The director of a company are primarily accountable to their shareholders. Such accountability is normally achieved through the regular directors's report and accounts and the annual general meeting of the shareholder members of the company.
In many jurisdictions, however, there have been calls for wider accountability from boards, particularly in public companies. Regulators demand wider closure of financial and other information.Employees' representatives expect information on matters that could affect theirs interests. Customer and other interest groups call for greater transparency of company activities. Stakeholder theory argues that public companies have a duty to be accountable to all interest groups that could be affected by the company's actions.
Source: Bob Tricker, Essential Director, The Economist Newspaper Ltd, 2003
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