However, sometimes, directors are mired in misconduct. I wish this oath could serve as a legally binding undertaking and a prerequisite to the appointment of directors, “I _____, affirm to diligently execute the office of the director of ______ with a sense of unimpeachable integrity, to demonstrate utmost respect for my duty, to transparently make decisions that are in the best interests of the company, and to offer strategic guidance while refraining from meddling in operational matters that are the sole preserve of the executive management team.”
True, some of these virtues are captured in the law. By accepting directorship, an individual implicitly vows to be bound by these requirements. I’m aware of the fact that unscrupulous individuals would rattle through such an oath without applying their mind to crucial elements of their implied covenant with the company. Wittingly contributing to the degeneration of what must form a credible compact into a hollow worthless ritual. Allow me to discuss three of the many underlying reasons for board failure.
