As a chairman/CEO, you are choosing between two candidates for one outside (independent) director position on your board. One is another CEO, a longtime friend on whose board you have served for many years. The other is a known shareholder activist whose tag line is "No need to make fat cats fatter." Placing him on the board will earn you kudos among analysts and journalists for inviting a leading critic to scrutinize your work. But he may try to prove his theory that CEOs are overpaid-in other words, your compensation can be on the line. Whom would you choose?