When does a corporation need a board of directors?

1. When does a corporation need a board of directors?
2. Who should and should not serve on a board of directors?
What about environmentalists or union leaders?
3. Should a CEO be allowed to serve on another company’s
board of directors?
4. What would be the result if the only insider on a corpora-
tion’s board were the CEO?
5. Should all CEOs be transformational leaders? Would you
like to work for a transformational leader?