The Real Duties of a Director

SINCE JUNE 1978 THE BOARD OF DIRECTORS of every company listed on the New York Stock Exchange has been required by Exchange rules to have an audit committee of independent directors. Only in a few companies, however, has a key question yet been sufficiently explored: What are the responsibilities of this committee, and how should it go about its job?

Indeed, the responsibilities and work of the board of directors as a whole is a subject that has received too little attention in most companies. Yet it is increasingly clear that this will be a central question and a major challenge to top management and ...

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