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Essay / Research Paper Abstract
A 6 page paper that discusses the roles and responsibilities of boards of directors in the U.S. The writer briefly reports how boards emerged and what they became. The writer also comments on how new regulations could lead a board to discourage entrepreneurship within the company. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: ME12_PGbddrt.rtf
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Unformatted sample text from the term paper:
company. Each company has its own governing rules. In general, boards of directors recruit, hire and fire the CEO, president and sometimes other high officials in the company. The board
oversees the performance of the CEO, president and others but they are not usually involved in the day-to-day management issues of the company (USLegal, Inc. 2011; Encyclopedia for Business 2010).
In some companies, directors may be involved in different issues related to the company. These may include developing strategy, financing, mergers, acquisitions and/or other activities. The directors have a
fiduciary responsibility to protect the owners of the company, i.e., shareholders (USLegal, Inc. 2011). When boards of directors were initially established, they consisted of the few very wealthy persons/investors who
funded the entrepreneurial venture. Over time, as companies became larger and more people invested in the company, the composition of the boards changed and they became the watchdog for investors
(USLegal, Inc. 2011). All stockholders in a company has the opportunity to vote for board directors. This includes the proxy vote. Over time, many boards became weak and
failed to exercise their responsibilities. This led to executives taking over while boards simply approved everything the CEO and/or president proposed. They did not even take their fiduciary responsibilities seriously
which led to numerous corporate scandals in the 1990s and early 2000s. The result was additional laws and regulations and tightening up enforcement for publicly held and traded companies. Deloitte
(2011) identified a number of roles and responsibilities for boards of directors. Besides hiring the CEO, they need to plan for succession, i.e., who will be CEO if this one
suddenly dies and/or when he or she retires. Other responsibilities include executive compensation, monitoring quality of the corporations products and services, financial performance and transparency, risk management, ethics, compliance with
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