Replies to post #111031 on DD Support Board and Research Team

[loanranger]

I agree with that. In a way it seems backwards. I thought that the requirement that an audit committee be comprised of independent directors was intended to protect shareholders through that independence, not to act as some kind of shield or shock absorber for liability on the part of the corporations employee directors.

In the situation I was asking about the company had 2 non-employee directors but no audit committee had been formed.