Can board self-assessment work?

There has always been a degree of cynicism in the investment community about how boards of directors are chosen and the standards to which they perform. The stereotypical image conjures a musty club whose complacent (or oblivious) members have a taste for cigars and a talent for synchronized head-bobbing. In recent years many companies have proved this image all too real, and regulators around the world have responded with sweeping reform aimed at improving how boards govern companies.The