董事会投入与产出

Tenglong Ltd. is a typical non-state owned listed firm in China. After IPO, the founder has retained majority ownership and operation control by serving as its Chairman and CEO. This short conceptual case describes the observation of Professor Zhang, an independent director of Tenglong, about its corporate governance practice. What puzzles Professor Zhang most is the fact that, despite of the apparent weaknesses of Tenglong’s corporate governance practice, the company itself is doing very well in the market. As Professor Zhang reflects on his experience serving as an independent director on the Tenglong Board, he cannot help wondering whether there is anything wrong with the Board and what an effective Board should and should not do.