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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.
Becoming a First-Rate Board
Fulfilling duties includes actively engaging in practices that promote good governance. A review of best practices enables the board to reflect on opportunities for improvement.
Asset Stewardship and the Board's 3 for Understanding and Improving Operational Efficiency
Asset stewardship has long been a key board responsibility. As fiduciaries of a health care organization’s assets, governing boards are required to act in the best interest of the organization, ensuring that resources are used in a reasonable, appropriate and legally accountable way to meet community health care needs.
Position Description for a Health System or Hospital Board Member [Full]
The role of the board is to govern, not manage, the organization. To that end, the board carries out four roles.
Good Governance Policies in the Post-Enron Environment
The governance challenges raised in the post-Enron environment are motivating many boards and their general counsels to draft new board policies and tighten up existing ones.
Fully Equipped to Lead
When trustees are appointed to the board of Manatee Memorial Hospital, they have a steep learning curve as they settle into this new role. Providing an orientation program and performing frequent performance evaluations help to ensure that trustees receive the training, resources and ongoing support they need to serve the organization.
Health Care Governance on the Eve of Disruption
Corporate boards, across industry sectors, are increasingly being called upon to support management as the company responds to how innovative competitors “disrupt” their existing business model. Blockbuster, Borders and ESPN are prime examples of established companies that have been pulled into the financial undertow created by nimble disruptors.
Radical Decision Making for Hospital and System Boards
The seismic forces currently roiling health care present boards with a new set of profoundly consequential strategic options. These often involve significant risk, major mission shifts, and challengingly short windows of opportunity.