Fix the Boards – Fix the System

Sea Change Radio Executive Producer Bill Baue is joined in studio by John Gillespie, co-author with David Zweig, of Money for Nothing: How the Failure of Corporate Boards is Ruining American Business and Costing Us Trillions.

Check out the audio file. Gillespie traces the roots of their book’s title to the old Dire Straits song and describes how corporate boards enable the transfer of wealth from shareowners to CEOs. Gillespie stressed the need for diverse boards, splitting the CEO and board chair roles, term limits for board members, allowing shareowners to call extraordinary general meetings, and proxy access. Even one truly independent board member on a board, nominated by shareowners, can make a difference. (see Corporate Boards: Bermuda Triangle for the Moral Compass)