Board of Director Policies and Compliance
Boards of directors play a key role in the governance of most companies. Boards frequently face questions about the level oversight they must exercise in a variety of areas within an organization. Our attorneys assist boards in answering questions and presenting policies designed to protect board members from outside tampering our influence. Our attorneys assist Minnesota boards of directors with the following:
- Familiarizing members with the organizations articles of incorporation or organization and any associated operating agreements or by-laws.
- Discussing the board’s role and duties in corporate governance.
- Explaining the duties of loyalty, care and obedience.
- Reviewing the organizations policies for potential weakness and exposure.
- Drafting policies, e.g., conflict of interest policies.
- Recommending revisions to governing documents to facilitate more efficient functioning, e.g., through electronic meetings or e-mail voting.
- Highlighting the importance of financial oversight in view of the Great Recession and board regulations that grew from that crisis.
- Evaluating insurance coverage as it relates to legal exposure for board duties and potential lawsuits.