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Revisiting the fiduciary duties of the board of directors and management

Among the essential features of effective corporate governance (CG) regime would be the proper designation of the agency in the corporate setting that is primarily responsible for promoting CG: Who is primarily responsible for promoting CG principles and best practice within the company setting?

This would include establishing the hierarchy of responsibilities and accountabilities among the various agencies operating within the corporate setting, and answers the critical question: With whom does the buck stop when it comes to the duties and responsibilities for CG?

It is equally important for an effective CG regime to properly delineate the constituencies to whom such primary fiduciary duties of CG are owed to To whom do we owe the fiduciary duty to properly govern the corporate affairs?