I have had some public board experience and tend not to agree...

I have had some public board experience and tend not to agree with your perspective on the no value issue. In the boards i have been on (only 3 in the last 10 years so i am not a board collector) the reason for being there was to keep a lid on founders who tend to go off the track when they get a stack of cash in the bank account after listing, and to provide experience plus external perspectives. However i also agree that some boards are made up of lawyers and accountants that have a greater feel for the director fees than business acumen. Beware of board collectors. 

1st has probably struck gold with their new director. in my opinion directors need to be able to bring business and experience to the table. in the case where you have a large founding shareholder, they also need to bring a big stick