Independent Director jailed
This is the first time that an independent director was jailed. In the past they simply resigned and disappeared when trouble was brewing. That was an easy escape route for this profession. Would this jailing of independent directors be a signal that collecting director fees is not going to be a cup of tea and independent directors will now be held accountable and be put in jail if they failed in their duties? I really hope so. Oh some are crying foul, $50k or $60k not enough to risk being jailed! My two big balls! If one is doing his job well, there will not be any jailing and $50k or $60k is a big sum of money. And some even claimed that there is a shortage of independent directors. Really, just because some are sitting in 8 or 10 boards? The fact that people are rushing to grab as many independent directorship as possible is proof that it is a very lucrative job and many people are willing to do it as a full time job. Now part timers are aplenty, hoarding 5 or more directorships and pretending that they are able to cope with the demand of the job and its responsibilities. Let’s be serious, and make this a responsible profession and independent directors be made to work for their keeps. Imagine some could be taking hundreds of thousands and quickly resign the moment they see trouble coming. This is making a mockery of the system and the good money paid. If nobody wants to be independent directors because money not enough and risk too high, just let me know and I will be able to recommend to them qualified professionals who are more than willing to do the job, including your goodself.