When should boards seek outside experts?

Corporate directors typically bring years of experience to the board, or at least enough knowledge to ask the right questions. Still, it’s difficult for boards to be experts on every topic. When faced with complex issues they may not fully grasp, do boards owe it to shareholders to seek outside guidance?

Allan Grafman, CEO, All Media Holdings, shares his thoughts on how boards should exercise due diligence when faced with challenging decisions.

• When should a board consider retaining an outside expert?
• s it appropriate to bring in outside experts when management asks for a decision on a topic the board is unfamiliar with?