Board Member Orientation: Understanding Duties, Risks & Controls

A board of directors, whether for a private or public company, has fiduciary responsibilities and duties to protect shareholders. A corporation's core objective is to protect and grow value for its shareholders, which is a core concept of this session. Directors provide leadership towards this objective thorough two primary functions; decision making and oversight. Understanding these duties, as well as leveraging internal and external audits, is essential to the ultimate success of any board. This training takes the board and its committees through these duties and leading practices to help ensure boardroom effectiveness. Topics include:

• Fiduciary duties and responsibilities of directors
• Committees of the board:
  • Audit committee
  • Compensation committee
  • Nominating (Governance) committee
• Ten specific leading practices:

1. Maximize independent thinking
2. Ensure proper representation and robust culture
3. Know the business
4. Understand your stakeholders
5. Formalize risk as a topic on all meeting agendas
6. Spearhead fraud deterrence initiatives
7. Leverage internal audit and outside assurance advisors
8. Manage the external audit process
9. Be prepared for the unexpected
10. Evaluate boardroom performance

• Board level controls to efficiently and effectively reach objectives