It's very hard to tell successful people that their magic isn't working any more, and the fact that he is aware of that should inspire tremendous confidence. He's saying the board won't be afraid to act if they think he's losing his intellect.
If directors refuse to speak to the press in hard times, think about selling the stock because you wonder what they're trying to hide. And while a mixture of skills, experiences, relationships and knowledge is helpful, it doesn't mean that board is doing anything.