Professor Edward Kane:

I was on a board of a big pension fund for 12 years. I was elected from the beneficiaries. It was basically for college employees. For a while we had a separate track to being on the board. I could see the difference between the people that the managers had appointed and how they dealt with, shall we say, messy situations and how those of us who came out of the other appointment process dealt with them. Again, once a person is on the board, he is on the board. There is no distinction as an active board member in the duties.