The investigation delving into the spending practices of former Butler Memorial Hospital Chief Executive Officer Joseph Stewart, regardless of its findings, should serve as a reminder that top executives and boards of directors have an obligation to act in the best interests of shareholders and stakeholders.

That shared responsibility certainly includes how corporate money is spent. And the men and women serving as executives and board members are expected to monitor spending, particularly in nonprofit organizations, where oversight is generally less vigorous.

Nationwide, questionable CEO spending has made headlines in recent years as high-profile executives used company funds for their personal benefit. The most notorious of the now-fallen CEOs is Dennis Kozlowski, former head of Tyco International, who famously spent $2 million of company funds for a birthday party for his wife on the Italian island of Sardinia and also paid $6,000 in Tyco funds for a shower curtain at his home.

Such excesses, thankfully, are rare. But the handful of executives such as Kozlowski who are paid multimillion-dollar salaries, yet still choose to use company money to fund lavish lifestyles, demonstrate the vital importance of boards of directors that are both independent and willing to challenge questionable CEO spending.

For that reason, the board of trustees of Butler Memorial deserves credit for hiring an independent investigator to look into Stewart's "spending behaviors and practices." Though that action might have been prompted by questions from the state attorney general's office regarding the former CEO's spending, the spending study is a positive development.

The spending investigation is appropriate because Butler Memorial Hospital is seen as a major public institution, though its legal status might be strictly defined as a private, nonprofit corporation.

Still, this community views BMH as "our"hospital.

Because of this special relationship, the community needs to be confident that all spending, from the top executive on down the organization, is appropriate and carefully monitored.

When the community contributes to hospital-related projects, it is important to have confidence that all money is spent wisely. That confidence depends on a well-structured organization, strong financial executives and a comprehensive accounting system. Confidence also comes from a vigorous outside audit and trustees and finance committee members who look at the money being spent with the same diligence as they would if it were coming from their own checking accounts.

These men and women are the community's guardians, and that is a vitally important job.

When the hospital's investigation, conducted by former Mercer County Judge Thomas Frampton, is completed in the next month or so, it is expected that the results will be made public. That's welcome news and a signal that Ken DeFurio, the current CEO,and the board of trustees recognize the importance of full and open disclosure as a critical element in rebuilding public trust. That includes openness about expenses for not just normal hospital operations, but also executive compensations, plus charges for entertaining, travel and perks.

The current investigation suggests that current and past trustees might not have been as vigilant as they should have been regarding some spending. And, because an investigation might find fault with past board actions (or inactions), it is to the board's credit that it supports the investigation and plans to make the findings public.

The agitation surrounding the hospital has subsided in recent months, and community support seems to have rallied behind the board's decision to rebuild and expand on the current location.

The spending investigation at BMHcould, for some people, recall the time when the relationship between the hospital and the community was more adversarial. But by supporting a probe of past spending practices and making the findings of the study public, the board will help put to rest part of the troubled recent past that in the minds of many people still needed to be addressed.

The spending probe and any changes it might bring about can be seen as a step in the right direction.