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

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Conclusion

PERHAPS NO SINGLE business topic is more hotly debated than governance. Clearly there are different perspectives, cultures, and operating environments. No one set of principles is necessarily the best fit for all organizations. That said, simplicity in definitions and goals should be the objective rather than complex legalistic policies and procedures. Toward this end, here is a summary of our top action items and supporting considerations.

Forty Key Action Items

Nominate Independent Directors

1. Directors must keep the shareholders’ interests at the forefront: Audit committee members must represent shareholders’ interests rather than the CEO’s interest. This is a necessity, since a key duty of the audit committee is to independently ...

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