The role of the outside or nonexecutive director has been attracting increasing scrutiny in recent years, and there has been no shortage of advice from shareholders, politicians and the media on what board directors of listed companies should be doing with their time. Unfortunately, much of this advice is unhelpful, often betraying a lack of understanding about what is reasonable to expect of directors or how they can put their experience and expertise to greatest effect.
Our view is that most board directors have adapted well to this new era of accountability and are doing a competent job in a difficult environment. They successfully balance their ever-expanding fiduciary duties with their role as advisers, supporting and challenging their senior executive teams. What does it mean for a board to perform well? It depends on what standards the board sets for itself.
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