WHEN COMPANIES OR BANKS FAIL, LOOK AT THEIR BOARD OF DIRECTORS LEAD

Show Notes FOLLOW AND SUPPORT The Business Advisor podcasts and blogs at: http://www.buymeacoffee.com/michaellodge Buy us a coffee!! NEWS LINKS: As we look at the banking failures we have to look at the strength or weakness of their Boards of Directors. Primary Duties of Board Members: A board of directors has several important duties. They Recruit, supervise, evaluate, and compensate management and executives Provide direction for the business through a mission statement Establish bylaws and a system of governing the business Act as fiduciaries to protect the business assets and shareholder investments Monitor and control business functions 1 Fiduciary Responsibilities A company's board members have a fiduciary responsibility to care for its finances and legal requirements. They have financial and other responsibilities to keep the corporation running efficiently, so the shareholders don't lose money. They must act in good faith and with a reasonable degree of care, and they must not have any conflicts of interest. That is, the interests of the company must take precedence over personal interests of individual board members. If you have a business question, send it to: [email protected] We provide business advisory and coaching service. To schedule an appointment, go to: www.lodge-co.com Michael Lodge / Lodge & Co. / The Business Advisor