Morrison & Foerster’s Kelley Howes discusses two recent incidents with Dreyfus board members, including the departure of one, in the BoardIQ article “As One Dreyfus Director Departs, Another Faces Questions”. BoardIQ reports that, although the two situations are not comparable, the incidents do raise questions about what due diligence is being conducted on board members.
Ms. Howes told BoardIQ that the two circumstances are “definitely distinguishable.” “If someone’s been a productive and participating member of the board for 20 years, I think they probably should be given the benefit of the doubt,” she said.
With regard to a departure, Ms. Howes said, “If they’re stepping down, what’s the best way to do it? Quickly and clearly. Get it done and move on. Remember what your job is.”
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