Academic literature on the topic 'Corporation for Public Broadcasting. Board of Directors'

Globally, states use state-owned companies (SOCs) or public corporations to provide public goods, limit private and foreign control of the domestic economy, generate public funds for the fiscus, increase service delivery and encourage economic development and industrialisation. Particularly given its unique socio-political and economic dynamics, a country such as South Africa clearly needs this type of strategic enterprise. Yet, that does not mean that everything at our SOCs is as it should be. The beleaguered South African Broadcasting Corporation (SABC) has recently seen the resignation of board members, shareholder interference in its operational affairs, and a high turnover of chief accounting officers and other executive management members. Due to non-performance, it has also received several cash injections from its shareholder to enable it to continue to deliver its services. In addition, the shareholder minister took it upon herself to amend the SABC's memorandum of incorporation, conferring upon herself the authority to appoint, suspend or even dismiss key executive members. South African Airways (SAA), in turn, has had seven CEOs in less than four years, has had to be bailed out at a cost of R550 million, and has in addition been granted a R5 billion guarantee by the shareholder for a restructuring exercise. Other SOCs such as Eskom, the Post Office and Telkom have also experienced high board and executive management turnover, perennial underperformance necessitating regular bailouts, and challenges regarding the division of power between their boards and the various shareholder ministers. Another issue that seems to plague South Africa's SOCs is the appointment of board members and executive officials with questionable qualifications. By critically examining the corporate governance challenges besetting the SABC, SAA and Eskom in particular, this article seeks to explore the root causes of the corporate governance deficiencies of SOCs, and how their corporate governance can be enhanced. It is concluded that the challenges faced by the country's SOCs are twofold: firstly, the SOCs boards' lack of appreciation of the cardinal corporate governance rules, and secondly, the role of government as a single or dominant shareholder, which results in substantial political interference in the running of the SOCs. This dual problem requires a dual solution. To arrest the problem of poor corporate governance in SOCs, government as the shareholder should firstly appoint fit and proper directors, having followed a sound due-diligence process. Once it has established such properly skilled and competent boards, however, government should adopt an arm's-length approach to the affairs of the SOCs as a way of insulating these corporations from political interference

By examining the level of ownership concentration across firms, we determine how principal–principal conflict, defined as the incongruence of ownership goals among shareholder groups in a corporation, impacts agency costs of Chinese boards of directors. Based on data from Chinese companies listed on the Shanghai and Shenzhen stock exchanges during 1999-2003, we found that ownership concentration had a U-shaped relationship with board compensation, board size and the presence of independent directors. These results provide corroborating evidence that principal-principal conflict can lead to high agency costs.

Purpose: This research aims to analyze the implementation of the regulation of the board of directors of the TVRI public broadcasting institution regarding non-civil servants (Study at the Indonesian Television Public Broadcasting Institute (TVRI), East Nusa Tenggara Station. Research methodology: In this study, the authors used an interpretive research paradigm. The interpretive approach aims to understand the "world of human experience". In this study, the total population was 110 people consisting of 27 non-civil servants and 83 civil servants. Furthermore, purposively, the researcher selected 11 people as informants with details of 1 Head of the Office as Key Informants and 10 non-civil servants as Ordinary Informants Results: The conclusions of this study can be grouped into four aspects, namely actors, organizations, procedures, and techniques. Limitations: this research only analyzes the implementation of policies on the development of Indonesian migrant workers' families in the field of economic empowerment in Kupang city. Contribution: This research becomes scientific information for public administration science. Keywords: Regulations, Implementation, Broadcasting agency, Non-Civil Servant

This research paper objectives to discuss the acquit and discharge of the managing role by directors and supervising role by board of commissioners of the corporation. The research used a sample of the annual general meeting of shareholders of 32 public listed companies and 1 district court decision against the directors of a finance company on charges of falsifying company documents. This research uses judicial normative research method combined empirical data. The results show that the absence of acquit and discharge of directors and board of commissioners regulated in the limited company law, acquit and discharge are not entirely an agenda at the general meeting of shareholders and directors or board of commissioners can still be held for accountable, even though acquit and discharge have been given at the annual general meeting of shareholders.

