The purpose of this chapter is to consider who should have been responsible for keeping an eye on the value of assets in which Lehman Brothers chose to invest heavily, and on its risk management procedures. Lehman’s board, as any other board, would have been expected to monitor the company in accordance with corporate governance requirements. The first question therefore is: what exactly was the Lehman board expected, indeed, required to do. The other two questions are considered later in this chapter. They are: was the board capable of carrying out its duties? Did the board actually meet the corporate governance requirements?
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