Whither the lead independent director?

THERE are many different types of directors, among them shadow directors, alternate directors, and lately, the digital director. One of the least understood ones is the lead independent director (or Lead ID).

The term was first introduced in Singapore in the 2005 Code of Corporate Governance. In the 2012 edition of the Code, it is stated that a Lead ID should be appointed essentially when the chairman of the board is not an ID (Guideline 3.3).

His role is then described as having to be "available to shareholders where they have concerns and for which contact through the chairman, the CEO or the chief financial officer has failed to resolve or is inappropriate". It is also suggested that all the IDs, led by the Lead ID, "should meet periodically without the presence of the other directors, and provide feedback to the chairman after such meetings".