LETTER: Is talent pool for Standard Bank’s board too shallow not to have conflicted directors?
The duty of such directors to recuse themselves has its origin in the duty of a director to act in the best interests of the company
The Centre for Environmental Rights, along with a raft of other local and international nongovernmental organisations (NGOs), recently supported local shareholder activist group Just Share’s call to the shareholders of Standard Bank to reflect on the independence of seven of the its board’s nonexecutive directors, five of whom are up for election at the bank’s June 26 AGM.
We called on institutional investors to consider whether those directors were, in fact, serving shareholders’ best interest, given their obvious conflicts of interest in participating in key decisions facing the bank and its shareholders...
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