Related party transactions: require arm's length terms, audit committee oversight and shareholder clearance where materially affecting the entity.
Related party transactions are transfers of resources, services or obligations between an entity and persons or entities connected by control, significant influence, board or management relationships or family ties; they must be conducted on an arm's length basis, reviewed by the audit committee, and, if material, approved by shareholders, with parallel disclosure obligations under accounting standards and tax, customs and GST rules to prevent misuse and ensure transparency. (AI Summary)