Rethinking what it means to be an "independent" director
Richard Leblanc cited Lucy P. Marcus in his article:
Directors may be subjectively of a view that a director or group of directors may not be conflicted, but that view may not be objectively reasonable. Further, social connections among directors, and between the directors and the CEO, may not be reflected in formal independence standards, or even detected. We saw this recently in News Corp., whose directors had social and personal connections to Rupert Murdoch. Lucy Marcus and Nell Minow have done very effective jobs scrutinizing the statutory independence of News Corp. directors, who have direct ties company management and the controlling shareholder. Media stories and scrutiny breeds skepticism and undermines the credibility of good boards.
Read the full article here