ABSTRACT This instructional case provides auditing students an opportunity to examine an interesting real-life embezzlement and financial statement fraud occurring at a publicly traded company in the post-Sarbanes-Oxley (SOX) era. The case focuses on independent auditors' and senior management's reporting responsibilities related to internal control over financial reporting involving smaller public companies (nonaccelerated filers). While all public companies are subject to external auditor and management attestation on the effectiveness of internal control over financial reporting following SOX, the Securities and Exchange Commission (SEC) granted nonaccelerated filers numerous extensions for the effective date of required auditor attestation. In 2010, President Obama signed legislation to permanently exempt nonaccelerated filers from auditor attestation. The case also highlights inherent risk assessments by the independent auditor when one individual holds multiple C-level titles (Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, etc.) within the organization concurrent with membership on the board of directors, and requires students to recommend internal control policies and procedures designed to prevent or detect the embezzlement.

Abstract-Directors in a limited liability company can be likened to a life for the company. The Board of Directors in carrying out their duties in managing a limited liability company has the possibility to carry out acts against the law both civil and criminal in nature. However, acts against the law can be directly carried out by the company through its organs, or vice versa, acts against the law are carried out by employees and the company is responsible. Based on this, the problem is obtained: 1) what forms of unlawful actions by the Board of Directors in managing a limited liability company (Corporation)? 2) What is the responsibility of the Directors who commit illegal acts? This research method uses normative legal research, with literature studies of primary and secondary legal materials. Based on research findings, it is known that: 1) Forms of unlawful acts carried out by directors: using company money/ wealth for personal gain, company information for personal gain, conducting related parties transactions with companies, prohibiting competition with the company 2) Directors' responsibility for illegal acts is regulated in Law No. 40 of 2007 the directors are responsible for managing the company where the management has to be done by each member of the board of directors, in good faith and full of responsibility. From this, it is necessary to optimize the implementation and supervision of the Corporation Law which substantially provides protection to business stakeholder and other public rights. Keyword: Accountability of Directors, Limited Liability Companies, Action against the Law Abstrak-Direksi di dalam perseroan terbatas dapat diumpamakan sebagai nyawa bagi perseroan. Direksi dalam menjalankan tugasnya mengelola perseroan terbatas memiliki kemungkinan untuk melakukan perbuatan melawan hukum baik bersifat perdata maupun pidana. Akan tetapi, perbuatan melawan hukum itu dapat langsung dilakukan oleh perusahaan melalui organ-organnya, atau sebaliknya perbuatan melawan hukum itu dilakukan oleh pegawai dan perusahaan wajib mempertanggungjawabkan. Berdasarkan hal tersebut maka didapatlah permasalahan yakni 1) Bagaimana bentuk perbuatan melawan hukum yang dilakukan oleh Direksi di dalam mengurus perseroan terbatas? 2) Bagaimana tanggung jawab Direksi Perseroan Terbatas yang melakukan perbuatan melawan hukum? Metode penelitian ini menggunakan penelitian hukum normatif, dengan studi kepustakaan dari bahan hukum primer dan sekunder. Berdasarkan temuan penelitian diketahui bahwa: 1) Bentuk perbuatan melawan hukum yang dilakukan oleh direksi: mempergunakan uang/ kekayaan perseroan untuk kepentingan pribadi, informasi perseroan untuk kepentingan pribadi, melakukan transaksi dengan perseroan, larangan bersaing dengan perseroan 2) Pertanggungjawaban direksi atas perbuatan melawan hukum diatur dalam UU No. 40 Tahun 2007 direksi bertanggung jawab atas pengurusan perseroan dimana pengurusan itu wajib dilaksanakan setiap anggota direksi dengan itikad baik dan penuh tanggung jawab. Dari hal tersebut sebaiknya Perlu optimalisasi pelaksanaan dan pengawasan UUPT yang secara substansial memberikan perlindungan kepada pelaku bisnis dan hak-hak publik lainnya. Kata Kunci: Pertanggungjawaban Direksi, Perseroan Terbatas, Melawan Hukum

