It is the job of independent directors to act as a counterweight to management and help protect shareholder value.

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Even well-known companies like Canon, Toyota, Nintendo and Suzuki have not appointed even one independent director to oversee operations and help protect shareholder value.

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Many commentators are now arguing that board diversity should be seen as part of a broader set of governance policies that companies can implement to help foster functional boardroom cultures and help protect shareholder value.

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Unfortunately, in modern corporations where ownership is separated from management, common shareholders and managers sometimes have conflicting interests, and for this reason, it is important that companies appoint qualified, independent board members to help oversee management and protect shareholder value.

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But ESPN is a for-profit business, not a governmental entity, attempting to protect its brand and shareholder value.

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Any route Bear Stearns chooses would be to "protect our customers and maximize shareholder value, " Schwartz said.

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They are designed to protect the interests of minority investors, improve the accountability of companies and maximise shareholder value.

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