Michael Peregrine and William Schuman wrote this bylined article on a recent Michigan legal action that clarified the ability of board members to receive key risk and compliance information in meaningful manner, context and timeframe. The authors wrote that, in light of the action, an “understanding of counsel’s professional ‘reporting up’ and ‘out’ obligations will serve not only to sharpen expectations of counsel’s duties, but also to support the board’s critical oversight role.”

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