix, 2012). Dr. Rriordan realized there was commercial need for patents. So, he began Riordan Plastic, Inc., in 1991. Today, Riordan Manufacturing works in the global plastic market and employs 550 people. The company annual income is $46 million. Riordan’s mission plans include a leader in research and development, strives to be a solution provider for customers, and will ensure that their employees receive correct…show more content…
The governance plan in place does not keep track of meeting minutes, nor does it say that minutes will be kept track of. The governance plan also need an eventuality plan in place to ensure if the primary person that keeps track of the minutes cannot attend. Under the Board Meeting Etiquette and Proceedings portion of Riordan’s corporate governance plan, it states who establishes the agenda based on the submission of requested items from other Board members or the Chief Executive Officer, how and when the information pertaining to the agenda will be disseminated, and what should be included in the Board Meeting Package (University of Phoenix, 2012). In order for Riordan not to have its company shut down for governance non-compliance, the board of directors will need to make an addition to the Board meeting Etiquette and Proceedings portion of the corporate governance plan. The addition, titled Official Board Meeting, will need to state that the board secretary will record the minutes of every board meeting and keep a file of the minutes. It will also state the Chairman of the Board will have the authorization to document the minutes to the Board Secretary for filing. Not only will this improve the board meetings, but it will also help with the departmental direction for all of the employees of Riordan. This will also reduce the risk of…show more content…
To ensure that a property is properly upheld, there needs to be a prescribed agreement to uphold the property on a certain schedule. There needs to be someone watching over all equipment. Everyone using any property should understand the proper way to use it. If there are risks involved in a certain piece of equipment, the company needs to disclose these risks to those operating it. Riordan has much intellectual property. The proper forms must be filed within any state, county, and foreign country stating out rights to use any names to do business legally. Patents, copyrights, and trademarks will be filed and recorded so anyone can identify the companies right to use the property that they have created internally. Anyone caught using someone else’s ideas, designs, or intellectual property should be terminated. Riordan is a corporation with stakeholders and many employees. The purpose of Riordan is to be profitable. Because Riordan is a corporation, only certain officers or directors have the authority to sign on behalf of the company in relations to contracts, finances, and other binding agreements. Departments and officers must be aware of their authority rights and responsibilities. Environmental Protection Agency and other regulatory agencies oversee the proper way for the company to operate. Riordan must protect other people from being in harms way by the production of products. Key people must be
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