Abstract

RODRIGUES, Jorge. Board of directors and stockholders’ trust. Rev. Portuguesa e Brasileira de Gestão [online]. 2009, vol.8, n.3, pp.25-34. ISSN 1645-4464.

Separation between property and management inside organizations implied the implementation of separate bodies and processes of management and business administration, each one with their own responsibilities. Then, people and bodies that manage are different from people who run businesses. This separation induces the increase of responsibilities and interests of one of the bodies of governance in the organization, the board of administrators. This structure is composed by a group of persons who are delegate to decide, because they are depositary of trust from stockholders . Trust had always occupied a central position in organizations lives’. As a key factor for transactions’ success, trust permit surpass selfish interests and produce benefits for all stakeholders, in the relationship framework of cooperation between economic agents. Presented as a process facilitating the management of uncertainty, trust finds justification in lack of knowledge about future events. Therefore, to forward us for what we don’t are able to formalize (incomplete contracts), it involves making references to social norms we must adhere. The fundamental key that permit to set up trust are relationships between people. These relations express respect to a specific person not trust in a generic mode. That personalization is important in relations based in trust because the social networks where administrators belong can regulate the performance of those organizations that they manage.

Keywords : Board of Directors; Trust; Social Networks; Stockholders; Corporate Governance.

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