Financial distress - the board's role

Financial issues are often symptomatic – if not the direct cause – of organizational failure. Being on the board of a company means being not only alert to the signs of potential financial issues but also ready to take prompt action. A recent survey and roundtable discussions conducted by Osler and the Institute of Corporate Directors addressed the issue of board preparedness in situations of financial distress and revealed a surprising number of informationgaps in board oversight practices. These results are analyzed in a new report, Financial distress – The board’s role, that is now available.