Serving on the board of a publicly held corporation today is quite different than it was pre-SOX. Back then, many board members were satisfied to drift along with the majority and collect their monthly board membership fee. In most cases, they were fine. Nothing horrible happened.
Since the enactment of the Sarbanes-Oxley (SOX) act in 2002, there has been a great deal of confusion and fear in corporate boardrooms. Many of my peers are now reluctant to serve on boards, and some have actually resigned.
In my opinion, much of this fear and confusion is unfounded. The fact of the matter is, if you are an ethical, active board member, you really have very little to fear. If, however, you are a detached or inactive board member, you might want to reconsider your board service.
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