From the course: Accounting Ethics
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Boards of directors and board committees
From the course: Accounting Ethics
Boards of directors and board committees
- The board of directors, and by extension, its committees, are the backbone of the organization's governance structure. It assures stakeholders and the public that appropriate controls are in place for making ethical decisions. Let's first define the board's purpose. Boards are a requirement for all public entities. Simply, if you have external interests like having shareholders or handling public funds, you should have a board of directors. The board is a mix of elected and appointed individuals representing stakeholder and public interest and is independent from the entity. Essentially, they have a fiduciary duty to make appropriate and ethical decisions. Their responsibility involves hiring and firing senior executives, establishing financial policies and executive compensation, setting strategic objectives, establishing by-laws and risk management policies and approving executive duties. Typically, a…
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