Corporate Governance is a concept that has gained currency in today’s corporate World. Certain highly publicized cases have increased the scrutiny on managers of business enterprises as regulators and shareholders insist on lifting the corporate veil and making Directors and Officers more accountable for the actions they undertake on behalf of the organization. Failure to adequately discharge their fuduciary obligations, comply with legal requirements, or exercise reasonable care and skill in their actions as Directors may put their personal assets at risk.
DUTIES OF DIRECTORS & OFFICERS.
- Be satisfied that the directors are in a position to make informed decisions.
- Ensure that the directors never permit conflicts of interest and duty.
- Ensure that the directors are informed about the financial, social and political environment in which the company operates.
- Ensure that the directors exercise due care and skill.
- Ensure that the directors exercise the utmost good faith.
- Ensure that the Board papers are given to directors at least two weeks before the meeting.
- Ensure that there is balance of power.
WHO CAN SUE AND WHY?.
- Shareholders- Disclosure, loss of earnings
- Employees- Wrongful dismissal, Sexual harassment
- Customers- Monopolies Act
- Competitors- Monopolies Act
- Regulatory Agencies- CMA, Commissioners of Insurance, Income Tax Commissioner.
- Government- Anti trust, Labour law, Environment laws.
- Public traded companies
- Private companies
- Social and sports clubs
- PTA and school boards
- Professional bodies like ICPAK, LSK, AKI, AIB
- Multinational corporations, NGO’S
- Hospital boards
- Trade associations.
- Completed Application
- Most latest audited financial