21st Century corporate governance is a busy job. Acting on behalf of shareholders, boards of directors are paying attention to an escalating list of risks and rewards from a firm’s undertakings. Like many activities within any organization, “the squeaky wheels get the grease.” Other than in desperate situations such as ‘turnarounds,’ culture seldom ranks as a pressing matter in the boardroom. That’s a big mistake.
During my tenure as a CEO, my Board of Directors never posed questions pertaining to corporate culture. I wasn’t surprised in the least. Jacobs Suchard Directors expected me to run their North American operation as an entrepreneurial enterprise, and as long as the returns were favorable, they assumed I was doing just that.