Their experience, wisdom, status, wealth, age, and independence are a powerful combination.
When former Secretary of the Treasury Paul O’Neill was asked if he feared any recriminations for being an outspoken critic of the Bush Administration, he reportedly replied: “I’m old and I’m rich… What can they do to me?”
Like it or not, this blend of experience, wisdom, and feisty independence born of age, wealth, and status makes for a good corporate director. In today’s boardrooms, where high quality governance is at a premium, companies need more O’Neill-minded directors who have the courage to speak up and the intelligence and experience to say the things that are highly relevant.
Based on what I’ve seen in more than 20 years of advising boards as an executive compensation consultant, there are a number of attributes that make a board member -- and particularly a compensation committee member -- effective. I have also observed that retired CEOs best and most consistently exemplify these qualities.
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