Research by Peter Hahn at the Cass Business School shows that the average age of non-executive directors at the largest listed British 150 firms has remained at 58 for each of the past seven years.
We think that non-execs should be stripped of any statutory powers and seen as pure business consultants or advisers. Age or past accomplishments would become irrelevant and performance only would count.
At present, non-execs are selected by management itself and not by the owners of the business. Until someone can find a formula how this deficiency can be rectified, it would be better to do without all this pretend corporate governance bureaucracy.
Last month, the PCAOB released this spotlight, Inspection Observations
Related to Auditor Use of Data and Reports. The report focuses on auditors’
use of i...
3 days ago
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