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Nasdaq's rules say that an independent director must not be an officer or employee of the company or its subsidiaries or any other individual having a relationship that, in the opinion of the company's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. [4]
The two exchanges also mandate that to qualify as independent, a director of a public company can receive no more than $120,000 in compensation from it during a 12-month period.
A non-executive director (abbreviated to non-exec, NED or NXD), independent director or external director is a member of the board of directors of a corporation, such as a company, cooperative or non-government organization, but not a member of the executive management team.
Quizlet was founded in 2005 by Andrew Sutherland as a studying tool to aid in memorization for his French class, which he claimed to have "aced". [6] [7] [8] Quizlet's blog, written mostly by Andrew in the earlier days of the company, claims it had reached 50,000 registered users in 252 days online. [9]
The board of supervisors or supervisor of a company with no board of supervisors may exercise the following authorities: (1) checking the financial affairs of the company; (2) supervising the duty-related acts of the directors and senior managers, and bringing forward proposals on the removal of any director or senior manager who violates any ...
(Reuters) - The independent directors of genetic testing firm 23andMe said on Tuesday they have resigned from the company's board after not receiving a satisfactory take-private offer from CEO ...
(Section 303A.01) An independent director is not part of management and has no "material financial relationship" with the company. Board meetings that exclude management: "To empower non-management directors to serve as a more effective check on management, the non-management directors of each listed company must meet at regularly scheduled ...
By definition, where a director enters into a transaction with a company, there is a conflict between the director's interest (to enrich themselves with the transaction) and their duty to the company (to ensure that the company gets as much as it can out of the transaction).