Problem: Corporation Law
Title: Corporate Social Responsibilty
Hypothetical Facts: As independent director of the corpsfun , a large tech corporation, you created an internal memo regarding potential sales; you created a course of action. You accepted an offer from Wowbank Corp. rather than apple As one of the directors; you decided to accept the offer from Wowbank Corporation because of the substantial premium to shareholders. However, the market does not react as positively as you would like.
As you begin the process of moving from closing to signing, your chief data privacy officer comes to you about a significant data breach. Although they had some signs of it before, they can now definitively determine that what they thought was a minor data breach is actually a data breach that impacted millions of your customers' information.
She points out that they had some early signs of the data breach, but they weren't sure about the extent of it. They didn't really do a deeper investigation until they were getting some information together as part of the sale. She also notes that she had requested funds to make deeper investments in cyber security. However, as the company was short on cash, the board did not approve those funds.
Task
How would you respond?
a) What do you do with this information?
b) How might you be socially responsible in this situation?
c) To whom are you responsible?