Whether you are serving on a public or private company board, there is an important principle to guide you:  doing the right thing, not just for the constituency that brought you to the board but for all the shareholders, according to Michel Feldman, partner in the Chicago office of Seyfarth Shaw, who has served on a number of private company and public boards.

“Especially when you are asked to be on a private board, be sure that you understand what you are getting into,” said Feldman at an NACD Chicago panel.  In private companies, it’s especially important to beware of a dominant CEO.

“And always, do the right thing for all shareholders.”