creating corporate boards that create value

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    Ohwungzmwonh

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    Kz}w c} wljuj o} hn nhj ujmoj fnu mujcwohd c }zmmj}}fzb wjc`" wljuj o} hn nhj}wuzmwzuj tloml dzcuchwjj} wlcw c encug tobb ej jffjmwovj( Wlz}" nh `chy nfwngcy} `n}w mnhwunvju}ocb dnvjuhchmj o}}zj} ohmbzgohd }jcucwonh nf wljn}owonh} nf mlcou ch chg mlojf j|jmzwovj nffomju ,MJN/" gjfohowonh nf chohgjjhgjhw goujmwnu chg jvjh unju mn`jh}cwonh nf goujmwnu} hn nhj}nbzwonh o} uodlw fnu jvjuy mn`chy( Ucwlju" wlj zhoszj moumz`}wchmj} chg}jmocb hjjg} nf jcml ohgovogzcb mn`chy `z}w ej mnh}ogjujg }n wlcw ch

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    Mnunucwj Dnvjuhchmj Ycdj 3

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    ju}nhcbowoj}" j|juojhmj chg mcceobowy nf encug `j`eju} chg mlojfj|jmzwovj(

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    Mnunucwj Dnvjuhchmj Ycdj 5

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    }wcajlnbgju}( Ow o} }o`by wlcw wlj encug }lnzbg cbtcy} ej dzogjg ey tlcw owejbojvj} o} oh wlj nudcho{cwonh} ej}w bnhd-wju` ohwjuj}w}(

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    Mnunucwj Dnvjuhchmj Ycdj 7

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    Mnunucwj Dnvjuhchmj Ycdj :

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    j|jmzwovj fun` gnohd wljou kne( Nzw}wchgohd nudcho{cwonhcb jufnu`chmjgj`chg} c mn`bj`jhwcuy chg ecbchmjg cuwhju}lo ejwtjjh wlj encug chgmlojf j|jmzwovj towl enwl cuwoj} jufnu`ohd wn wljou ej}w(

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    Mnunucwj Dnvjuhchmj Ycdj 6

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    gjfohohd" towloh wlj nudcho{cwonh} bjdcb chg mnh}wowzwonhcb fuc`jtnua" wljnudcho{cwonh} zun}j" goujmwonh chg uonuowoj}" jh}zuohd wlcw wlj}j cuj vcbzjgchg tnuwltlobj(

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    Mnunucwj Dnvjuhchmj Ycdj 39

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    Mnunucwj Dnvjuhchmj Ycdj 35

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    Mnunucwj Dnvjuhchmj Ycdj 36

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    Gjvjbnyohd" cgnywohd chg ujvojtohd dnvjuhchmj ynbomoj}

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    Mnunucwj Dnvjuhchmj Ycdj 34

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    Mnunucwj Dnvjuhchmj Ycdj 3

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    C encug `jjwohd }lnzbg ej }wo`zbcwohd" mlcbbjhdohd chg" zbwo`cwjby" }cwo}fyohd(Ow }lnzbg fnmz} nh wtn mnuj jbj`jhw};

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    Mnunucwj Dnvjuhchmj Ycdj 3?

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    Wlj }wuzmwzuj chg }jszjhmj nf owj`} towloh c `jjwohd o} o`nuwchw( @chyencug} lcvj ejhjfowjg fun` ch cdjhgc wlcw wcmabj} `nuj gj`chgohd }wucwjdomo}}zj} jcuby oh wlj `jjwohd( ]zml encug} bjcvj `nhownuohd chg nwljumn`bochmj-wyj wnom} zhwob bcwju oh wljou `jjwohd( Cw wlcw }wcdj" ow `cwwju}bj}} of wlj encug o} wouohd nu }n`j `j`eju} lcvj wn bjcvj ejfnuj wlj cdjhgc o}mn`bjwjg(

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    Mnunucwj Dnvjuhchmj Ycdj 59

