The composition of boards of directors is a hot topic of late, and that’s healthy for our democracy. They perform critical functions in the public and private sectors, and transparency is important for the public and shareholders to be able to assess their performance.

Of course, all citizens are in effect the shareholders of state-owned enterprises (SOEs), with the government they elected having the responsibility of ensuring SOEs represent their interests. The government appoints boards to ensure they carry out their mandates...

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