You can't expect too much of corporate board members, Jack and Suzy Welch contend. "Shareholder activists may want board members to act like superheroes, [homing] in on detailed company operations like forensic accountants. ... But let's get real," they write. Boards meet once or twice a month, and their job is to keep their eye on big-picture values. If board members did fall short, the Welches allow, it was in failing to sense that executives had little to go on when they claimed they had risk under control.
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