The Board
1. The chairman should be independent.
2. A majority of the board should be independent of the manager.
3. Directors should be submitted for re-election at regular intervals. Nomination for re-election
should not be assumed but be based on disclosed procedures and continued satisfactory
performance.
4. The board should have a policy on tenure, which is disclosed in the annual report.
5. There should be full disclosure of information about the board.
6. The board should aim to have a balance of skills, experience, length of service and knowledge
of the company.
7. The board should undertake a formal and rigorous annual evaluation of its own performance
and that of its committees and individual directors.
8. Director remuneration should reflect their duties, responsibilities and the value of their time
spent.
9. The independent directors should take the lead in the appointment of new directors and the
process should be disclosed in the annual report.
10. Directors should be offered relevant training and induction.
11. The chairman (and the board) should be brought into the process of structuring a new launch
at an early stage.