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Outside Directors and Lawsuits: What are the Real Risks?

Outside Directors and Lawsuits: What are the Real Risks?

Black, Bernard S., Cheffins, Brian R. and Klausner, Michael D., "Outside Directors and Lawsuits: What are the Real Risks?" . McKinsey Quarterly, 2004

Abstract:

    We often hear that hardly anyone wants to sit on corporate boards these days, largely because they fear personal liability. Our investigation of seven representative countries (Australia, Britain, Canada, France, Germany, Japan, and the United States) suggests that the liability concern is overdone. Although there are good reasons for outside directors to fulfill their duties diligently, fear of liability should not be one of them. Outside directors face only a tiny risk of paying damages or legal fees out of their own pockets.

    This article is a revised and condensed version of Bernard Black, Brian Cheffins, and Michael Klausner, Liability Risk for Outside Directors: A Cross-Border Analysis, European Financial Management vol. 10 (forthcoming 2004), available at http://ssrn.com/abstract=557070, which in turn is a summary of two longer papers, Bernard S. Black, Brian R. Cheffins, and Michael Klausner, Outside Director Liability (working paper 2004), available at http://ssrn.com/abstract=382422, and Bernard S. Black and Brian R. Cheffins, Outside Director Liability Across Countries (working paper 2003), available at http://ssrn.com/abstract=438321.

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Facts on voip

  • VoIP phone calls (even international) are widely regarded as free. While there is a cost for their Internet service, using VoIP over this service usually does not involve any extra charges, so the users view the calls as free.
  • Use in Amateur Radio Amateur radio has adopted VOIP by linking repeaters and users with Echolink, IRLP, Dstar and EQSO. By using VOIP Amateur Radio operators are able to create large repeater networks with repeaters all over the world where operators can access the system with actual ham radios.
  • Some broadband connections may have less than desirable reliability. Where IP packets are lost or delayed at any point in the network between VoIP users, there will be a momentary drop-out of voice. This is more noticeable in highly congested networks and/or where there is long distances and/or interworking between end points.

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