How important is appropriate and sufficient flow of Information to the Directors?

The proper information flow to the board is a road to take effective decisions in the meetings and to develop effective boards. The responsibilities of the board and its committees for oversightness are evolving continuously. I often wonder how could directors in these companies not have been aware of such grave problems which resulted in corporate collapse, bankruptcy or whether there is something wrong with communication and information flows?

The questions here arise 1) Whether boards today are receiving and absorbing adequate information and support to make effective decisions? 2)Is there a serious gap in the supply of Information or is it directors who are not trained or capable enough to utilize it properly for taking an effective decision? 3) How can directors perform their fiduciary duties of reasonable care and skill and independent judgment while taking decisions when they are not in receipt of proper and adequate information?4) Who is responsible for the organization to ensure the proper and adequate flow of information to directors in order to make informed decisions?

I am sharing my views on these above questions which are very vital to address. The completeness and flow of the specific, explicit information available to the directors is an essential condition for the proper exercise of directors' duties and responsibilities of ensuring proper checks and balances in governance and operations of the company.

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