Research aims: This research aimed to determine the impact of family structure on the cash flow sensitivity of cash (CFSC) in the manufacturing sector. It also investigates the indirect impact of busy directors as a moderating effect.Design/Methodology/Approach: Based on a sample of Indonesia’s manufacturing companies from 2013 to 2017, the researcher uses GLS regression models on this panel data calculated with robustness fit test at the firm’s level.Research findings: It indicated that family structure has a impact positively on cash flow sensitivity of cash and statistically significant. Meanwhile, the indirect impact of busy directors found to have a impact negatively and weakened on the relationship of family structure and CFSC, it also indiciated that quality of busy directors is an tool of corporate governance that is effectively to monitor of every family firm’s decisions.Theoretical contribution: This article enriches previous literature by justifying the impact of busy directors on the relation between every each of family’s firm decision and CFSC. Furthermore, it showed us a metric for agency problems that is the sensitivity of cash to corporate cash flows.Implication policy: Based on POJK regulations, the context of busy directors in this research refers to the roles and duties of the Board of Commissioners (BOC) which concurrently hold positions for other public companies.Research Limitation/Implication: The implications suggest that almost most of Indonesian family corporation are tend to expropriate minority by extracting rents through coporate cash flow sensitivity of cash behavior.

Background: The COVID pandemic has resulted in significant changes many aspects of daily living. To understand the impact that COVID-19 has had on the myeloproliferative neoplasm (MPN) patient population, we conducted an internet based survey. Methods: Survey: This survey was hosted Mayo Clinic's secured REDCap system for online surveys with a link to the survey alongside a brief description posted via the www.mpnqol.com website, as well as other MPN organizational partners. Survey responses were completely anonymous. Questions included MPN-Total symptom score (TSS), NCCN distress thermometer (NCCN-DT), questions regarding impact on medical care, and questions from CDC COVID-19 community survey question bank regarding the impact of social distancing as well as changes in health behaviors. Distress thermometer, MPN-TSS, and/or questions related to the impact of COVID-19 on MPN treatment were analyzed by: MPN diagnosis, among those with ET, PV, or MF diagnoses; medication status; stay at home order; community spread; and country. Associations were tested using Kruskal-Wallis or Wilcoxon rank sum tests (for continuous variables) or Fisher Exact tests (for categorical variables). Analysis: Results: Patient Demographics (Table 1): 1560 people responded to the survey, 1217 were eligible for analysis. Median age was 62 (range: 21-93), and 298 (24.6%) respondents were male. There were respondents from USA, Australia, Canada, Netherlands, Ireland, and UK. 233 patients (19.2%) have myelofibrosis, 419 (34.6%) polycythemia vera and 543 (44.8%) essential thrombocythemia. At the time of the COVID outbreak, 1026 (84.3%) were on MPN directed medical therapy, including ruxolitinib (15.3%), interferon (14.7%), hydroxyurea (42.7%) and ASA (47.7%). 165 (13.6%) respondents received COVID testing, of which 5 had positive tests. Impact on MPN Care (Table 2): We sought to understand how patient's clinical care changed. Over half respondents who spoke to their MPN doctor had a telemedicine visit after COVID19 (57.1%). 422 (36.5%) patients spaced out visits, of which 99 (22.7%) felt there were consequences. A change in therapy due to COVID-1 occurred in only 5.4% of patients. MPN Symptom Burden and QoL: Data captured on the NCCN-DT had a median of 4 (0-10). MPN-SAF-TSS composite score was collected in 1150 respondents, median score was 26 (0-90). These scores are higher than those previously reported. Pandemic Impact on Lifestyle (Table 1): 595 (49.5%) of patients report living in a community where there is significant COVID-19 spread. 946 (78.9%) reported that COVID-19 has impacted their day to day life. 198 (17.2%) of patients agreed, or strongly agreed that COVID had a significant impact on their finances. 799 (67.8%) had a stay at home order. Of those who quarantined (112), the median duration was 30d (1-120). The majority of people increased hand-washing, and cleaning habits. 954 (81.7%) respondents reported wearing masks in public. 908 (76.8%) reported increased stress from social distancing. The majority of respondents report using healthy coping habits, such as reaching out to friends/loved ones, breathing and relaxation, as well as healthy diet. Less than 15% of patients report unhealthy coping strategies, such as use of opioids, benzodiazepines, alcohol, or cannabis Factors associated with response: There were no differences in responses based on type of MPN. If a patient was on medication, they were more likely to have spoken to their provider (p<0.001). If there was a stay at home order in place, there was a higher MPN-TSS score (p<0.001). If the respondent lived in an area of high community spread, they had a higher NCCN-DT score (p<0.001). Patients in the USA had a higher NCCN-DT score (p=0.001), were more likely to stretch out the duration of time between visits (p<0.001) and less likely to have a telemedicine visit (p<0.001). Although fewer respondents in the USA thought COVID-19 was a serious disease (p=0.02), a higher percentage of respondents wore masks (p <0.001). Conclusions: In our survey of MPN patients, there