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    Mnunucwj Dnvjuhchmj Ycdj 53

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    Mnunucwj Dnvjuhchmj Ycdj 55

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    goffjujhw fzwzuj( Ow o} z}jfzb wn gj}muoej c wloug }mjhcuon ujuj}jhwohd c }wucodlw-bohj unkjmwonh nf lnt wlohd} cuj hnt(

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    ]wcajlnbgju chcb}o}

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    Wlj Encug} Jffjmwovjhj}} oh @nhownuohd & Jvcbzcwonh

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    M7( ow oh}zbcwj} j`bnyjj} fun` wlj mnh}jszjhmj} nf wljou cmwonh} wn wlj}lcujlnbgju}" unvogjg wlcw wljou mn`jh}cwonh cmacdj} cuj hnw uj}nh}ovj wnmlchdj} oh wlj vcbzj nf wlj }lcujlnbgju} jszowy

    Mnunucwj Dnvjuhchmj Ycdj =3

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    Cdjhmy wljnuo}w} }zddj}w wlujj goffjujhw uohmobj} fnu ujguj}}ohd ohjffomojhmoj}o`n}jg nh wlj `ngjuh mnunucwonh ey wlj wuobj vjob;

    c( Cbodh gjmo}onh uodlw} towl }jmofom ahntbjgdj z}jfzb oh nugju wn mn`jwjhwbyj|jumo}j wln}j uodlw} ,ejmcz}j djhjucb ahntbjgdj o} jc}oby wuch}fjucebj" ow o}hnw hjmj}}cuoby ujszoujg wlcw gjmo}onh uodlw} chg djhjucb ahntbjgdj ej mn-bnmcwjg/( Wlo} uohmobj }zddj}w} wlcw gjmo}onh uodlw} ej z}ljg gnthtcug ohwlj nudcho{cwonhcb lojucumly wn wlj bjvjb} cw tloml wljy uj}ogj oh wlj }c`jjnbj ,`chcdju} nu j`bnyjj}/ wlcw lcvj wlj }jmofom ahntbjgdj wnmn`jwjhwby z}j wln}j uodlw}/

    e( Cbodh ohmjhwovj} towl gjmo}onh uodlw}( Wlo} uohmobj }zddj}w} wlcw wljohmjhwovj cmacdj} dovjh wn encug `j`eju}" `chcdju} chg j`bnyjj} `cwmlwlj gjmo}onh uodlw} dovjh wlj}j jnbj

    m( Gj}odh jffomojhw `nhownuohd `jmlcho}`} ec}jg nh ne}juvcebj jufnu`chmj`jc}zuj} nh tloml ec}o} mc}l enhz}j}" }wnma nwonh} chg }wnma tcuuchw} cujctcugjg(

    Mnunucwj Dnvjuhchmj Ycdj =5

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    Encug mn`yn}owonh chg Jffjmwovj ]zmmj}}onh Ybchhohd

    Djwwohd wlj uodlw yjnybj nh encug

    @chy encug} cmahntbjgdj wlj duntohd j|jmwcwonh} nh wlj` chg wlcw wljy cuj

    tnuaohd wn cmlojvj lodlju }wchgcug} nf dnvjuhchmj jffjmwovjhj}}( C ajy c}jmwnf wlo} o} fo hgohd jnbj tln zhgju}wchg chg mch mnhwuoezwj jffjmwovjby wn wljdnvjuhchmj unbj(

    Yujvonz} }zmmj}} oh nwlju fojbg} nu oh nwlju nudcho{cwonhcb unbj} o} hn dzcuchwjjnf dnvjuhchmj jffjmwovjhj}}(

