The lead director position was created as a compromise between having a board with no leader of its independent directors and mandating that every company have a nonexecutive chairman. So far, the most important contributions of lead directors have come not from the duties mandated by stock exchange requirements, but from the responsibilities that lead directors in fact have undertaken for their companies as the de facto leaders of the independent board members. The lead director role will continue to evolve as companies have more experience with the concept and as the spotlight remains on corporate governance issues. Moreover,.
