February 11, 2003
As some board committees are
As some board committees are exercising their soon-to-be “right” to hire advisors – or if the governance committee hires a new outside law firm to conduct a one-time governance “gut-check” – the question remains: who does the advisor/law firm work for?
This question must be resolved right away when a retainer letter is drafted. The best answer we have heard so far is “individual directors on behalf of the board.” If you have a different conclusion or a sample retainer letter for a board committee, contact broc.romanek@thecorporatecounsel.net.