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Criticisms of board of directors.

What are the major criticisms of board of directors? Which single criticism do you find to be the most important? Why?

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The major criticisms I have heard or read about are:
1) too much money paid for amount of work done
2) there for the meetings and parties, prestige of being on Board, not for doing anything or company
3) do not know company, industry
4) not concerned with ...

Solution Summary

A list and support of the reasons for criticisms of a board of directors.