This section is from the book "Business Finance", by William Henry Lough. Also available from Amazon: Business Finance, A Practical Study of Financial Management in Private Business Concerns.
Some interesting testimony along somewhat the same line was given in April, 1914, by John D. Rockefeller, Jr., who was called before a subcommittee of Congress and questioned as to his control over the Colorado Fuel and Iron Company. Mr. Rockefeller testified that his father held 40% of the common and 40% of the preferred shares in this company. He stated that he was a member of the board of directors, but did not attend meetings, and explained that he had every confidence in the officers of the company and kept in touch with them by correspondence. The chairman of the committee intimated that Mr. Rockefeller should have attended an important meeting in October. "If you mean that I should have gone to Denver to attend a meeting of the board of directors," was the reply, "I will say that it is not by attending the board meetings that we keep in touch with the officers. If the time comes when we cannot rely on the officers then we will get somebody else, for it is impossible for us to attend to all of these things ourselves, and we have got to get the ablest men obtainable to act for us".