In recent years, the role of the Board of Directors has evolved, particularly concerning its responsibilities in managing conflicts of interest and ensuring that executive compensation aligns with long-term shareholder value. Consider the following scenario:

XYZ Corp. is facing scrutiny from its shareholders due to allegations of excessive executive compensation that does not reflect company performance. The board is comprised of a mix of inside and outside directors. It must decide how to address these concerns while keeping in mind the principle of safeguarding shareholder interests. Which of the following actions would most effectively enhance the Board's ability to govern in the interests of all shareholders?