Jason:
In my long experience working with fiduciaries, it has been uniformly my experience that the boards are made up of retail investors and retail brokers. Even investment consultants who are trained and proficient in the various fiduciary standards (UPMIFA, ERISA, etc.) have a very difficult time overcoming board members' preconceived notion that they can invest fiduciary funds the same way that they invest their 401(k) or personal taxable funds.
Asset owners do not do nearly enough to learn about or insist that their board members learn about their own *personal* financial liability under fiduciary statutes.