While admitting it’s unusual for an IRS commissioner to address the boardroom community, nonetheless Douglas Shulman believes boards can and should play an important role in overseeing the tax risks and strategies of corporations. What follows is the text of Shulman’s speech on October 19, 2009 at the National Association of Corporate Directors corporate governance conference in Washington, D.C.
I realize that the IRS Commissioner has not customarily addressed the NACD’s corporate governance conference…but what I want to discuss with you this afternoon is the important role that boards of directors can play in overseeing tax risk and tax strategies of corporations. After all, taxes are one of the biggest expenses of a corporation, so how they are managed is very important to most corporations.
Clearly, corporate boards of directors play an incredibly important role in the vibrancy of businesses and our economy. Boards are a source of creative ideas, strategic thinking, and, importantly, governance and oversight. Boards hold management accountable, and in that role, understanding the risk posture of the company is critically important.
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