mandating a continuing education requirement would also help directors keep abreast of the rapidly changing nature of business.
We are in a knowledge revolution where the best practices in business are in a continuous state of change.
Too few senior business leaders make the time to keep abreast of current developments in finance, financial reporting, governance, and changing demographic trends in business and industry.
For example, how many corporate board members to do you suppose are up to speed on recent requirements concerning derivative securities?
Evidence on how poorly businesses have complied with new recognition or disclosure requirement is sufficient to justify questioning the understanding of those with oversight responsibilities.