The McKinsey study that showed only half of the 186 directors who responded to their survey agreed that their boards met the demands of the crisis.
Such startling findings confirm that some directors are doing some soul searching.
The landscape has changed: shareholders, the government, regulators have demanded a higher standard for board performance. When veteran board member and governance leader such as Barbara Hackman Franklin urges her directors to step up and become a force for improved governance, a sea change is underway.
Being a director has become a much more demanding job. And CEOs should be helping directors in
That’s not an excuse to call in a host of consultants to solve the board’s problems, but as the McKinsey article recommends, the board needs to take steps to be more effective.
Some boards have already developed the tools