United States:
Breach Of Duty Of Oversight Claims Gain Some Momentum
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Over this past year, I have had numerous calls and virtual
meetings with Boards and individual directors concerning the recent
cases (summarized here) involving the scope of the duty of
oversight and what they can do to ensure they fulfill those duties.
While there is no easy answer, there are several steps boards
can and should be taking to reduce the possibility of these types
of claims, and the first step should be conducting a entity-wide
risk-assessment with a particular focus on industry-specific
risks.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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