In today’s briefing:
- Companies Formalized Independence of Voluntary Nomination Committees, but No Signs of Improvements
Companies Formalized Independence of Voluntary Nomination Committees, but No Signs of Improvements
- Most companies with voluntary nomination committees have majority of committee members as outside directors, and two-thirds have outside directors as chairpersons, but it’s difficult to establish a statutory nomination committee.
- It’s unclear whether voluntary nomination committee can make proactive proposals or whether it simply follows proposals made by CEO, and to how much influence the decisions of voluntary committee have.
- More than half of listed companies have former presidents and other executives serving as advisors or consultants. Concerns remain that former board directors may still be involved in management.
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