Taking Risk Oversight to Task

Relatively few legislative, administrative, or stock exchange rules mandate how the boards of public companies must be organized, operated, or populated. Among other stipulations, most boards must establish audit, compensation, and nominating and governance committees, and certain complex financial firms must establish risk committees. Exchange rules mandate that the standing committees perform certain tasks, and various states and Nasdaq require racial or gender diversity on the boards of public firms headquartered in the applicable locales or listed on the exchange...

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Holly J. Gregory is cochair of Sidley Austin LLP’s global Corporate Governance practice and coleader of its Chambers Crisis & Risk Management-recognized ESG and Crisis Management teams.

Paul E. Kalb, MD, heads the global Healthcare and FDA group at Sidley Austin and serves on the firm’s executive committee.