You miss my point. You are a full director of the company, not a "director in waiting." So, are you nothing but a puppet to Michael? If you are simply a rubber stamp without a say, why are you there?
If I found myself in your situation, knowing the company I was a director of was failing in it's responsibilities to its shareholders, I would quit rather than embarrass myself because I lacked the bandwidth to take a stand and demand that something be done.
Something tells me it wasn't lack of bandwidth that caused your last public venture to fail... rather it was lack of character.
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