L
Lynn S. Paine
Corporate economist
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Oct 13, 2026
No One-Size-Fits-All: Designing Boards for Adaptability and Strategic Depth [HBS]
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Doug ChiaHOST
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.

Lynn Sharp PaineGUEST
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.

Lynn Sharp PaineGUEST
But a kind of situation where it might come up is you have an unsolicited bid for the company.

Lynn Sharp PaineGUEST
And some directors are very responsive to the possible sale of the company, others much less so.

Lynn Sharp PaineGUEST
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
Doug ChiaHOST
So tell us a little bit more about how you investigated this topic that doesn't get so discussed in governance circles.