Preparing for an independent directors-led corporate board
Having an effective board with the appropriate level of independence and diversity of thought is key to a company's success.
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WE are entering a phase in our corporate governance history where more independent directors (IDs) are expected to lead corporate boards with majority voting control at board meetings.
This will be largely precipitated by the revised Code of Corporate Governance issued in August 2018, which requires that "Independent directors make up a majority of the Board where the Chairman is not independent" (Provision 2.2), and "Non-executive directors make up a majority of the Board" (Provision 2.3).
Provision 2.2, which comes into effect on Jan 1 2022, ups the ante from the 2012 Code requirement that IDs comprise at least half of the board where there is no independent chair.
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