The coronavirus outbreak has presented a number of unexpected challenges for individuals and corporations alike, and now more than ever, companies can benefit from the kind of experienced judgement that well functioning boards can provide. During these unstable times, companies will benefit most if the board can strike a balance between supporting and challenging the […]
Board Turnover
The board of directors is responsible for the big picture management of the company, including maintaining the company strategy and cultivating positive investor relationships. Board members are responsible for chief executive succession planning, executive compensation, risk management, accounting and compliance oversight, significant transactions, and shareholder relations. Moreover, board members need to consciously maintain a strong culture for ethical conduct of […]
Time Commitments for Independent Board Directors
The primary role of a board of directors is to create and maintain the company’s strategy. Many of the duties and responsibilities expected of board members involve work performed in various committees such as auditing, compensation, reviewing CEO performance, nomination and governance. A single board can have a number of committees, each dedicated to one […]
Liability Insurance for Board Directors
LIABILITY INSURANCE FOR BOARD DIRECTORS An important consideration when joining a board is Director & Officer liability insurance, commonly known as D&O insurance. Public companies purchase D&O insurance to protect directors and officers from the chance of getting sued by stockholders, vendors, competitors and other parties. These lawsuits can arise if directors or officers are […]
Filing Your Taxes as a Board Director
As a director, your fees are not considered employee wages or a salary (W-2). Instead, the IRS considers you to be an independent contractor and your income is reported on Form 1099-MISC in Box 7 (Nonemployee Compensation) and this is what you will use when you file your Form 1040 (Schedule C). Because your company […]
