| Business Law |
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| Companies Listed on the New York Stock Exchange)More... |
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| Antitrust & Trade Law: Sherman Act |
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| Agreements In Restraint of TradeMore... |
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| Directors' Ignorance of Corporate Affairs |
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| To carry out fully their duties and responsibilities to shareholders and the corporation, directors must be reasonably familiar with the workings of the corporation and have a general knowledge of how the corporation conducts its business. Directors are not expected to have superior knowledge about all business and financial aspects of the corporation, but they are assumed to have competent knowledge of the duties they have taken on when named to the board. More... |
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| Independent Director Audit Committee Requirements for New York Stock Exchange Companies |
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| Independent directors must make up the majority of the board of directors of a company listed on the New York Stock Exchange. In addition, listed companies must have several committees made up entirely of independent directors, including the Audit Committee.More... |
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| Degree of Culpability |
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| Typically, directors who conduct the corporation's business must exercise the care that an ordinary prudent person would exercise in the management of his or her own affairs under similar circumstances. This "ordinary" standard of care has been adopted by a majority of states and enacted in their corporation statutes. However, courts consistently interpret the culpability standard for the duty of care as one of gross negligence.More... |
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