Why Lead Directors Must Establish a Culture of Transparency

While there will never be a perfect formula for board governance, leadership is undoubtedly a foundational building block for any board. And, when the CEO is also the chairman, that leadership responsibility most often falls to the lead director. A relatively new position for many boards, the lead director was established to promote greater accountability and transparency among senior leadership. Responsibilities of the lead director include leading executive sessions, serving as a mouthpiece between the board and CEO, and overseeing the board evaluation process. Yet, there are other—perhaps less tangible—duties including the lead director’s obligation to promote a culture of openness and transparency. Board members must feel comfortable asking tough questions,  is often the jenga block in board failures.