How to Protect Yourself After You Leave a Board

I get this question a lot, and it makes sense: most directors work very hard to do right by their shareholders while they are on a board, and most directors are the type of people who generally see themselves as having a lot of control and influence over situations—but all of this changes when a director walks away from the board. This can make a former director feel vulnerable. What happens if a shareholder decides to sue or a regulator decides to ask questions after the board member is no longer on the board?