    Ogjcbby" jvjuy nudcho{cwonh tobb lcvj c unmj}} fnu jh}zuohd ow} encug lc}ujbjvchw }aobb} chg j|juojhmj( Ejmcz}j dnvjuhchmj mlcbbjhdj} cuj hnw cbtcy}tjbb zhgju}wnng" `n}w encug} hjjgwn uncmwovjby mn``zhomcwj wlj}j mlcbbjhdj} wn wln}j tln ohfbzjhmj encug}jbjmwonh( Nwljuto}j" c encug n}owonh `cy ntj `nuj wn ju}nhcb nzbcuowy

    chg unfobj wlch wn ch ceobowy wn mnhwuoezwj jffjmwovjby wn wlj encug} tnua(

    Wljuj cuj vcuonz} }wuzmwzucb chg unmjgzucb o}}zj} wn ej mnh}ogjujg ljuj( Cmn``nh wlj`j o} wlj hjjg wn wcaj c gjboejucwj chg }wuzmwzujg cuncml wnjh}zuj c encug lc} wlj jnbj ow hjjg}(

    Ohgjyjhgjhw goujmwnu}

    Mnunucwj Dnvjuhchmj Ycdj ==

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    @chy nudcho{cwonh} cuj `nvohd wntcug lcvohd c hz`eju nf ohgjjhgjhwgoujmwnu}( Wlo} o} mnh}o}wjhw towl dnng mn``jumocb ucmwomj( C}ogj fun` wlj}aobb} wljy nfwjh euohd wn wlj wcebj wljy tobb euohd ch ohvcbzcebj j|wjuhcbju}jmwovj nh wlj nudcho{cwonh( Wnn nfwjh" nudcho{cwonh} }wuzddbj wn cmwnekjmwovjby c} `j`eju} c}}onh chg mn``ow`jhw wcaj nvju( OhgjjhgjhwGoujmwnu o} }zn}jg wn unvogj c tcy wn mljma chg ecbchmj wlj Encug}

    dnvjuhchmj towl wlj j|jmwcwonh} nf ow} nthju} chg.nu nwlju }wcajlnbgju}

    ]zmmj}}onh ybchhohd

    C ecbchmj o} hjjgjg ejwtjjh `j`eju} towl njucwonhcb j|juojhmj chg wln}jtowl wlj ceobowy wn njucwj cw c mnhmjwzcb bjvjb( Nudcho{cwonh} hcwzucbby cwwucmwc}}onhcwj jnbj gjjby }mlnnbjg oh wlj nudcho{cwonh} cmwovowoj}( Wljuj o} cb}nc muowomcb hjjg wn cwwucmw encug `j`eju} tln mch }wchg ecma fun` wljnudcho{cwonh chg j|jumo}j c gjdujj nf gjwcml`jhw chg nekjmwovowy(

    Jcml encug }lnzbg gjvjbn c }zmmj}}onh bch fnu wlj }jbjmwonh chg ujbcmj`jhwnf jbjmwjg chg cnohwjg encug `j`eju}" chg fnu nffomj lnbgju} }zml c} wlj

    mlcou( Wlo} gnj} hnw `jch ogjhwofyohd ohgovogzcb} nu bohohd z ujbcmj`jhw} c}wlo} `cy ej mnhwucuy wn wlj nudcho{cwonh} vcbzj} chg gj`nmucwom unmj}}j}( ,Ow`cy jvjh mujcwj go}wuz}w of wljuj tc} c }jh}j wlj encug tc} ejohd bncgjg towlmunhoj} chg mnhfogchw}(/ Hjvjuwljbj}}" wljuj cuj cgvchwcdj} of wln}j cnohwohdnu jbjmwohd hjt encug `j`eju} cuj cgvo}jg nf wlj encug} }wujhdwl} chgtjcahj}}j}" wlj mlcbbjhdj} ow o} fcmohd" chg wlj encug} vojt nh wlj }aobb} chgj|juojhmj ow ujszouj}(

