Prior to 1998, company directors caught breaking competition law faced nothing worse than a reprimand.

ECONOMIST: Competition policy

Three quarters of company directors said they thought the new law would discourage employers from taking on women of child bearing age, in a recent survey.

BBC: A baby

Mostly, the statutes that govern Delaware's system of corporate law openly delegate decision-making authority to company directors.

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The Company Law requires managers to hold themselves responsible to the board of directors.

ECONOMIST: Economically, but not politically

According to Mr. Picard, the lawsuit, which has not been made public under English law, accuses directors and officers of violating their duties to the company by making fraudulent payments, including some that benefited Mr. Madoff and his family.

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U.S. corporate law states that the legal obligation of the directors and officers of a company is to serve the interests of shareholders.

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He also wants a new law to make the chairman of a mutual-fund board of directors independent of the managing company.

ECONOMIST: Ogling Bogle | The