directing from the boardroom is not rated highly in the US. This partly explains the huge problems at AIG, Lehman Brothers and GM. Managing, or being an executive, is much more important; so much so that over 90 per cent of US corporations have a combined role of chief executive and chairman. Many chief executives insist that they must have the chairman’s role as well as their own (and the double remuneration and perks that go with it) to do their job properly. Few US investors query this, so absolute power resides in the CEO/chairman and we know what absolute power does without sufficient
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