were many changes noted in clinical care. The use of telemedicine was common, and at least a third had significant changes in their care. Most experienced increased stress, however, employed healthy coping strategies. Only a minority of patients had a COVID test, and only 5 were positive, further data will be needed to understand the impact of COVID infection. Figure 1 Disclosures Harrison: Roche: Honoraria; Incyte Corporation: Speakers Bureau; Celgene: Honoraria, Research Funding, Speakers Bureau; Sierra Oncology: Honoraria; Promedior: Honoraria; Shire: Honoraria, Speakers Bureau; AOP Orphan Pharmaceuticals: Honoraria; Novartis: Honoraria, Research Funding, Speakers Bureau; Janssen: Speakers Bureau; Gilead Sciences: Honoraria, Speakers Bureau; CTI Biopharma Corp: Honoraria, Speakers Bureau. Pemmaraju:Affymetrix: Other: Grant Support, Research Funding; Plexxikon: Research Funding; Incyte Corporation: Honoraria; Roche Diagnostics: Honoraria; Blueprint Medicines: Honoraria; Novartis: Honoraria, Research Funding; SagerStrong Foundation: Other: Grant Support; DAVA Oncology: Honoraria; Samus Therapeutics: Research Funding; Cellectis: Research Funding; Daiichi Sankyo: Research Funding; Celgene: Honoraria; AbbVie: Honoraria, Research Funding; Stemline Therapeutics: Honoraria, Research Funding; MustangBio: Honoraria; LFB Biotechnologies: Honoraria; Pacylex Pharmaceuticals: Consultancy. Vannucchi:Novartis: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; Incyte: Membership on an entity's Board of Directors or advisory committees; Blueprint: Membership on an entity's Board of Directors or advisory committees; Celgene/BMS: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; AbbVie: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau. Gupta:Novartis: Consultancy, Honoraria, Membership on an entity's Board of Directors or advisory committees, Research Funding; Sierra Oncology: Consultancy, Membership on an entity's Board of Directors or advisory committees; Bristol MyersSquibb: Honoraria, Membership on an entity's Board of Directors or advisory committees; Incyte: Honoraria, Research Funding; Pfizer: Consultancy. Mascarenhas:Celgene, Prelude, Galecto, Promedior, Geron, Constellation, and Incyte: Consultancy; Incyte, Kartos, Roche, Promedior, Merck, Merus, Arog, CTI Biopharma, Janssen, and PharmaEssentia: Other: Research funding (institution). Shimoda:Kyowa Hakko Kirin Co., Ltd.: Research Funding; Pfizer Inc.: Research Funding; Otsuka Pharmaceutical: Research Funding; Celgene: Honoraria; Perseus Proteomics: Research Funding; PharmaEssentia Japan: Research Funding; AbbVie Inc.: Research Funding; Astellas Pharma: Research Funding; Merck & Co.: Research Funding; CHUGAI PHARMACEUTICAL CO., LTD.: Research Funding; Bristol-Myers Squibb: Honoraria; Takeda Pharmaceutical Company: Honoraria; Novartis: Honoraria, Research Funding; Shire plc: Honoraria; Asahi Kasei Medical: Research Funding; Japanese Society of Hematology: Research Funding; The Shinnihon Foundation of Advanced Medical Treatment Research: Research Funding. Kiladjian:AOP Orphan: Membership on an entity's Board of Directors or advisory committees; Novartis: Membership on an entity's Board of Directors or advisory committees; Abbvie: Membership on an entity's Board of Directors or advisory committees; BMS: Membership on an entity's Board of Directors or advisory committees. Komatsu:AbbVie: Other: member of safety assessment committee in M13-834 clinical trial.; Otsuka Pharmaceutical Co., Ltd., Shire Japan KK, Novartis Pharma KK, PharmaEssentia Japan KK, Fuso Pharmaceutical Industries, Ltd., Fujifilm Wako Pure Chemical Corporation, Chugai Pharmaceutical Co., Ltd., Kyowa Hakko Kirin Co., Ltd., Takeda Pharmaceutica: Research Funding; Meiji Seika Pharma Co., Ltd.: Patents & Royalties: PCT/JP2020/008434, Research Funding; PPMX: Consultancy, Research Funding; Otsuka Pharmaceutical Co., Ltd., PharmaEssentia Japan KK, AbbVie GK, Celgene KK, Novartis Pharma KK, Shire Japan KK, Japan Tobacco Inc: Consultancy; Takeda Pharmaceutical Co., Ltd, Novartis Pharma KK, Shire Japan KK: Speakers Bureau. Abello:Takeda: Honoraria, Research Funding; Novartis: Consultancy, Honoraria; Amgen: Consultancy, Research Funding; Dr. Reddy's: Consultancy, Research Funding; Abbvie: Consultancy, Research Funding. Gomez-Almaguer:Amgen: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; Novartis: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; AbbVie: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; Janssen: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; Celgene/BMS: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; AstraZeneca: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; Pfizer: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau; Roche: Membership on an entity's Board of Directors or advisory committees, Speakers Bureau. Scherber:Incyte Corporation: Current Employment, Current equity holder in publicly-traded company. Mauro:Novartis: Consultancy, Honoraria, Other: Travel, Accommodation, Expenses, Research Funding; Bristol-Myers Squibb: Consultancy, Honoraria, Other: Travel, Accommodation, Expenses, Research Funding; Sun Pharma/SPARC: Research Funding; Takeda: Consultancy, Honoraria, Other: Travel, Accommodation, Expenses, Research Funding; Pfizer: Consultancy, Honoraria, Other: Travel, Accommodation, Expenses, Research Funding. Mesa:Samus Therapeutics: Research Funding; Novartis: Consultancy; Genentech: Research Funding; Incyte: Research Funding; Bristol Myers Squibb: Research Funding; AbbVie: Research Funding; CTI BioPharma: Research Funding; Sierra Oncology: Consultancy; LaJolla Pharmaceutical Company: Consultancy; Promedior: Research Funding.

