To carry out their roles, independent directors have responsibilities similar to those of other directors. Fiduciary duties of care, diligence and good faith apply to both independent directors and other directors. In view of the faith imposed on them by the various bodies they are more required to carry out their functions with impartiality. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Independent directors need to: Prepare thoroughly for the meeting. Be objective in making sound decisions relating to the company and its activities. Be open-minded, free and sincere in expressing your opinions and at the same time be willing to engage in meaningful debates. Be engaged in the decisions made in the Council. Be knowledgeable about laws and regulations that affect their functioning as directors. Use the skills they have to benefit the company. Responsibilities of independent directors for fraud prevention and detection: The role of the independent director in fraud prevention and detection has come under direct scrutiny from regulators, members and other stakeholders due to the recent exposure of high profile fraud cases in India. In recent months, we can clearly see IDs taking a direct interest in reviewing the fraud risk management framework their organizations have in place to mitigate fraud risk. The report lists 10 questions every director should ask to ensure governance compliance: Do we set and communicate the right “tone at the top”? Do we effectively assess our corruption risk? Do we have effective standards, policies and processes to address these risks? Do we adequately communicate and train directors on our anti-bribery and corruption policies and processes? How do we know if our training is effective? What incentives do we provide for compliance and sanctions for non-compliance? How do we monitor and audit for inappropriate behavior ?Our compliance officers have adequate clout, resources and independence,? How do we monitor the effectiveness of our compliance program? When we identify a problem, do we ensure that an independent and thorough investigation is conducted? How can independent directors protect themselves from liability due to fraud, bribery and corruption? The independent director can play the crucial role of objectifying the decisions made by the board of directors by performing a supervisory role. While they are not required to take part in the day-to-day affairs or decision-making of the company, they should ask the right questions at the right times regarding the board's decisions. Raising appropriate red flags at the right time would help them prevent this from happening. of unwanted situations and their consequences to a large extent. RESPONSIBILITIES of an Independent Director: Please note: This is just an example. Get a custom paper from our expert writers now. Get a Custom Essay The 2013 Act sought to balance the broad nature of the obligations, functions and duties imposed on an independent director. The 2013 law limits the liability of independent directors to matters directly related to them. Article 149(12) limits the liability of an independent director "only in relation to acts of omission or commission by a company occurring within his knowledge, attributable through board proceedings