Left to right: Edward A. Kangas, Dr. William Joyce and Kenneth Daly
Ken Daly opened the discussion with an anecdote about risk strategy philosophy, noting the necessity of being willing to be on “the edge of failure” in order to succeed.
Left to right: John Wulff and James P. Liddy
The past few years have been rife with change, said John Wulff, and “the implication of that is, the amount of strategic risks that exists today is greater than it was a few years ago. A strategic misstep will manifest itself more quickly than was the case historically.”
“Candor is critical to the way the board operates,” said James P. Liddy, “and I think the board has the ability to lay that out as an objective for management, and reward management for those candid meetings.”
Moderator:
Kenneth Daly, president, CEO, NACD
Panelists:
Dr. William Joyce, former chairman and CEO, Union Carbide; director, Hercules, CVS
Edward A. Kangas, chairman, Tenet Healthcare; director, United Technologies
James P. Liddy, vice chair-audit, KPMG John Wulff, director, Celanese, Moody’s and Sunoco