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The Non-Executive Director - General Duties and Special Liability (Paperback)
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The Non-Executive Director - General Duties and Special Liability (Paperback)
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Master's Thesis from the year 2010 in the subject Law - Comparative
Legal Systems, Comparative Law, grade: A-, University of Auckland
(Law Faculty), course: Corporate Governance, language: English,
abstract: This paper considers duties and liability of independent
non-executive directors as authorities of advice and control in
companies. It deals with the question of how non-executive
directors should be made liable for mismanagement of the board, but
primarily by, and particular failures of their own through breach
of duty. Rather than engaging in the debate about non-executive
directors' function and their efficiency for a business enterprise,
the essay takes the latter as a given. Instead, it neutrally
provides an outline of non-executive directors agreed functions,
preferred skills and favoured qualities. The paper, moreover,
details on the different duties deriving from common law
principles, equity, and case law. It also considers on statutories
and codes as well as contractual provisions providing equivalent
regulations on directors' duties. This is to draw a complete
picture of non-executive directors' role in a company and to
classify where liability can result from. Furthermore,
non-executive directors' liability is analysed. The focus, hereby,
lies on the determination of directors' negligence. The issue is
considered as to whether a court applies a different degree of
negligence on non-executive directors than on executive directors.
In this context, the influence of contractual provisions is
contemplated. In addition, liability of non-executive directors is
also compared to the liability of supervisory board members.
Subsequently, alternative mechanisms of equalizing the risk of
liability, such as indemnifications, insurances, and adequate
reimbursements, are examined more closely. Concluding on
non-executive directors' liability, the paper declares the loss of
reputation and further "soft" sanctions as the actual sanction on
non-executive directors.
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