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A blanket cap on board tenure would do more harm than good

Just limit the terms of committees, such as audit and compensation, where independence is fundamentally important.

A full cap on tenure would carry too heavy a cost. Boards would have to lose qualified directors, even if they are still valuable members.

GOOD board governance is essential - it is a decisive check against self-interested actions taken by managers that do not benefit the company. Due to their presumed independence relative to insiders, independent directors are generally perceived to be more effective in monitoring and controlling...

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