Why Privately Held and Family-Owned Businesses Should Have Independent Boards of Directors

November 2012
Financial Executive;Nov2012, Vol. 28 Issue 9, p18
Academic Journal
The author looks at governance of family-owned and privately held businesses, presenting a case for having an independent board of directors even though it is not legally required. He discusses several benefits independent directors can confer, including providing accountability and guidance to the business's chief executive, serving as an unbiased forum for resolving disputes, and creating credibility for the business in the eyes of stakeholders such as lenders and investors.


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