Building a World Class Board
Recent events have shown that boards do not always add the value that investors
expect or demand. In the wake of the banking crisis, bank boards have for example
come in for heavy criticism for their failure to challenge or curb management’s
excesses: in the words of the Treasury Select Committee they “failed their
shareholders [with] devastating consequences for the UK’s private and public
finances”. But criticisms have not only been focused on bank boards: there is a
general sense that many boards have been too distant from their businesses or have
lacked the necessary expertise to represent effectively shareholders’ interests...
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