(FORTUNE Magazine) – Dear Annie: The CEO of my company, a divorced dad, is romantically involved with my boss, who is head of finance. They're both micromanagers, and their relationship is creating a bottleneck in getting anything done. I think the board of directors should be made aware of the situation. Should I tell them what's going on? -- Bystander in Boston

Dear Bystander: This is why so many companies have rules against one member of a couple reporting directly to the other. Have you expressed your concerns to one or both of the lovebirds? Awkward, maybe, but it seems only fair before you go tattling to the board. If you can gather the courage and perhaps join with like-minded colleagues (there's safety in numbers), your bosses may even appreciate a bit of honest feedback on their performance. If that doesn't work, there's nothing to stop you from telling the board--assuming you can cite a few concrete examples of how the romance is harming the company.

Think carefully about the consequences, though. Nobody likes a whiner, so the reputation you damage may be your own. Suppose the board decides to fire your boss (a not unlikely outcome). Is this love affair causing such serious problems that you could live with derailing someone's career in order to correct them? If not, keep quiet. No management team is perfect. And the next head of finance could be even worse.

Send questions to askannie@fortunemail.com. Annie offers advice weekly at www.askannie.com.