Thus, I am of the view that a
director's obligation includes a duty to attempt in good faith to
assure that a corporate information and reporting
system, which the board concludes is adequate,
exists, and that failure to do so under some circumst
ances may, in theory at
least,
render a director
liable for losses caused by non-compliance
with applicable
legal standards
27
. I now turn to an
analysis of the claims asserted with this concept of
the directors duty of care,
as a duty satisfied in
part by assurance of adequate inform
ation flows to the board, in mind.
Thus, I am of the view that a director's obligation includes a duty to attempt in good faith to assure that a corporate information and reporting system, which the board concludes is adequate, exists, and that failure to do so under some circumstances may, in theory at least, render a director liable for losses caused by non-compliance with applicable legal standards27. I now turn to an analysis of the claims asserted with this concept of the directors duty of care, as a duty satisfied in part by assurance of adequate information flows to the board, in mind.
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