Owning Up

YOUR WORLD AS A DIRECTOR HAS SUDDENLY CHANGED. YOU’VE SEEN MEMBERS OF OTHER boards take the heat when their companies imploded. The managements of Lehman Brothers, Bear Stearns, Merrill Lynch, and Washington Mutual clearly failed, but so did their boards. Now the board of every company beset with problems is coming under scrutiny.

The pressure is on. Your board must own up to its accountability fo...