Dear Potential, New or Sitting Member of the
Board of Directors,
You have the duty to prudently represent the interests of the
shareholders.
You have to understand the needs and desires of employees, customers and
regulators.
You have to do your best to understand the risks in your organization, and to exercise oversight.
Year after year, you have to do more, and you
have more responsibilities.
There is a simple problem: You will make
mistakes.
Although it is impossible to avoid making wrong
decisions, you can avoid the negative consequences, like
liability, litigation damages and expenses.
Yes, perhaps you are covered by a comprehensive liability insurance
policy. It is good to remember that you face
risks greater than insurance coverage alone can address.
You must fulfill two essential duties
while performing your corporate functions:
1. Duty of diligence:
You must act in good faith and do what a reasonably prudent person in a
comparable position would do under similar circumstances.
Before making decisions, you must consider all material information
reasonably available to you.
You must learn, and you must be able to
provide evidence that you had the
necessary knowledge to make informed decisions.
2. Duty of loyalty:
You must not misuse your position of trust for your private interests.
To make a long story short: You must make
informed business decisions in good faith
Directors must be well informed about the
company’s regulatory environment, compliance challenges and obligations.
As the legal and regulatory environment is
constantly changing, the need for education is continual.
Our Mission: To help you make informed business
decisions in good faith
Membership in the International Association of Potential, New and
Sitting Members of the Board of Directors (IAMBD) means that you always
try to learn more and to make informed decisions.
Membership is Free
Join us. Keep current. Take advantage of the
opportunities.
You will enjoy the free monthly newsletter with news, alerts, challenges and opportunities.
How to become a member Sign up to become a member. Membership is free.
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