What areas have you and your board encouraged management to get more involved in during the past year?
The answers vary, but one thing is clear: Boards are more attentive than ever.
Survey Says:Who’s got grit
How effective is your board when it comes to challenging management?
Very effective - 50%
Effective - 37%
Somewhat effective - 11%
Ineffective - 2%
We have encouraged management to continue to look at the future of the business and not let the regulatory atmosphere interfere with the running of the company. We’ve also pressed the issue of making some organizational changes to help us become more competitive. The response has been very good. I don’t think there were ever differences over achieving the goals; I think there was maybe a difference of opinion about the speed at which the tasks should be completed. The board is independent in taking action now—and that wasn’t necessarily the case three to five years ago.
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