THE ORGANIZATION AND FINANCING OF A PUBLIC RADIO AND TELEVISION IN THE FEDERAL REPUBLIC OF GERMANYIn the Weimar Republic and in the Third Reich, radio broadcasting was dependent on the government. The Federal Republic of Germany, on the other hand, created a legal system that provided the mass media with legal and factual independence. The system of radio and television was influenced by the case law of the Federal Constitutional Court. The public radio and television broadcasters include national broadcasters and joint broadcasters of federal states, organized as public-law establishments with legal personality. The management of broadcasters has been implemented basing on similar principles. The radio broadcasting board is a constitutive and controlling body, the administrative board and the authorizing officer are executive organs. The national radio board consists of people delegated by the parliament, national government, circles and organizations which are significant politically, ideologically and socially, according to the statutory key. The board of Deutschlandradio, a corporation associating ARD, ZDF and national broadcasters, consists of representatives of the federal states, the federal government and social organizations. The radio board selects the majority of the members of the administrative board, selects and dismisses the authorizing officer, consents to the casting of the broadcaster’s management positions, adopts program guidelines, advises the authorizing officer in shaping the program and other basic matters, approves the economic plan, adopts the discharge resolution. The administrative board supports the broadcaster’s economic development, concludes an employment contract with the authorizing officer, settles disputes between the authorizing officer and the broadcaster, supervises the management of cases by the authorizing officer, controls the budget and annual closure drawn up by the authorizing officer, publishes the balance sheet and the annual report, takes decisions on contracts if there is no competent authorizing officer. The broadcasters are legally supervised by the competent government or minister. The internal control exercised by the radio board plays a fundamental role in the area of ensuring compliance with the law. German radio and television is financed by levies — initially from fees, and starting on 1.01.2013 from contributions levied on households. There is financial equalization in public radio and television. Such a system of financing provides the public media with independence and ensures the implementation of their statutory tasks, in particular the fulfilment of the public mission.

