Worrying news in from the boardroom at EADS, the European Aeronautic Defence and Space company, manufacturer of Airbus jet airliners. The steel magnate Lakshmi Mittal has been invited to join the board as a non-executive director. Is the company planning on using more steel in the construction of its aeroplanes? If so, the A380 superjumbo really will struggle to get off the ground.
If you think that was a bad joke, take a look round the boardrooms of some other major companies. What are independent directors bringing to the table in terms of “domain knowledge” and commercial expertise? Has the chairman spotted a gap in the board’s experience that could be filled by the right non-executive, or is he merely looking for a big hitter to dazzle and amaze his friends?
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