Given the meltdown in the financial services, insurance and automobile industries over the past 12 months, and the dramatic drop in all sections of the stock market, should outside directors take a more proactive role in formulating, or at least critically reviewing, corporate strategy? And should outside directors vigorously challenge “accepted” industry norms of risk taking? If so, how will this impact the traditional distinction between “oversight” and “micromanagement”? What skills and experience do the outside directors, as a group, now need? What time commitment is required? As a general matter, should boards have a non-executive Chairman? Should directors annually travel to remote locations, even (especially?) overseas? What is appropriate compensation if much more time and responsibility is expected from outside directors? What should the mix be between equity and cash? Should outside directors be required to make a “meaningful” investment in the company upon joining the board? And keep a meaningful investment as long as they remain on the board? Should institutional investors be more involved in the selection and election of directors?