5 Ken Lay was the chair of the board and the CEO for much of the time How did this probably contribute to the lack of proper governance?

Ken Lay's dual role as both chair of the board and CEO likely contributed to a lack of proper governance by concentrating power in a single individual, which can undermine accountability and oversight. This concentration of authority may have discouraged dissenting opinions and facilitated a culture where unethical practices were overlooked or ignored. Additionally, the board's ability to effectively monitor and challenge Lay's decisions was weakened, leading to significant governance failures that ultimately contributed to Enron's collapse.