NRA

• Professor Modell charges the county's prosecutor and Gov.
• DeSantis with failure to bring the "cold blooded killer" to justice and has created this highway sign to greet the governor.
• Shouldn't candidates for the presidency possess such qualities as integrity, reliability, and accountability, Modell asks.
• The book cover beside a message to DeSantis will be highly visible on the billboard to those driving from airport to the second Republican state caucuses.

• And yet, the NRA had a 76-member board of directors, as well as a designated audit committee, which both had mandates to monitor the organization’s financial health.
• By reviewing transactions involving the NRA and its leaders more skeptically, the board might have helped the NRA avert some of its current legal troubles.
• Together with Claire Hill, a University of Minnesota law professor, I’ve explored one way nonprofits might theoretically avert debacles, both large and small, in the future.

Board culture

• They’re responsible for everything from weighing in on strategies to advance the organization’s mission, to hiring and evaluating top executives and setting their salaries.
• The NRA’s board, like all nonprofit boards, had an obligation to detect the alleged wrongdoing and intervene to stop it.
• But in general, it appears that NRA board members did little to oversee or restrain LaPierre, even when one top leader unsuccessfully sought big changes.

Too passive

• But it’s too easy for their members to be too passive.
• One reason for this is that nonprofit directors usually volunteer their time and don’t get paid for their contributions.
• Sometimes, overly passive and deferential boards turn into rubber stamps that fail to challenge sloppy bookkeeping or question unwise hires.

What should they do?

• We propose that trustees take turns being a designated contrarian, temporarily becoming a devil’s advocate obliged to challenge proposed board actions.
• They would instead ask probing questions and offer feedback on reports by executives and officers.
• The duration of this role would probably depend on how big a given board is and how often it meets.

Rare examples among nonprofits

• Although using designated contrarians is not yet a widely used practice, a few nonprofit boards may have already embraced this concept.
• For example, I’ve been told but have been unable to confirm that one major grantmaker’s investment committee tasks one of its members with challenging particular investment decisions.

No sure thing

• And even for nonprofit boards in less dire circumstances, using rotating contrarians has its challenges.
• Most serious among these is whether rotating contrarians will offer only inauthentic dissent, which studies show provides limited benefits.
• To be sure, organizations that adopt this approach would need to be patient.

Dana Brakman Reiser does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

• Newark, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Mobiv Acquisition Corp (the “Company” or “Mobiv”) announced that on November 10, 2023, the Company entered into an amendment to that certain (a) Non-Redemption Agreement (the “NRA”) dated November 7, 2023, by and among the Company, Mobiv Pte.
• Ltd., and the Investors (as therein defined), and (b) that certain Securities Purchase Agreement (the “SPA”) dated as of November 7, 2023, by and among SRIVARU Holding Limited and the Investors (as therein defined), pursuant to which, in each case, and among other things, the parties thereto extended the term of the NRA and SPA, respectively.
• This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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