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Related Experiment Videos

Directors' and officers' liability.

H A Thompson

    Texas Medicine
    |October 1, 1990
    PubMed
    Summary
    This summary is machine-generated.

    Physicians often serve on boards of directors or as officers for charities and businesses without fully understanding their duties and potential liabilities. This article clarifies these responsibilities and associated risks for medical professionals.

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    Area of Science:

    • Medical Law
    • Corporate Governance

    Background:

    • Physicians are frequently solicited to serve as directors or officers for charitable and business organizations.
    • Community status often leads to these requests, irrespective of the physician's expertise in corporate governance.

    Purpose of the Study:

    • To elucidate the duties and responsibilities inherent in director and officer roles.
    • To inform physicians about the potential legal liabilities associated with these positions.

    Main Methods:

    • Review of legal and corporate governance principles.
    • Analysis of physician roles in non-medical organizations.

    Main Results:

    • Directors and officers owe specific duties, including the duty of care and the duty of loyalty.

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  • Failure to fulfill these duties can result in personal liability for financial losses incurred by the organization.

    • Conclusions:

    • Physicians accepting director or officer roles must be aware of their fiduciary duties.
    • Understanding potential liabilities is crucial to mitigate personal risk when serving on boards.