AFM231 Lecture Notes - Lecture 19: Corporate Social Responsibility, Fiduciary, Oppression Remedy

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Governance structure: widely held and closely held corporations. Corporate structure is not governed by a contract. Can be occasional responsibility for the debts and liabilities of the corporation as well as personal liability from relationship to corporation. Piercing the corporate veil holding the owners of a corporation personally liable for the corporations acts (salomon principle) Statutory liabilities if also a director and/or senior officer. Who is ultimately responsible for to the shareholders: who is ultimately responsible to shareholders, management, directors, creditors. Receive notice of and attend annual shareholder meeting. Frequently have voting power (common: vote to elect directors of corporation. Corporate relationships/chain of responsibility established in governing business legislation. Denotes a basic level of skill and care expected in discharge of director"s duties. Advisory board members have no legal responsibilities for what they do. Just something that you do from a business perspective to help you run the business better.