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The role of the board in corporate culture

The board must tell the CEO how it expects the head honcho and his or her team to act in their daily running of the business.

THE American management guru Peter Drucker is believed to have said that "culture eats strategy for breakfast". By this, he meant that strategies, even the most well developed, can be resisted, and execution can fail, in the face of an unsupportive culture.

And yet, even though strategy...