TITLE

What Departing Directors Need to Know

AUTHOR(S)
Wilson, Steve
PUB. DATE
January 2009
SOURCE
Risk Management (00355593);Jan/Feb2009, Vol. 56 Issue 1, p54
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article discusses the liability of business directors for criminal fraud prosecution under the U.S. Sarbanes-Oxley Act of 2002. The importance of Section 804 of Title VIII — Corporate and Criminal Fraud Accountability is assessed. Issues relating to the assessment of the behavior of corporate directors and officers and their possible indemnification from criminal liability is described. The financial and legal implications of liability under Sarbanes-Oxley for directors and officers insurance policies is described. Possible limitations regarding the coverage of multiple directors and officers are noted.
ACCESSION #
36074143

 

Related Articles

  • THE CHANGING BOARD OF DIRECTORS: BOARD INDEPENDENCE IN S & P 500 FIRMS. Lee, Sharon K.; Carlson, Loring R. // Journal of Organizational Culture, Communications & Conflict;Jan2007, Vol. 11 Issue 1, p31 

    With the enactment of the 2002 Sarbanes-Oxley Act, more attention has turned to the composition and size of corporate boards of directors. With the new regulations, we have seen an increase in the number of independent board members and a decrease in the average size of boards. This study of S &...

  • Board Composition, Structure, And Financial Performance: An Update. Bosner, Kevin // Journal of Applied Business Research;2007 4th Quarter, Vol. 23 Issue 4, p27 

    In 1998, a meta-analysis of over 60 empirical research studies concluded that there was no demonstrable evidence that either Board of Directors structure or the duality of CEO/Board Chairman roles significantly impacted corporate performance. This article looks at research done since that time,...

  • The Non-monotonic Effect of Board Independence on Credit Ratings. Chen, Dong // Journal of Financial Services Research;Apr2014, Vol. 45 Issue 2, p145 

    Using the Sarbanes-Oxley Act of 2002 as a natural experiment, we document a non-monotonic relation between board independence and credit ratings. Ratings are upgraded with an exogenous increase of board independence only when independence is low, which is consistent with the costs as well as...

  • THE EFFECTS OF THE BLUE RIBBON COMMITTEE AND THE SARBANES OXLEY ACT OF 2002 ON THE CHARACTERISTICS OF THE AUDIT COMMITTEES AND THE BOARD OF DIRECTORS. Lin, Jerry W.; Kang, Gerui; Roline, Alan // Advances in Accounting, Finance & Economics;2009, Vol. 2 Issue 1, p1 

    This study investigates if and to what extent corporations have responded to the Blue Ribbon Committee's recommendations and the requirements of the Sarbanes Oxley Act of 2002 by analyzing characteristic changes in corporate audit committees and the board of directors. We used data from proxy...

  • QLogic Director Offers Take on Company, Managing in a Kilt. Tolkoff, Sarah // Orange County Business Journal;4/23/2007, Vol. 30 Issue 17, p5 

    The article profiles semiconductor manufacturer QLogic Corp. director George Wells in Orange County, California. He joined the board of QLogic in 1994 and had worked with several other companies including Fairchild Camera and Instrument Corp., General Electric Co., Exar Corp. and LSI Corp. He is...

  • Are Your Board Members Willing To Answer These Tough Questions? Gregoire, John // Credit Union Journal;8/27/2007, Vol. 11 Issue 34, p8 

    The article argues that it is time for the board of directors of credit unions in the U.S. to be as effective and knowledgeable as the CEO and the chairman of the board. It is pointed out that although the Sarbanes-Oxley Act of 2002 was designed for for-profit organizations, it has a ripple...

  • Seven Action Steps to Improve Governance.  // Financial Executive;Dec2002, Vol. 18 Issue 9, p11 

    The article details a seven-step checklist which was developed by the internal audit and risk consulting company, Protiviti. The questions on the checklist focus attention on the processes that lead to ethical business practices, personal accountability for corporate governance, and compliance...

  • Reshaping Your Board For Hard Times. Kelly, Michael P.; Roche-Tarry, Dona E. // Corporate Board;Jan/Feb2009, Vol. 30 Issue 174, p6 

    The economic stresses of the past few months suggest a prolonged downturn in the world economy-and will demand boards and directors able to cope with this harsher climate. Boards have reshaped their membership and procedures over the past decade to master the reforms of Sarbanes-Oxley. Now,...

  • Self-Assessment: Making Good Boards Better. Kenny, Roger M. // Corporate Board;Jan/Feb2009, Vol. 30 Issue 174, p22 

    The Sarbanes-Oxley law and its resulting stock exchange reform rules have driven boards to make self-assessment a part of their agenda. Yet spectacular failures at some of America's biggest financial firms (who presumably had some of our best boards) are prompting questions about just how well...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics