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Essay / Research Paper Abstract
A 3 page paper that discusses the duties of corporate boards of directors and shareholders and the difference between closed and public corporations. Bibliography lists 3 sourced.
Page Count:
3 pages (~225 words per page)
File: ME12_PG691322.doc
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Unformatted sample text from the term paper:
This section will discuss the duties and responsibilities of shareholders and boards of directors. A corporate Board of Directors has many responsibilities and duties. Duties include: overseeing and monitoring the
business; determining compensation for senior executives; replacing senior executives; review, supervise and monitor financial activities and objectives; initiating and adopting appropriate corporate policies; initiating and adopting corporate strategic plans and
actions; initiating and adopting any changes in accounting practices that are needed; supervise the officers, e.g., the CEO, of the organization; advising executives on corporate actions; listen to shareholder concerns
and recommendations; and take actions on organizational matters that are not covered by federal or state laws and which do not require shareholder approval (AbdulJaami, 2007). The exact duties and
responsibilities will depend on the organizational structure as well as the state in which the organization operates. The law identifies two major categories of fiduciary duties for boards of directors.
The duty of care refers to directors performing their duties with the diligence of what would be considered a reasonable person. The duty of loyalty refers to the directors duty
to always at in good faith for the benefit and in the interests of the organization (AbdulJaami, 2007). In general, directors have a duty to always act lawfully, to communicate
honestly, and to monitor the actions of corporate executives (AbdulJaami, 2007). They are liable for these duties and can be punished for failing to act in according with laws and
regulations. Very little attention is paid to the responsibilities of shareholders. This is likely because shareholders have far less power than chief executives and boards of directors. There is an
exception. Any individual or group that holds massive numbers of shares can act individually to change operations and directions of that organization. History tells us that even when minority shareholders
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