I usually don't blog about other people's writing, but I found a recent article by Richard Steinberg interesting (Richard is a former PwC senior partner who led the firm's work on the COSO Internal Control–Integrated Framework, founded PwC's risk management and control consulting practice, and directed the global corporate governance practice).
Richard suggests and discusses a few alternate board models that are being considered as improvements on the current board governance structure. I join him in thinking something has to change, and not being certain how things will turn out.
Unfortunately, you can only view the post if you are a subscriber to Compliance Week. For those without access, here are the three alternatives he discusses:
- All major decisions are voted on by shareholders.
- Every organization has two boards, one for value-add activities and the other for oversight.
- A full-time board.
What do you think? Does the current board governance structure work effectively? How would you change board governance structures and processes?