Perhaps. But such a defense of the Board essentially boils down to: "They hired Moyes and got out of his way", not exactly a ringing endorsement of the Board's competence.
'Hiring good staff' is right up there with 'providing money' as things a good board should do. Villa, Liverpool and Sunderland are all excellent examples what happens when the board does the latter but not the former and they're all below us in the table.
The reason why
Moyes, Baines, Jagielka, Fellaini, Mirallas, and Jelavic are at the club is that the board judged they would be valuable and then managed to find the resources to attract them here and then keep them here. The reason why Dzeko, Arshavin, Hazard, Moutinho, Rooney, Lescott, Arteta, Ramsey, Niang, Walker, Banaga and Rodwell aren't here despite them being players we either wanted to buy or wanted to keep is because the board couldn't find the resources to attract them here and keep them here.