The Skull Society
LeanLeft draws my attention to this piece which talks about how board members of the largest corporations often are part of several other corporate boards. Kinda frightening that all those people are interrelated. Guess they were all in the same frat or sorority or something. It also raises questions about biases with respect to board members’ decisions. A friend of mine recently said: Capitalism will beat communism in every case. Communism weathers corruption. Capitalism thrives on it.
This is sort of true. The reality is that in capitalism, only a few thrive on corruption. And they usually thrive on it at the expense of others, which is unfortunate. I hope this leads to better independence standards for board members. I don’t think there’s anything wrong on the surface with serving on multiple boards. However, it does put the board members at a distinct advantage, particularly when such board members are executives for other companies. The article doesn’t discuss board compensation. I think board members are usually shareholders, which is good since they are motivated to keep stock prices up. This is good for all shareholders. The potential for corruption is always there.
