Question

What are the roles and responsibilities of independent members of the board of directors with respect to risk management and corporate governance?

Answer 1

Independent board members have roles in risk management and corporate governance.

Step-by-step explanation:

Roles and Responsibilities of Independent Members of the Board of Directors:

1. Risk Management: Independent board members play a crucial role in overseeing the company's risk management practices. They are responsible for evaluating and monitoring the risks faced by the company and ensuring that appropriate risk management strategies are in place.
2. Corporate Governance: Independent board members are responsible for ensuring good corporate governance practices within the company. They are tasked with upholding ethical standards, ensuring transparency, and representing the interests of shareholders.

Overall, independent members of the board of directors serve as a check and balance to ensure that the company operates in a responsible and sustainable manner.