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Frederick Lipman of Blank Rome Frederick Lipman of Blank Rome

Attorneys who counsel independent directors on their legal risks and responsibilities sometimes neglect to discuss with their clients their reputational risks, including unknown enterprise risks which, if realized, can damage their reputation. Being an independent director of a public company which has suffered a financial disaster can ruin the reputation of even the most diligent and scrupulous independent director. Many independent directors are consultants, retired executives and retired accountants who like the prestige as well as the financial rewards of serving on many boards of directors.  Independent directors can easily lose their business reputation as a result of a major scandal in a company in which they have oversight responsibilities.

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