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When technology improved, and they could make stiffer ships because of a different way of holding boards together, they broke up.
"More institutions are now using votes against directors or 'withhold' votes as a primary means for holding boards accountable," he said.
Walker has argued previously for shareholders to be more active in holding boards to account, but his demand for greater regulatory scrutiny of the fund management industry itself is new.
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Companies are also holding board meetings with increasing frequency in Asia.
Several people holding boarding passes spotted her portable stand and stopped to sign.
"I'll be staying in London, but we will be holding board meetings in Edinburgh," he says.
Transferring control over operational details to the management boards should free the holding board to deal with bigger strategic issues, such as partnerships.
In the case of Goldman, its 11 independent directors make roughly $5 million, and the cost of holding board meetings, sometimes overseas, can run many millions more.
Kumar is now member of the GMR group holding board.
I use Evernote for taking notes, holding board papers together, drafting my columns — everything goes in there.
The idea was to hold boards and directors more accountable, something that many feel is lacking.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com