One of the important responsibilities of governance is to determine what are the "corporate" values and standards. Values are the indisputable beliefs (yes, they may be disputable outside of the boardroom but once established, they can only be disputed by the board, of course with input and counsel by staff and consumers and stakeholders) that inform actions. Every organization has these driven at first by the person or persons who decided that the community needed what they had to offer.
Values define what is expected of a board's staff. The board of Liberty University is an institution heavily overlaid historically with values thanks to its charismatic founder, the Rev. Jerry Falwell. Now, while I am sure we could easily spend minutes if not hours debating these values, values do indeed define what is expected of the President down to the students. I would note that one value that appears to be true for the board is that the University still acts like a family business. Rev. Jerry's son is the current President and a well paid one at that - $1 million a year not including whatever might be percs.
But, if you have been reading the news, junior has not been living according to dad's and/or the board's said values apparently playing not so covertly with "loose' women and then putting up said play on social media. As a consequence to the most recent action (likely not the only such violation of core values), junior is now on indefinite (paid?) leave of absence.
One big question: what's supposed to happen during this indefinite leave of absence? Were I to guess, the board has to weigh the value of discharging junior for behavior not becoming of a reverend and university president and chancellor not to forget, son of a religious icon VERSUS risks of losing money that junior's name helps secure. And of course there's the "first stone" question the board has to ask of itself. Money is of course as much as a value as, well you know, behavior.
For shame, for shame.