This paper proposes that all organizations governed by a board of directors should enhance the legitimacy and credibility of their board. The issue is not the much-discussed independence of boards, but their legitimacy and credibility. Independence is meaningful only insofar as it reinforces the...

The governance reforms carried out in publicly traded companies since, if not before, the fiascos called Enron, WorldCom, Tyco, Global Crossing, et alia have resulted in boards of directors largely staffed with independent, diligent people with solid business experience.Then, why is it that...