Nonprofit Board Members—Are They Aware of Their Independent Director Duties?
By Eugene Fram
The vast majority of nonprofit board members serve as independent directors. They are not members of management, have other occupations as their major focus, but have some significant responsibilities to a community, profession, government or trade association. Mary Jo White, Chair, U.S. Securities & Exchange Commission, recently outlined the responsibilities of fund board members who also are independent directors to overview the investment dollars made by 53 million U.S. households. Many of her comments, in 2016, easily apply to nonprofit board members and their responsibilities as Independent directors. Note: The italicized materials following are White’s direct quotations. * (more…)