The new reality of the board room has dawned for boards. Directors are familiar with Sarbanes-Oxley’s major tenets and even some astute nonprofit boards are re-tooling to conform to similar standards of independence, accountability and transparency. Potential directors have sharply increased their due diligence before accepting a new board seat. Others have resigned from boards where confidence was shaky. Attendance at director conferences and seminars around the country has grown substantially in the last four years with directors learning more about regulatory requirements, compliance and risk management.
As a result of the increased attention to the areas listed above, you could assume that boards are dramatically more effective than they were at the dawn of the millennium, right? You would logically conclude that improvement has occurred; and in fact, board leadership has kept pace with the new laws and SEC and stock exchange listing requirements with the help of their attorneys and accountants.
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