LAW 604 Study Guide - Midterm Guide: Underwriting, Policy Review, Balanced Scorecard

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Duties of the governance committee (class 5) a set of relationships between a company"s management, board, shareholders and other stakeholders. Board recruitment process (chief compliance officer would meet with board) How can the gc help the board enhance its relationship with management? (page 4 yellow) High professional integrity and ethical standards, a well grounded understanding of the business. A governance mindset and an ability to make governance relevant to the business. Judgement: the board should make sound and well-informed decisions. Initiative: the board should exercise its responsibilities in a proactive and timely manner. Responsiveness: the board should be responsible to issues or deficiencies identified by senior management and should oversee the rectification of those deficiencies. Operational excellence: the board should have practice and process that permit open discussion, debate and advance consideration of important matters. Board independence: the board should be independent from senior management.

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