As the one-year anniversary of passage of the Dodd-Frank Act approached and with the added issue of financial shortcomings in Washington, it should come as no surprise to anyone that many implementation deadlines have been pushed back. While there will undoubtedly be more change ahead, let’s consider what we do know at this point and how it is likely to impact executives and boards of directors.

While the government tries to determine the regulations that will take effect, boards need to be prepared for whatever regulations will be implemented. The best way for a company to be prepared is to have the strongest board possible. Even the strongest of boards can be accused of being caught “flat-footed” when crisis arises. What defines a strong board? The truth is that every board is different for a reason. And, one certainty is that it will be harder over time to elect a director who is not truly qualified or does not meet the qualifications the shareholders want to see.