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Chapter 2: Selecting the Best Legal Stru... > Establishing Effective Boards of Dir... - Pg. 42

42 Raising Capital board members who have the power to act based on timely and accurate in- formation, and that protects the authority and fosters the courage of the board to take whatever actions are necessary to fulfill its fiduciary obligations. In reexamining the roles, functions, and responsibilities of board members, it is no longer sufficient for directors to merely make a periodic meaningful con- tribution to the strategic direction of the company; rather, they must now be proactive as defenders of the best interests of the shareholders and of the em- ployees, participants, and beneficiaries of pensions, 401(k), and stock option plans. Board members and corporate leaders should assume that their meetings will be in "rooms with glass walls" and that their actions will be examined under a microscope. Establishing Effective Boards of Directors and Advisory Boards The quality of an entrepreneurial company's executive and management team and the staff members selected by that team are critical to your growing com- pany's long-term success and to meeting its growth objectives. But whom can