To fulfill their role, independent directors have responsibilities similar to those of other directors. The fiduciary duties of prudence, diligence and acting in good faith apply to independent directors as well as to other directors. Given the faith imposed on them by various agencies, they are more required to perform their duties impartially. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get an original essayIt is necessary for independent directors to:prepare thoroughly for the meeting.Be objective in making sound decisions regarding the company and its activities. .Be open-minded, free and frank in expressing one's opinions and at the same time be prepared to engage in meaningful debates.Engage in decisions made as a board of directors.Be informed of laws and regulations that influence his functioning as an administrator. Use the expertise he possesses. to the great advantage of the company..Responsibility of independent directors for prevention and detection of fraud: The role of the independent director in prevention and detection of fraud has come under the direct control of regulators, members and other stakeholders due to the recent exposure of high-profile fraud cases in India. Over the past few months, we can clearly see DIs taking a direct interest in reviewing the fraud risk management framework their organization has in place to mitigate the risk of fraud. The report lists 10 questions every director should ask themselves to ensure governance is respected: Are we setting and communicating the right “tone at the top”? Are we effectively assessing our corruption risk? Do we have standards, policies and guidelines? effective processes to address these risks? Are we adequately communicating and training directors on our anti-bribery and corruption policies and processes? How can we know if our training is effective? How do we review the effectiveness of our compliance program? When we see a problem, do we ensure that an independent and thorough investigation is carried out? How can independent directors protect themselves from liability due to fraud, bribery and corruption? The independent director can play the crucial role of bringing objectivity to the decisions made by the board of directors by playing a monitoring role. Although they do not need to participate in the day-to-day affairs or decision-making of the company, they must ask the right questions at the right time regarding board decisions. Raising the right alarm signals at the right time would help them avoid this situation. of undesirable situations and their consequences to a large extent. RESPONSIBILITY of an Independent Director: Keep in mind: This is only a sample. Get a personalized article 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 restricts and limits the liability of independent directors to matters directly related to them. Section 149(12) limits the liability of an independent director "only in respect of acts of omission or commission by a company which occurred with his or her knowledge, attributable through the processes of the board of directors." administration and with its consent or.