ABSTRACT
Great businesses are built by teams that turn visions into realities. A spinout from a provincial electronics company becomes the world's most valuable mobile telephone business. BP goes from a troubled company that had to be rescued by the government to the world's largest publicly listed oil producer. The CEO is the pivot and in each case outstanding CEOs have indeed been pivotal in these achievements. But the behaviour of the board as a whole has been significant, and the chairmen have played a substantial role. In the same way that companies designate a senior independent director (SID) as a preferred point of contact on the Board, companies could designate a Lead Investor who could act as a primary focal point for dialogue on governance and remuneration issues. The idea of stewardship provides an excellent model of what can be expected of the best investors, managers and Boards. Firms like Fidelity, Capital and McKinsey have a similar attitude of stewardship.
