properly managed by the management but also are presented in the best light (Andres et al., 2005). Further, from an institutional perspective where there is societal pressure for firms to be aligned with society’s interests, independent directors are likely to respond to concerns about honour and obligations and would generally be more interested in satisfying the social responsibilities of the firm, as well as preserving their professional reputation (Zahra and Stanton, 1988). Forker (1992) find that a higher percentage of independent directors on the board enhances the monitoring of the financial disclosure quality and reduces the benefits of withholding information. Chen and Jaggi (2000) find that the proportion of independent directors is positively related with mandatory disclosure. Similarly, Khan et al. (2013) find a positive and significant relationship between board independence and CSR disclosure. Therefore, we propose the fourth hypothesis of this study: H4. There is a positive relationship between proportion of independent directors and the level of CSR disclosures.