Select from the option list provided to indicate the party that is generally responsible for each item of responsibility. Each choice may be used once, more than once, or not at all.
|
Responsibility |
Responsible party(ies) |
| 1. Carry out the entity’s day-to-day operations | |
| 2. Decide the entity’s capital structure | |
| 3. Coordinate audit activities | |
| 4. Exercise reasonable care | |
| 5. Remove officers | |
| 6. Provide broad oversight over all aspects of the entity | |
| 7. Make full disclosure of any financial interest they may have in any transaction to which they and the entity may be a party | |
| 8. Declare and distribute dividends | |
| 9. Oversee the various functional areas (finance, accounting, information, etc.) of the entity | |
| 10. Set executive compensation | |
| 11. Initiate fundamental changes, such as mergers and acquisitions | |
| 12. Enter the entity into legally binding contracts | |
| 13. Make decisions in good faith | |
| 14. Add, amend, or repeal bylaws (if not reserved to the shareholders) |
please answer each with
– directors only
– officers only
– directors and officers
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