I remember one of my jobs when I had to organize and send the “Board Package” to members of the Board of Directors. Of course we knew their names, saw some of their pictures, heard about some senior management presentations and even knew of some of their characteristics. But, they always seemed elusive and removed. I’m glad to see that in some companies things have changed.
In the interests of improving Corporate Governance transparency, a few enlightened companies are exposing their Boards and their activities. For example Opnext, a high technology company that makes products for Telecom & Datacom. Defense & Security, Medical, Automotive Commercial & Industrial clients. On the Corporate Governance section, there is a comprehensive display of each Board Committee —
Look at the Audit Committee — not only are members identified, but the menu gives you access to descriptions of the Purpose, Meetings and Procedures and Powers and Responsibilities. Another good feature is that if you click on a members name, say Mr. Kendall Cowan, you are taken to an informative display of the composition of all Committees and Mr. Kendall’s background.
Finally, Sun International, gaming, hotel and entertainment company in the Republic of South Africa, on their online Corporate Governance displays a report card of the attendance history of Board members —
Now that is transparency.
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