Great comments here, everyone. They raise several more questions about board responsibility and behaviour. In periods of rapid change (often marked by changes on multiple interconnected fronts, such as regulations, industry practices & nature of competition, markets), how much should members be expected to be able to develop the right view of the future to communicate to the board? If their views come in the form of questions, worries, concerns, rather than clear visions, does the role of the board change? In other words, in periods of rapid change, should the board amp up its two-way communications? Does it need to become more of a listening board (without giving up any of its oversight responsibilities)? Another question — by what means can a board know whether it is competent to assess management’s decisions? What can boards do to ensure that they don’t come to a point where they fail to see their inability to exercise good judgement and oversight? At what point in this story should alarm bells have gone off for the board — or, put differently, what prevented the board from hearing the alarm?