Corporate board members are going back to school to learn how to play fair. These industry leaders were delighted to learn all manner of fun things, like the definition of retained earnings (even I could tell you that one!) and to whom they owe their fiduciary responsibility (shareholders, stakeholders, or the CEO). It shouldn't surprise you that most of them had no clue. A whopping 80% of directors on audit committees got the question on retained earnings wrong.

Take-a-board-member-to-school-day also covered practical matters, such as how to give a deposition, how to pick an outside lawyer, and when to destroy documents.

Also, for the first time ever, someone told them to tell the truth. I foresee immediate and lasting changes in corporate governance! (Well, at least it's a start.)