said by patcat88:
They show up reluctantly once or twice a year
Most boards meet much more than that- often once or twice a month in person and more frequently by phone
for a few hours since they are paid little if anything
I wish that were true. Benefits for board members often run to tens of thousands of dollars per mtg
. They never read in deep, or have someone from the corp explain to them the proposals by phone the day before to get rubberstamped the next day.
unfortunately for many board members that is true
All the members have day jobs at other fortune 500s or in govt.
Some do. But many are retired CEOs, CFOs, etc and most boards now have members from academia & community organizations
Boards only exist to recruit investors and job placement obligations for their college frat/secret society buddies.
some truth in that statement, but they do have fiduciary responsibilities that many take seriously. They can be sued if they don't act in a legal manner