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The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities by Ronald Kral, Sheila Moran

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CHAPTER SEVEN

Satisfy Regulators and Other Stakeholders

AN ORGANIZATION’S SUCCESS hinges on the continued support of its stakeholders, with perhaps few things more alarming for board members than losing the faith of stakeholders. Board directors at Apple and Wal-Mart, for example, found this to be true with front-page scandals arising from supply-chain mishaps.1 Apple has been widely criticized for its environmental record, with environmental groups charging that the company has consistently looked the other way when it comes to pollution and toxic discharge up and down its supply chain, particularly in China. Similarly, Wal-Mart was blasted for its record in China after mislabeling conventionally raised pork as organic. Both companies know ...

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