The Fire Beneath You (and Me) and Other Topics
from Winter 1998
by Caroline Donnelly
It’s part of an editor’s job to listen to what a magazine’s readers are talking about, and in the course of editing this, the second issue of Corporate Board Member magazine, I noticed the same two words—“hot seat”—popping up in one conversation after another. Invariably, they summed up the predicament that currently qualifies as Topic A.
Of course, one person’s “hot seat” is another’s “no problem.” Evaluating situations, reaching decisions, and making the tough calls are an integral part of a director’s job, just as keeping my ears open is key to mine. But wherever the heat comes from, or whoever is applying it, that posterior temperature has been rising steadily in recent years, along with the responsibility, visibility, and accountability that go with being a director in the first place. If you want evidence, look no further than our cover story, “How Cooked Books Threaten Directors” (page 28). Writer Ann Reilly Dowd describes how a growing number of companies and boards have come to be caught up in accounting scandals and what board members can do to prevent such disasters. Make that must do. Otherwise, as Dowd points out, a director risks not only his or her personal wealth but—far harder to recoup—reputation.
While they may be clichés, buzzwords like “hot seat” are also sometimes the best shorthand way to communicate an idea. Along those lines, we have created a new regular feature called “Directors in the Hot Seat.” This will take the form of a timely snapshot of a particular board or individual director that we judge to be under extraordinary pressure. Such calls will always be arbitrary, of course, but I doubt that many will challenge the heat factor AlliedSignal applied to the seats of the directors of AMP.
A good magazine is a protean entity. It is always trying to make itself better and more useful to its readers. In that spirit, we have already made some changes to Corporate Board Member. “Directors in the Hot Seat,” for example, is part of “On Board,” a new, up-front section of shorter pieces and mini-departments that begins on page 8. On page 20, you will find the first of what will be a regular column of opinion by William S. Rukeyser, the magazine’s editorial director and a former contributing editor of CNN Financial News, managing editor of Fortune magazine, and the founding managing editor of Money magazine. On our last page, fittingly, we have launched “Before We Adjourn”—a tongue-in-cheek entry designed to wring a chuckle out of the most beleaguered board member.
Whatever we undertake in the way of change, we remain steadfast in our mission to our readers. We consider it our job to help you do yours as the director of a public corporation. We are committed to delivering thoughtful and balanced analyses of the many big issues that affect you in that role. We intend to do so in a way that is respectful of your time. We are aware that the last thing most directors need is something more to read, particularly if its familiarity renders it worthless.
The hot seat I sit on is to deliver must-read information in a succinct and engaging way. We welcome feedback on how we are meeting that challenge, as well as any suggestions on how we can better serve you. Please send your comments—bad as well as good—to: Corporate Board Member, Suite 1700, 114 East 32nd Street, New York, New York 10016. Fax: (615) 371-0899. Email: boardmember@boardmember.com