    ]n`j nudcho{cwonh} lcvj fnzhg tcy} wn jhdcdj tjbb szcbofojg jnbj oh wljdnvjuhchmj unmj}} tln cuj zhcvcobcebj fnu encug }jbjmwonh( C Mlcou} Dunznu cgvo}nuy mnzhmob `cy ej mnhvjhjg nhmj nu wtomj c yjcu wn euohd wndjwljunwjhwocb fzwzuj bjcgju} nf wlj nudcho{cwonh( Wlj ogjc o} wn lcvj wlj}j jnbj

    mnhwuoezwj wn wlj dnvjuhchmj eucoh} wuz}w tlobj dovohd wlj` c wc}wj nf wljdnvjuhchmj unbj( Wljuj cuj }jvjucb vcuocwonh} nh wlo} wlj`j" }n`j nf tlomllcvj wlj cggjg ejhjfow nf mujcwohd c wucohohd dunzhg fnu nwjhwocb encug`j`eju}(

    Cyynohw wlj uodlw Mlojf J|jmzwovj

    Wn fohg wlj uodlw mlojf j|jmzwovj" encug} }lnzbg;

    mn`j wn c }lcujg gjfohowonh nf bjcgju}lo1

    uj}nbvj }wucwjdom chg nbowomcb mnhfbomw}1

    cmwovjby `jc}zuj wlj }nfwszcbowoj} oh mlojf j|jmzwovj mchgogcwj}1

    ejtcuj nf mchgogcwj} tln cmw boaj mlojf j|jmzwovj}1

    ujmndho}j wlcw ujcb bjcgju} cuj wlujcwjhohd1

    ahnt wlcw oh}ogju ljou} z}zcbby cujhw ccujhw1 chg

    Mnunucwj Dnvjuhchmj Ycdj =7

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    hnw uz}l wn kzgdj`jhw(

    @n}w louohd gjmo}onh} cuj `cgj uo`cuoby nh wlj ec}o} nf jc}oby ogjhwofocebj nuujmndho{cebj mlcucmwjuo}wom}( ]ze}jszjhw fouohd gjmo}onh} cuj cb`n}w cbtcy}`cgj nh wlj ec}o} nf cwwowzgj} chg cwowzgj}(

    Gjvjbn ch cdujjg gj}muowonh nf wlj szcbowoj} nf wlj ujfjuujg mchgogcwj(Wljuj cuj fnzu o`nuwchw }nzumj} nf wlo} ohfnu`cwonh; }wcff" vnbzhwjju}" encug`j`eju} chg j|wjuhcb }wcajlnbgju}(

    ]jcumlohd chg }lnuw-bo}wohd; Of n}}oebj" ch j|wjuhcb ujmuzow`jhw cdjhmy }lnzbgej z}jg( Ohwjuvojt} chg wj}wohd cdcoh}w cdujjg muowjuoc tobb ungzmj c }lnuw-bo}wfnu mnh}ogjucwonh ey c encug }ze-mn``owwjj(Fzbb encug mnh}ogjucwonh;Wlj fzbb encug jjw} wlj bjcgohd mchgogcwj} chg`caj} wlj fohcb gjmo}onh(Ohgzmwonh;Wlj hjt mlojf j|jmzwovj }lnzbg ej tjbb-euojfjg chg ujcujg voc cfnu`cb ohgzmwonh unmj}}(

    Encug} nth yjufnu`chmj jvcbzcwonh

    Wlj encug }lnzbg }jw }wchgcug} fnu ow} nth yjufnu`chmj

    Jvjuy encug }lnzbg mnhgzmw ujdzbcu }jbf-c}}j}}`jhw cdcoh}w jufnu`chmj}wchgcug}( ]jbf-c}}j}}`jhw ljb};

    wn ogjhwofy encug-togj jufnu`chmj o`unvj`jhw}1

    cog }zmmj}}onh bchhohd1

    wn ljb ohgovogzcb goujmwnu}1

    wn ogjhwofy cujc} tljuj wljou ju}nhcb mnhwuoezwonh mnzbg ej jhlchmjg1 chg

    c} ch j|uj}}onh nf cmmnzhwceobowy wn }wcajlnbgju}(

    Wyomcb ujc}nh} fnu uj}o}wchmj wn encug jvcbzcwonh

    Wlj mnhmjw nf }jbf-c}}j}}`jhw" nu wlcw encug} chg ohgovogzcb encug j`eju}}lnzbg ej ljbg cmmnzhwcebj fnu wlj jffjmwovjhj}} nf wljou mnhwuoezwonh" o} hjt wn`chy nudcho{cwonh}( Tlobj }n`j encug} zhgjuwcaj }jbf-c}}j}}`jhw" nwlju}

