The American Red Cross Board of Governors announced April 4 the formation of an Independent Governance Advisory Panel, a group of experts that will undertake an audit of Red Cross governance with the assistance of independent counsel.
Serving on the panel will be Charles Elson, Edgar S. Woolard Jr. Chair in Corporate Governance and director of the John L. Weinberg Center for Corporate Governance at UD.
Elson said the creation of the panel represents “an interesting shift in looking at governance in the not-for-profit area.”
Activists in the field have been arguing that not-for-profits face similar issues as for-profit corporations and that governance issues should be looked at in similar ways, Elson said.
The goal of the audit is to identify any governance changes that are in the best interest of the Red Cross and the American public. “We will be looking at how to create a vital, invigorated board to oversee the workings of a charity,” Elson said.
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