It might also be interesting from some of you to reread the papers and the judgements regarding the external Directors of HIH and what happened to them.
The duties of an external Director of a Public Company do not appear onerous on the surface, but if you want to discharge your trust properly they really are...and if things go wrong, you had better have your house and car in your wife's name.
You don't have to commit any acts to be liable, you simply have to fail to be insistent enough in ensuring the company is properly run because you are effectively the steward of the shareholders assets. Fail at your peril.