Of course it matters. Research conducted over many years clearly demonstrates that managers, like all people, are largely directed by their own subjectivities and contexts.

This means for corporations, that senior managers are attracted to strategies and initiatives that not only enhance the corporation, but also increase positioning of the manager and generally shy away from high personal risk. This is a problem for corporations because not all initiatives and programs are judged by objective criteria but are interfered with by people's subjectivities. When a corporation needs to embark on a higher risk strategy, the strategy might not be adopted because managers may be blamed if it doesn't succeed and they may have "a lot to lose."

There should be no surprise in this.

Therefore, a board that does not monitor managers, their actions, decisions and assumptions, is failing in its duty.

Furthermore, boards demonstrate their own subjectivity too. Then it's the shareholder's responsibility to ensure that the the board does not allow its own subjectivity to impede the aspirations of shareholders.