I don't know the board members of 1st, so I won't comment on them specifically. Though I am also inclined to agree with you, how important are board's really? And how well does someone who comes in for 1 meeting a month really understand the company? Yet collectively, boards often cost ~$300 - $500K. Which is meaningful for a Microcap. Unless board members are substantial shareholders also (i.e. founder transitioning into Chairman role etc) then I don't think they are hugely influential.
Aside from that... Corporate Australia seems to suffer from a bit of 'momentum effect'. Once you are on the board of 1 or 2 companies. the next 2 are much easier, and then the next 8 are a breeze. And before you know it you are the board of a retailer, financial services, construction company etc, happy days!
Of course, I am happy to hear any alternative viewpoints on the value of boards.
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