Providing a fairness opinion minimizes exposure by meeting the Business Judgment Rule. Due diligence reports, or fairness opinions, are required by the Securities and Exchange Commission (SEC) in transactions involving public stock offerings. Boards of directors will ask for a fairness opinion to comply with the fiduciary duty to shareholders by providing outside, third-party objectivity. Fairness opinions are also called for in mergers/acquisitions, determination of controlling versus non-controlling interests, and when fairness may be questioned by interested parties to a transaction.