The Twenty-First Century Boardroom: Who Will Be in Charge?
How can a board of directors be strengthened so that it can more effectively evaluate a company's performance, assess its management, and act to change the course of a corporation? The authors suggest eleven steps to reform a board's character and fortify its monitoring function. Among them are composing a completely independent board, with no company employees except for the CEO; establishing a lead director; aligning management's and directors' compensation with shareholders' interests; and strengthening the audit committee.