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Chapter 5. Caffeine Badly Needed: Sleepy... > Red Flag 7: Boards That Have a Large...

Red Flag 7: Boards That Have a Large Number of Long-Serving and Elderly Directors

If you take a look at the Enron proxy statement to shareholders in 2001, some questions about the quality of the board come to mind. One such question is why the average age of the independent directors is 62.5. In much of this book, I quote from quite a number of top investors, former regulators, and academics who have their wits about them more than most and yet are in their 70s and 80s. Many of these characters saw the bubble being formed in the late 1990s before the rest of us and were condemned by the cheerleaders of the technology boom as silly curmudgeons.


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