Regulatory: The Evolving Role of the General Counsel

Gardner DavisThe board of directors' fiduciary duty of care includes a well-established responsibility to monitor potential risks facing the company. In the 1996 landmark case of In re CareMark International, Inc. Derivative Litigation, Chancellor Allen recognized that "a director's obligation includes a duty to attempt in good faith to assure that a corporate information and reporting system, which the board concludes is adequate, exists."

Recently, however, the identification, assessment, management and oversight of business risks have become an obsession of politicians, regulators and academics.

Gardner Davis

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