Investors seem to agree that an independent board of directors is important and they would hope all companies in which they invest, as opposed to merely trade, would have a truly independent board.
The question is: What is a truly independent board of directors? I would say, the one primarily in charge of spending, costs, and audits. Also, the CEO and the board chairman should not be the same executive.
Who is a good manager or not is often too subjective to be a critical factor in determining how effective the board can be. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at twitter)
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