Answer the following questions, with support, where relevant, from the course material, the relevant references below and your own further research:1.a) Identify and evaluate the strengths and weaknesses of the market-based system of corporate governance as practised in Anglo countries such as the United Kingdom, the USA and New Zealand.b) Identify and evaluate the advantages and disadvantages of the European and Asian relationship-based insider systems of corporate governance, in comparison with the market-based system.2. The UK FRC Corporate Governance Code is valuable in that it demonstrates the way that governance has developed in most jurisdictions using the Anglo-American model, including New Zealand. Consider the following case scenario:A large listed company has a board of directors with seven members:• The board chair is a non-executive director who holds a 25 percent shareholding in the company• Four of the board members are executive directors including the CEO and the CFO• The board has one sub-committee – an audit committee with three members. This includes the board chair, an independent director and the CFO, who is able to provide specific information about the company.a) With reference to key points in the UK FRC Corporate Governance Code identified by selected page numbers below, outline areas where this structure does not comply with components of the FRC Code.b) Compare and contrast the relevant points in FRC Code with the New Zealand FMA Principles and Guidelines regarding this structure.UK FRC Corporate Governance Code (2014)See pp. 1, 4, 5-6, 7-8, 10-11, 15, 17-19, 21, 22-23. (https://www.frc.org.uk/our-work/codes-standards/corporate-governance.aspx