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Chapter 5. Caffeine Badly Needed: Sleepy... > Red Flag 6: Professional Directors W...

Red Flag 6: Professional Directors Who Are Keener on Collecting Fees Than Aiding Shareholders

The directors who do nothing but serve on boards can be problematic. I am not talking about retired businessmen but a younger group that has turned it into a profession and serves on many boards. “They are really looking to board membership as a vehicle for income, so if they are on 10 boards it is so they can make $1 million a year,” said Millstein. “And they are very chary of being in a disruptive group because if they get to be known as being disruptors they won’t be asked to serve on somebody else’s board. You have got to use your noodle when you start to look at these directors, some of these people who are allegedly professional directors and serve on many boards. I get a little queasy about them because they are not likely to lead a revolution.”


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