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Solution for Business and Professional Ethics 7th Edition Chapter 5, Problem 1

by Leonard J. Brooks, Paul Dunn
592 Solutions 9 Chapters 60558 Studied ISBN: 9781285182223 Ethics 5 (1)

Chapter 5, Problem 1 : 1.What is the role of a board of...

1.What is the role of a board of directors from an ethical governance standpoint?

Step-By-Step Solution

1.The board is responsible for the actions of the corporation, both with regard to the achievement of the corporation’s strategic objectives to enhance shareholder value and maintain the support of the company’s stakeholders to achieve those objectives.  This means that the board must build into the company’s governance framework such objectives as growth, profitability in the short- and long-run, compliance with laws, and respect for the rights of the primary stakeholders.  The board must set or approve policies that will achieve these objectives, hire executives and monitor their performance in accord with those objectives, and make corrections where required.  The directors must oversee the governance system, monitor it and take responsibility for it as the agents of the shareholders.

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