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CORPORATE DIRECTORS AND PERSONAL ACCOUNTABILITY

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[+] serious ballot by Cathexis

When shareholders sue directors for alleged malfeasance, the money for any settlement usually comes from either the company's own coffers or their insurers. This essentially means that the directors get off scott free -- they don't have to pay a dime for their wrongdoing.

But that all changed a couple of weeks ago (Jan 2005), when New York State Comptroller Alan Hevesi reached an almost unprecedented settlement with the directors of WorldCom, holding them personally accountable for not stopping the accounting fraud that the company's managers perpetrated on their watch.

Business law has traditionally held that (in most cases) executives are indemnified from personal legal action, if they were acting as agents for their corporation.

Do you believe corporate directors should have personal accountability for their companies? Or should they be indemnified from such responsibility?

Should have personal accountability
Should be indemnified/shielded from such threats
Other (comment)

Ballot #64868 : SEE RESULTS

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COMMENTS:
I guess it depends what they did, if it could be proved that they deliberatly harmed the company for personal benefit, yes.
by ABC [+]

What about "criminal negligence?"
Eliot Spitzer, one of my new heroes! Amazing that some of these bigwigs, like Ken Lay-Down-and-Die-PLEASE (do I seem a bit ANGRY at the man?) are dyed-in-the-wool Republicans, who constantly preach a mantra of personal responsibility while pulling off these crimes, then tossing up their hands and crying, "It's not OUR fault!" the minute the fecal matter hits the rotating blades. If it happened on your watch, and you're walking away with a fat bankroll for making the mistakes that the common man is paying for with lost jobs and pensions, then YES, YOU PAY.
criminal negligence is an good example of when they should be held personally accountable
by ABC [+]





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