The city pointed to several failings behind its decision to revoke Williamsburg's charter, from reorganizing its leadership without city approval to failing to disclose conflictsofinterest among board members.
The report concedes that the more powerful full members currently put pressure on the weaker ones, and that there are undeclared conflictsofinterest among board members, and undeclared loans between member nations.
The Williamsburg school struggled financially in its first year and was warned about conflictsofinterest on its board and problems with the lack of evaluations for its staff.
The schools were not able to keep enough trustees on their boards and didn't disclose conflictsofinterest, such as relatives ofboard members working for the schools.
The SEC's position is somewhere in the middle, that board independence has nothing to do with improving fund performance but is useful in eliminating conflictsof interest--that is, in keeping the business honest.