Studies On Duties And Liabilities Of Bank Directors Of America And Reference

In order to face the overall opening in financial industry after entry into WTO, the Chinese government made substantial reforms in banking industry. Some of these reforms had positive effects, however, to some extent the reforms in corporate governance structure were halfway. The regulations, prescribing the fiduciary duty of director only in principle, are lack of feasibility. In America, banking industry has conducted substantial research and accumulated a lot of experience in the duty and liability of directors. As a result, it is essential for China to do comprehensive research on duty and liability of bank directors, whereas in our country the research on this subject is in vacuum.Combined with the cases of federal and state courts, this article is to analyze the system of the duty and liability of bank directors in America. This article is divided into four parts. Part 1 discussed the fiduciary duty of general corporate directors in U.S.A., including its legal sources, contents and the relationship with Business Judgment Rule. Part 2 discussed the application of FIRREA in federal and state courts in terms of liability of bank directors. Part 3 focused on the application of a more stringent Business Judgment Rule in banking of U.S.A. Part 4, based on the development in banking of China, discussed how to transplant this system to China, and gave some suggestions about designing appropriate discipline.