Directors

Can You Skate?

You simply cannot play Canada's national sport without solid skating skills, and the parallel for those on a board of directors is financial acumen. I want to know that everyone on the board can fulfill their Duty of Care or how will they ever discharge their fiduciary obligations? Ergo become financially literate – and then some – or please play on someone else's team.

As the Twig is Bent

Sound boards of directors are rarely an accident, more likely they come into being after careful, thoughtful consideration giving equal weight to the needs of the organization and the context in which it operates. So every board must be different – but they should include a core that is common to all.

Keeping Up

The “business judgment rule” is a buffer between directors and irate stakeholders who wish to prosecute them for their decisions but it is incumbent on directors to show that they understood all the options before the company in the first place.

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