Responsibilities of Corporate Directors

The board of directors of a for-profit or non-profit corporation has the following responsibilities: 

1. Approving fundamental operating, financial, and other corporate plans, strategies, and objectives;
2. Evaluating the performance of the corporation and its senior management and taking appropriate action, including removal, when warranted;
3. Selecting, regularly evaluating, and fixing the compensation of senior executives;
4. Requiring, approving, and implementing senior executive succession plans;
5. Adopting policies of corporate conduct, including compliance with applicable laws and regulations, and maintenance of accounting, financial, and other controls;
6. Reviewing the process of providing appropriate financial and operational information to decision  makers (including board members); and
7. Evaluating the overall effectiveness of the board.

The primary responsibility of each director is to ensure that the director has all material information so the director can make informed decisions.  Please call Mark Nelson at Stewart & Irwin, P.C. with any questions or if you need assistance.

Mark R. Nelson

mnelson@silegal.com

317-639-5461 Ext. 8535 (direct)

317-639-5454 (main)/317-632-1319 (fax)