The white collar scandals of the early 2000’s were more than a black period for capitalism as some of its once best and brightest stars fell by their own avarice and imperialism.  Insidiously it reflected a virus that is stealthily eroding capitalism’s vitality and integrity.  In his book, “The Battle for the Soul of Capitalism,” John Bogle traces the subtle forces that have damaged the trust in the markets, robbed investors of trillions and undermined social ideals.  Owners capitalism has morphed into manager’s capitalism - from direct household ownership of stock at 91% in 1950 to 32% today as 100 of the largest financial institutions own 52% of all shares and control capitalism. 

Primarily he issued a wake-up call to directors whose passivity largely contributed to this malaise yet who, he will attest, paradoxically, have the leverage affect the needed changes.

Can directors, saddled with historic traditions of a director’s role, and the orthodoxy of board processes, measure up to this new challenge?  Prof. Lorsch’s examination of directorship addresses this.  He’ll explain why he advocates (in his book, “Back to the Drawing Board”) nothing short of a re-design of board and director relationships and an introspective analysis of what, precisely, should a director’s role be today. 

Don Keough brings unique perspectives to the issue representing, as he does, two different generations of directors, the Classes of the ‘80s and early ‘90s and the Class of 2000.  Is the director’s role, as now constituted, too constrained to enable them to assume the awesome responsibility for the “Soul” of capitalism? 

Rarely has the status quo been scrutinized so candidly as these three corporate business legends will do at our luncheon.