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atter. You can believe me that we talk about it all the time. But I question whether outside directors need to be kept in touch with routine operational matters. Don’t you agree June?” June Prendergast, the Director of Research nodded and was about to speak when Sir William intervened, rather hotly. “We certainly do need to be kept in touch with what you call routine operational matters. We are hoping to float this company in a matter of months. Our prospectus will have to show in some detail where we are in building these systems and creating a market presence. Internet shares are well known to be volatile and investors will want to know about the potential. I suggest that the board be given regular progress reports – showing each of our projects, their expected completion dates, the progress to date, the costs involved and the likelihood of success. With that information we’ll all know where we are.” Emery became defensive. “I know where we are,” he said, “after all I started this company. I oversee all of the projects. The board has delegated to me the responsibility for running the business. June and I talk about progress every day. We agonise over it. I’m not a great believer in written reports – they’re time consuming and usually out of date. Worse they can be used to disguise rather than illuminate.” He paused, adding “But I suppose that we can put something together for the next meeting” Hyslop suggested that there was a need for information, as well, about competitive products and the Internet market. The board agreed that the finance director should provide regular reports on the company’s projects, with strategic and competitive information. After the meeting Sir William and Mary-Jo Hyslop decided to talk privately with Roy Emery. They suggested to him that one of the project leaders should give a short briefing at each board meeting. Emery seemed to be incensed. “You’re interfering in the executive management of the company,” he said, “what do you two know about the technical side of our work? You have to leave judgements on that to the executive directors.” For the first time the outside directors began to be concerned that all might not be well with the project. Later that month Sir William received a private visit at his London office from Richard Priestly, the Finance Director. Priestly said that he had agonised over raising the matter, but felt that it was his duty to let the outside directors know. In trying to draft the new report for the board he was finding it difficult to obtain the necessary information. Internal reports about system performance were being suppressed. He had also heard a rumour that a competitor had made a significant breakthrough, but again he could obtain no confirmation. The CEO and the Director of Research kept such information to themselves. Sir William decided that he had to act and invited Roy Emery to lunch in the City (of London). He did not mention the visit from the finance director, but built on the concerns raised at the board meeting, explaining that he really did need to know more about the state of play of the research and about developments in the market place. He suggested that he came out to Reading and talked individually with project leaders. “That way,” he argued, “I can really get in touch with the situation. These people are at the cutting edge. They go to the conferences, they see on the Internet what others in the indu