I don’t think it is accurate to think that the board must be involved for there to be merit. The board represents a totally different set of interests and prior

I don’t think it is accurate to think that the board must be involved for there to be merit. The board represents a totally different set of interests and priorities, many of which may even directly contradict and even clash with those of shareholders, even if they are shareholders themselves. The nepotistic, incestuous, little club of boards and CEOs is almost hostile to shareholder interests once forward momentum stalls, at which point divergent priorities emerge. If the board wants to remain in the board carousel club, they can’t be joining lawsuits against CEOs, when they often themselves are CEOs that frequent the same few exclusive clubs and triple gated communities and celebrate holidays at the same exclusive hotels. There is clearly a stratification there that you are either dismissing or are not aware of. Let me put it this way, the nobility will always hold to each other over any challenges from the merchant class, even if when everyone is making money, there is some mutually beneficial mingling.