In a speech yesterday at the 12th Annual Boardroom Summit and Peer Exchange in New York, SEC Commissioner Luis A. Aguilar offered a measure of comfort to people serving on boards of directors of public companies.
Commissioner Aguilar observed that serving as a director of a public company is a particularly difficult job. Public directors, he noted, have significant oversight responsibilities over both executive management and the overall direction of the company; must help set the appropriate tone at the top; must be guardians of the company’s assets; and much more — all on a “part-time basis” and with the threat of lawsuits constantly hanging over their heads.
