Business Roundtable has been recognized for decades as an authoritative voice on matters affecting American business corporations and meaningful and effective corporate governance practices.
Business Roundtable CEOs continue to believe that the United States has the best corporate governance, financial reporting and securities markets systems in the world. Over the last several years, the external environment in which public companies operate has become increasingly complex for companies and shareholders alike.
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In addition, many U. Further, in the recent past, Congress has abandoned strict adherence to the fundamental principle of materiality, a central tenet of the disclosure requirements of the federal securities laws. For example, Congress has required public companies to disclose information relating to conflict minerals and payments to foreign governments for resource extraction and mine safety, information that may be relevant in a social context but has little relevance to material information that a shareholder would need to make an investment decision.
The current environment has also been shaped by fundamental changes in shareholder engagement, which has become a central and essential topic for public companies and their boards, managers and investors in the early 21st century. Public companies have undertaken unprecedented levels of proactive engagement with their major shareholders in recent years.
Many institutional investors have also increased their engagement efforts, dedicating significant resources to governance issues, company outreach, the development of voting policies and the analysis of the proposals on the ballots of their portfolio companies.
In addition, overall levels of shareholder activism remain at record highs, imposing significant pressures on targeted companies and their boards. Moreover, some shareholder-driven campaigns to change corporate strategies through spin-offs, for example or capital allocation strategies through share repurchase programs suggest that in some cases, at least, shareholder input on these matters has been heard in the boardroom.
Some commentators view this rise in shareholder empowerment as appropriate, arguing that shareholders are the ultimate owners of the company. Capital allocation strategies focusing on short-term value may be entirely appropriate for a shareholder, regardless of the length of its investment horizon. The board, however, has a very different role when considering the appropriate use of capital for the company and all of its shareholders.
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Business Roundtable CEOs believe that shareholder engagement will continue to be a critical corporate governance issue for U. Further, it is our sense that there is a growing recognition in corporate America that an increase in shareholder access to the boardroom cannot come without a corresponding increase in shareholder responsibility. More fundamentally, we believe that the responsibility of shareholders extends beyond disclosure. Appointing, setting targets in order to evaluate the performance of and reward as appropriate, the Chief Executive Officer CEO.
Monitoring CEO and organisational compliance with the relevant federal, state and local legislation and bylaws, and with the organisation's own policies. Providing advice and guidance to the CEO as required. Assessing risks facing the organisation, establishing a risk management plan and monitoring compliance. Evaluating the effectiveness as a board.
Models of strategic thinking
Code of conduct The board has a legal and moral responsibility to manage their organisation in the best interests of the community it serves. Board members should: Act honestly, in good faith in the exercise of his or her duties, for the best interest of the organisation. Perform the duties of his or her office impartially, uninfluenced by fear or favour. Exercise the degree of duty of care and diligence in fulfilling the functions of the office and exercising the functions of that office.
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Recognise that the primary responsibility is to the members as a whole but should, where appropriate, have regard for the interests of all stakeholders of the organisation. Not make improper use of information acquired by the use of his or her position as a board member to gain, indirectly or directly, an advantage for himself or herself or for any other person or to cause detriment to the sport.
Not take improper advantage of the position. Not allow personal interests or the interests of any associated persons, or sectional interests to conflict with the interests of the organisation. Should not engage in conduct likely to bring discredit upon the organisation. Be clear and understand the roles, responsibilities and reporting relationships of the board and professional staff.
Not individually instruct the Chief Executive Officer on matters relating to operational issues.
Properly observe their responsibility as the Chief Executive Officers employer. Attend all board meetings. Where attendance is not possible members will submit an apology. If absence is likely to extend for several consecutive meetings, members will obtain leave of absence. At board meetings recognise the authority of the Chair.nn.threadsol.com/187462-how-to.php
Board and director roles and responsibilities
Listen to and respect opinions of fellow colleagues. Debate issues in a non-threatening, co-operative manner at all times. Prepare for meetings by: Preparing timely and complete reports as required for the member's board position. Reading and considering papers circulated with the agenda. Express concerns to the Chairperson or other relevant authority about decisions or actions contrary to the board's public duty. Maintain confidentiality and not divulge information deemed confidential or sensitive.
If members are uncertain they should seek direction from the Chairperson.
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Avoid discussing board business in public places where there is a likelihood of being overheard. Have an obligation to be independent in judgement and actions and to take reasonable steps to be satisfied as to the soundness of all decisions of the board. Ensure that the organisation's assets are protected via a suitable risk management strategy. Not demand or accept in connection with their official duties any fee, favour, reward, gratuity or remuneration of any kind, outside the scope of their entitlements as a board member, unless authorised by the Chairperson.