What it’s like to be on the board of a Fortune 500 company
And if a board member isn’t performing well, we get rid of them. I’ve been on boards where the SEC is in there. I’ve been on boards where the Department of Justice is involved. You don’t want that. You destroy companies when you do that. You destroy shareholder value. So what you try to do as board is make sure people are above board. You guard against anything that hurts the companies from an outside perspective. It all comes back to governance and taking care of shareholders.This points to a problem with due diligence and/or how board members of Fortune 500 companies are chosen. Can anyone elaborate on how this happens?I get the impression from looking at corporate websites that many board members include former officers of the company, investors, and experienced leaders from adjacent (but not competing) industries. It sounds kind of insidery, which can lead to all kinds of problems and conflicts.