The Concept of Autonomy and the Independent Director of Public Corporations

Abstract

Introduction ...................................................................................................... 3 17 I. The Different Roles of the Board of Directors ..................................... 319 II. Independent as Synonymous with Trustworthy ................................... 321 Ill. A Different View of Independent Directors ......................................... 325 A. Directors' Personal Attributes ......................................................... 326 B . Structural C onstraints ...................................................................... 330 IV. Autonomy v. Independence .................................................................. 332 A. The Concept of Autonomy in Contemporary Philosophy ............... 332 B. Autonomy, Independence, and Corporate Governance ................... 335 C. The Conditions of Autonomy .......................................................... 336 V. Realizing the Conditions of Autonomy ................................................ 338 A. Directors' Personal Attributes ......................................................... 338 B. The Independent Director Staff ....................................................... 340 1. The Central Role of the Independent Director Staff ................. 340 2. The Multiple Benefits of the Independent Director Staff ......... 344 C. The Latest Structural and Procedural Solutions ............................... 345 D. Independent Director Confirmation ................................................. 346 E. Control Over the Institutional Environment ..................................... 351 VI. A New Judicial Definition of Independence ........................................ 352 C on clu sion ....................................................................................................... 353