Corporate governance, business judgement and the credit crunch

The actions of many directors of financial services companies are currently subject to intense scrutiny in these challenging economic times. It is therefore appropriate to reexamine the duties of directors, including the role of shareholders in governance. Directorships are no longer sinecures to be held by well-meaning but naïve members of the great and the good. Directors need to approach their duties in a professional way, with some formality, and to adopt a systematic approach.