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Members of a company's board have a number of responsibilities under corporate law. No matter your level of experience with these issues, it's a good idea to review these responsibilities from time to time with the help of a corporate law firm. Let's take a look at three of the most basic responsibilities all board members have.
A Duty of Care for the Company's Best Interests
When board members make decisions, they do so with a legal obligation to be loyal to the company and put its best interests first. If a board member were to purchase options that shorted the company's stock, for example, that would run the risk of running counter to the firm's best interests.
Beyond that, the duty of care carries with it a legal liability for damages inflicted on the company and its shareholders through acts of recklessness and negligence. A board member is liable, for example, if they leave papers with actionable information sitting at a table in a restaurant and someone takes them. In the most extreme cases, shareholders have the right to retain the service of a corporate law firm and sue board members who they believe failed in these duties.
Regularly Scheduling and Participating in Meetings
Regardless of how well things are going for a company, the board and its members both have a responsibility to conduct meetings at least annually. Depending upon the laws for your state, these may have to occur more frequently. It's not uncommon for businesses to schedule quarterly board meetings to correspond with shareholder meetings and earnings reports.
If a board member can't attend a meeting, they're responsible for proxying their votes on matters in accordance with the company's bylaws. Anyone with a long-term inability to serve in this role may be voted out by shareholders.
Appointing Officers
Board members are rarely the folks who put a corporation's plans into action. Instead, several officers are appointed to executive roles. The classic version of this is the appointment of a CEO, but many companies now also appoint a COO to deal with day-to-day concerns. Enterprises with extensive financial interests may also push those duties out into the role of a CFO or Treasurer. A tech-heavy company may choose to appoint a CTO, too.
A secretary should be appointed as an officer, too. This individual will be responsible for recording meeting minutes, collecting reports, and maintaining documents and archives.
Share21 May 2020