    cmwovjby ujkjmw ow( Wljuj cuj `chy ujc}nh} nu j|mz}j} fnu wlo} uj}o}wchmj(

    Tj cuj }zekjmw wn uj-jbjmwonh

    Oh nwlju tnug}" `j`eju} tobb gjwju`ohj tljwlju c encug o} gnohd c dnng kne( Ohc euncg }jh}j wlo} o} wuzj" lntjvju" `j`eju} cuj hnw oh}ogj wlj encugunn`chg mchhnw wyomcbby unvogj wlj jufnu`chmj fjjgecma c }jbf-c}}j}}`jhwtnzbg djhjucwj(

    Mnunucwj Dnvjuhchmj Ycdj =:

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    Tj lcvj nzu lchg} fzbb kz}w }zuvovohd

    Encug} nf }wuzddbohd nudcho{cwonh} nfwjh fohg wlj`}jbvj} mnhwohzcbby zhgjuuj}}zuj ejmcz}j nf ohjffjmwovj dnvjuhchmj chg bjcgju}lo( C ujvojt unmj}}tnzbg cbbnt wlj` wn }wj ecma chg ujfbjmw(

    Ow tobb zhgju`ohj wjc`tnua

    C}aohd goujmwnu} wn ujvojt wljou jufnu`chmj ohwungzmj} ch jbj`jhw nfmn`jwowonh wlcw mnzbg zhgju`ohj jffnuw} wn ezobg mnnjucwonh chg mnbbcenucwonhc`nhd goujmwnu}( ]o`obcuby" wlj unmj}} tobb ohvowj muowomcb mn``jhw} wlcw tobbmujcwj wjh}onh( C} chy }nuw} wjc` ahnt}" lntjvju" odhnuohd jufnu`chmj}lnuwmn`ohd} o} fcu `nuj govo}ovj(

    Yjufnu`chmj jvcbzcwonh o} hnw cyyunyuocwj fnu j`ohjhw goujmwnu}

    C encug mn`uo}ohd j`ohjhw }nuw}" unfj}}onhcb chg ez}ohj}} jnbj }lnzbg

    hnw ej }zekjmw wn ujvojt ejmcz}j ow o`boj} wljy mnzbg ej gnohd c ejwwju kne(Wlj `juj }zddj}wonh nf c ujvojt o} }n`jtlcw oh}zbwohd chg go}uj}jmwfzb(

    J`ohjhmj oh nwlju fojbg} o} hn dzcuchwjj nf dnvjuhchmj jffjmwovjhj}}(

    Wlj ejhjfow} nf ch jffjmwovj ujvojt unmj}} }lnzbg zw chy mnhmjuh} ohwnju}jmwovj(

    Cfwju cbb" wljy jvcbzcwj wljou mlojf j|jmzwovj} jufnu`chmj ,nu }lnzbg/ chg tobbcb`n}w mjuwcohby j|jmw wlj mlojf j|jmzwovj wn jvcbzcwj }wcff( ]n tly }lnzbghwwljy ujfbjmw juongomcbby nh wljou nth jffjmwovjhj}}> Wlj ch}tju" nf mnzu}j" o}wlcw wljy }lnzbg(

    ]jbf-ujvojt

    @n}w mzuujhw encug jvcbzcwonh unmj}}j} cuj ec}jg nh c unmj}} nf }jbf-c}}j}}`jhw( Mn``nhby" goujmwnu} tobb mn`bjwj c encug ujvojt szj}wonhhcouj(

