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Board Legal Fiduciary Duties
All state statutory and case law holds that directors of nonprofit, 501(c)(3), corporations must serve as stakeholder (owner) agents, acting in ways that protect and advance their interests. Legalities aside, this is the foundation of great governance. In order to fulfill this obligation, directors must discharge three legal fiduciary duties: loyalty, care and obedience.
Fiduciary Duties, Conflicts of Interest and Independence Refresher
These are exciting and challenging times for board members of not-for-profit health care organizations. The main driver of this state of affairs is a field-wide transformation that promises to result in better quality, higher value, and population health improvement. Most board members see this as a positive move for their organization and community, since their missions often speak to the need to improve the health of the communities they serve.
Planning for the Day after Tomorrow
Board-led strategic planning provides an organizational roadmap.
Financial Turnaround Needs Board Oversight
boards must become more involved in the oversight of the financial turnaround of their organizations than they did in past periods of lessor financial challenge. This may involve a board monitoring levels of detail that would have previously been inappropriate. But, when a hospital or system is facing an existential threat, it becomes a governance issue and it is appropriate and necessary for a board to engage more deeply than it did in the past.