Thirty years ago, James Smith founded Smith Corp., a manufacturer of software-based systems for extrusion plastic molding factories. From the begining, Smith has served as majority shareholder, chairman of the board, and chief executive officer and, effectively, has been the sole authority in running the company. Three years ago, Smith Corp. went public, resulting in members of the public, including various hedge funds and institutional investors, owning 66 percent of the stock. Smith retains the remaining 34 percent. Responding to pressure from institutional investors, Smith decides that the board should create the position of lead director. You are currently the relationship partner for Smith Corp. at Markup and Billem, a 400-person corporate law firm. Smith calls you up and asks if you would care to join the board as lead independent director, at an annual compensation of $200,000 per year (which you won’t have to share with your law firm). The job will require about 12 days a year of your time. Should you accept? Before doing so, would you ask for anything to be included in the company’s description of the lead director position?