Chapter 15 Clarifying the Rights and Roles of the Board and the Shareholders
As this book is being written a drama is unfolding at Wells Fargo & Company. Federal reserve regulators have prohibited further growth until a clean-up plan is submitted and governance issues are cleaned up. It is crystal clear from the Fed’s actions that they consider the board to be in charge, and accountable. The publicity surrounding their actions should be a siren call to all directors, both independent and management, that the board must do its job as supervisor, or else consequences will follow. These actions signal that expectations for director and board performance are serious, and the seriousness of possible consequences for failure is rising.
On February ...
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