Link: Higgs’ special report
In a strongly worded letter to the Financial Times Paul G. Fullager, a senior non-exec at two Techmark 100 companies, said the requirement that half of board executives be independent would ‘give rise to a loss of talent in UK boardrooms and damage shareholder wealth’.
The consequence, according to Fullager, would see non-independent non-execs forced off company boards in large numbers.
Non-executives who have worked for the company and ‘therefore thoroughly understands it’ cannot be independent, but ‘the man in the street who has no knowledge of the specific business or experience of running a company would fully qualify’ Fullager explained.
Rather he said non-execs should be encouraged to own shares in the company so that if the company failed they would suffer directly.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements