Final answer:
The board of directors must weigh the evidence, legal and financial implications, effects on reputation, governance policies, and future corporate culture when deciding to self-report suspected bribery.
Step-by-step explanation:
When a board of directors is faced with the decision of whether to self-report suspected bribery, they need to consider several factors. Firstly, it is crucial to assess the degree of evidence and the seriousness of the suspected misconduct. Secondly, the potential legal and financial repercussions of both disclosing and withholding the information must be evaluated. Thirdly, they should consider the long-term impact on the company's reputation, shareholder trust, and the relationship with regulatory bodies.
Moreover, the company's code of ethics and corporate governance policies, including duties to shareholders and other stakeholders, must be taken into account. Lastly, the possible impact on company employees and the overall corporate culture cannot be overlooked, as self-reporting may set a precedent for future behavior and transparency within the organization.