A former board member of Enron, Raymond Troubh has positioned himself as a champion of corporate governance reform. He wants a radical overhaul of the way boards operate. His proposals include closer links between directors and big institutional investors and an end to short-termism by slapping a ban on quarterly earnings guidance. He also wants to see audit committees get full-time staff.

So is that enough? Would that make unethical organisations good? Is it about bad structure, or is it just bad people? Certainly, we need something more than just training in ethics. The Washington Post's William Raspberry says these sorts of programs fall short unless ethical standards are part of the very fabric of the organisation.

While we're on the subject of ethics and malfeasance, the White Collar Crime blog provides handy updates and links for all the shenanigans and legal proceedings now underway.

So do boards need an overhaul of the sort proposed by Troubh? Or do we subscribe to the bad apples theory?