The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a thought paper titled, "Enhancing Board Oversight: Avoiding Judgment Traps and Biases." Visit COSO's website (www.coso.org) to download a free copy of this paper to answer the following questions:
(a) What must individuals who serve on the board of directors demonstrate in order to avoid liability under the business judgment rule?
(b) How does the COSO thought paper define "judgment"?
(c) What are the primary steps in the professional judgment process?
(d) How might consideration of these steps in the judgment process help improve board judgments?