The shareholders have spoken. And what have they said? They want directors to speak back. This results in a very unusual problem. A director speaking out is like getting one of the Queen’s Buckingham Palace guards to smile. Directors have been trained and conditioned in confidentiality.
Jeffrey M. Cunningham
What to do? Media training helps. Peggy Foran, general counsel of Prudential, calls it being a “camera-ready” board director. It is part of every committee chair’s arsenal or, if not, will be part of the opposition’s. There are ample resources for this and NACD can help, so add this small item to your otherwise rarely used crisis plan.
The time for preparation is before battle.
Jeff Cunningham is managing director and senior advisor to NACD. He is nationally known for his views on boards and corporate governance. Prior to starting Directorship magazine, he was publisher of Forbes and managing partner of the U.K. private equity firm Schroders. He has served as an independent board chair or director of 10 public companies.