This episode focuses on the need for board members (directors) to act in the best interest of the company at all cost (despite the wishes of those who appointed you or those with political power to remove you).  Fiduciary responsibilities are an important concept given the legal obligations of directors (as articulated by the Companies Act or other laws in SA).  Some of the key issues that are important for directors in the effort to exercise fiduciary responsibilities are:

  • Independence of directors (This episode focuses on the independence of decision making in relation to the business of the company)
  • Courageous leadership (You might have to challenge powerful executive directors, politicians and influential shareholders)
  • Ability to provide objective judgment independent of executive management (that might be powerful which is sometimes a case in State-Owned Companies)

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By murweb