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Essay / Research Paper Abstract
This 8-page paper examines the issue of board of directors' responsibility when it comes to corporate fraud. Bibliography lists 3 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTgokartfr.rtf
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Unformatted sample text from the term paper:
the oversight in such situations. In any publically traded company there are supposed to be various checks and balances (at least, in theory), to prevent corporate abuses. One of those
checks involves the companys board of directors. Until the early 2000s scandals, many corporations regarded their boards of directors as mere figureheads; people
who would gather a few times a year for drinks and meals, and to discuss the general direction of the company. Certainly, board members were allowed to examine financial statements
and other documents - but few had the time or willingness to do so. In the aftermath of Enron, however, the role of the board of directors was called into
question. For example, Enron board member Wendy Gramm, a well-known accountant in her own right (and wife to then-Senator Phil Gramm of Texas), was ruthlessly put under the microscope for
not finding elements of fraud among Enrons financial statements. In their most basic form, a board of directors is a group of
people responsible for the governance of a corporation or organization (McNamara, 2008). A board of directors is responsible to a companys stockholders, and in some cases, that companys stakeholders (McNamara,
2008). The question were trying to answer in this paper, however, is how far the boards responsibility goes. If the boards members are
non-executive appointees, are they liable for compensation in the event of a companys demise through fraud? In this paper, we contend that yes,
the board of directors would - and should - be on the hook for a companys wrong-doing. Even if the boards members were ignorant of what was going on, ignorance
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