DirectorMalpractice.com
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DirectorMalpractice.com
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Excerpted from the website:
- For more than two years we have been identifying and researching those factors that cause corporate director and accounting malpractice claims. Whether deriving from the latest legislative changes, the most recent competitive move in an industry, the affects of changing technologies or some pending, "bad outcome", a corporate director often becomes the prime target. It used to be easy to recruit corporate directors. The position was considered prestigious and included reasonable compensation. That is not true anymore. Attorneys are reluctant to join boards because they bear higher than normal professional risks in doing so and the potential for conflicts rises. Accounting, banking and financial specialists are hesitant to join boards because of the potential for enhanced liability as well as conflicts. In some cases professionals cannot join boards because their firm policies or own insurers forbade them from doing so. It is becoming increasingly clear that directors need access to more information, delivered more quickly and with greater quality that before. Further, we believe that the economic and environmental factors now present have the potential to result in numerous, quick and dramatic company failures. These failures in turn have the potential to produce losses in time, resources and personal well-being that could make many directors rue the day they accepted a position on a board. Upon consideration, we believe that practitioners will agree with our assessment. The factors include:
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