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News // Crime

Enron's Board Blamed for Downfall

30 November 2001 , 10:46383
According to records, 7 out of the 14 board members received either lucrative consulting contracts, sales to their businesses or donations to non-profit organizations with which they were involved, ranging from $50,000 to over $500,000. Three of the recipients are also members of Enron's audit committee, responsible for financial supervision of the company. According to corporate governance standards set by the NYSE and NASDAQ, all audit committee members should be independent. The Council of Institutional Investors says that corporate boards are responsible for protecting shareholder interests by overseeing the top executives and that two-thirds of a board should be independent, which is defined as a person whose directorship is their only affiliation to the corporation.

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