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Boards at WorkHow Directors View their Roles and Responsibilities$
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Philip Stiles and Bernard Taylor

Print publication date: 2002

Print ISBN-13: 9780199258161

Published to Oxford Scholarship Online: January 2010

DOI: 10.1093/acprof:oso/9780199258161.001.0001

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The Changing Expectations of Boards of Directors

The Changing Expectations of Boards of Directors

(p.1) 1 The Changing Expectations of Boards of Directors
Boards at Work

Philip Stiles (Contributor Webpage)

Bernard Taylor (Contributor Webpage)

Oxford University Press

Whereas the popular media and corporate governance experts have characterised boards largely as rubber stamps for management, a number of high-profile cases have shown that non-executive directors are flexing their muscles. At the same time, the institutional investors have also received a wake-up call following celebrated cases of corporate malfeasance or incompetence. The widespread introduction of a non-executive cadre, the splitting of the roles of chairman and chief executive officer, and the creation of a board committee structure to handle audit and remuneration issues have increased the potential influence of the board. However, these developments have not allayed the popular perception of boards as ineffectual. This view is challenged in this book, which shows that the role of the board of directors has far more potential for active involvement in the running of the organisation. It depends on the degree of cooperation and trust that exists between board members and in the relationships the board has with management as well as with shareholders/stakeholders.

Keywords:   boards of directors, non-executive directors, management, shareholders, chief executive officer, institutional investors, corporate governance, trust

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