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Leesburg, Ohio | Two points to counter parts of your statement:
1) An independent audit firm certainly should be involved in "sorting things out", but such a firm should have already been hired by the board on an annual basis to do the annual audit.
The "independent audit firm" cannot advise the board or management on how to run the company or make policy or management decisions. If they do, they lose their independence. A separate firm could be hired to consult on specific areas, and probably could be used in this situation, but not the same firm as the audit firm.
2) I take issue that ANY such problem is "too much for a group of farmer/board members to sort out."
Having served on the board of a top fortune 500 company where half of the board members are, and have been farmers, since the founding of the company 100 years ago, I would put the right group of farmers up against ANY corporate board in the world in making good decisions regarding strategy and guiding management in running the company. Maybe the present board was not the "right" board, and needs changed, but don't under-estimate the skills of farmers in the board room...With their experience in actually managing a business and dealing with all kinds of risks, often it is the farmer board members that can see what is best for the company in the long run, and do what needs to be done in the best interests of the members. | |
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Landus board member resigns
