It's always fun to learn about the workings of small systems that have such disproportionate effects on larger systems -- the random articles and comments flowing through HN gave me a better education than what I got in public schooling and university.
What it’s like to be on the board of a Fortune 500 company
31–40 of 80 posts
Re: What it’s like to be on the board of a Fortune 500 company
#32The story depicts a lovely bohemenie and spirit of agreeableness; it sounds like it's almost enforced: > You need to have a cohesive thought process to move the company forward. > if a board member isn’t performing well, we get rid of them > [I’ve] sat on boards with some amazing people who have done some amazing things in the world. What a wonderful club. It doesn't sound like one conducive to dissenting opinions an…
C'mon man. This is like a kid asking their parents how the marriage is going.
You're not going to hear about the affair or addiction or whatever dirt you're looking for. But it'll still be educational just to know the time they spend on things and what perspectives people try to maintain.
Honestly, this area is such a crazy mystery to the working class (including most white collar workers like myself) that I'm grateful to the mystery guy for giving the interview.
Re: What it’s like to be on the board of a Fortune 500 company
#33> You know Jay, at this level – it’s the White House. Everything needs to be clearly documented and written down.
I understand from the Pod Save America people that taking notes is usually avoided at the White House, since they are required to be part of the permanent record and can be subpoenaed. Destroying notes is not allowed, so it's best to not take them in the first place.
Naturally the current crowd have their own ways.
http://www.cnn.com/2017/09/21/politics/sean-spicer-donald-tr...
Re: What it’s like to be on the board of a Fortune 500 company
#34Earlier quoted context omitted.
I hope it isn't. My 401(k) won't provide for my retirement using Good Feelings. The best interest of the shareholders is running a profitable enterprise.
Shareholders live in the world that the company creates. For example if the company contributes to global warming, it doesn't affect the stock price but it does affect the shareholders. Money and markets are great tools, but they aren't gods; they aren't the answer to all questions.
If we could get our whole culture to understand this the world would be a much better place
Re: What it’s like to be on the board of a Fortune 500 company
#35You are basically there to approve stuff, like the budget. Only if there's something really stupid it's your job to say no, but that rarely happens. If it's a smaller org you also do some job, like making policies, organize, etc. The smaller the org the more job you will do (and the less you will be paid). Being on the board of a small org like non profit is not very prestigious so it's easy to get in. But it can be a good learning experience. You first have to figure out who is responsible for recruiting new board members, then you have to get someone to suggest you. They don't want someone who actually want's to be a board member.
Re: What it’s like to be on the board of a Fortune 500 company
#36Why do you keep giving CEOs barrels of money?
Re: What it’s like to be on the board of a Fortune 500 company
#37>>> Well the first responsibility is to ensure the company is being run in the best interest of shareholders Do me a favor and tell me that best interests are something else than money, please...
I hope it isn't. My 401(k) won't provide for my retirement using Good Feelings. The best interest of the shareholders is running a profitable enterprise.
When you're 30, your concept of profit is different to when your 60. When you're 60 and considering living on the income from shareholdings in enterprises, you need both length and breadth. 15% next year but it tanks the two after is worse than 7% year on year.
Long term profitable enterprises do not asset strip, fail to invest, or destroy the market for a short term gain. These are all things which inside a 5-10 year planning cycle, many enterprises will willingly do, for apparent short term profit. Destroying the environment destroys future capital. Failing to employ women (51% of the population) for fair renumeration ignores competent staff, and destroys goodwill from half your market who in fact, make 75% of the significant purchase decisions in a domestic context.
Think about it.
Re: What it’s like to be on the board of a Fortune 500 company
#38Earlier quoted context omitted.
I hope it isn't. My 401(k) won't provide for my retirement using Good Feelings. The best interest of the shareholders is running a profitable enterprise.
When you're 30, your concept of profit is different to when your 60. When you're 60 and considering living on the income from shareholdings in enterprises, you need both length and breadth. 15% next year but it tanks the two after is worse than 7% year on year. Long term profitable enterprises do not asset strip, fail to invest, or destroy the market for a short term gain. These are all things which inside a 5-10 yea…
I don't disagree with anything you wrote. I still won't invest my retirement into a company that doesn't prioritize profitability. I can't. It won't work if I lose money in my 401(k).
15%, 7%. These are positive numbers. They're profit.
Re: What it’s like to be on the board of a Fortune 500 company
#39Death to maximizing shareholder value above other concerns, like customers and employees
If shareholders aren't getting value, the company dies.
Re: What it’s like to be on the board of a Fortune 500 company
#40Earlier quoted context omitted.
I hope it isn't. My 401(k) won't provide for my retirement using Good Feelings. The best interest of the shareholders is running a profitable enterprise.
Shareholders live in the world that the company creates. For example if the company contributes to global warming, it doesn't affect the stock price but it does affect the shareholders. Money and markets are great tools, but they aren't gods; they aren't the answer to all questions.
Not that it's right or good, but shareholders profiting off of global warming are probably getting a net gain on the backs of the rest of the world.
If you want boards of directors to prioritize carbon neutrality and similar goals, you have to translate that into money. Tax the carbon and price the negative externalities. If you don't do this, and just hope all business people make decisions from their heart, you will always be let down.