The Exco: a dinosaur in the digital age?
Some still see a need even as others do without.
OF the several board committees within a company, the executive committee, or Exco, stands out: both for its influence and the conspicuous absence of guidelines regarding its governance.
Though the Exco's composition tends to be relatively similar across companies - it is usually chaired by the board chairman, and its members comprise executive directors (who have greater availability given their full-time commitment to the company) and senior members of the board (such as the chairmen of board committees) - its powers and responsibilities can vary considerably. This state of affairs reflects the diversity and complexity of needs that boards face.
While the Code of Corporate Governance encourages the formation of, and provides guidance on the audit, remuneration, nominating and board risk committees, there is no mention of the Exco.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Japan’s Sumitomo Corp net profit down 32% on Madagascar one-off loss
DBS customers unable to log into Digibank, PayLah! on Thursday
Moody's tops quarterly profit estimates on strong product demand
Hong Kong regulator brings insider trading charges against Segantii and its founder
Novartis to buy radiology specialist Mariana Oncology for US$1 billion
Moderna beats quarterly estimates as cost-cutting pares losses