(c) Mr Cobar, the chief executive of SHC, has decided to draft two alternative statements to explain both possible

outcomes of the secrecy/licensing decision to shareholders. Once the board has decided which one to pursue,

the relevant draft will be included in a voluntary section of the next corporate annual report.

Required:(i) Draft a statement in the event that the board chooses the secrecy option. It should make a convincing

business case and put forward ethical arguments for the secrecy option. The ethical arguments should

be made from the stockholder (or pristine capitalist) perspective. (8 marks)(ii) Draft a statement in the event that the board chooses the licensing option. It should make a convincing

business case and put forward ethical arguments for the licensing option. The ethical arguments should

be made from the wider stakeholder perspective. (8 marks)(iii) Professional marks for the persuasiveness and logical flow of arguments: two marks per statement.(4 marks)