This document provides an overview of a corporate governance training program module on board roles, directors' duties and liabilities. It discusses the board's key responsibilities in providing leadership, guiding strategy, overseeing management and ensuring proper controls. The duties of directors include acting within their powers, exercising duty of care and fulfilling fiduciary obligations. A case study on Chase Bank is presented to discuss how directors may fail to meet these duties.
Corporate collapses, misinformation, fraud and the failure of many watchdog institutions, from auditors to investment analysts, have driven the need for change beyond the self-policing business arena and into the realm of politics - as had happened to Enron and Worldcom - as well as lesser corporate debacles, such as Adelphia Communications, AOL, Arthur Andersen, Global Crossing, Tyco, created an atmosphere of doubt and among the investing public. Practical applications of corporate governance in the US now mean compliance with the law - not just compliance with a "softly" enforceable voluntary code.
The board of directors is generally described in terms of its prominent structural attributes, including size, composition, and independence.
This Quick Guide examines the importance of these and whether they contribute to board effectiveness and shareholder value.
It answers the questions:
• What is the composition of a typical board?
• Which factors improve governance quality?
• Which factors do not?
• Can a board’s quality be determined by its structure?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Corporate collapses, misinformation, fraud and the failure of many watchdog institutions, from auditors to investment analysts, have driven the need for change beyond the self-policing business arena and into the realm of politics - as had happened to Enron and Worldcom - as well as lesser corporate debacles, such as Adelphia Communications, AOL, Arthur Andersen, Global Crossing, Tyco, created an atmosphere of doubt and among the investing public. Practical applications of corporate governance in the US now mean compliance with the law - not just compliance with a "softly" enforceable voluntary code.
The board of directors is generally described in terms of its prominent structural attributes, including size, composition, and independence.
This Quick Guide examines the importance of these and whether they contribute to board effectiveness and shareholder value.
It answers the questions:
• What is the composition of a typical board?
• Which factors improve governance quality?
• Which factors do not?
• Can a board’s quality be determined by its structure?
For an expanded discussion, see Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (Second Edition) by David Larcker and Brian Tayan (2015): http://www.gsb.stanford.edu/faculty-research/books/corporate-governance-matters-closer-look-organizational-choices
Buy This Book: http://www.ftpress.com/store/corporate-governance-matters-a-closer-look-at-organizational-9780134031569
For permissions to use this material, please contact: E: corpgovernance@gsb.stanford.edu
Copyright 2015 by David F. Larcker and Brian Tayan. All rights reserved.
Fiduciary Duties Owed by Boards of Directors to Both Solvent and Insolvent Co...Polsinelli PC
This webinar will focus on fiduciary duties owed by a board of directors to a company not only when the company is healthy, but also as the company heads towards insolvency. The panel will also discuss the current state of the zone of insolvency. The focus will be on Delaware corporations, but the panel will contrast how other jurisdictions address fiduciary duties, zone of insolvency, and deepening insolvency.
On the agenda:
-Summary of Fiduciary Duties of a Board of Directors
-Applicable Standards of Review for Transactions Under Delaware Law
-The Origins of the Zone of Insolvency
-Current Status of the Zone of Insolvency
-Other Jurisdictions View on Fiduciary Duties, Zone of Insolvency, and Deepening Insolvency
Internal and external institutions and influences of corporateGrace Fatima Abelida
Corporate governance refers to the mechanisms, relations, and processes by which a corporation is controlled and is directed. It involves balancing the many interests of the stakeholders of a corporation. Thus, it is important to know and determine what are the internal and external institutions and influences of a corporate governance.
Role of Independent Directors in Execution of the CSR Provisions as mandated ...CSO Partners
It covers the following topics
- Outline of the Company Act 2013
- Functions of Independent Directors
- Setting perspective and priority – formulating policy and framework
- Keeping a tab on the process-setting M&E system
- Keeping the Board engaged
- Review and audit
Presentation on Independent Director as per Companies Act 2013Vishal Dhona, ACS
Presentation is made for understanding what is independent director? what are its roles?
Also by means of this you can understand what are the various provisions applicable to independent director.
