The very role of a board of directors in the system of corporate governance is to oversee a corporation's business and affairs, including its management, because numerous dispersed stockholders cannot effectively perform that function on their own. But if directors incurred liability for every misstep they took, or bad decision they made, it would indeed be rare to find a person willing to serve as a director. In Delaware, where the majority of US corporations are incorporated, the hallmark fiduciary duties are the duties of care and loyalty. But if Delaware corporate law is considered the national corporate law, the Sarbanes-Oxley Act of 2002 is perhaps best described as its smash sequel. While competent, good, or best corporate practices vary from circumstance, from company to company...
Two committees composed of a 120-person sampling of the company's 4,900 employees were charged with forming a new vision and mission statement to reflect the firm's new outlook following the acquisition of Smythe Cramer Co. the year before. While birthday cards are effective in communicating a message, nothing beats one-on-one face time. Taking the time to interact with employees can go a long way in helping your company succeed.\n You can use your board of directors to serve in this role or use an outside consultant to help keep you in check.
NEW YORK, Oct. 13 /PRNewswire/ -- "As companies experience a period of serious disruption, many boards looking to replace the CEO are increasingly turning to one of their own," says John Wood, Vice Chairman and Global Managing Partner of Heidrick & Struggles' chief executive officer and board practice. The past year has seen a significant jump in the number of Fortune 1000 directors becoming CEOs of the companies on whose board they serve: nine directors stepped in as permanent CEOs from the period of July 1, 2009, to the present, compared to only four directors tapped as chief during the year prior. Three additional directors have been named interim CEO this year, bringing the total director-turned-CEO number for the past year to 12.
Previous corporate governance literature mainly focuses on boards' control over CEOs, and CEO-board power is regarded as a major determinant of such control. This study addresses not only the control role but also the service role of directors in corporate governance. In addition to power relations, CEO-board trust relationship is included as an explanatory construct of boards' behaviors towards CEOs. It is proposed that boards' trust in CEOs moderates the associations between board structure and control activities; and works as a mediator between social ties and board service. Limitations of this study and directions for future research are discussed.
Across the credit union movement, approaches to facilities strategy are in flux. Some institutions that depended on a large network of full-sized brick-and-mortar branches in the past are re-imagining themselves after the dual traumas of the economic meltdown and the assessments they had to pay to strengthen the National Credit Union Share Insurance Fund. Other credit unions launched innovative facilities strategies years or even decades ago, foreseeing a time when they would have to be creative to stay afloat and differentiate themselves from the pack. For these credit unions, the board of directors plays a pivotal role. Wayne Bunker, CCUE, CCE, president/CEO of $1.6 billion Provident Credit Union, Redwood City, CA, says the main focus of his organization's facilities strategy is techn...
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