Public company boards have made quite a few upgrades over the past decade. They have become far more diverse, more focused on risk management, and more attentive to the environmental impacts of the companies they oversee.

But in other ways, public company boards still look eerily similar to what they looked like 50 years ago, when modern governance rules were first enacted after the high-profile collapse of Penn Central. Directors basically still show up to board meetings once a quarter to approve the strategy, discuss risks, and once every five years or so, select the next chief executive officer. READ MORE