Corporate governance in housing finance (LIC) Corporate governance is the mechanisms, processes, and relations by which corporations are controlled and directed. . Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and include the rules and procedures for making decisions in corporate affairs.
The success of the board relies on the individual contribution, expertise, and behavior of its directors. During this program, we talk about the role of the director, the critical attributes of a strong director, the role of the Board and Committee chairs, and common opportunities and challenges for boards and board members. Through sharing examples from our expert group of panelists, we look at what is expected of directors from ownership and management to help highly effective directors meet or exceed those expectations and make a meaningful contribution to the company’s success.
Part of the webinar series: Board of Directors Boot Camp 2021.
See more at https://www.financialpoise.com/webinars/
Whether you are considering forming a board or want to enhance existing governance practices, understanding the role of the board and expectations of directors is an essential ingredient to successful, value-added governance in private companies. Company leaders and board directors often struggle to determine the role of the board and how to separate board responsibilities from those of ownership and management. In this webinar, the audience will learn what companies are really looking for (or should be) from their boards, and the many ways that boards contribute to private company success. We will cover the definition of a board, typical expectations of a director, board oversight vs. management responsibilities, and many other basics of board formation and operation.
Part of the webinar series:
BOARD OF DIRECTORS BOOT CAMP 2022
See more at https://www.financialpoise.com/webinars/
Fiduciary Duties Owed by Boards of Directors to Both Solvent and Insolvent Co...Polsinelli PC
This webinar will focus on fiduciary duties owed by a board of directors to a company not only when the company is healthy, but also as the company heads towards insolvency. The panel will also discuss the current state of the zone of insolvency. The focus will be on Delaware corporations, but the panel will contrast how other jurisdictions address fiduciary duties, zone of insolvency, and deepening insolvency.
On the agenda:
-Summary of Fiduciary Duties of a Board of Directors
-Applicable Standards of Review for Transactions Under Delaware Law
-The Origins of the Zone of Insolvency
-Current Status of the Zone of Insolvency
-Other Jurisdictions View on Fiduciary Duties, Zone of Insolvency, and Deepening Insolvency
Internal and external institutions and influences of corporateGrace Fatima Abelida
Corporate governance refers to the mechanisms, relations, and processes by which a corporation is controlled and is directed. It involves balancing the many interests of the stakeholders of a corporation. Thus, it is important to know and determine what are the internal and external institutions and influences of a corporate governance.
Role of Independent Directors in Execution of the CSR Provisions as mandated ...CSO Partners
It covers the following topics
- Outline of the Company Act 2013
- Functions of Independent Directors
- Setting perspective and priority – formulating policy and framework
- Keeping a tab on the process-setting M&E system
- Keeping the Board engaged
- Review and audit
Presentation on Independent Director as per Companies Act 2013Vishal Dhona, ACS
Presentation is made for understanding what is independent director? what are its roles?
Also by means of this you can understand what are the various provisions applicable to independent director.
Corporate governance in housing finance (LIC) Corporate governance is the mechanisms, processes, and relations by which corporations are controlled and directed. . Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and include the rules and procedures for making decisions in corporate affairs.
The success of the board relies on the individual contribution, expertise, and behavior of its directors. During this program, we talk about the role of the director, the critical attributes of a strong director, the role of the Board and Committee chairs, and common opportunities and challenges for boards and board members. Through sharing examples from our expert group of panelists, we look at what is expected of directors from ownership and management to help highly effective directors meet or exceed those expectations and make a meaningful contribution to the company’s success.
Part of the webinar series: Board of Directors Boot Camp 2021.
See more at https://www.financialpoise.com/webinars/
Whether you are considering forming a board or want to enhance existing governance practices, understanding the role of the board and expectations of directors is an essential ingredient to successful, value-added governance in private companies. Company leaders and board directors often struggle to determine the role of the board and how to separate board responsibilities from those of ownership and management. In this webinar, the audience will learn what companies are really looking for (or should be) from their boards, and the many ways that boards contribute to private company success. We will cover the definition of a board, typical expectations of a director, board oversight vs. management responsibilities, and many other basics of board formation and operation.
