I think you will find that a good CEO will also engage the BoD a...

I think you will find that a good CEO will also engage the BoD a lot more. The current BoD is suitably qualified and contrary to a lot of what you read here, I do think they have the best interests of the company and its shareholders in mind.  Yes, it was asleep at the wheel but I don't think that will happen again.  When you have a CEO that spends US$1M per month with no revenue (that's about AU$50,000 per day - say it slowly), its unsustainable and there is not much a BoD can do other than replace the CEO.