The best board member is the one who knows when it’s time to leave. The question we all need to ask ourselves every year is “am I adding value to the board?” and “is there someone else with a different skill set and different background and experiences who could add greater value?” R.E.M. just decided to split up causing distress among their fans, but they decided it was their time to leave the stage.. As we look around the board room can we say the same for the individuals in the room. Will each of us know when it’s our time to leave and when someone with a different set of experiences and skills would add greater value to the company, the board, and the CEO? We’re seeing some very high-profile boards making some curious decisions today and it seems like a good time to ask ourselves these questions. If we had voted to hire a CEO, arguably our most important responsibility, without ever having met him, are we really adding value to the company? What is our understanding of our fiduciary duty to put the company first in all of our decisions? It’s a good time to think about how we add value….or not.
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