In business you only horde cash if you have nothing better to invest it into, including investing it into expanding your own busines to further your ambitions within your existing marketspace or to expand beyond it.
Putting your money to work for you is not bad governance, the opposite could be said though.
Pretty sad when you have a CEO who has so little vision, so little inspiration, so little ambition that he looks at a pile of cash in the bank and says to the BoD "I literally cannot think of a single thing to do with that money, none of my ideas stand a chance of generating a higher ROI on that cash than what the bank is already willing to pay us in interest".
I'm not against the concept of a rainy day fund, but as a CEO you should always have more ideas than you have money to put into pursuing those ideas, otherwise you aren't innovating at the same rate as your competitors who are investing all their cash back into innovation.