The role of independent directors on financial reporting quality: a review of previous research

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs 2013-2014As a result of recent national and international financial scandals, the financial information published by companies has often lost its credibility and transparency. In an attempt to regain confidence in the information produced and released by companies, a series of codes of good corporate governance have been published, with one of their main recommendations being that the Board of Directors be composed of external directors, particularly independent directors, given the role they can play in ensuring the production of quality financial information. Independent directors are those who, appointed for their professional and personal qualities, can perform their duties without being influenced by direct relationships with the company, its significant shareholders or managers. Therefore, this paper aims to review the literature which refers to the impact that independent directors on the Board of Directors have on the quality of financial reporting. The results revealed by the studies have mostly shown a positive relationship between the tasks performed by such directors and the quality and integrity of accounting information. However, it should be emphasized that the results documented in the studies carried out in a Spanish and Anglo-Saxon context differ somewhat, which could be explained by the legal, cultural, social and corporate governance culture differences, amongst others, which exist between the two countries

Natural History and Outcome of Hepatic Vascular Malformations in a Large Cohort of Patients with Hereditary Hemorrhagic Teleangiectasia

BACKGROUND: Hereditary hemorrhagic telangiectasia is a genetic disease characterized by teleangiectasias involving virtually every organ. There are limited data in the literature regarding the natural history of liver vascular malformations in hemorrhagic telangiectasia and their associated morbidity and mortality. AIM: This prospective cohort study sought to assess the outcome of liver involvement in hereditary hemorrhagic telangiectasia patients. METHODS: We analyzed 16 years of surveillance data from a tertiary hereditary hemorrhagic telangiectasia referral center in Italy. We considered for inclusion in this study 502 consecutive Italian patients at risk of hereditary hemorrhagic telangiectasia who presented at the hereditary hemorrhagic telangiectasia referral center and underwent a multidisciplinary screening protocol for the diagnosis of hereditary hemorrhagic telangiectasia. Of the 502 individuals assessed in the center, 154 had hepatic vascular malformations and were the subject of the study; 198 patients with hereditary hemorrhagic telangiectasia and without hepatic vascular malformations were the controls. Additionally, we report the response to treatment of patients with complicated hepatic vascular malformations. RESULTS: The 154 patients were included and followed for a median period of 44 months (range 12-181); of these, eight (5.2%) died from VM-related complications and 39 (25.3%) experienced complications. The average incidence rates of death and complications were 1.1 and 3.6 per 100 person-years, respectively. The median overall survival and event-free survival after diagnosis were 175 and 90 months, respectively. The rate of complete response to therapy was 63%. CONCLUSIONS: This study shows that substantial morbidity and mortality are associated with liver vascular malformations in hereditary hemorrhagic telangiectasia patients