Big question kicks off the 'Big 3-0'.
Author | Kristie, James |
Position | EDITOR'S NOTE |
THIS ISSUE kicks off the 30th year of publication of DIRECTORS & BOARDS. Could there be a more appropriate cover story to launch our milestone year than one titled, "Rethinking the Board"?
In his leadoff article, author Jerry Wind observes, "Over recent decades, we have done little to rethink the board's fundamental structure and role." That's a fair statement, even considering that DIRECTORS & BOARDS has specialized in continual analysis and constant examination of the corporate board over the past 30 years. We, as well as other governance observers, have picked apart virtually every conceivable aspect of the board's role, structure, duties, composition, conflicts, challenges, and rewards (monetary and psychic). Literally no page has gone unturned without some new intelligence being directed toward understanding a board's workings and reason for being. In a note that I send to all our authors upon the publication of their articles, I make a point of thanking them for defining the mission of DIRECTORS & BOARDS, which is "Thought Leadership in Governance since 1976."
[ILLUSTRATION OMITTED]
But to Prof. Wind's point, virtually all the firepower aimed at critiquing governance is within the construct of the board as we basically have known it since the mid-'70s: a single fiduciary board, composed of a majority of outsiders, whose members do it all. They get their arms around everything to do with audit matters, strategy, management development and succession, compensation, legal and regulatory affairs, public policy...
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