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The general consensus (in the places I've read) is that the old board were incompetent blunderers. TFA seems to agree, without saying so outright. I don't see
by denton-scratch 3y ago
The general consensus (in the places I've read) is that the old board were incompetent blunderers. TFA seems to agree, without saying so outright.
I don't see how you can build an $80 billion operation, with a board full of blunderers. I get that it was those blunderers AND sam, until about a year ago; and I get that a year earlier still, they had several experienced businessmen on the (then larger) board.
None of the "blunderers" has spoken yet, AFAIK; I doubt they've taken the cloth and become Trappists, so I assume they're keeping their powder dry, and waiting to see how the situation shakes out.
- rvba 3y agoCEO and employees are the ones that build the company. In many places the role of the board is just to fire / hire the CEO. In some orgs they have more roles: getting financing, customers, audit, agreeing on certain things (e.g. investments, or contracts). Sometimes the board also has more prerogatives. But in general the role is a more ceremonial role that once per year chooses the audit firm (one of the big 4 companies.. so not very hard), maybe makes some obligatory resolutions, like confirming the audit result. Their biggest power is to remove the CEO and choose the CEO's compensation. Getting a seat on a board of a public company is like free money. Most boards dont meet often. Typical boards in companies represent the shareholders (aka remove the CEO if they want to do something crazy), while in non profits they are usually there to find financing or networking. So yes, you can get very far with a bad board, because most boards are quite inactive. The members read some documents, maybe sometimes request some data - and that's all.
- denton-scratch 3y agoThanks. Yes, I guess I knew that about boards, subliminally. > So yes, you can get very far with a bad board That I didn't know. I'm inclined to believe it, and it seems at first glance to clear-up in my mind quite a few things about government in general that keep surprising me.
- yannyu 3y agoThis seems like an overly simplistic take and reads like someone who hasn't worked closely with board members or been on the board of a company with a lot of money behind it.
- rvba 3y agoApart from personal attacks you didnt provide any constructive criticism. Also you are wrong.