This allegiance is best discharged by listening to owners, contributing special knowledge, and then establishing ends. The board, in short, defines and demands. Having been sufficiently clear about its expectations of management and having fully empowered management to get on with the job, what then befalls the board can be a severe test of moral courage. The board must come to terms with how it responds when success is not achieved. To do so well, boards must examine and fortify their moral courage to be firm without being unreasonable.
Trusteeship demands toughness.
Ethics demand fairness. Striking the balance is never easy. But the board that is independent, thoughtful, well organized, and intimately in touch with its ownership is far more likely to fulfill its accountability with wisdom.