A company director is one of the highest-ranking managers in a corporation who is in charge of making choices regarding how the company is run. A company can encompass several directors depending upon the size of the corporation. The big corporations may form the board of directors overviewing different departments by different directors, let us, department of IT, marketing, sales, and finance. A board of directors ensures that a well-defined framework exists, allowing the company to operate more effectively. Such boards usually comprise the chairman, managing directors, executive directors, and non-executive directors. Among the various primary goals of directors to keep going the corporation’s overall performance and setting up the strategic plan of action for the long run, directors have a vital role in the company’s risk management. The severe consequences resulting from corporate misconduct serve as a reminder that business activities are loaded with danger. Thus, risk management has also evolved into a governance issue that falls directly under the board’s oversight responsibilities.
Responsibility of Director and Corporation
The board sets out the direction and policies of the corporations. They elect and appoint the officials and agents to perform on behalf of the corporations. Thus, the actions of such officials are considered to be the actions of corporations. According to the American Bar Association’s Corporate Director’s Guidebook, the directors must act honestly and diligently in good faith for the corporation’s best interest. Duty of care and loyalty towards the corporation define their role and responsibility. Directors have a fiduciary relationship with the company and are expected to safeguard the assets and investments made by various stakeholders. They are deemed to work against the economic welfare and interest when causing the corporation to act or acting for their benefit. Such mala fide acts cause substantial financial harm and are subject to various civil and criminal liabilities. A corporate shareholder can sue the company’s officers or board of directors directly or through derivative litigation. Whereas, a director who acts with reasonable care and makes a accurate, just decision in good faith will not be held accountable for errors in business judgment.
Governance
Governance is an essential concern of matter for the business’s success, and it is the process through which the board members govern the company. These members are elected by the membership or investors to represent their interests and work to their benefit. It essentially balances the interests of a company’s various stakeholders, including shareholders, management executives, suppliers, consumers, financiers, the government, and the general public. The board of directors is in charge of the corporation’s critical governance, such as the appointments of the corporate officer, executive salary, and dividend policy. The board’s obligations go beyond financial optimization when shareholder resolutions urge other concerns such as social or environmental concerns. The board must incorporate the following policies to ensure the best worth of the corporation and reduce the harm on their part:
Risk management,
Corporate strategy,
Accountability,
Transparency,
Ethical business practices.
Bad corporate governance can propose questions about a company’s integrity, honesty, or duty to shareholders, all of which can harm the company’s financial health. For instance, at the turn of the twenty-first century, the fraudulent practices bankrupted high-profile businesses such as Enron and WorldCom. Corporate governance gained a compulsive and pressing issue in the United States.
Legal Framework and Liability
The various regulatory frameworks responsible for the discharge of functions directors include:
The Model Business Corporations Act or Delaware law are used in the majority of states’ legislation.
The federal laws of securities comprising of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The Securities and Exchange Commission issues regulations, rules, and other guidelines.
Listing standards.
Common law rules.
Guidelines on corporate governance.
Shareholder activism, for instance, filing litigation, is frequently used to influence changes in corporate governance regulations and directors’ responsibilities.
Directors cannot be typically made liable for the losses suffered by the corporation due to their bad business decisions. The law does not make directors personally accountable unless their decision infringes on a specific responsibility imposed on the officer or director. Such infringements account for accountability under both state and federal laws, for instance, causing theft or fraud. In addition to this, directors can be held liable for criminal and civil acts under various federal statutory schemes or laws. For example, laws regarding securities and insolvencies, Foreign Corrupt Practices Act of 1977.
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