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18:21 Jun 4, 2002
German to English translations [PRO] Bus/Financial / Legal business
German term or phrase:fremdnützig
Jedes Aufsichtsratsmandat ist ein fremdnütziges Amt.
it feels as though it should be "altruistic" or "selfless" position - i.e., the opposite of self-serving
Explanation: Each member of the board is appointed from outside (the company)
It means no senior management individuals double as board members (except the chairman, of course). The reason is that an outside director is (theoretically, at least) not beholden to any parochial interest (e.g. ties to the founding family or conflicting interests with peers) and brings an unbiased view to the affairs of the company, unlike senior staff who are by their very nature "insiders" with preconceived ideas as to how company business should be conducted.