Minnesota’s Outstanding Director - Lifetime Achievement Award Winner Says Corporate Directors Must Act Now

MINNEAPOLIS, October 30, 2009 --- The failure of corporate leaders to properly regulate themselves threatens the feasibility of capitalism and our free-market society, says Mark W. Sheffert, Chairman and CEO of Manchester Companies, Inc., and last night’s honoree of the Outstanding Director - Lifetime Achievement Award sponsored by the National Association of Corporate Directors and Twin Cities Business at their annual Outstanding Directors recognition event.

The most deep-seated problem facing our country is not the lack of government regulation or capable corporate management, says Sheffert. Rather, the problem is corporate leaders neglecting to perform with integrity, common sense, and personal accountability. “If we don’t demonstrate leadership now, the government will awaken like a sleeping giant and take the reins, which eventually will stifle American innovation,” said Sheffert. “The time to act is now,” he added.

Sheffert was given the Lifetime Achievement Award for his service on 42 boards including BNC BANCORP, Health Fitness, Mesaba Airlines, Angeion, and Benedictine and Allina Health Systems.

“Nobody has an easy answer to what went wrong with Wall Street, the banking industry, and the auto industry, but in many of the highly publicized corporate governance failures, an accountable, engaged, and well-informed board of directors would have probably been able to prevent full-scale crisis,” said Sheffert.

For an interview with Mark Sheffert, contact Tana DeBoer at 651-343-9951 or email her at tana.deboer@manchestercompanies.com.