The role of the board and that of management are delineated and quite separate. Sometimes the lines are blurred where certain management personnel have a seat in the board. Some CEOs are also board members. The board secretary may also be a part of senior management as the head of legal affairs.
The Board secretary is effectively the gatekeeper of corporate governance for the board because they: Advise the board on corporate governance procedures and ensure that the Board follows the set procedures.
The delegated authority of the Board lies with management as led by the Chief Executive officer or General Manager. What is the role of the Chief Executive Officer (the CEO)
As custodians of corporate governance, the board of directors must give effect to corporate governance and ensure that it trickles
down to management.
If a director does not carry out the fiduciary duties which we discussed in the previous segment of corporate governance, they are in danger of being held personally liable.
All for one and one for all-Isan aphorism that best describes the expectations of collective responsibility and to also act individually, applying the necessary knowledge, skills and experience.
The board of directors has a fiduciary duty towards the company. You may have heard this numerous times. What is a fiduciary duty? To understand this, one must appreciate what a fiduciary relationship is–this is a relationship of confidence.
Corporate governance principles are usually ascribed and upheld by the board of directors who report to shareholders. Shareholders are the owners or financiers of the company.
It is the system by which companies are directed and controlled(seethe Cadbury Report and the first King Report).Its import is to monitor how the company is managed and to balance the interests of internal and external stakeholders of a company or corporation.
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