In the wake of the Sarbanes-Oxley Act (SOX) and the generally increased scrutiny of corporate governance in recent years, board members and executives in the nonprofit sector have asked themselves what best practices they should employ in their own sector. While SOX generally applies only to publicly traded companies, many of its principles may be applied to non-publiclytraded organizations, including many nonprofit corporations.
Richard Riley, partner, Foley & Lardner LLP, and Stephen Cruise, managing director, UBS Securities LLC, co-moderated “Non-Profit Board Best Practices,” a featured session at Foley’s sixth annual National Directors Institute on March 7, 2008 in Chicago, to discuss these issues. Other panelists included Janet Knupp, president, The Chicago Public Education Fund; Daniel Hale, executive vice president, Trinity Health; Michael Tiknis, managing director, Harris Theater for Music and Dance; and David Rowan, chief legal officer, Cleveland Clinic Foundation.