How much should boards know?

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Title: How much should boards know?
Authors: Brennan, Niamh
Redmond, John
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Date: 24-May-2013
Abstract: When companies fail boards get blamed – either they knew and were complicit, or did not know and were incompetent. At the heart of corporate governance is information asymmetry between various parties. The UK Code of Governance sets a high standard for board information governance, placing a particularly heavy burden on chairmen, stating that ‘the chairman is responsible for ensuring that the directors receive accurate, timely and clear information’. The Code goes on to state that ‘management has an obligation to provide such information, but directors should seek clarification or amplification where necessary’. Corporate governance failure is almost always accompanied by information asymmetry whereby the non-executive directors were not aware of what was going on.
Type of material: Journal Article
Publisher: ICSA
Copyright (published version): 2013, ICSA
Keywords: Corporate governanceBoard information governanceManagementBoard knowledgeInformation-asymmetryInformation processes
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Business Research Collection
UCD RePEc Archive Collection

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