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The law provides a framework for directors' actions in upholding the best principles in this owner/manager relationship. Power Directors do not have unlimited power. • 52 Articles of association: the articles of association provide a framework for how directors operate including the need to be re­elected on a 3­ year rotation. KAPLAN PUBLISHING chapter 3 • • • Shareholder resolution: this curtails director action in a legal sense. Provisions of law: these could be health and safety or the duty of care.

Reasons for NED independence • • • • • To provide a detached and objective view of board decisions. To provide expertise and communicate effectively. To provide shareholders with an independent voice on the board. To provide confidence in corporate governance. To reduce accusations of self­interest in the behaviour of executives. Threats to independence Expandable text ­ Cross directorship KAPLAN PUBLISHING 45 The board of directors NEDs on the board Advantages • Monitoring: they offer a clear monitoring role, particularly on remuneration committees to dampen the excesses of executives.

Even if it does not add value, it reduces risk and huge potential losses to shareholders. Practical problems with a governance code • The process is reactionary rather than proactive, responding to major failures in governance rather than setting the agenda. • The impact varies depending on the nature of the company and the global viewpoint. • Directors complain that it restricts or even dilutes individual decision­ making power. • It adds red tape and bureaucracy in the use of committees and disclosure requirements.

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