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Lynn S. Paine

Corporate economist

Oct 13, 2026

20:18
And so, yeah, tell us a little bit about how boards discover that directors might be operating from fundamentally different assumptions about what the board's purpose is in the first place.
20:36
We haven't really tried to quantify how often this happens or how it happens, but it often reveals itself in moments of stress or difficult decisions.
20:49
And it's not always clear why the decisions are difficult.
20:52
You have to probe to get at that.
20:54
But a kind of situation where it might come up is you have an unsolicited bid for the company.
21:00
And some directors are very responsive to the possible sale of the company, others much less so.
21:12
And so if you probe a little bit further, you find out that the ones that are most receptive believe they have a duty to maximize value now for our current shareholders, whereas those who are a little bit more receptive Hesitant would think of their own duty as to the corporation as an institution and to its long-term sustainability.

28 MINS LATER

49:19
So tell us a little bit more about how you investigated this topic that doesn't get so discussed in governance circles.

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