I don't know what the article is like, but this teaser is pretty much bollocks. Firstly, the executives are the management, the Board is made up of non-executive directors looking after the interests of the shareholders. The Board approves proposals from the executives.
There is no way on God's green earth that the Board presented the executives with an investment proposal. And there is no way on God's green earth the executives would present a request for a 190 million investment without it being made clear in the proposal what it was for. They had to ask? Really?