October 18, 2002

How to Make Trustees Worthy of Their Constituents' Trust

By JOSÉ A. CABRANES

It's a cliché that colleges and public corporations differ significantly -- but, in fact, they share some deep similarities. The Enron debacle, for example, is a cautionary tale for colleges as well as businesses. Highly respected among Wall Street investors, the company was touted in business schools and boardrooms as an exemplar of management prowess. But its own board was not accountable to its constituencies, nor did the board communicate with them clearly and honestly -- whether

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