O estudo da responsabilidade civil dos administradores de companhias abertas na doutrina nacional trata usualmente dos deveres fiduciários, do ato regular de gestão e da teoria ultra vires, da culpa ou dolo do administrador, das ações ut universi e ut singuli e da solidariedade entre a responsabilidade do administrador e a da companhia. Poucos abordam as causas extintivas dessa responsabilidade, e raro são os que tratam da hipótese de exclusão de responsabilidade do artigo 159, § 6º, da Lei nº 6.404/76. Como a disciplina dos deveres fiduciários prevista na lei societária brasileira tem forte influência do Direito norte-americano, buscou-se na legislação, doutrina e jurisprudência daquele país os fundamentos necessários à melhor interpretação e aplicação da regra de exclusão e, em especial, na business judgment rule, doutrina que protege os administradores contra responsabilização por prejuízos à companhia decorrentes de decisões por eles adotadas, proteção esta também conferida pela hipótese do artigo 159, § 6º, da Lei nº 6.404/76, ao administrador leal e de boa-fé.
The study of corporate directors civil liability in national doctrine usually deals with fiduciaries duties, regular management act and the ultra vires theory, directors malpractice or deceit, ut universi and ut singuli actions and solidarity between directors and companies responsibility. Few address the extinctive causes of such liability, and rare are those who address the liability exclusion hypothesis of the Article 159, § 6º, of the Law n. 6.404/76. Whereas that the fiduciary duties discipline provided for in Brazilian corporate law has strong influence of American law, was sought in the legislation, doctrine and jurisprudence of that country the fundamentals for a better understanding and application of the exclusion rule and, particularly, in the business judgment rule, a doctrine that protects directors against liability for damages to the company arising from their acts, protection also afforded by the Article 159, § 6º, of the Law n. 6.404/76, to the loyal and good faith director.

O presente trabalho acadêmico procura construir um referencial teórico baseado no ordenamento jurídico brasileiro para definir o papel da empresa estatal no mundo contemporâneo. Trata-se do ponto de partida para compreender a atuação do Estado como acionista controlador e as regras de convivência com acionistas privados em posição minoritária e com outros grupos de interesse afetados pela atividade empresarial. A abordagem do tema apóia-se na idéia central de que toda empresa estatal está investida de uma missão pública, explícita ou implicitamente incorporada no objeto social, que varia conforme a natureza da atividade exercida e está sujeita a adaptações ao longo do tempo. A missão pública coexiste com a finalidade lucrativa inerente ao modelo de companhia e serve para condicionar a ação do Estado enquanto acionista controlador e dos administradores, dando conteúdo a seus deveres fiduciários.
This dissertation aims at establishing a theoretical framework according to Brazilian law to identify the role of state-owned enterprise in contemporary world. This is the first step to understand what the governments behavior should be as a controlling shareholder and the legal rules applied to its relationship with equity investors and others stakeholders. The approach is based on the assumption that every state-owned enterprise has a public mission implicitly or explicitly included in its bylaws objectives. The public mission varies according to the nature of the business and should be redefined from time to time to keep adherence to the external environment. The public mission coexists with the companys profit scope and guides the States actions, as well as those of directors and officers. For that reason the public mission is embedded in their fiduciary duties.

The renowned agency theory and thus most of the corporate governance (CG) regulations stress upon the independence of corporate boards and its various committees such as nomination and audit, among others. However, the review of the specific previous empirical literature does not fully support this public myth by unveiling that independence-related CG practices such as separate leadership structure, the majority of independent directors on the board, and independence of the nomination and audit committees could not escape the demise of Enron, WorldCom, and Global Crossing in the USA. Also, these CG practices could not avoid the fiasco of the Linear Corporation, Kenmark, and Sime Darby in Malaysia at the dawn of the twenty-first century. The review infers that despite a pivotal role, it is not only the independence of the board and its committees that avoid corporate failures. Overall, this review has important insights for governments, regulators, policymakers, corporate boards, stock exchanges, and shareholders of both the developed and developing countries around the world.