how do outsiders (CFAs) give an objective analysis about a board and its nominations committee? When you get to that level of wealth, doesnt it come down to a lot of politics, cronyism and echo chambers?
Okay let me rephrase it another way: When you look at corporate history in America, has there ever been a turnaround/distressed company where a board actually *welcomed* in a new board member who was openly critical of the existing board members.
I can’t imagine board members who are receiving 500k/year and an ego boost admitting “hey we’ve run this company into the ground, so we’re open to new ideas, even if it means half of us are getting fired soon! 
”
I ask because I’ve only worked in small group environments with less than 15 employees and I can’t fathom the circle-jerking and brown-nosing that goes on in these board meetings.