Madoff case: no precedent to excuse directors

Cayman court will still expect non-executive directors to challenge contentious issues at board meetings - MSIL case is not statement of best practice on the duty to exercise independent judgment

Many company directors, certainly those who provide the service professionally, will have been educated in one way or another about the duties they owe to their companies and are well aware of the ease and clarity with which their duties are stated. They are also likely to be acutely aware of how frequently situations arise in which it is not obvious to the director concerned what he actually has to do to cross the threshold of satisfying his duties to his company, in practical terms. The reason