Directing the board

Company boards can become complacent and self-absorbed over time, which makes agm attendees all the more determined to give them a good kicking

Paul Egan ‘Nobody ever comes out of an agm and says: well, that was terrific’ Picture: Fergal Phillips

‘The board of directors is an amiable entity, meeting with self-approval and fraternal respect but fully subordinate to the real power of the managers. The relationship somewhat resembles that of an honorary degree recipient to a member of a university faculty.”

That’s a line from a book called The Economics of Innocent Fraud by John Kenneth Galbraith, one of the greatest economists of the 20th century, who chronicled the Great Depression and helped ...