with all due respect

Board of directors have a vested interest in the survival and continued viability of the company on who's board they serve. With that in mind it's entirely feasible that they agreed to raising money as a means of guaranteeing they don't go bankrupt if the economic downturn lasts longer than expected without agreeing on how and when to spend it..

Let me put it in terms you may understand..Just because a man agrees to cosigning on a credit card for his wife, DOESN'T MEAN he agrees to her maxing it out..