Final answer:
Firms are not required to keep the names of supervisory personnel and dates for their designation, but it is a common practice for various purposes.
Step-by-step explanation:
The statement is False. Firms are not required to keep the names of supervisory personnel and dates for their designation.
However, it is common practice for firms to maintain a record of supervisory personnel for various purposes such as internal documentation, performance evaluation, and compliance requirements.
Firms may choose to keep records of supervisory personnel and their designation dates for several reasons:
- To ensure compliance with regulatory requirements: In certain industries, firms are required by law to maintain records of supervisory personnel and their designation dates.
- To track changes in personnel: Maintaining records of supervisory personnel and their designation dates can help firms keep track of changes in their workforce and identify the individuals responsible for supervisory roles at any given time.
- To facilitate internal communication and decision-making: Having a record of supervisory personnel and their designation dates can help firms communicate and make informed decisions based on the current organizational structure.