Schutt and Nike do each have a member on the board, but the other 14 members (the majority) of the board are mostly medical professional who have no skin in this game.
The recent Inside Lacrosse article is a very easy to follow breakdown of the situation that does a great job of stating facts and touches on the timeline: http://www.insidelacrosse.com/article/what-is-nocsae-why-are-the-r-regulator-decertified-/30264