    Wlj uj}zbw} nf wlo} cuj mnbbcwjg" chcby{jg" mn`objg chg z}jg c} wlj ec}o} fnu cmnbbjmwovj go}mz}}onh(

    Ogjcbby" wlj chhzcb jvcbzcwonh unmj}} }lnzbg ej mnhgzmwjg nh ejlcbf nf wljencug ey ch ohgjjhgjhw chg j|wjuhcb wloug cuwy( Wljy tnzbg mnbbcwj wljohfnu`cwonh chg fjjg ow ecma wn wlj encug" fcmobowcwohd c go}mz}}onh nf wljencug} }wujhdwl} chg tjcahj}}j} chg ljbohd wlj encug gjvjbn cunduc``j fnu o`unvohd ow} jffjmwovjhj}}(

    Ch ohmujc}ohd hz`eju nf encug} cb}n jh}zuj wljuj o} ch ohgovogzcb goujmwnuujvojt mn`nhjhw( Wn cmlojvj wlo}" jcml goujmwnu c}}j}}j} wljou nthjffjmwovjhj}} chg wlcw nf wljou fjbbnt encug `j`eju} cdcoh}w cdujjgjufnu`chmj muowjuoc(

    Hnw nhb }lnzbg wlj encug cgg vcbzj wn wlj nudcho{cwonh ezw ohgovogzcb

    Mnunucwj Dnvjuhchmj Ycdj =6

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    goujmwnu} }lnzbg yzbb wljou tjodlw" chg ej vcbzjg `j`eju} nf wlj encug(

    Ch ohgjjhgjhw ujvojt o} jvjh `nuj o`nuwchw tljuj jvcbzcwonh j|wjhg} wnohgovogzcb `j`eju}(

    Encug gjvjbny`jhw

    Yunfj}}onhcb gjvjbn`jhw fnu encug} chg goujmwnu} o} mbn}jby bohajg wn encugjvcbzcwonh( Ow o} ohmujc}ohdby mn``nh fnu encug `j`eju} wn ujmjovj wucohohdfnmz}ohd nh }jmofom c}jmw} nf wljou kne(

    Ow o} ujmn``jhgjg wlcw wlj encug j}wcebo}l chg `chcdj ow} nth wucohohdezgdjw chg wlcw ow gjvjbn chg ujvojt c Mn}w nf Dnvjuhchmj nbomy co`jg cwgj}odhohd" mn}wohd chg mcuuyohd nzw wlj encug} chhzcb tnua chg unfj}}onhcbgjvjbn`jhw unduc``j(

    Mnhmbz}onh

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    Mnunucwj dnvjuhchmj lc} cgvchmjg c} `jgomohj tnzbg lcvj" of wljuj lcgejjh hn eonmlj`o}wuy" dju` wljnuy" chg nwlju mnhmjwzcb `ngjb} wn zw }ohdbjo}}zj} oh ju}jmwovj( Cgvchmj} tnzbg lcvj ejjh bo`owjg wn wuyohd wlo} ljue"ebjjgohd towl ejwwju bjjmlj}" chg j|numo}ohd c fjt gj`nh}( Dnvjuhchmj lc}ejjh lchgomcjg ejmcz}j ow lc} hn }nzhg ec}o} oh wljnuy( O`unvj`jhw o} c`cwwju nf nhj %ej}w ucmwomj% fnbbntohd chnwlju(

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    `chcdj`jhw" chg nfwjh wlj uj-j`wohd nf encug czwlnuowy ey `chcdju}( Ceo{cuuj ohvju}onh nmmzu} oh wlj mlcoh nf mn``chg; Oh `n}w mnunucwonh}"`chcdj`jhw dnvjuh} dnvjuhchmj oh}wjcg nf dnvjuhchmj dnvjuhohd`chcdj`jhw( Yunju dnvjuhchmj o} hnw `chcdj`jhw nhj }wj z cw cbb" ezwnthju}loy nhj }wjy gnth(

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    Mnunucwj Dnvjuhchmj Ycdj =4

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