Theory about “The Board”
I want to start by acknowledging this theory will turn out being wrong.
Sometimes the board is referred to as an “it” and sometimes as a “they” but we’ve never heard of any particular “board member.” The only time we’ve seen or heard of them is one word spoken over the speaker in season one.
What if the board isn’t a group of people, but rather, a program communicating mostly through Natalie?
Could it be that the previous CEO’s had their likenesses put onto the severed brain chips (think in season one when Cobel said “that’s Petey”).
Maybe all those chips are being run by some program, and though they don’t have a physical existence, their consciousnesses (or personalities or whatever the severed implant captures) are able to communicate to Natalie on her headset and over the speaker.
This would play into the theory that the point of Lumon is to grant functional immortality to the Egan’s.