Jack Milligan, editor-in-chief for Bank Director
While bank directors have many responsibilities, their primary duty is to look after the interests of their company’s owners, be they shareholders in a publicly traded company, investors in a privately held company or customers in a mutual organization. Of course, directors in a publicly owned bank have a clearly defined fiduciary responsibility to shareholders that has been prescribed by law. It is not the appropriate role of the board to run the bank on a day-to-day basis; that is management’s job. Instead, the role of the board is to provide oversight as to how the institution is being run—from...
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Jack Milligan is editor-in-chief of Bank Director, an information resource for directors and officers of financial companies. You can connect with Jack on LinkedIn or follow @BankDirectorEd on Twitter.