Company directors, rather than governments or executive officers, are responsible for preventing business collapse, says a visiting British corporate governance specialist.
Bob Garratt, a company chairman and academic, said weak and ineffective boards failed to prevent the subprime crisis and consequent credit crunch because they had not assessed their political, economic and trade environments.
Professor Garratt, who is a founding member of the Commonwealth Association for Corporate Governance, was speaking to a Melbourne audience of 360 board members from leading companies, not-for-profit organisations, unions and the public sector.
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