Part of the webinar series:
BOARD OF DIRECTORS BOOT CAMP 2022
See more at https://www.financialpoise.com/webinars/
Whether you are considering forming a board or want to enhance existing governance practices, understanding the role of the board and expectations of directors is an essential ingredient to successful, value-added governance in private companies. Company leaders and board directors often struggle to determine the role of the board and how to separate board responsibilities from those of ownership and management. In this webinar, the audience will learn what companies are really looking for (or should be) from their boards, and the many ways that boards contribute to private company success. We will cover the definition of a board, typical expectations of a director, board oversight vs. management responsibilities, and many other basics of board formation and operation.
Part of the webinar series: Board of Directors Boot Camp 2022
See more at https://www.financialpoise.com/webinars/
The success of the board relies on the individual contribution, expertise, and behavior of its directors. During this program, we talk about the role of the director, the critical attributes of a strong director, the role of the Board and Committee chairs, and common opportunities and challenges for boards and board members. Through sharing examples from our expert group of panelists, we look at what is expected of directors from ownership and management to help highly effective directors meet or exceed those expectations and make a meaningful contribution to the company’s success.
Part of the webinar series:
BOARD OF DIRECTORS BOOT CAMP 2022
See more at https://www.financialpoise.com/webinars/
Whether you are considering forming a board or want to enhance existing governance practices, understanding the role of the board and expectations of directors is an essential ingredient to successful, value-added governance in private companies. Company leaders and board directors often struggle to determine the role of the board and how to separate board responsibilities from those of ownership and management. In this webinar, the audience will learn what companies are really looking for (or should be) from their boards, and the many ways that boards contribute to private company success. We will cover the definition of a board, typical expectations of a director, board oversight vs. management responsibilities, and many other basics of board formation and operation.
Part of the webinar series: Board of Directors Boot Camp 2021.
See more at https://www.financialpoise.com/webinars/
The Effective Director (Series: Board of Directors Boot Camp 2020) Financial Poise
While we think of a board as a functioning entity, much of the success of the board relies on the individual behavior of its directors. During this program, we talk about some of the productive and problematic behavior that can show up in the boardroom, and the effect that it can have on board effectiveness. We look at what’s expected of directors from ownership and management, and share examples of the ways that a highly effective director can help to meet or exceed those expectations and make a meaningful contribution to the company’s success.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/the-effective-director-2020/
Roles & Responsibilities: A Primer (Series: Board of Directors Boot Camp 2020...Financial Poise
Private company owners, including family businesses, ESOPs, and private equity owners, often have different expectations for their boards than is common in publicly traded firms. Besides being much less encumbered by regulatory compliance, many private firms are looking for a completely different kind of engagement from directors. In companies with new boards, leaders and directors often struggle early on to determine the role of the board and how to separate board responsibilities from those of ownership and management. In this webinar, the audience will learn what companies are really looking for (or should be) from their boards, and the many ways that boards contribute to private company success.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/roles-responsibilities-a-primer-2020/
Issues in Corporate Governance: Company Directors – Their Duties According to the Company Law & Corporate Governance.
1. Directors are fiduciaries, i.e. empowered to oversee the management - to ensure that it is effective, honest, and dedicated to managing the company for the benefit of its shareholders and to enhance shareholder value.
2. Rules are largely common law and equitable rather than statutory.
3. As overseers, directors should serve as advisers, monitors, counselors, protagonists, and critics but not as bulldogs
The Board Skills for Sport course is the only course designed specifically to help train board members in sport and recreation organisations.
Find out more by visiting: http://www.sportandrecreation.org.uk/programmes-initiatives/boardroom/board-skills-sport
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As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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4. 4
Board’s purpose
“The board’s purpose is to provide entrepreneurial
leadership of the company within a framework of
prudent and effective controls….”
