Corporate boards of directors mediate the agency costs between the corporation's managers and shareholders. For boards … independent director. Indeed, it is important that boards have independent directors to deal with clear conflicts between managers …, the board's general business skills and experience are insufficient to discern whether the managers' course of action is …

use of experts are unnecessary as managers will choose to seek out second opinions on their own. Mandates can be …This paper provides a theoretical model to examine when and how boards of directors can utilize outside experts who … provide second opinions to assist them in 1) monitoring managers with career concerns, and 2) approving firm investments …