Why would any shareholder what to sit on the board?
First of all there is the issue of liability, and although the company carries insurance for that purpose, why would a shareholder want to be in that position?
Secondly, how would that help the individual`s personal investment account? Assuming you have a sizeable position, and would like to sell any or all of it, or buy more for that matter, it becomes a matter for public disclosure.
And then, there are all those pesky phone calls from your ``buddies`` wanting inside information.