Independence of Directors of Commercial Companies from Imagination to Reality (Comparative Studying the United States, England and Iran\'s Legal System)

Abstract

The independence of directors means the ability to think and make decisions freely, taking into account the interests of the company and shareholders and without being influenced by factors that cause conflicts of interest with corporate rights. Undoubtedly, the independence of directors has been able to significantly increase the efficiency of the companies' board of directors, and in the meantime, the basic assumption has been that the directors of companies make independent decisions based on their own merits and regardless of personal interests or emotional affiliations. This article, with descriptive-analytical method seeks to prove that today, it is not correct to talk about the assumption of independence which is assumed for them in the decision-making position due to the norms, changes and structural bias, psychological realities such as group thinking prevailing in the board of directors and maybe directors do not want to invoke this right in practice because of maintain their position, common interests and their relationships with others directors.

Keywords

• independence
• decision-making
• ingroup bias
• company
• directors