Leveraging the Board for Competitive Advantage
The string of company meltdowns seems to have subsided for now, but it served its purpose by bringing to light issues central not only to governance but also to running a business. Stiffer penalties and new regulations may help prevent fraud, but they do not address the fundamental issue of creating value and improving the company’s competitive position. Management faces increasingly complex and intense demands. Boards have a central role to play, and they must exercise it fully.
The nexus of power to run the business must be with the CEO and the board—both. The best CEOs are powerful in the good sense of the word—they have command of the business, receive input from and stand up to constituencies ...

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