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Sometimes, people who may be perceived to have a conflict of interest resign from a position or sell a shareholding in a venture, to eliminate the conflict of interest going forward. [ citation needed ] For example, Lord Evans of Weardale resigned as a non-executive director of the UK National Crime Agency after a tax-avoidance -related ...
At a minimum, these directors should meet the definition of “independent director” as defined under relevant SRO standards, although boards may consider adopting even more stringent standards of independence. Furthermore, boards should formulate and adhere to clear conflict of interest policies applicable to all board members.
However, in many U.S. corporations the CEO and chairman of the board roles are held by the same person. This creates an inherent conflict of interest between management and the board. Critics of combined roles argue the two roles that should be separated to avoid the conflict of interest and more easily enable a poorly performing CEO to be ...
Center for Interfaith Relations Board of Directors meeting. A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law ...
Directors also owe strict duties not to permit any conflict of interest or conflict with their duty to act in the best interests of the company. This rule is so strictly enforced that, even where the conflict of interest or conflict of duty is purely hypothetical, the directors can be forced to disgorge all personal gains arising from it.
A manager must consider the recommendation of the IRC in respect of other conflict of interest matters, but may disregard the recommendation of the IRC after such consideration. In March 2007, the CSA published an FAQ on the Instrument entitled "CSA Staff Notice FAQs on 81-107: NI - 81-107 - Independent Review Committee for Investment Funds". [3]
There are three main views as to why codetermination exists: to reduce management-labour conflict by improving and systematizing communication channels; [3] to increase bargaining power of workers at the expense of owners by means of legislation; [4] and to correct market failures by means of public policy. [5]
Duty of loyalty in corporation law to describe a fiduciary's "conflicts of interest and requires fiduciaries to put the corporation's interests ahead of their own." [3] "Corporate fiduciaries breach their duty of loyalty when they divert corporate assets, opportunities, or information for personal gain."