corp: reading33, q16 regulatory, corporate, reading, advice

king_kong

corp: reading 33, q16: for statement1:
“Moonbase’s directors obtain advice from the corporate counsel to aid them in assessing the firms compliance with regulatory requirements”
why this could cast doubt on the independence of the board ? Should the consel be an external consel not inside the corporate? Thanks.

rkapoor

Correct. They should be using outside counsel. There are too many conflicts of interest by using the company’s