What Ceos Really Think Of Their Boards

In the wake of the corporate missteps of recent years, we've heard plenty about how boards of directors should act as more-responsible stewards. But one voice has been notably missing from the chorus of advice-the voice of the CEO.The authors, who include the founder of the Yale Chief Executive Leadership Institute, have tapped their networks to ask dozens of well-regarded chief executives: What keeps boards from being as effective as they could be? Are they really the cartooned millstone around the CEO's neck, or do they help shape the enterprise in positive ways? what can they do to become a greater strategic asset?The answers-surprisingly candid and highly revelatory-can be distilled into five prescriptions. Boards should be careful not to rein in boldness too tightly. They should do their homework on the company and the industry at large. They should recognize that character and credentials, not celebrity, are what's needed for a high-functioning board.Directors should also overcome any conflict aversion and bring energetic, constructive debate to the boardroom-contrary to conventional wisdom, CEOs don't want rubber-stamp approval of their plans. And they should work to make the inherently fraught succession process less awkward, taking care not to overtook talent in the internal pipeline.As the debates over governance continue, those seeking to improve board performance should listen to every informed perspective, including the constituency that knows boards and their failings best. HBR Reprint R1304H