Εδώ - Anatolia College

Institutional Governance and the Trustees of Anatolia College 69
holland, thomas P., taylor, Barbara e.“The Effective Board of Trustees” (oryx
Press, 1993). there do not appear to be any authoritative Greek commentaries so
far. see note 44 infra.
29. Besides the Trustees Duties Policy, there is an additional “Anatolia Policy
on Conflicts of Interest” to disclose financial conflicts on an annual basis. “Although
501(c) (3) organizations (see non-Profit status section v supra) are exempt
from paying income tax, they must nonetheless file an annual return with the IRS
- on Form 990. While the IRS does not directly regulate corporate governance,
the information on the Form 990 enables the IRS to watch for evidence of excessive
compensation of the staff or transactions which create a conflict of interest,
either of which can be the basis for the IRS to withdraw the exempt status or impose
other penalties.” GnPo (note 26 supra).
30. conceptual and cultural differences may help explain the not uncommon
desire of Greek directors to be involved in executive management. unlike Greek
corporations, the supervisory and executive powers in an american corporation
are separated as between the directors and the executive officers. “The division
of corporate management into an executive branch as in France and Germany
and other countries is not known in Greece. The board collegially manages…
and, in practice, a managing director or an outside general manager is appointed.”
Phaedon J. Kozyris “Business Associations” 12 II K in K and K (emphasis
added).
31. under art. 9 of the By-laws, indemnification by the corporation is dependent
upon a judicial adjudication of “good faith,” even when it is available. for
breaches of the “duty of loyalty,” e.g., it is not.
32. In consultation with the Board on senior appointments, the President hires
staff. the President, on his own authority, is responsible for the recruitment, selection,
and dismissal of all instructors and staff members (By-laws art. 5.7).
among other things, the President also makes recommendations to the Board as
to the curriculum.
33. the essence and spirit of the school and its trials were portrayed by a former
anatolia teacher and Board chair dr. everett W. stephens (after whom stephens
hall is named) and his wife Mary who also taught at anatolia in “Survival Against