CHAPTER 6THE BOARD OF DIRECTORS AND MAJOR PROJECTS1

“There is plenty of substantive evidence that ‘too many corporate boards fail to do their jobs.’”

WALTER J. SALMON

“Crisis Prevention: How to Gear Up Your Board,”Harvard Business Review, January–February 1993, p. 68.

6.1 INTRODUCTION

An important responsibility that managers at all levels of the organization have is to be involved in the decisions to initiate a project, and to maintain surveillance over ongoing projects during their life cycle. The board of directors (BOD), supported by senior managers, needs to be involved in the selection of major projects to support the “choice elements” of the enterprise. Once projects are selected and funded, the responsible managers—to include the BOD—must ...

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