Massachusetts Confidentiality Agreement for Board Members
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How to fill out Confidentiality Agreement For Board Members?
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Board members also have limits on how they can share information and with whom they may share it. Maintaining confidentiality also means that board members must maintain the confidentiality of any personal or sensitive information they acquire during their service to the board.
Confidential information is personal information shared with only a few people for a designated purpose. The person who is receiving the information from you, the receiver, generally cannot take advantage and use your information for their personal gain, such as giving the information out to unauthorized third parties.
It's important for boards to have clear rules for removing directors from the board because confronting breaches of confidentiality is uncomfortable for everyone. While discussions and voting are confidential in executive session, boards should be as transparent as possible under the circumstances.
Board confidentiality is important. It encourages open and frank discussion in meetings, helps facilitate the development of vision and the implementation of an effective strategy to achieve that vision, and protects information that is confidential, personal, or relates to employment, commercial or legal matters.
Board members also have limits on how they can share information and with whom they may share it. Maintaining confidentiality also means that board members must maintain the confidentiality of any personal or sensitive information they acquire during their service to the board.
In a 2005 Delaware Chancery Court case involving the Walt Disney Company, the court determined that certain documents relating to 'private communications among or deliberations of the Company's board of directors' should remain confidential.
Directors have a fiduciary duty to maintain confidentiality, and inappropriate disclosure, whether intended or inadvertent, can violate federal securities laws. Directors rely on confidentiality to facilitate candid deliberations with fellow board members.
It's widely understood that material non-public information is confidential and to be kept private. However, as this Harvard Law School blog post points out, there is some board information, for example, day-to-day board deliberations, that is not necessarily material in and of itself.