We've only recently started paying attention to the activities of the board of directors. It appears that there is little regulation with regard to its composition, structure, and obligations. Also, there are many potential problems with the way many corporations' boards are set up. For example, it seems that directors lack the independence, the vested interest, the time, and sometimes the expertise to carry out their fiduciary obligations to shareholders. Enron's board is a telling example. Does this mean that there is something wrong with the system? Many suggestions regarding board regulation have been proposed. Will they fix the problem? We will discuss this further in Chapters 12 and 13.