United Kingdom Combined Code (2006)
6. 6
Board Responsibilities
▪ Develop the company’s purpose, vision, values (The
board should develop a purpose statement to guide
the company direction)
▪ Guide strategy (approve the company’s major
strategic recommendations, risk policy, annual
budgets and business plans)
▪ Oversee management (be involved in selecting,
appointing, motivating, overseeing the CEO and have
succession plans in place to ensure planned
progressive changes)
7. 7
Board Responsibilities
▪ Monitor effectiveness in the company’s governance
practices(CG frameworks, policies, procedures and
practices)
▪ Ensure that controls are in place(accounting,
reporting, audit, risk management, legal compliance)
▪ Oversee disclosure, communications
8. 8
“The BOARD should fulfill certain key functions including:
ensuring the INTEGRITY of the corporation’s accounting and financial
reporting systems (including the independent audit), and that
appropriate systems of control are in place, in particular, systems
for risk management, financial and operational control, and
compliance with the law and relevant standards.”
“In every single business failure of a large company in the last five decades, the board
was the last to realize that things were going wrong.”
Peter Drucker, Managing for the Future
11. 11
Chairman, CEO Role Separation
Board Chairman
▪ Provide overall leadership to the board
▪ Responsible for board agenda, work plan
▪ Work with chairmen of board committees
▪ Informal link between board and CEO/management
▪ Participate in selection, induction of NEDs
▪ Counsel individual directors, performance evaluation
▪ Relations with shareowners, investors, key stakeholders
12. 12
Chairman, CEO Role Separation (cont.)
Chief Executive Office
▪ Work closely with board chairman
▪ Formulate strategy, business plan, gain board budget approval
▪ Responsible for financial, corporate objectives
▪ Formulate major corporate policies, supervise management
▪ Ensure effective management succession planning
▪ Ensure continuous improvement in services, products
▪ Relations with investors, major customers, business partners
▪ Ensure company’s long-term sustainability
13. 13
Director’s Roles
▪ Decision-maker
▪ Representative of an interest group
▪ Challenger
▪ Supervisor
▪ Reflective listener
▪ Process manager
▪ Knowledge provider
▪ Company representative
▪ Status provider
▪ Innovator
▪ Developer
14. 14
Directors Can Be….
▪ Imprisoned – EXAMPLE?
▪ Fined – EXAMPLE?
▪ Sued for losses – EXAMPLE?
▪ Held personally liable for…. – EXAMPLE?
▪ Removed from office by shareowners – EXAMPLE?
▪ Disqualified – EXAMPLE?
16. 16
Duty To Act Within Powers
▪ Act only within their powers as defined by the
constitution or approved by shareowners
17. 17
Duty Of Care
▪ Legal obligation imposed on directors requiring that
they adhere to a reasonable standard of care while
performing any acts that could potentially harm others
▪ Directors are normally expected to discharge their
duties in:
▪ Company’s best interests
▪ Compliance with company’s code of conduct
18. 18
Fiduciary Duties
▪ Directors must act in a faithful, trustful manner
towards or on the company’s behalf, putting their duty
before personal interests.
▪ Considerations include:
▪ Good faith
▪ Proper purpose
▪ Not to make secret profits
▪ Avoiding conflicts of interest
▪ Confidentiality
19. 19
Duty Of Loyalty Calls For Directors Not to…
▪ Conduct transactions in which they have a personal
interest
▪ Accept a position in a competing company
▪ Enter into contractual relations with a competing company
▪ Use the company’s assets, facilities for personal use
▪ Use information, business opportunities received in their
official capacity for personal gain
▪ Accept gifts
20. 20
Do Any Statutory Duties Of Directors Exist In
The Following Areas?
▪ Employee rights
▪ Data protection and privacy
▪ Health and safety rights
▪ Customer rights
▪ Human rights
▪ The environment
21. 21
Director’s Rights
▪ Access to information
▪ Reimbursement for expenses incurred
▪ Discharge their duties without interference
from co-directors
▪ Attend and participate in board meetings
▪ Notice of meetings
▪ Advice
▪ Delegation
22. 22
Case Study: Chase Bank: Duties of
Directors
▪ Read Hand out 1
▪ In your groups discuss:
▪ Group 1: was the Duty to act within powers were flouted? If so
how?
▪ Group 2: was the Duty of care flouted? If so how?
▪ Group 3: Fiduciary duties flouted? If so how?