And my initial response to Wilson's post:

One of the main problems has been that Board members to date have been part timers and friends of the controlling family or of the Chairman and/or CEO.

What is needed is a professional class of Directors, that are able to spend the time and have the independance (including with insurance backing for loss of income) which will enable them to control and monitor and input. They may even need to be licensed!

If investors, especially the institutional, do not begin to insist on these types of independant, professional Directors, this may require legislation for Boards to include a minimum number of these 'approved' Directors.