Reference no: EM133313839

Yolanda, a ballroom dance instructor, was recently asked to be a director of ABC Company which is publicly traded. She is very honored and excited. Her friend, Joe, asked her if she had any experience in accounting, business, or SEC requirements. Yolanda told him no, but that the president of ABC had assured her that the only responsibility of a director was acting as a figurehead because the officers took care of all detailed corporate business. Yolanda says that she is accepting the position because it will get her exposure in the community and perhaps increase her dance clientele. Is Yolanda correct regarding her responsibilities, and why or why not?