ON ETHICS: As a chairman/CEO, you are choosing two candidates for one outside independent director position on your board. One of the candidates is another CEO and a long-time friend whose board you have served on for many years. The other candidate is a known shareholder activist whose tag line is “No need to make fat cats fatter.” Placing him on the board will earn you kudos among analysts and journalists for inviting a leading critic to scrutinize your work. But he may try to prove his theory that CEOs are overpaid—in other words, your compensation could be on the line. Who would you choose?