In the opening address for corporate governance conference for the National Association of Corporate Directors Sunday, William George, the former Chairman and CEO of Medtronic and director of ExxonMobil and Goldman Sachs urged his fellow directors to seize the moment and take the necessary steps to speak and act on behalf of good governance.

Adapting his remarks from his new book “7 Lessons for Leading in Crisis,” George told directors that boards are in crisis, having lost the trust of shareholders and the public.  It will take nothing less than board leadership to face the reality, work in concert with other board members, figure out the cause of the failures and become transparent in their actions because boards are in the spotlight every day.”  The good news is that if boards take these steps they can help to return the focus to the long-term health of companies for the benefit of community and shareholders.